Readers reviews of Better Trading
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I have just finished reading Better Trading. Your best book yet. Even though I have
read about the principles expressed in the book before, this time I feel I understand them
and realise the vital importance of them to trading success.
I have reviewed my trading performance over the last 12 months using the ideas in the
book. If I had applied the rules in the book I would have halved my losses with
practically no effect on winners,(two winners would have made more money due better profit
protection and three would have made slightly less due to less risky position sizing)
thereby increasing my reward ratio substantially.
Once again a great book.
This review was published in Your Trading Edge,
Feb/March 2002 issue
Better trading is something we all aim and hope for, so a book with that title could
have instant appeal. This is the first book written by Daryl Guppy that does not directly
deal with technical / chart analysis. Rather, it deals with managing the results of
implementing such stock selection processes, that is risk management and capital and
profit protection methods applicable to private traders. As with other Guppy books,
spreadsheet extracts are used extensively throughout and together with a group of
typical traders (Novice, Average, Success, Superstar and Lucky), provides excellent notes
and illustrations of the major and important aspects of trade management in all its
facets. Stop-loss techniques and concepts - THE 'core competency' for capital protection -
are well described. Personal psychological responses, reasons and solutions are given good
coverage. Often unknown information on the ASX SEATS trading system and order placement by
brokers is included and provides additional armaments for one's trading arsenal.
"Better Trading" is a well written book that gathers together in a systematic
manner often fragmented but critically important information that is required when one
becomes a risk manager, ie immediately the trade transaction occurs and you own stock.
There are few if any negatives pertaining to this publication. A very worthy addition to
any trader's or active investor's library.
Thank you Daryl. Thank you for daring to write a book in a subject
area that generally doesnt sell too many books; risk and money management. On the
other hand, the reader will find more genuine secrets about trading and investing in this
book than all the latest books on picking hot stocks put together.
Starting from the premise that our trading prime directive is to
preserve capital, and using the headings of Performance profiling, Protect Capital,
Protect Profits and Protect portfolio, Daryl reinforces the importance of understanding
ourselves. Using hundreds of diagrams and charts he guides the reader through the
realities of managing your own money.
Also believing that trading is 100% psychology, he explores the challenges of greed, the
need for an appropriate amount of manageable diversity while always keeping in mind the
uncertainty factors that make trading the markets the challenging world it is.
This book should sit happily with authors like hard-to-read Balsara and
a-little-theoretical Tharp who provide in-depth money management theory but stop short of
providing the charts, tables and work sheets needed by those people, like me, who need to
see the concepts in practice to understand them.
The challenge for Daryl, and this book, is that most people wont
be wise enough to buy it, and even fewer will take the time to do the study! But then you
and I need people to take the other side of our trades, dont we? This is not a book
of stock tips but rather a working guide to risk and money management strategies that need
to be integrated into our bigger plans and strategies if we want to be successful.
I am writing just to let you know how much I enjoyed your book Better Trading. I
believe it to be the best book you have written to date. I found it much easier to read
and comprehend then some of your other work (please don't take this as criticism of your
other books, as I am constantlyrereading those as well due to how helpful I find them).
Whilst lots of people may know of Van Tharp, your book is by far a lot easier to read with
very clear examples. I consider it a must have in every
trader's library. Thank you very much for taking the time to not only writing it but also
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