whats the best book or video on money management. I need one. I was going to buy "larry williams" the future millionaires or another one that teaches the kelly system. Not sure what one to get.
Larry covers a few different mm concepts in his books. You can take them and set up models in excel and explore different scenarios, and then decide what is best for you, your risk tolerance and your projected system/strategy performance.
Don't count on any strategy without MM to turn a winner into a "future millionaire". Only HARD & LONG work will do this.
Van Tharp's stuff is good. Elder goes into this somewhat as well. Money Management and Risk Management are two sides of the same coin. EDIT: This is also a good resource. It's biased toward TS users but the underlying ideas are worth exploring. http://www.tsresearch.com/public/money_management/money_management1/
By the time you have become profitable, you will have cracked the "MM" nut as well. In becoming a "future millionnaire", you will have to come up with something more useful than the crap fed to losers in universally praised books on "getting rich without really trying".
Perhaps many traders can be overall profitable, however with unusual drawdowns. Probably most books (in most fields) teach mainly some concepts, rather than cookbooks for trade secrets, particularly in trading financial markets.
Hi WW. We all do. Here's a start: Trade Your Way To Financial Freedom Van Tharp's Secrets to searching for the Holy Grail in the market Finding a Trading System That Works for You Selecting a Time Frame and Market ... get a used copy from Amazon and knock yourself out. The real trick is to put together a trading system with positive expectation to which you apply good money management principles. Once you have that, it's time to go to work. Best, Jimmy