Trade Your Way to Wealth: Earn Big Profits with No-Risk, Low-Risk, and Measured-Risk Strategies

by Bill Kraft

Book Overview

Successful trader and advisor Bill Kraft shows how to trade the financial markets in a way that limits risk and provides the potential for big profits. Kraft, who left a successful law practice to become an independent trader, explains his own educational process and how he arrived at a trading approach that primarily uses options to generate consistent income, limit risk, and participate in big market moves. In simple and down-to-earth language,...

• Format: Hardcover
• Language: English
• ISBN: 0470129794
• ISBN13: 9780470129791
• Release Date: February 2008
• Publisher: Wiley
• Length: 204 Pages
• Weight: 0.90 lbs.
• Dimensions: 0.9" x 6.4" x 9.1"

Customer Reviews

If you want to be a successful trader, you should read it

I bought this book at the end of last year. I just finished my first reading and begun my second reading with more detailed notes. I feel that I wish I had this book long time ago. I have been treading for many years, but not very successful. I want to improve myself. After reading this book, I felt I learned a lot form the book. I modified my trading plan and fine-toned some charting techniques according to the suggestions from this book. I might post some of my detailed reading notes on author's newsletter's forum after a few month of trading. To make a long story short, I'd say that this book is not for the beginners. It's not a primer for investment. It better fits to the people who have some knowledge about trading and want to improve themselves. This book lists a lot of detailed trading practices/examples, not the fake stock XYZ as a generalized scenarios. These examples are very useful, at least to me for better understanding the techniques. At the end, I would say that I highly recommend this book to anyone who want to improve themselves.

Trade your way to wealth

I have read many trading books and have been a profitable active trader for many years. Mr Kraft's book is without question the best book on the market today from which to learn how to actually do the trades and be profitable. Mr Kraft's emphasis on the importance of entering a trade only when there is a close clear exit is simple but tremendously effective. This book truly teaches one how to become wealthy using systematic, proven strategies. It also teaches one how to implement no risk strategies such as collars to protect assets and achieve a reasonable return. The reason this book is different from the many others I have read is that it teaches one how to actually do the trades in a simple straight forward format rather than discussing theories. Can't recommed this book highly enough. Mike Beebe

Good Book but certainly could be better

Lets first see some good points in the book: The book is not over priced and is well worth the money paid for it It is written in a clear and concise manner. Author is to the point on his subject matter. There are some points in the book that are well worth more than the price of the book. For example: on Page 49 the author says that: Selling Naked puts is less risky than buying a stock. Then he explains how it is less risky and it makes perfect sense to me. That point was so powerful in itself that I might sell a naked put almost every time I want to buy a stock. BEAUTIFUL. The book has MORE MEAT than FLUFF. Normally books on trading will start filling the pages with techinical analysis details and a very little space is given to the subject matter at hand. Author has tried to attack his subject through out the book and has tried not to indulge in unnessary details about terminology and basics of technical analysis which only increases the size and price of the book. Author has focused on a few strategies that he uses and has not tried to go into each and every possible strategy. This has kept the things simple and easy to understand. A specialist is WHO KNOWS MORE ABOUT LITTLE. Mastering one strategy is all you need to make money. Now lets get to some ways in which this book could have been better. As anybody who has been in this business for a while knows that Pyschology is a very important aspect of trading. In fact I completely agree with Van K Tharp's Analysis in his book "Trade your way to Financial Freedom". Trading is 10% system, 30% Money Management and 60% Psychology. I dont consider any book complete which has not touched in one way or the other this very important aspect of trading. Author in this book has not considered this aspect of trading to be important enough that a complete chapter should be dedicated to this. This does not mean he does not consider it is important. In the last part of book he has tried to talk about it but it should be in the first part of book and deserve more attention and focus. THe Author might be among the few whose psychology was geared toward success since birth and not like me who spent 2 years, 50K and has to wipe his account 5 times before realizing that there is no holy grail anywhere and I will have to find it inside me. No one but myself can help me. That was a moment of truth, relief and freedom. I lost faith in everything else but me. I wiped all indicators from my charts and since that day trade bare charts (Naked charts). Now I can see things better. If someone tells me about a system or an indicator I just laugh hard. Now I believe that most of the times indicators do more harm than good. The book certainly has some errors as one of the readers JEF has already mentioned in his post. This is a very sad part of the book. Although to err is human and I dont believe that aouthor has delibrately made that error but the nature of that error is so grave that it can not be ignored. I wou

Mr Kraft's book taught me how to trade smart.

Mr. Kraft's book has good information for the beginner and experienced trader. I have started reading the book for the second time and plan on reading it a third time to ensure I remember and can apply the good stuff I've learned, and continue to learn, from it. For over twenty years my trading account has yo-yo'ed, going up and going down, basically going nowhere. After reading Mr Kraft's book I now know how to let my profits run and cut my losses by using specific criteria to exit a profitable and losing trade. I have high expectations about my future trading results I learned some important things from the book. A few of my favorite topics are below. > The book is insightful and easy to read and understand. <br />> It's the first book I've read that explains how to get into a trade <br /> and if the trade goes wrong, how to get out of a trade while minimizing <br /> losses. And as experienced traders know, minimizing losses are a means <br /> of maximizing profits. <br />> Examples of trades that have built in risk mitigation. <br />> An exit strategy to reduce losses if your option is called before <br /> expiration. <br />> Specific option trades and what to do if the trade moves in the wrong <br /> direction. <br />> A business plan with important things to consider before starting to <br /> trade. <br />> The rationale for having a money management plan and some suggestions <br /> for setting up a money management plan that will keep you from losing <br /> it all. <br />> A thought provoking section about buying and holding. <br />> An explanation of ETFs (exchange traded funds) and mutual funds with <br /> the pros and cons. <br />> Criteria that can be used to set an exit price for profitable trades. <br />> Criteria that can be used to set a loss point. <br />> How to enter trades in automatic mode, eliminating the voice of greed <br /> and fear who usually advise me to stay in a losing trade and wait for <br /> the price to come back. <br /> <br />I could tell you many more good things about the book but you'll get more by reading it yourself. <br /> <br />Barbara in Raleigh, NC

At last a laymans guide to successful option trading

After many years of break even, or less success, with option trading, here is the most important guide of all. How to stay in the game, how to avoid loosing money, how to have a winning strategy for up & down markets, and told in simple manner with detail examples augmented by some of the most important guidelines on that most important aspect of trading, namely EXECUTION.How many times have you had trouble fitting a strategy to a market. What open interest do you look for, the importance of Delta, buying more time with LEAPS, option trading ETF's.It is all there backed up with the experience of that rare breed..A successful Option Trader