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This book achieves exactly what it title
suggests and it is good material. It is an excellent practical survey of risk and the way
it influences market trading activity. Readers who are interested in the application of
particular risk management approaches will find them discussed in detail.
The book recognizes that there are many
solutions to the problem of managing risk in financial markets. Some solutions are more
effective than others. Some solutions are more suited to traders with small accounts. Lally takes the reader through the steps in identifying the nature of the risk for each of
these strategies. Then he shows how the theory is applied with some practical examples.
He provides enough of the mathematical
background to the calculations to allow the reader to extended this discussion to stocks
in their own portfolio. The book is not heavy with mathematics, but there is enough to
allow readers to duplicate the calculations.
In addition to the discussion of financial risk
calculations he shows how each of these approaches is integrated with charting and
technical analysis methods. This includes the use of ATR, Bollinger Band and ADX style
indicators to set the parameters of the trade which are then matched with a variety of
financial risk management strategies.
This is not an historical survey of risk. It is
a traders handbook and recommended for those who want to increase their understanding of
risk, or brush up on what they think they already know. This is one of the best practical
books on trading risk for private traders that I have read.
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