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In High Probability Trading Strategies, author and well-known trading educator Robert Miner skillfully outlines every aspect of a practical trading plan–from entry to exit–that he has developed over the course of his distinguished twenty-plus-year career. The result is a complete approach to trading that will allow you to trade confidently in a variety of markets and time frames. Written with the serious trader in mind, this reliable resource details a proven approach to analyzing market behavior, identifying profitable trade setups, and executing and managing trades–from entry to exit.
Note: CD-ROM/DVD and other supplementary materials are not included as part of eBook file. more info
{ 26 comments… read them below or add one }
Best Trading Book I ever read!
Rating:5 out of 5 stars
I have read a ton of trading-books – mostly from Amazon…Many are good; some are not so good..This is the best trading book I’ve read…I am about 1/2 way through – but am so impressed I could not contain myself…It yields many benefits:
1) The tools are applicable for any market and any time-frame – what more can you want!
2) The tools are NON-Overlapping – that is he uses Momentum, Pattern, Price, and Time in an integrated system…Most of you know for example using a system with just Oscillators is not too good. Even though you may use STO, MACD, RSI – they all give you the same info basically…So Miner uses separate approaches to arrive at trade targets! This leads to higher probability trades.
3) I have read books on Elliot Wave – and really couldn’t use it in real trading…Miner breaks it down to practical tradable techniques.
4) This guy can teach! He builds the system step-by-step. He has enough repetition so you really absorb it…I have read other Trading Pro’s like Connie Brown (e.g. Fibonacci Analysis; TA for Trading Professionals) and although Connie is obviously a genius and a supper-trader, he books are very “labor-intensive” for the reader – you have to dig out the gems…But with Miner’s book it is all laid out!!!
One caveat – you should have a good understanding of general T.A. theory before reading this – may I suggest Murphy’s books (e.g., the visual investor and/or T.A. of the financial markets).
What can I say, Miner delivers in this book…
I will update this post when I finish reading it.
Best wishes to all!
-Joe
Author seems to have an axe to grind
Rating:4 out of 5 stars
The author has decent ideas. However, he spends so much time castigating other trading products that one can’t help but think he has been burned by them.
Honestly, his editor should have pointed that out to him. He comes off as a tad bitter, in fact.
A Complete Trading Course
Rating:5 out of 5 stars
I love this book. It is a comprehensive and complete reference book for a professional trader. The author is very precise. The strategy is based mostly on the Elliott Wave Theory plus momentum trend, price, pattern and the right timing of an entry and an exit. Plus a CD with vidoes. Excellent!
TOO WORDY!!
Rating:3 out of 5 stars
I was a little dissapointed because I was hoping for something that was to the point and easy to read. I have always considered the use of oscillator divergence too subjective for my type of trading. If you are an experienced Elliottician, you may find this book useful. If you are a new trader or technician, you may find this book a bit too advanced. He spends too much time crticizing the work of others. A big turn off!!
Miner’s Book scores a definite success
Rating:5 out of 5 stars
I have not had the pleasure of meeting or being mentored by Mr. Robert Miner (except through his book + CD) so my advocacy of this book cannot match the adulation of Ms. Carolyn Boroden in the Foreword to the book. However, my review can be summarized in three words: “Buy this Book”. It will be worth each one of the 7000 pennies you will pay.
Miner’s trading strategy is based on the four technical factors: Momentum, Chart pattern, Price and Time.
Regarding (Price) Momentum, Miner’s Dual Time Frame Momentum setup for a trade is a strategy that’s easy to grasp and hence implement as part of a successful trading regimen. Miner uses traditional OHLC charts but I prefer Candlesticks. To learn more about Technical Analysis and Momentum indicators you may read the following well written Beginner/Intermediate level books: Constance Brown’s `Technical Analysis Demystified’ and/or Tina Logan’s `Getting started in Candlestick Charting’ and/or Toni Turner’s `a beginner’s guide to day trading on-line’.
Miner’s elucidation of Elliott Wave analysis regarding Chart Patterns is succinct and elegant. Is the market (for the ticker you are considering) in a trend or correction, and what is the position of the market within the trend or correction? He provides simple, lucid and non-trivial explanations of a 3-Wave ABC correction, and a 5-wave 1-2-3-4-5 Trend.
Regarding Fibonacci Price retracement, Miner takes a paragraph to chide authors who dwell on the almost mystical power behind the powerful Fibonacci ratios, which he could have used to refer the reader to the excellent treatment of the subject by Constance Brown or the Fibonacci Queen Ms. Boroden’s work.
But Miner’s book would not be as interesting were he not true to his opinionated self. However, Miner’s treatment of Fib-retracement is easily understandable, digestible and applicable to real trades. Time retracements are treated very similar to the price retracement and equally well done.
I commend the author for refraining from up-selling the Dynamic Trader software, although there were a few not-so subtle put-down of other software charting tools.
The one place I must take exception to Miner’s writing is the oft-repeated use of `High Probability’ (starting with the title). He could not mean a probability of greater than 50% (as many might expect high to mean better than half), since he states `the best professional traders rarely have a greater than 50% win record’ (Position Size, p158). He goes on to say, ‘If you get good at trading, you will have around a 30 to 40% win percentage’. Since the title of the book includes `high probability’ it behooves Miner to address this question explicitly, rather than simply proclaim this or that is a high probability scenario for successful trading. What is the `universe of possible outcomes’ over which the entire probability is distributed? Etc. etc.
One suggestion to make the book more easily readable is to shrink the Figures (perhaps include more of the time axis on the left to achieve a better aspect ratio) so two figures can fit on a single page. This will avoid the need to read text on a page discussing figures 2 or 3 pages ahead. This is important because the visible figures on the same or opposite page illustrate diametrically opposite situation than the one in the discussion. (Example: Section on Complex Corrections and Figure 3.17.)
“Closing Range” does not appear to be a standard terminology (Investopedia does not cover that term). It is not defined by Miner, although the definition appears to be the lowest closing price of all bars of Wave 1 (which need not be the last bar for the wave).
In closing, this is the first investment/trading book I have read where the right side of bar charts is left blank, emphasizing that the future is unknown and unknowable, and decisions are made under uncertainty. I have felt the need for my own trading software (Fidelity’s Active Trader Pro) to allow me to try `what if scenarios’ and perhaps even simulate future chart based on past patterns. Perhaps Miner’s work and charts will inspire other charting software implementers to recognize the importance of the future and make my wish come true.
Great trading strategies
Rating:5 out of 5 stars
This book will help novice traders as well as veterans to hone their trading skills. Especially helpful to me are the 2 time period momentum indicators. Used with Elliott Wave Theory gives you a powerful trading strategy. The book also has charts showing the trade setups.
Pragmatic, clear, brilliant
Rating:5 out of 5 stars
If you’re serious about trading, this book is a must. Clearly written, realistic, concise and to the point, Robert describes the technicalities of becoming a successful trader in any market or timeframe. The result is a pragmatic and logic approach for developing your own trading plan and becoming a successful trader in the stock, forex or futures market.
Some basic market knowledge is required, as Robert quickly delves into the deeper technical aspects of trading. He does not waste space on lengthy proza but gets to the core immediately, and offers numerous examples explaining each important concept. I read this book over and over, and every time I discover something new.
Highly recommended.
Well writen and clear
Rating:5 out of 5 stars
Being new to trading, I think I have read hundreds of books. Miners book is right to the point and clear. One of the most practical trading books I’ve read. With the accompanying disk and its examples, it makes for a great review of the text. I would recommend anyone who has an interest in Elliott Wave and their Fib relationships to have a copy of this book in their library.
Original tools for successful trading
Rating:5 out of 5 stars
I,ve been trading and losing money in the market for years, and I have read at least 50 trading books. I think this one is into the 5 best I’ve read. It has changed my trading vision with original tools like time projection, time retracements or alternative use of Fibonacci levels and Elliot waves. Using those principles everybody with discipline is able to make money trading. I’ve improved my results a lot.
I only suggest Mr. Miner to include some statitics that support the statements like “the wave-4 retracement is typically 38,2% to 50% of wave-3″.
Excellent book on implementing Technical Analysis
Rating:5 out of 5 stars
This book is an excellent source for an intermediate student of Technical Analysis (TA). Having trading experience is a definite plus as well. What the author does, is describe the most important pieces of TA that you need to utilize in order to make a trade with a high probability of success. Having probability on your side gives you an edge, and this is everything in trading.
It has taken me several years of trial and error to determine what are the necessary forces in the market that determine whether to place a trade or not. The author has summed up the most important, and more importantly how to align them. The forces are Momentum (on dual time frames), Price Pattern, and Cycles (timing). Putting these together, gives the trader a great edge.
The only negatives are that he references his trading platform software more than is needed.
Overall however, a great book on how to actually implement all of that TA knowledge that you have accumulated over the years!
Well written guide to trading
Rating:5 out of 5 stars
Well organized and written by Miner. I have read both of his books (Dynamic Trading being the other) and the author clearly has a knack for making trading concepts easy to understand. It covers a lot of similar material, plus also a discussion on dual-time frame momentum. I highly recommend both books.
Excellent complement to a trader’s library
Rating:5 out of 5 stars
The book is straight forward and the concepts do indeed apply to any market and any time frame. It is written to an audience that is a bit more knowledgeable than the average beginner but its principles should be heeded by all traders alike in order to seek those high probability trades instead of blindly following the herd.
I have been applying the dual time frame momentum filter to seek out trades and that has been most rewarding as it highlights whether a move is either at its beginning or its end.
The concept of using Fibonacci Time extensions is interesting but is not well explained and hard to follow unless you are using the same proprietary platform that the author uses and sells. Perhaps this is something that could be remedied by putting an update video on his website (access granted to book owners) that shows that concept being used on other platforms.
Overall it is a good and recommended addition to a trader’s library.
High Probability trading Strategies
Rating:5 out of 5 stars
Robert Miner present in this book what every trader should know to be profitable in the market
Great Book
Some concepts are good,Some highly subjective,others impractical
Rating:4 out of 5 stars
This book discusses three main trading concepts: (1) Overlapping segments. (2) Elliott Waves (3) Fibonacci retracements.
The concept of overlapping segments with at least 3 overlaps as a continuation pattern of the previous trend is useful, although not new. It is in a manner similar to “the Darvas Box”. This technique will be more reliable in terms of guessing the direction (continuation or reversal) if combined with a classic directional indicator.
Elliot fifth waves are well known in TA for determining the end of a trend. The problem with this method, especially for beginners, is that counting the waves is highly subjective. It is easy if you have the benefit of hindsight since you can count and recount until you get it right. In cases where the outcome is not known using this technique alone can be dangerous. It is recommended to be used with other trend following indicators. If these indicators are over bought or oversold in conjunction with a 5th wave then the count is more reliable.
Regarding Fibonacci retracements, there are so many potential possibilities when you combine internal and external retracements presented by the author. this leads to
falsely signaling a pending reversal at any point between the lowest at 37% retracement and the highest 76%. Furthermore to apply this technique you will need the author’s software.
My experience has been that sticking with the most enduring 61.8% retracement in combination with classical indicators is a more reliable way to trade.
Jimmy Y
Rating:5 out of 5 stars
This is the most excellent trading book which I have read so far, the author is not-selfish (unlike some other books which accidentally or purposely hiding the most critical factors for success) and is very down-to-earth, it teaches you a complete trading plan in a very unique way but you need to spend real efforts to understand it, it is an intermediate to advanced level book and assume you have some basic knowledges in trading, although the author does not go into the complication of Elliott-Wave analysis and in fact trying his best to simplify a lot of the understanding out of a complex subject, the knowledge of some basic Elliott-Wave principle together with this book will be extremely helpful.
Key to E.W. & Momentum Trader w dual time frame setup
Rating:5 out of 5 stars
It is an excellence book if you are a believer of Elliot wave and momentum indicators using dual time frame. The CD enhanced how he did it on chart, bar by bar. Mr Miner simplised how to recognise E.W. choppy pull back pattern from trending, which may help many to simplise the way we look at wave count. That is certainly a wonderful understanding.
Seeminngly Truthful and Practical
Rating:4 out of 5 stars
Having decided to give up the `Buy and Hold’ strategy of the past I was looking for a book that would help me to trade more frequently and would improve my chances of entering profitable trades. The first book I read was disappointing. The High Probability Trading Strategies by Robert Miner presents the concepts in a logical order and provides sufficient examples to reinforce the technical approaches for finding high probability trade setups.
Unlike some other books on this subject the book does not paint a rosy picture to mislead the reader in thinking that every trading setup would be a winner thus raising false trading expectations. It gives seemingly truthful trading statistics based on his long trading experience but patiently teaches how to make the most out of ones winning trades and provides helpful suggestions on how minimize inevitable trading losses.
The techniques taught are best implemented if the reader obtains the Dynamic Trader software package that is rather expensive. Hopefully the author would improve the future editions of the book by incorporating widely used trading packages in addition to his own.
All in all a well written book worth reading and keeping.
Very dissappointed
Rating:1 out of 5 stars
Chapter 4 and 5 (Beyond Fib Retracements and Beyond Traditional Cycles) were written with Miner’s Dynamic software in mind. Most (if not all) of his Fib strategy is proprietary software and cannot be duplicated in other trading and charting platforms. Without this ability, you really miss out on the meat of his strategy. I use thinkorswim and have chatted with the support folks who verified that they are not equipped for these techniques.
My recommendation would be to not buy this book unless you are also going to purchase Miner’s Dynamic trading software.
Sound theory and interesting application of fibonacci price and time
Rating:5 out of 5 stars
After reading this book I believe I learnt a lot more about fibonacci clusters including price as well as time clusters to identify hgih probability pivot points not immediately obvious to untrained eyes. This book basically delivers on the titles name and Robert includes a useful cd which demonstrates in real time how the strategy might be used over various time periods from 5min to daily and weekly charts in various markets. All round I think this book is worth the purchase price as I already use fibonacci as part of my trading and it has outlined some areas and key fibonacci applications that I was not aware of, particularly how to identify in advance where not obvious potential support and resistance are for profit taking. Not to mislead anyone this book is not just about fibonacci techniques it also outlines how to use a DTOSC oscillator (a combination of RSI and Stochastic) although from what I have read, this is available only in Roberts own platform… which is not all that useful for someone who doesn’t use it…. Despite Robert giving many plugs for his wonderful dynamic trader trading platform, I still think that any book you can learn something from is a good book… and this one will definately stay on the reference shelf for a while yet…
At least I haven’t seen the DVD…
Rating:1 out of 5 stars
High Probability Trading Strategies: Entry to Exit Tactics for the Forex, Futures, and Stock Markets (Wiley Trading), written by Robert C. Miner aspires to a be a guide to high probability setup. However, it quickly ends up in untestable statements, a load of untestable statements and very few insights into how and if the setups actually works over time. At best, it is unscientific, at worst it is probably a rip-off.
It relies on dual indicators that have to align themselves in certain ways in order to be a predictable, profitable setup. Most of them are momentum, Fibonacci numbers or oversold / overbought indicators. However, yet again they are mostly urban myths rather than testable statements.
The book is written in a style that somehow indicates that Robert has too little to say and needs to fill out his text with a language that is fluffy and sometimes digress into topics that hardly has something with the short term trading approach, such as bashing other trading instructors or newsletters.
This one is probably not one for the shelf… regret that I spent the money on the book.
Very basic book not recommended for professionals
Rating:2 out of 5 stars
I thought I would find some new techniques in this book, But I was disappointed. This book is for beginners only I wouldn’t recommend it to any of my friends !
Great Trading SetUps
Rating:5 out of 5 stars
Pick your set up- Trade your setup. Excellent inforamtion- The set ups in the book make a lot of sense- take the time to learn them!!!!!!!!!!
High probability Trading Strategies
Rating:5 out of 5 stars
This is a great, down to earth book with logical trading principles. Like trading, effort means results & some of the content needs to be studied, more than read to fully grasp the strategy, eg time cycles, price projections & retracements but once applied & diligently adhered to, I believe will bring results. A great book, one I will study & reread & apply to my trading life
Very,Very, Good
Rating:5 out of 5 stars
This book is a complete tradeing system and well written. The author is a master trader and he will show
you how to do it. The book covers cycles withen cycles, fibonacci, technical indicators and more. Beginner
traders may have a little difficulty but is a must read for all levels.
Solid practical approach to trading markets
Rating:5 out of 5 stars
This book is one of the most, if not the most, comprehensive books I have read on trading in my 30 plus years of trading.
It is one of the few sources which also addresses risk control and position size as it relates to entry and exit points at the beginning of a trade.
With the disclosure of illustrating failed trades along with successful trades, one is quickly made aware that money management and logical trade selection is the root to success in this business. With the combination of utilizing multiple time frame momentum studies which collectively validate each other and price pattern with calculated price levels, the trader is able to use logical rules for approaching a trade and push emotion aside.
If you are new to trading this will get you started in the right direction.
SS
Maryland/USA
I’m reading the book now, and it looks good, but here’s the real question….
Has he made a significant amount of money trading?
Of note, I can’t really find anything about him on the web when it comes to this subject…I know he won a trading contest years ago and his other book was highly rated back in the late-90s, but that doesn’t tell me if he’s making his money actively trading or just off of book sales, courses, and/or his trading program (I guess he could have made all of his money from trading in the past, and this is his way of paying it forward).
Also, does anyone know of someone that has the system in his book, applied the lessons, and made consistent money? (I keep running into a lot of, “going to do this” posts, but no one is saying they’ve had success with it).
Thanks!