Book review: Successful trade strategies aired

Traders may trade in different markets, across different timeframes and with different instruments based upon different techniques, but one common thread ties all winning traders together: The universal principles of successful trading.

Discover what distinguishes the winners from the losers from one of Australia's top trading advisers, Brent Penfold, in his new book, "The Universal Principles of Successful Trading: Essential Knowledge for All Traders in All Markets". All consistently profitable traders adhere to these principles regardless of the markets, timeframes and techniques with which they trade. What is common are the fundamental foundation stones upon which they have built their trading careers. People may have different preferences for the markets, timeframes and instruments they choose to trade. However, there is no sidestepping the universal principles if they wish to succeed.

A sobering, conservative and truthful look at the pitfalls of active trading, Penfold's book gives perceptive insight into why most trading methodologies fail and challenges conventional thinking on trading psychology. Supporting the universal principles are rare interviews from a diverse group of 15 successful traders from the United Kingdom, America, Singapore, Hong Kong, Italy and Australia - some are the new young guns of trading and others are market legends who are trading just as actively today as they were more than 50 years ago. Among the market masters whom Penfold interviewed were Tom DeMark, top advisor to George Soros, Steven Cohen and Paul Tudor Jones, 'Chart Man' Daryl Guppy; and championship-winning day trader Andrea Unger. Together, they offer the reader one singularly powerful piece of advice to help them toward their trading success. Each piece of advice emphasizes an essential element of the universal principles.

The Universal Principles of Successful Trading is an expedient tool clearly and unambiguously articulating the roadmap to successful trading - a book that should belong on the shelf of every private investor. This timely and exciting book from Brent Penfold has already garnered many accolades and looks set to become a modern-day classic.

(China Daily 05/17/2010 page17)