High-Probability Trading

(Google removed all my paragraphs because why put effort into structuring something?) This book may be good for a) a beginner, or b) someone with at the least a few years of experience looking for a quick casual read through one evening to see if there is a different way of thinking about something they already know. Where this book shines is in emphasizing correct (as in long term profitable) thinking and behavior. For a beginner, this may take many years to learn, in which case reading this book can be a shortcut and well worth the price paid. The primary weakness here is that the book is quite wordy for the sake of it, and the same material could probably be covered in 100 pages. The same concepts can be repeated in a couple of times in a row, like the author is paid per page written. A section of the book relates to Technical Analysis (TA), a very frequently misunderstood topic still as of 2019. The problem with TA is it's for the most part unable to predict prices, and this is something you can statistically test if you bother to. Most authors don't unless they are quants. TA however has value in filtering past behavior, with applications in e.g. screening or semi-discretionary/semi-mechanical systems. And very rarely, there can still be some statistical edges, particularly if you have low trading costs. The reason I mention this is because beginners almost always have a stage of their learning where they believe TA can predict prices for them, and the author does little to alleviate this erroneous and disprovable belief. I did enjoy reading about the author's personal experiences and as entertainment for a trader this book also has some value.