Ken Mann assumes for this article that the reader has little to
no experience in trading and yet professional traders over the world are
now using this book to explain risk management to their organizations.
Anticipate occasional Forex Trader jargon that might be beyond the scope
of a true novice. This occurs rarely enough... the value remains high.
Ken
is a teacher. As you read the book you can sense that he may have been a
professor in an earlier career. The book begins with his definition of
Risk Management. I found that while clearly written there were
continuously new insights as I re-read the text prior to this review.
One
of the most helpful parts of the book was a list of six "must haves"
for a traders risk profile. After slogging through the details the true
magic begins.
With a series of 10 trades over 60 day period ", Ken
meticulously details each trade prior to entry and as it occurs.
Theclarity of screen shots and illustrations are only exceeded by the
seemingly unbelievable results. Prior to writing this review I sought
and gained documented evidence that the trades occurred in one of Ken's
live accounts.
With permission I close the review with direct quotation from the book which tells the story far better than I could do.
Ken writes on pages "50-51"
Now that we have finished our 10 trades, let's have a look our pips and time inventory.
Started on 15 Oct 2010
Finished on 9 Dec 2010
Nearly 2 Calendar Months
Trade 1 closed with 290 pips gain
Trade 2 closed with 170 pips gain
Trade 3 closed with 40 pips loss
Trade 4 closed with 405 pips gain
Trade 5 closed with 27 pips loss.
Trade 6 closed with 209 pips gain.
Trade 7 closed with 160 pips gain.
Trade 8 closed with 652 pips gain.
Trade 9 closed with 307 pips gain
Trade 10 closed with 35 pips gain.
Gained pips count: 2228
Lost pips count: 67
------------------------------
Balance 2161
We
took only 10 trades in the period of almost 2 calendar month and come
out with 2161 pips gain. That's about 1080 pips per month and 54 pips
per day for 20 trading days in a month. Most importantly achieved over
1:5 risk reward ratio.
These results are based on 1 instrument
traded. We could have been trading multiple instruments and results may
have been different in either way. I kept it to 1 pair to save myself
capturing a lot of charts and writing more.
I have tried to
demonstrate the importance of a Risk Management and its implications.
Along the way I have added further information on other aspects of
trading as and when appropriate beside risk management.
As long as
we can define a sensible Risk Profile for ourselves and strictly adhere
to it, Let winners run and cut losers quickly may be considered as a
cliche by some but it's a golden one. I have also tried to demonstrate
the power of this cliche."
While I freely admit to being somewhat
awestruck by the authors trading skills, I offer this final endorsement
of this book. Get it. Read it. Place it in your trading library.
Currently available via electronic download but soon to be available in
Kindle Format on Amazon.com
Do not wait for publication Download this book and three more by Ken Mann http://www.acegazette.com/en/resources/downloads.html
after joining our site and becoming mate. courtesy of Stephen Gibson
aka "acegazette nosbigs" and all the Ace Traders and mates at Ace
Gazette.com".the Aces. Ace Gazette's founder Ken Mann and his crew of
POG are building a trader community with all traders learning to trade
"Supply and Demand" with emphasis on price action. 8 professional
traders and 11 Academy traders assure your education is with competent
traders who do believe in the words, " We are traders helping traders."
Article Source: http://EzineArticles.com/7394062
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