Rating: 
Summary: A Great Book and a Great Read! 5 Stars!!!
Review: Marcel Link has managed to encompass almost everything you'll need to know about day-trading in one incredibly well-written, highly readable and enjoyable book. Before I found it, I took seminars, accumulating dozens of notebooks, notes and video lectures, and bought countless more expensive books on the topic...but none of these taught me everything I needed to know the same way High Probability Trading did. Mr. Link expertly covers technical analysis, trading on economic indicators, devising a trading plan, managing one's emotions during trading, the importance of sufficient capital, and more -- topics rarely found in one place. I highly recommend this read to anyone serious about making money trading.
Rating:
Summary: One word...Excellent!!
Review: Mr Link has written a book that will eventually be seen as a must read for aspiring traders. I initially wanted to write a review after reading only the first chapter of this book. I immediately knew that I was on a winner. My opinion of the book did not change as I read on. I feel that the book is written for experienced traders. I would not have benefited from reading this book 4 years ago when I started trading. Reading his book I could see many of the mistakes that I have made and continue to make to this day. I will read this book a second time. I will probably read it 3 times. Well done.
Rating:
Summary: solid
Review: This is probably one of the most realistic books on what it takes to trade professionally. The author starts by correctly stating how difficult it is to trade successfully. He gives a time frame of 3 to 5 years, although he states it took him seven years to be consistently successful (he refers to himself as a slow learner).
He also discusses unrealistic expectations of beginning traders, who typically open accounts of $10,000 to $25,000, and expect to make a living trading such accounts. The author notes that the best fund managers on Wall Street, who can consistently return 35-40 percent, command salaries in the seven and eight figures. Even if a beginner could produce such returns their first year (extremely unlikely), could they live on 40 percent of $10,000? When Wall Street investment firms want to hire a trader, they go to the best business schools, recruit the top graduates, pay them maybe over $200,000 their first year just to sit in training classes for months. They tell these trainees they do not expect them to make any money for at least two years, and these are individuals who have access to some of the most experienced traders on Wall Street. When they do finally start trading, they are closely watched and given only modest amounts to trade. Would you be surprised to know that the average professional trader is successful on only approximately 50% of their trades? With some futures trading systems, it is closer to 30 percent. This is why taking losses quickly is the single most important aspect of successful trading.
The book also covers the basics of trading systems, including indicators, stops and exits, typical trading system characteristics, backtesting and system writing.
While he also touches on trading psychology, this is the weakest part of the book, and is mostly biased towards his own hurdles, which were taking too large a position in too many different markets. He refers to this as "overtrading", although I would define overtrading differently. For those looking for a book on trading psychology, try Mark Douglas' books, such as "The Disciplined Trader", and "Trading in the Zone".
Finally, the book is interspersed with anecdotes about real trades and traders, which are invaluable about how not to trade, and are often hilarious. One example, the author stated he once held positions in 15 different futures markets at one time on a $5000 account, although this seems impossible, if one was to meet the margin requirements of each market.
Rating:
Summary: A real 5 star
Review: What is in this book works if followed consistently, period. The topics and writing style are great from how to interpret news to using TA and understanding trading psychology. It has principles and ideas that WORK and if thats nothing new then your fooling yourself into believing there is some easy magical get rich quick system out there, no such luck. What is in this book are solid, proven time tested methods and ideas, well written and useful! One of the BEST of the many trading books i have ever read.
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