Money Management Strategies for Futures Traders (Wiley Finance)

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Product Description

Distills complex theories for the benefit of the average trader with little or no background in finance or mathematics by offering a wide range of valuable, practical strategies for limiting risk, avoiding catastrophic losses and managing the futures portfolio to maximize profits. Numerous topics are explored including: why most traders lose at the futures game most of the time; why most mechanical trading systems are apt to fail; the probabilistic approach to trading; how to make stop-loss orders work for, rather than against you; the pros and cons of options versus futures trading; and how to limit risk through diversification.

Money Management Strategies for Futures Traders (Wiley Finance) Review

This book was released in 1992 -- and is still as essential today to traders as it was 16 years ago. It seems like it is a secret gem of a book since there are only 2 Amazon.com reviews posted (both of which are five and four stars) in all these years.

Maybe it's time for this classic to be re-discovered by a new generation of traders and investors. Surprising to me that the book "The Trading Game - Playing by the Numbers to Make Millions" sells so many books. The gimmick title "...Make Millions..." should make you wonder if it is authentic -- get Professor Balsara's book instead and learn the true principles of managing and understanding your risk.

There is a reason Balsara's book is cited by 34 other books (most of which are written by the master traders of our time) and it is because this is the textbook that the master traders refer to in creating their money management strategies. This book has the formulas and the theory you need to manage your risk and avoid the risk-of-ruin.

I found out about Balsara's book from Bennett McDowell, he recommends Balsara's book in his book "A Trader's Money Management System":

A Trader's Money Management System: How to Ensure Profit and Avoid the Risk of Ruin (Wiley Trading)

McDowell encourages his students to use Balsara's risk-of-ruin tables when designing their own personal money management system. It improves your bottom line when you calculate your current payoff ratio and win ratio and accurately determine the risk you should be taking on each trade by referring to the risk-of-ruin tables. Balsara also covers Optimal F in detail, which is another way to determine the amount to risk on any one trade based on your current payoff ratio and win ratio.

Of course, another great author on this topic is Ralph Vince and his latest book is probably the most thorough account of using Optimal F effectivly:

The Handbook of Portfolio Mathematics: Formulas for Optimal Allocation & Leverage (Wiley Trading)

For some traders they should risk 2% of their trading capital on each trade. For other more experienced traders they can benefit by risking 10%. The key is to do the calculations and know where you stand at any given moment.

Do yourself a favor, buy Balsara's book, Vince's book and/or McDowell's book instead of "The Trading Game".

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