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Is that Eddie Kwong formerly the moderator of RealTraders e-mail list?
Cheers,
Norman
----- Original Message -----
From: "The Torch" <iceman_nrg@xxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Monday, February 26, 2001 5:27 PM
Subject: Re: [RT] Book- "The Real Holy Grail"
> Thom:
>
> I haven't read it yet but here is someones review on
> the book.
>
>
> The Real Holy Grail: Money Management Techniques
> Of Top Traders
> By Eddie Kwong
> Published by M. Gordon Publishing
> Pages: 137
>
> List Price: $45.00
> If you would like to buy this book, click here.
> Reviewed by Jim Sweet
>
>
>
> Ever risk too much on a single trade and lose a chunk
> of your working capital? Or allowed a small loss to
> get out of hand...to the extent that it almost wiped
> you out?
>
> If so, you've learned an easy lesson the hard way --
> it is easier to lose money trading the markets than it
> is to make it. However sharp your trading "edge,"
> without proper risk control and money management --
> you're doomed to fail.
>
> Preservation of capital is is the name of the trading
> game. And now along comes a book -- Eddie Kwong's The
> Real Holy Grail: Money Management Techniques of Top
> Traders -- that may finally drive this point home.
>
> The theme of this new book is familiar -- winning
> traders minimizing losses. But Kwong doesn't ask you
> to take his word for it. He compiles a collection of
> first-person accounts from some of the world's best
> traders who share their money-management strategies.
> Among the many familiar names included are Dave
> Landry, Mark Boucher, Kevin Haggerty and Jeff Cooper.
>
> Apart from introducing each chapter, Kwong lets the
> traders do the talking. Each trader authors (or
> co-authors) an aspect of risk control relevant to his
> particular type of trading. And there is no
> one-size-fits-all approach to risk control, either.
> Day, swing and intermediate trading money-management
> techniques are covered.
>
> The book opens with an introduction on loss-control
> basics, including the three basic approaches to
> settings stops. Dave Landry picks up the thread in
> Chapter 1 by explaining the concept of drawdown and
> offering 17 general guidelines for long-term success.
> A quick, yet sobering, story of "Three Not-So-Wise
> Men" is a reminder of what can happen to those who
> choose to ignore risk-control techniques.
>
> Mark Boucher rounds out the overview in with "Three
> Rules That Will Help You Become A Master Trader."
> Interestingly, as part of Rule 2, "Consistency Is the
> Key," he explains what he calls the smoke and mirrors
> behind annualized returns.
>
> Chapter 2 is a detailed discussion of stop-loss
> placement, including:
>
> Volatility based stops
>
> Average True range (ATR) stops
>
> Historical volatility (HV) based stops
>
> Dollar-based stops
>
> Pattern-based stops
>
> Of particular interest to me were Landry's and
> Boucher's position management and trailing-stop
> techniques, made clearer with real-world charts and
> examples.
>
> In Chapter 3, money management techniques particular
> to different time frames are discussed. Daytrading
> stop-loss strategy is discussed in a Q&A format with
> (separately) Jeff Cooper and Kevin Haggerty.
>
> From Haggerty: "Intraday trading requires tight stops
> to be profitable. You are limited by the clock and the
> daily range of your selected stock. Remember, a pure
> daytrader goes home flat every day." He then gives
> specific stop-loss techniques and examples that the
> reader can put to use right away.
>
> Swing Trader? Next up is Dave Landry explaining his
> "Ten Tenets of Swing Trading," comprised mostly
> (surprise!) of money-management rules. Loss control
> and profit-taking for the intermediate-term trader
> follows, with contributions from Mark Marder and Loren
> Fleckenstein.
>
> Special topics related to money management are
> discussed next. Among these are:
>
> Setting time stops
>
> Handling volatile markets (with an appendix devoted to
> the concept of volatility -- very informative!)
>
> Pyramiding
>
> Again, the liberal use of charts serves to emphasize
> the technical aspect of money management and risk
> control. This book has a definite technical feel to
> it.
>
> Kwong himself closes out the book with a chapter
> sub-titled (tongue-in-cheek, presumably) "Five ways To
> Prevent Yourself From Losing Your Mind While Trading".
> The focus here is on developing the mindset and
> discipline necessary to apply the the lessons learned
> in throughout the book .
>
> "The Real Holy Grail" is simply the most comprehensive
> book on money management to date. Highly recommended.
>
>
>
>
>
>
>
>
>
> --- thombek <thombek@xxxxxxx> wrote:
> > I could use some wisdom on stop placement and money
> > management. This book "The Real Holy Grail" seems to
> > be about those subjects.....
> >
> > Before I buy it, has anyone read it and would like
> > to share a strong opinion on if you found it
> > worthwhile ???
> >
> >
> >
>
>
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