I recently bought this book. It has an intriging title and most profits do come from money management or as Van Tharp says it "position sizing". I have the Balzara book and Ryan Jones book and am basically using a modified fixed ratio method similar to rayn jones but with some improvements (I think !). The Gehm book made some interesting points but really did not help me get to that next level. I am going tpo re-read it and will come back with additonal comments. One think is clear that the sequence of previous winners and losses have very little do with future winners and losers. An anti-martingale method is the best overall methodology but which variation should you trade ? Optimal f BY mAthe Whiz Ralph Vince cannot be traded due to the hefty drawdown and use of older data to come up with the betting fraction.

So what to do ? what to do ?

This is the toolbox for serious responsible trading...the kind of trading that is run like a real business and not like a gambling hobby/addiction. The author carefully covers the often neglected areas of risk/money mangement. This is a book for those that suffer from innumeracy in regard to trading and wish to be cured of it. You don't need a degree in advanced rocket science to understand this stuff. High school alegebra will do. The explanations and examples make the mathematics of risk and money management about as easy to understand as possible.

Developing a system for trading and forecasting is also included with the emphasis on statistical reasoning. The author even casts serious doubt upon the logic of trying to beat the markets at all by forecasting. Reading this book may even make you want to abandon the idea of trying to make money trading the markets. Read this before you ever committ any money to trading. It may sober you up and keep you from bankruptcy, insanity and suicide.