{"product_id":"the-universal-principles-of-successful-trading-isbn-9780470825808","title":"The Universal Principles of Successful Trading","description":"\u003ci\u003eThe Universal Principles of Successful Trading\u003c\/i\u003e clearly and unambiguously articulates trading principles that distinguish the winners from the losers. Though trading can be performed in different markets, across different timeframes, and with different instruments based upon different techniques, there is one common thread that ties all winning traders together: the \u003ci\u003euniversal principles of successful trading\u003c\/i\u003e. All consistently profitable traders adhere to them regardless of the markets, timeframes, and techniques.  \u003cp\u003eIn this ground-breaking book from top trader, Brent Penfold, the reader will:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eLearn how to develop a trading plan\u003c\/li\u003e \u003cli\u003eLearn how to identify and create an effective methodology\u003c\/li\u003e \u003cli\u003eDiscover successful money management strategies\u003c\/li\u003e \u003cli\u003eUnderstand trader psychology\u003c\/li\u003e \u003cli\u003eAnd many more exciting trading and strategies secrets.\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eSupporting the universal principles are rare interviews from a diverse group of successful traders. Some are the new young guns of trading and others are market legends who are trading just as actively today as they were over 50 years ago. They represent a diverse group of traders from the United Kingdom, America, Singapore, Hong Kong, Italy, and Australia. All of them have generously agreed to offer the reader one singularly powerful piece of advice to help them towards their trading goals. Each piece of advice emphasizes an essential element of the universal principles.\u003c\/p\u003e \u003cp\u003eThis timely and exciting book from Brent Penfold has already garnered many accolades and looks set to become a modern-day classic.\u003c\/p\u003e  Acknowledgments.  \u003cp\u003ePreface.\u003c\/p\u003e \u003cp\u003eForeword.\u003c\/p\u003e \u003cp\u003eIntroduction.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 A Reality Check.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhy Do 90 Percent of Traders Lose?\u003c\/p\u003e \u003cp\u003eCommon Mistakes—Year One.\u003c\/p\u003e \u003cp\u003eCommon Mistakes—Year Two.\u003c\/p\u003e \u003cp\u003eCommon Mistakes—Year Three.\u003c\/p\u003e \u003cp\u003eHow to Join the 10 Percent Winners' Circle.\u003c\/p\u003e \u003cp\u003eIn Summary.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 The Process of Trading.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Process of Trading.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Principle One: Preparation.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMaximum Adversity.\u003c\/p\u003e \u003cp\u003eEmotional Orientation.\u003c\/p\u003e \u003cp\u003eLosing Game.\u003c\/p\u003e \u003cp\u003eRandom Markets.\u003c\/p\u003e \u003cp\u003eBest Loser Wins.\u003c\/p\u003e \u003cp\u003eRisk Management.\u003c\/p\u003e \u003cp\u003eTrading Partner.\u003c\/p\u003e \u003cp\u003eFinancial Boundaries.\u003c\/p\u003e \u003cp\u003eIn Summary.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Principle Two: Enlightenment.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAvoiding Risk of Ruin.\u003c\/p\u003e \u003cp\u003eEmbracing Trading's Holy Grail.\u003c\/p\u003e \u003cp\u003eExpectancy.\u003c\/p\u003e \u003cp\u003eOpportunities.\u003c\/p\u003e \u003cp\u003ePursuing Simplicity.\u003c\/p\u003e \u003cp\u003eTreading Where Most Fear.\u003c\/p\u003e \u003cp\u003eValidation.\u003c\/p\u003e \u003cp\u003eIn Summary.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Principle Three: Trading Style.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTrading Mode.\u003c\/p\u003e \u003cp\u003eTime Frames.\u003c\/p\u003e \u003cp\u003eChoosing Your Trading Style.\u003c\/p\u003e \u003cp\u003eLong-term Trend Trading.\u003c\/p\u003e \u003cp\u003eShort-term Swing Trading.\u003c\/p\u003e \u003cp\u003eLong-term Trend Trading Versus Short-term Swing Trading.\u003c\/p\u003e \u003cp\u003eIn Summary.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Principle Four: Markets.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGood Operational Risk Management Attributes.\u003c\/p\u003e \u003cp\u003eGood Trading Attributes.\u003c\/p\u003e \u003cp\u003eIn Summary.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Principle Five: The Three Pillars.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMoney Management.\u003c\/p\u003e \u003cp\u003eMethodology.\u003c\/p\u003e \u003cp\u003ePsychology.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Money Management.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMartingale Money Management.\u003c\/p\u003e \u003cp\u003eAnti-Martingale Money Management.\u003c\/p\u003e \u003cp\u003eKey Concepts.\u003c\/p\u003e \u003cp\u003eHistory.\u003c\/p\u003e \u003cp\u003eAnti-Martingale Money Management Strategies.\u003c\/p\u003e \u003cp\u003eTrading Forex_Trader Using a Single Contract with No Money Management.\u003c\/p\u003e \u003cp\u003eForex_Trader Using Fixed-Risk Money Management.\u003c\/p\u003e \u003cp\u003eForex_Trader Using Fixed-Capital Money Management.\u003c\/p\u003e \u003cp\u003eForex_Trader Using Fixed-Ratio Money Management.\u003c\/p\u003e \u003cp\u003eTo Chase $18,000,000 in Profits or to Chase $1,500,000 in Profits, That is the Question.\u003c\/p\u003e \u003cp\u003eForex_Trader Using Fixed-Units Money Management.\u003c\/p\u003e \u003cp\u003eForex_Trader Using Williams Fixed-Risk Money Management.\u003c\/p\u003e \u003cp\u003eForex_Trader Using Fixed-Percentage Money Management.\u003c\/p\u003e \u003cp\u003eForex_Trader Using Fixed-Volatility Money Management.\u003c\/p\u003e \u003cp\u003eWhich Money Management Strategy to Choose?\u003c\/p\u003e \u003cp\u003eTrading Equity Momentum.\u003c\/p\u003e \u003cp\u003eIn Summary.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Methodology.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDiscretionary or Mechanical Trading.\u003c\/p\u003e \u003cp\u003eCreating a Methodology.\u003c\/p\u003e \u003cp\u003eTrend Trading.\u003c\/p\u003e \u003cp\u003eNot All Indicators are Bad.\u003c\/p\u003e \u003cp\u003eBut Don't Markets Change?\u003c\/p\u003e \u003cp\u003eMultiple Methodologies.\u003c\/p\u003e \u003cp\u003eBasic Attributes of Winning Methodologies.\u003c\/p\u003e \u003cp\u003eExample of a Winning Methodology—The Turtle Trading Strategy.\u003c\/p\u003e \u003cp\u003eExample of an Objective Trend Tool.\u003c\/p\u003e \u003cp\u003eFibonacci: Fact or Fiction.\u003c\/p\u003e \u003cp\u003ePlacebo Traders.\u003c\/p\u003e \u003cp\u003eIn Summary.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Psychology.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Consensus View.\u003c\/p\u003e \u003cp\u003eManaging Hope.\u003c\/p\u003e \u003cp\u003eManaging Greed.\u003c\/p\u003e \u003cp\u003eManaging Fear.\u003c\/p\u003e \u003cp\u003eManaging Pain.\u003c\/p\u003e \u003cp\u003eMaximum Adversity.\u003c\/p\u003e \u003cp\u003eIn Summary.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Principle Six: Trading.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePutting it All Together.\u003c\/p\u003e \u003cp\u003eTrading: Order Placement.\u003c\/p\u003e \u003cp\u003eIn Summary.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Just One Piece of Advice.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBalance.\u003c\/p\u003e \u003cp\u003eThe Market Masters.\u003c\/p\u003e \u003cp\u003eRamon Barros.\u003c\/p\u003e \u003cp\u003eMark D. Cook.\u003c\/p\u003e \u003cp\u003eA Diverse Group of Traders.\u003c\/p\u003e \u003cp\u003eMichael Cook.\u003c\/p\u003e \u003cp\u003eKevin Davey.\u003c\/p\u003e \u003cp\u003eTom DeMark.\u003c\/p\u003e \u003cp\u003eLee Gettess.\u003c\/p\u003e \u003cp\u003eDaryl Guppy.\u003c\/p\u003e \u003cp\u003eRichard Melki.\u003c\/p\u003e \u003cp\u003eGeoff Morgan.\u003c\/p\u003e \u003cp\u003eGregory L. Morris.\u003c\/p\u003e \u003cp\u003eNick Radge.\u003c\/p\u003e \u003cp\u003eBrian Schad.\u003c\/p\u003e \u003cp\u003eAndrea Unger.\u003c\/p\u003e \u003cp\u003eLarry Williams.\u003c\/p\u003e \u003cp\u003eDar Wong.\u003c\/p\u003e \u003cp\u003eA Wealth of Advice.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 A Final Word.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAppendix A Risk-of-Ruin Simulator.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSimulator Variables.\u003c\/p\u003e \u003cp\u003eModel Logic.\u003c\/p\u003e \u003cp\u003eSimulator.\u003c\/p\u003e \u003cp\u003eDIY Simulator.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAppendix B Risk-of-Ruin Simulator.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDIY VBA Risk-of-Ruin Simulator.\u003c\/p\u003e \u003cp\u003eVBA Code for Risk-of-Ruin Simulator.\u003c\/p\u003e \u003cp\u003eAppendix C Risk-of-Ruin Simulations.\u003c\/p\u003e \u003cp\u003eIndex.\u003c\/p\u003e  \u003cb\u003eBrent Penfold\u003c\/b\u003e is a full time trader, author, educator and licensed advisor. He began his career in 1983 as an institutional dealer with Bank America and today specializes in trading forex and global indices. Brent is the author of the bestselling book \u003ci\u003eTrading the SPI\u003c\/i\u003e (Wiley 2005) and is profiled in John Atkinson's e-book \u003ci\u003eThe Stock Market Wizards of Australia\u003c\/i\u003e. Brent publishes daily newsletters for active Forex and Index traders and is a popular and sought after international speaker who has presented to traders throughout the Asia Pacific region in Singapore, Hong Kong, Malaysia, Vietnam, Thailand, India, China, Australia, and New Zealand.\u003cbr\u003e Brent is a licensed futures advisor (AFSL 225946) and holds a Master of Commerce (Finance) degree.  \u003ci\u003eThe Universal Principles of Successful Trading\u003c\/i\u003e clearly and unambiguously articulates trading principles that distinguish the winners from the losers. Though trading can be performed in different markets, across different timeframes, and with different instruments based upon different techniques, there is one common thread that ties all winning traders together: the \u003ci\u003euniversal principles of successful trading\u003c\/i\u003e. All consistently profitable traders adhere to them regardless of the markets, timeframes, and techniques.  \u003cp\u003eIn this ground-breaking book from top trader, Brent Penfold, the reader will:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eLearn how to develop a trading plan\u003c\/li\u003e \u003cli\u003eLearn how to identify and create an effective methodology\u003c\/li\u003e \u003cli\u003eDiscover successful money management strategies\u003c\/li\u003e \u003cli\u003eUnderstand trader psychology\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eAnd many more exciting trading and strategies secrets.\u003c\/p\u003e \u003cp\u003eSupporting the universal principles are rare interviews from a diverse group of successful traders. Some are the new young guns of trading and others are market legends who are trading just as actively today as they were over 50 years ago. They represent a diverse group of traders from the United Kingdom, America, Singapore, Hong Kong, Italy, and Australia. All of them have generously agreed to offer the reader one singularly powerful piece of advice to help them towards their trading goals. Each piece of advice emphasizes an essential element of the universal principles.\u003c\/p\u003e \u003cp\u003eThis timely and exciting book from Brent Penfold has already garnered many accolades and looks set to become a modern-day classic.\u003c\/p\u003e \u003cp\u003e\"Brent gives you the opportunity to sit down with some really great traders and learn from their good and bad experiences. This should be an invaluable experience for the reader.\"\u003cbr\u003e—\u003cb\u003eLarry Williams\u003c\/b\u003e, Trader\u003c\/p\u003e \u003cp\u003e\"Unlike most trading books, \u003ci\u003eThe Universal Principles of Successful Trading\u003c\/i\u003e covers the key principles of trading success. It even has a money management chapter-a topic which most books neglect. I recommend reading this book cover to cover several times. It will change your mind about what's important in trading.\"\u003cbr\u003e—\u003cb\u003eVan K. Tharp, Ph.D.\u003c\/b\u003e, Trading Coach and President, Van Tharp Institute(www.vantharp.com), and Author of The Definitive Guide to Position Sizing\u003c\/p\u003e \u003cp\u003e\"Brent Penfold has successfully provided readers with a blueprint for trading success. Not only does he cover such vital topics as trader psychology and effective money management, he also presents interviews with many successful traders and market researchers and his probing questions and their answers offer insights into their specific trading styles and psyches...a 'how-to' book from start to finish.\"\u003cbr\u003e—\u003cb\u003eTom DeMark\u003c\/b\u003e, Founder, Market Studies, LLC\u003c\/p\u003e \u003cp\u003e\"This is one of the best books on trading to come along in a long time and I predict it will become a classic. The book covers just about every aspect necessary to become a successful trader. His discussion and conclusions on the highly promoted Gann and Fibonacci methodologies might indeed surprise you. He made over 16,000 observations of Fibonacci ratios to derive his conclusions. This section alone is well worth the price for the 'wanna-be' traders who are looking for techniques that work. In summary, read this book. You will be richly rewarded for your time and effort.\"\u003cbr\u003e—\u003cb\u003eJohn Hill,\u003c\/b\u003e President, Futures Truth Co.\u003c\/p\u003e \u003cp\u003e\"Brent has compiled all the ingredients in this book. He has experience, intelligence, and knowledge that he has tapped from traders all over the world. It is so refreshing to read a book written by a 'true trader' such as Brent.\"\u003cbr\u003e—\u003cb\u003eMark D. Cook,\u003c\/b\u003e Pro Trader and Creator of the Cook Cumulative Tick Indicator\u003c\/p\u003e \u003cp\u003e\"In my opinion trading education is delivered in two styles: quantitative and qualitative. The vast majority of information in the trading universe is quantitative-\"hard-coded\" information that can be replicated by the majority. However, successful trading only comes about by an understanding of qualitative learning-how you can readily teach someone to learn to lose when it goes against everything we're brought up to believe. Brent's 'Just One Piece of Advice' section is one of the best attempts to get this qualitative message across. Take it. Read it. Then read it again and again.\"\u003cbr\u003e—\u003cb\u003eNick Radge,\u003c\/b\u003e Trader and Adviser (AFSL 288200) and Author of \u003ci\u003eAdaptive Analysis\u003c\/i\u003e (www.thechartist.com.au)\u003c\/p\u003e \u003cp\u003e\"This book cries out to be placed in any trader's library. Brent does a superb job of outlining, exploring and evaluating the current state of position sizing algorithms. As successful traders know, money management is one of the three pillars of trading success. He also provides a unique trading plan. A great book!\"\u003cbr\u003e—\u003cb\u003eRay Barros,\u003c\/b\u003e Professional Trader and Fund Manager and Author of \u003ci\u003eThe Nature of Trends\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"This book is a 'must-read' for anybody approaching the world of trading but also for skilled traders. I've read many books but this is the one I wished I had found when I was starting this adventure. Brent addresses exactly what a trader should really focus on.\"\u003cbr\u003e—\u003cb\u003eAndrea Unger\u003c\/b\u003e, Winner of the World Cup Championship of Futures Trading 2008 \u0026amp; 2009\u003c\/p\u003e \u003cp\u003e\"Normally when asked to review a book, I will skim through it and make a few comments. With this book, I just kept reading-I couldn't stop! Brent has an amazing ability to tell it like it is. His 'Just One Piece of Advice' section is brilliant, and worth the price of the book many times over. If you have a genuine deep desire to be a consistently profitable trader and want to learn what traders really need to know as opposed to what most think they need to know, do yourself a favor and read this-please!\"\u003cbr\u003e—\u003cb\u003eStuart McPhee\u003c\/b\u003e, Trader and Author of \u003ci\u003eTrading in a Nut Shell\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"In my 25 years in the market I have read and seen just about every trading book there is. Very few get to the crux of trading like Brent has. Get it. Read it. This is not your typical trading book, this is a comprehensive book written by a real trader for traders, everyday people who are serious about becoming successful traders.\"\u003cbr\u003e—\u003cb\u003eJohn (JR) Robertson,\u003c\/b\u003e Director, I-Deal Financial Group\u003c\/p\u003e \u003cp\u003e\"Crawling in the right direction beats running in the wrong direction every time and \u003ci\u003eUniversal Principles of Successful Trading\u003c\/i\u003e will definitely get you heading in the right direction. Straight forward language, simple concepts and emphasis given where emphasis is needed. I wish this book was around when I started out because to master the markets now all you have to do is master this book.\"\u003cbr\u003e\u0026amp;mdash\u003cb\u003eAlan Hull\u003c\/b\u003e, Trader and Fund Manager and Author of \u003ci\u003eActive Investing\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"When Brent asked me to review his new book \u003ci\u003eThe Universal Principles of Successful Trading\u003c\/i\u003e I was both excited and curious. Having read his first book and recommended it to many of my clients I knew to expect something big. Brent is one of the very few authors who actually puts into practice the strategies he espouses, which lends great credibility to his words. He provides the most comprehensive approach to the various strategies of money management I've ever seen. A must read for anyone serious about trading.\"\u003cbr\u003e—\u003cb\u003eDavid Montuoro\u003c\/b\u003e, Futures Broker and Director, Bellmont Securities\u003c\/p\u003e \u003cp\u003e\"Concise, to the point, and relevant for gaining the trading skills and strategies needed to maneuver in today's marketplace, Brent provides a clear road map on how to emulate the elite traders who consistently win over the long-term. Forget the hype you hear about trading and get this book. Read it, read it and read it again. And then study it until your eyeballs drop out. Brent keeps it real and if you can too then you may just find yourself in the exclusive 10 percent winner's circle! This book is destined to become a trading classic.\"\u003cbr\u003e—\u003cb\u003eSteve Mater,\u003c\/b\u003e CFD Business Development, MF Global\u003c\/p\u003e \u003cp\u003e\"In his first book Brent hits the nail on the head with a down to earth, no nonsense explanation of what you need to be a successful active trader. I haven't seen a more practical guidebook for traders in over 20 years in the financial markets. If you want to stop being in the 90 percent of traders who lose and join the elite 10 percent who win, then I suggest you throw out all your other textbooks and read this book from cover to cover. This is a book written for traders by a trader and is the obvious starting point for a successful trading career.\"\u003cbr\u003e—\u003cb\u003eTony Makowiak\u003c\/b\u003e, Head of Dealing, Aliom Pty Ltd\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47990360834277,"sku":"NP9780470825808","price":63.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470825808.jpg?v=1761787511","url":"https:\/\/k12savings.com\/es\/products\/the-universal-principles-of-successful-trading-isbn-9780470825808","provider":"K12savings","version":"1.0","type":"link"}