Best Money Management Sources

Could someone please tell me a few good sources for learning about money and risk management in day trading. Are there some good sources on the internet?

Thanks

 

You might try one of the books by Ralph Vince. Also, Dr. Tharp
has a position sizing game on his website that's interesting. It's kind of expensive, but there's a demo you can try for free. www.iitm.com

 

Tharp also has a chapter on position sizing in his book "Trade Your Way to Financial Freedom"

Ed

 

don't pay for expensive website content, dollar for dollar the printed page is much cheaper. buy this book and read it twice, then put it on your shelf and read it again a few months later.

best i've found on risk management and methods, and i've read a LOT o' trading books so i don't say that lightly.

http://www.amazon.com/exec/obidos/ASIN/0070647623/ref=cm_mp_etc/103-9255617-1324636

 

Thanks, have you read these books? Did you find them helpful. The reviews on amazon weren't very flattering.

 

my post was in reference to the Ralph Vince books

 

Thanks Darkhorse. Off the subject, what are you quoting and what does it mean?

 

I think money management, ie, position sizing, is somewhat over-rated. Well, not so much money management itself, just the way that it's talked about, like it's some big complex subject. Given that, Tharp's book, which you've already been directed to, is plenty information on the subject (and plenty other goodies in there too.)

Before you all jump down my throat and tell me position sizing is the single most important thing etc etc. I'm not at all denying the impact that position sizing has on results. It's just that I see it as an absolutely fundamental thing to understand before you ever bet a dollar on a trade.

Similar to discpline, that was discussed on another thread. It's just a basic requirement to trading. You need to have some idea of what you want to do - a plan - and then the discipline to carry it out. Wow. Amazing. The only thing discipline is gonna do is allow you to realise the kinds of results you expected to achieve when you first devised your strategy.

Same thing with position sizing. It's gonna allow you to stay in the game long enough to realise your expected results. It's not gonna somehow magically multiply your profits. I think it truly is very simple stuff.

For those who've read Tharp's "Trade your way..", you know the first two position sizing "strategies" he talks about, "One Unit Per Fixed Amount of Money" and "Equal Value Units"...who the f**k would ever trade that way??

Daniel

 

jerky boys

means nothing, really

so many folks went for deep/insightful signoffs i figured hey why not go for silly/stupid instead

 

I have his book "Portfolio Management Formulas"