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 isn't fairly approximately funds administration other than declaring that forestalls are vital - good, we all know that by means of now. quite a few examples approximately different issues which are very tense within the ebook (in lovely random order):[x] the writer talks approximately 7 varieties of danger (as pointed out in different stories) yet there's not genuine worth during this categorization and the "explanations" are a waste of time, e.g.:"Overnight possibility. For day investors, in a single day hazard provides a priority of what can occur in a single day, whilst the markets are closed, can dramatically impression the price in their place. [...]" Zzzzzzz - inform me anything new.[x] In each chart there's ads for the authors buying and selling method that he attempts to promote, e.g.: "THE artwork CHARTING software program WORKS ON ALL TIME-FRAMES!". through web page five you recognize the writer has this "fantastic" approach 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 how you can do it... he purely says that this and that's very important, like "Have a plan.", "Find a successful buying and selling system", ... My grandma may have given me extra worthy recommendation.
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Additional resources for A Trader's Money Management System: How to Ensure Profit and Avoid the Risk of Ruin (Wiley Trading)
The trader’s ego is at stake. 2. Getting out of trades too early. Anxiety is relieved by closing a position. This is caused by a fear of position reversing and then feeling let down. The trader has a need for instant gratification. 3. Wishing and hoping. The trader does not want to take control or take responsibility for the trade. The trader has an inability to accept the present reality of the marketplace. 4. Anger after a losing trade. There is a feeling of being a victim of the markets. Unrealistic expectations lead to caring too much about a specific trade.
1 Table of Yin and Yang Opposites YIN YANG Weakness Downward Bear Market Passive Moon Black Dark Soft Cold Quiet Submissive Even Inward Water Earth Feminine Strength Upward Bull Market Active Sun White Light Hard Hot Loud Dominant Odd Outward Fire Heaven Masculine glorify your strengths. Instead, embrace them both and use them both to enhance your trading performance. Just the introspective understanding of your personal attributes will put you in a powerful position. This introspection will enable you to develop a strong yin and yang psychology where you create a harmonious relationship between all of your perceived strengths and weaknesses.
I was so angry I wanted to get even with the market, especially this particular stock. So, I immediately went long to recoup my money by buying into the uptrend. The next day, the trend reversed, and I watched for the next week as my long positions lost money. I finally got out of my long position with a loss of $2,000. I was devastated financially and emotionally. Trading was not fun anymore. I had lost a total of $32,000 in just four weeks. I took some time off, and recouped. Once I regained my senses, I analyzed the trade.
A Trader's Money Management System: How to Ensure Profit and Avoid the Risk of Ruin (Wiley Trading) by Bennett A. McDowell, Steve Nison