By Bennett A. McDowell, Steve Nison
This can be one of many worst books i've got examine trading/financial markets.It could have been an engaging 5-page article in yet virtually 2 hundred pages is simply very painful for the reader. it is not rather approximately funds administration other than declaring that forestalls are vital - good, we all know that through now. quite a few examples approximately different issues which are very stressful within the booklet (in lovely random order):[x] the writer talks approximately 7 forms of hazard (as pointed out in different reports) yet there isn't genuine worth during this categorization and the "explanations" are a waste of time, e.g.:"Overnight danger. For day investors, in a single day threat provides a priority of what can take place in a single day, whilst the markets are closed, can dramatically influence the worth in their place. [...]" Zzzzzzz - inform me anything new.[x] In each chart there's advertisements for the authors buying and selling method that he attempts to promote, e.g.: "THE artwork CHARTING software program WORKS ON ALL TIME-FRAMES!". by way of web page five you recognize the writer has this "fantastic" procedure yet he is going on and on and on approximately it on each web page and each chart.[x] the writer by no means explains on easy methods to do it... he in simple terms says that this and that's very important, like "Have a plan.", "Find a profitable buying and selling system", ... My grandma may have given me extra valuable recommendation.
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Extra resources for A Trader's Money Management System: How to Ensure Profit and Avoid the Risk of Ruin (Wiley Trading)
Trading and investing account proﬁts now accumulating and ﬂowing in as skills improve 8. Open minded; keeping opinions to a minimum 9. No anger 10. Learning from every trade or position 11. Using one chosen approach or system and not being inﬂuenced by the market or other traders 12. No need to conquer or control the market 13. Feeling conﬁdent and feeling in control 14. A sense of not forcing the markets 15. Trading with money you can aﬀord to risk 16. Taking full responsibility for all trading results 17.
News on the stock was negative, and my forecasting analysis indicated a shorting opportunity, so I shorted Applied Materials by selling call options. Over the next week, Applied Materials began one of its biggest upward moves it had seen in the prior three months. I didn’t exit the trade. Instead, I rationalized (or should I say, fantasized) that this upward move was just a quick move to the upside before selling off. After all, my forecasting analysis was still indicating lower prices, and there was no new news event that could account for this upward bullish move.
This exceptional understanding will lead to attaining the trader’s mindset. ” Herein lies the impact of your perceptions. In reality there are no entirely good or bad traits, sometimes a perceived weakness can turn into a unique asset. It is all in how you perceive and approach the world. P1: PIC/b c03 P2: c/d QC: e/f JWBK182-McDowell T1: g April 25, 2008 15:41 Printer: Yet to come Yin and Yang 27 The Chinese philosophy preaches not good or bad per se, but instead harmony amongst opposites. For example, characteristics sometimes perceived as bad such as weakness, and a submissive and passive nature ironically can be an asset in the world of a trader.
A Trader's Money Management System: How to Ensure Profit and Avoid the Risk of Ruin (Wiley Trading) by Bennett A. McDowell, Steve Nison