Readers reviews of Trading the Plan
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This is a nuts and bolts book of
practical trading. It is easy to distinguish between books written be active traders, and
those written by others. Deel trades for a living, and it shows up clearly in this book.
He starts with a clear introduction to
how the trader is positioned in relation to the market. Unless you realistically
understand the environment you plan to work in, your survival prospects are low.
Deel then moves on to consider risk management. He applies several
specific strategies which impact on stock selection position sizing and portfolio risk.
This is the basis of money management.
The money management section is one of
the best I have read. It does not duck the hard questions. It provides solid answers with
clear examples and trading plans. Deels approach is different in detail from the methods I
use, but we have the same objective - to
protect capital and manage risk effectively. I find this section more helpful than the
work done by Jones and Kiev.
Deel shows how an effective trading
plan combine an understanding of your own trading psychology with better risk
identification and management. He then details the tools used for selection and screening,
including some ways to incorporate fundamental analysis into the finals selection process.
This is an excellent book. Experienced
traders will use it to fine tune their trading plans and eliminate the points of weakness.
New traders should use this book to help develop and test their own trading plans before
entering the market.
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