Maybe im missing something here but how do you fill a whole book on Money Management and risk ? Im a simple kind of bloke If i have $50,000 and im happy to risk 2.5% on each trade then my risk is $1250, f my stop on the ES is then 3 points i can trade 8 contracts, if i lose then my account is $48750 so my risk is $1218 so i can still trade 8 contracts, if i win though and make say 6 points or $300 per contract i now have $52,400 so can risk $1310 etc etc. Not trying to be funny or smart as I'm genuinely interested but realistically what could i gain or learn about money management and risk from a reading a typical book of about 300+ pages ?
You have a good point and question, Pager. In my opinion, I think it is a matter of application of what you learn. We all go to schools and colleges for studies, get advice and guidance from so many people. But, how many of us are really successful? So, it is those who "put in practice what they learn" succeed. In simple words, if "XYZ" is considered the best book and 10 people read them. Do you expect all to be successful? Only few shall be. Why? Simply because they read, understood and applied what they learned from the books. They do not follow them blindly but apply them practically. As they say "It is not the machine, but the person behind the person that matters".
Agreed. Although it's a stupid title, "Trade your way to financial freedom" has a great section on expectancy. All ya really need IMO.