whats the best book or video on money management. I need one. I was going to buy "larry williams" the future millionaires or another one that teaches the kelly system. Not sure what one to get.
money management
- Thread starter wonderworld
- Start date
Don't count on MM to turn a loser into a "future millionaire".
Only HARD & LONG work will do this.
Quote from nononsense:
Don't count on MM to turn a loser into a "future millionaire".
Only HARD & LONG work will do this.
^^ money management is best used to protect capital, not work miracles.
Van Tharp's stuff is good. Elder goes into this somewhat as well.
Money Management and Risk Management are two sides of the same coin.
EDIT: This is also a good resource. It's biased toward TS users but the underlying ideas are worth exploring.
http://www.tsresearch.com/public/money_management/money_management1/
Money Management and Risk Management are two sides of the same coin.
EDIT: This is also a good resource. It's biased toward TS users but the underlying ideas are worth exploring.
http://www.tsresearch.com/public/money_management/money_management1/
Quote from OddTrader:
Don't count on any strategy without MM to turn a winner into a "future millionaire".
Only HARD & LONG work will do this.
Bingo
By the time you have become profitable, you will have cracked the "MM" nut as well.Quote from OddTrader:
Don't count on any strategy without MM to turn a winner into a "future millionaire".
Only HARD & LONG work will do this.
In becoming a "future millionnaire", you will have to come up with something more useful than the crap fed to losers in universally praised books on "getting rich without really trying".
Quote from nononsense:
By the time you have become profitable, you will have cracked the "MM" nut as well.
Perhaps many traders can be overall profitable, however with unusual drawdowns.
Quote from nononsense:
In becoming a "future millionnaire", you will have to come up with something more useful than the crap fed to losers in universally praised books on "getting rich without really trying".
Probably most books (in most fields) teach mainly some concepts, rather than cookbooks for trade secrets, particularly in trading financial markets.
Hi WW.
We all do.
Here's a start:
Trade Your Way To Financial Freedom
Van Tharp's Secrets to
searching for the Holy Grail in the market
Finding a Trading System That Works for You
Selecting a Time Frame and Market
... get a used copy from Amazon and knock yourself out.
The real trick is to put together a trading system with positive expectation to which you apply good money management principles.
Once you have that, it's time to go to work.
Best,
Jimmy