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The Complete Guide to Building a Successful Trading Business
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From the Publisher
Please see pmkingtrading.com for more information about PMKing Trading LLC
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About the Author
Paul King is owner, head trader, trading coach, and financial advisor at PMKing Trading LLC. Paul's background is in Information Systems, but he moved from technology to the business-side as a consultant to Wall Street companies. His last real job (some time ago) was as a business analyst at a leading Electronic Communications network (ECN) in Times Square, Manhattan, NY. Paul is passionate about trading and helping traders improve their performance through his international mentoring program. Paul has trading clients all over the world including USA, Canada, South America, and Australia. Paul has written a book about what he has learned developing PMKing Trading called "The Complete Guide to Building a Successful Trading Business". As well as writing articles, mini-eBooks about trading and recently having an article published in Futures Magazine, Paul is very interested in personal finance and helping his Financial Advice clients in Vermont become wealthier (i.e. closer to financial freedom by reducing fixed expenses and increasing passive income). When he's not trading or helping other people trade Paul has another full-time job as father to his 5 year old son, and partner to his wife Wendy. Paul also enjoys poker (and yes, his son is a good Texas Hold'em Player already), wine and beer (but not the night before a trading day!), vegetarian cooking, chess, backgammon, and organic gardening. Paul's philosophy on trading and life in general is summed up by the old Chinese proverb "Those who say a thing is impossible should not interrupt the people doing it".
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Product details
Paperback: 232 pages
Publisher: PMKing Trading LLC (February 2, 2007)
Language: English
ISBN-10: 0615137687
ISBN-13: 978-0615137681
Product Dimensions:
6 x 0.6 x 9 inches
Shipping Weight: 12.6 ounces (View shipping rates and policies)
Average Customer Review:
4.1 out of 5 stars
24 customer reviews
Amazon Best Sellers Rank:
#1,036,536 in Books (See Top 100 in Books)
Contrary to the opinions of earlier reviewers, I found this book to be largely without substance and easily read in a single day. The overall impression is of reading class notes for a lecture that you did not attend. In the few sections where a topic was discussed in any depth, the author's seemingly limited experience with differing trade styles was readily evident.The book is divided into three sections;1. Business ManagementThis section is roughly 45 pages and is little more than a bulleted list of headings and sub headings to include in a business plan. Seriously. There are none of the examples that one might reasonably expect from a "Complete Guide". This section also touches upon the different types of business setup where it incorrectly states that a general partnership is not a separate entity (section 201 of the Revised Uniform Partnership Act (RUPA) of 1994 provides that "A partnership is an entity distinct from its partners"). There was no mention at all of what is perhaps the most common formation of a trading business; The husband and wife general partnership. There was no mention of obtaining "Trader tax status" in the eyes of the IRS, which is critical to sole proprietors and partnerships.2. Trading ManagementThis section is roughly 110 pages and contains the only value to the book in that it finally breaks away from the bulleted lists and actually starts to discuss principles and ideas. Unfortunately, these topics have all been covered more competently and with more detail by Van Tharp. The author reaches some questionable conclusions such as "If the system has winning trades more than about 60% of the time it is also likely to be a short-term anomaly and will fail in the near future". This might apply to a trend trading strategy. But, it is flat out wrong for a swing trading strategy. The examples used were poorly chosen and contradicted the text. While the text correctly advised against Martingale betting, every table presented showed the Martingale system as superior to the others! I would instead highly recommend Tharp's "Definitive Guide to Position Sizing".3. Trader ManagementThe roughly 35 pages of this section make up the remainder of the book. It reverts back to the bulleted style with only marginally more detail. Again, I found nothing original and it reads like lecture notes of a Van Tharp conference.
I was in a process of setting up my FOREX Trading company and was creating a skeleton of my business plan (not an easy task to do from scratch) . I have read a lot of books about the process but none of them gave me what I was looking for - a detailed and step by step approach on how to do that until I found this book.I was impressed by how methodically it was written and it is VERY easy to follow. The author thought though every single detail of the process and provided a set of samples to be used to create your own plan. The book based on a real life experience of the author and provides very valuable information not found anywhere else, so far.I found this book very easy to read (and fun as well). The most important this is THE ONLY book of its kind that really gives you also a good picture of what trading business is about.The third part of it describes the life-cycle of trading systems from an idea thought a development and implementation process to a retirement stage.If you would like to built or in a process of building your own trading business - this book is A MUST to read.
Well written book from a trader who systematized his experiences trading for a living.
I attended a seminar through the Van Tharp Institute and saw this book in the possession of another trader. He told me Paul King was in Tharp's Super Trader program. I can't verify that, but I have no reason to doubt it. So I figured I would check out this book. I have a lot of Dr. Tharp's published material - Trade Your Way to Financial Freedom, Definitive Guide to Position Sizing, Peak Performance Home Study Course, How to Develop a Winning Trading System that Fits You, Business Planning For Traders and Investors, etc. I have found this book to be of value in conjunction with Tharp's books.This book pulls most of the aspects of Tharp's books together and, in a way, gives the "trader in training" a good outline for all the work he needs to do to have a successful business. I found the sections on "The Importance of Exits", "Monitoring" and "Serial Dependency" to be quite useful. In another section the author goes through the development of TradeStation code based on a simple SMA crossover with a 12 bar exit, which then is added on to with various types of other exits and loss prevention stops. You can see how the individual steps first reduce the effectiveness of the system; then, as the right exits are added, end up getting you back to a decent system. I found that quite instructive as to what a trader needs to do to develop a sound trading system.Overall, this book covers the entire gamut of building a trading business. It is broad but not deep. I think it offers a good snapshot of all the issues facing a trader. This book is fairly inexpensive and, compared to the cost of Tharp's materials (the ones available only from his company), is a decent bargain.
An excellent, highly practical introductory guide to implementing a quantitatively-based approach to trading the financial markets. If you are a reasonably experienced discretionary trader interested in moving toward a more quantitative approach to trading, this is the best "first" book for you. Far too many books on this subject are either a compendium of autobiographical experiences and observations too general to be put into use, or are devoted to an overly-detailed description of the more arcane aspects of a particular quantitative approach. P. M. King's book describes each of the basic steps and system modules necessary to implementing any quantitative approach, and offers the opportunity for a bit of hands-on experience with each through the included software code examples. He doesn't give you a "winning system" (figuring that out is your job!), but he does teach you how to evaluate whether your own system candidates are likely to be winners.
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