High Probability Trading Strategies: Entry to Exit Tactics for the Forex, Futures, and Stock Markets 1st Edition

I have mostly positive things to say about this book, but there are also some things I didn't like. On the positive side, Miner lays out a trading plan that is comprehensive and specific--much more so on both counts than you are likely to find in most other trading books. He presents four tools to work with: multiple-time-frame momentum analysis, pattern (simplified Elliott Wave analysis), price (using Fibonacci concepts, but much more robust than the typical Fibonacci treatment) and time (also using the Fibonacci framework, but again, more robust than the usual treatment). Moreover, he devotes a good bit of space in the book to examples that show readers how to use these concepts, including entry, exit and position sizing considerations.Also, Miner appears to be the real deal. He has actually won a real-time trading contest and speaks from long experience as a trader. You'd be surprised at how many so-called trading gurus have minimal or no trading experience. It's hard to know for sure, of course, but I think Miner's trading credentials are genuine.A CD is included with the book to add another dimension to the learning experience. All in all, you can tell that Miner has expended considerable time and effort to make sure that purchasers of the book are rewarded for the money they've invested in it.For those who are wondering about the differences between this book and Miner's earlier work, "Dynamic Trading," there are several things to be aware of. The primary addition to the new work is multiple-time-frame momentum analysis. This is a major component of Miner's strategy. It is the first concept he discusses in the book, and it is the key component he uses to screen for trading opportunities. In my opinion, the book is worth having merely for that reason.Beyond multiple-time-frame momentum analysis, Miner has simplified his discussion of pattern, price and time from what we saw in "Dynamic Trading." Realizing how ridiculously complex Elliott Wave analysis can get, for example, he presents one feature to look for (overlapping) to determine whether the market is trending or correcting, and three other tools for identifying trend and correction position.Despite Miner's attempt at simplifying, I'd say the book's level of difficulty is relatively high. It is not a book most people will be able to breeze through--mainly because of the numerous examples--but it is one that will repay careful study. And, as I said, one advantage of the book is that you are getting a comprehensive trading framework. If you read only this one book and faithfully follow Miner's advice, you should have everything you need to be successful as a trader.It is helpful, but not absolutely crucial, to use Miner's Dynamic Trader software when implementing his system. I think the software would be especially helpful if you are trading on shorter time frames. Certainly for trading from daily charts, and possibly for shorter time frames, it might work to use a spreadsheet or a calculator to make the relatively simple calculations that are required. Ultimately, this is a question readers will have to answer for themselves. In my opinion, much of what Miner teaches can be implemented whether you own his software or not.Now for what I didn't like about the book. Miner has a brash, arrogant style of writing that I find tiresome. He also makes a habit of belittling virtually every other source of trading information, as though he were the only honest, competent vendor out there. Hence, you frequently run across sentences like this one on page 56: "If you ever read a trading book or take a trading course where the author/instructor does not clearly state that whatever strategy he is teaching will not be profitable with every trade, and doesn't show examples that don't work out, get out as quickly as possible before it costs you a lot of hard-earned money." An occasional warning like this would be fine, but Miner's prose--while clear and easy to follow--is unfortunately laden with such heavy-handed admonishments.Additionally, I find Miner inconsistent on some key points. For example, on page 23 he rails against trading instructors who present methods for trading in trading-range markets. Says Minor indignantly (and in italics), "You can never know in advance if a market is going to begin a trading range--never." But later in the book, he presents tools to determine whether the market is trending or correcting, and whether the trend/correction is close to completing. If a correction is something like a trading range, which seems a reasonable assumption, isn't Miner, in effect, proposing that we can know what he earlier said was impossible to know?What's more, after spending most of the book trumpeting that his tools will enable readers to trade with high probability, he announces on page 158 (while hammering home the importance of limiting losses), "Listen up, reader. If you have better than a 50% winning trade percentage over time, you are among the trader elite. If you get good at trading, you will have around a 30% to 40% win percentage." I don't know about other readers, but I was stunned to find that after employing all of Miner's tools, the best I could hope for was probably only 30% to 40% accuracy. That puts Miner's methods about on a par with a number of completely mechanical trend-following systems.Despite these quibbles, I found "High Probability Trading Strategies" extremely worthwhile. I don't buy many trading books any more, but this is one I'm glad to have in my library. I will likely use it, in conjunction with some other tools I have that are geared specifically for the stock market, to trade stock index futures and ETFs--and hopefully raise that win percentage!

Over the years I have purchased literally hundreds of books focused on trading the markets. I have also attended numerous trading courses live and online. I wish this book was available years ago. I could have saved a lot of money. If you are new to trading and technical analysis you may want to get educated in some of the basics before attempting to apply the strategies outlined in the book because you may find some of the discussion a bit overwhelming. That is not essential, however, but it will probably make it easier for you. This book is the whole meal deal. It covers all aspects of a trading campaign from finding your potential candidates, entry and stop placement, taking part profits and protecting your remaining profits as the trade continues to move in your favor through the final exit. There is also a section on money management and position sizing which is ctritical part of any trading system. The book and accompanying CD trade examples are very effective in illustrating the strategies. If you apply the strategies as described and rigidly stick to the required discipline to preserve your capital and profits you WILL make money. Do yourself a favor. Buy the book, study it, and apply it and forget about spending $3000 on that weekend course that will more than likely only leave you having to spend even more money to access the presenter's "secret formulae".

A glance at my bookshelf shows 11 titles on trading the stock markets accumulated paradoxically over 11 years of trading!from this position I can say that Robert Miner's book is one of the best you will read! Certainly, the tools he presents will cause you to get out your calculator and do some work but it will be well worth the effort.Robert has some 20 years trading experience with a sprinkling of trading awards to his name and his experience shows in this book. I found the Fibonacci discussion to be particularly useful for its demystifying of the Fibonacci principals.I must say that the honesty of his writing was truly appreciated and although he has a software program available for sale, his book should not be considered a sales push as everything he talks about can be used with any charting system you like.That being said, I appreciated his honesty and the content of the book that much that I bought the software, which I now use exclusively and love it, there is no doubt that with his book, his course and his software, studied and used correctly, you will make money in the markets!And if anyone is wondering if he backs himself and his software product, I can tell you that recently I had an issue that his tech team couldn't fix and I received a phone call from Robert himself to resolve the issue! Now some may think that unremarkable, but I live on the other side of the world which meant that Robert got out of bed at midnight to make that call!!As a trader I love his book and his software and as a business consultant I have been blown away by his product support.