The 21 Irrefutable Truths of Trading: A Trader’s Guide to Developing a Mind to Win
$21.80
| Author(s) | |
|---|---|
| Format |
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| Pages |
203 |
| Published Date |
2000 |
The 21 Irrefutable Truths of Trading reveals the universal techniques and strategies that today’s top traders use to control their psychology and emotions in the heat of battle for increased confidence, greater selfunderstanding, and instantly greater success. Beyond simply presenting the beliefs and characteristics that are vital to any trader’s success ratio, this no-nonsense book goes on to explain how these traits can be translated into everyday profits.
Introduction:
Every year thousands of very successful individuals make a decision to start investing in stocks, or trading: commodities, currencies, or stocks. All traders are on a constant quest for knowledge that will help them increase their profitability. Most individuals decide to start investing or trading for a variety of logical and emotional reasons, many of which have not been adequately addressed. The goal of this book is to help you make your quest easier and less painful. Let me begin by asking you a key question: What do you really want to accomplish as a trader or investor? The market will give you incredible pleasure if you approach it correctly. However, if you approach trading and the market from the wrong direction, you’ll receive incredible pain!
There are two primary ingredients for success in any endeavor: mastery of your physical environment, and mastery of your internal mental environment. When it comes to markets, the physical environment consists of numbers—namely, prices. The cold, hard truth is that prices can do absolutely anything tomorrow—it is impossible to predict with certainty where they will be. The best you can do is determine what prices will probably occur tomorrow. To do so, you need to have a trading methodology that gives you an edge.
Unfortunately, before you can ever hope to truly have an edge, you must first master your internal environment. Your internal environment consists of your beliefs, values, and rules. It is how you perceive the external market. Think about the times you achieved a new goal in the past. After achieving it, were you the same person you were when you initially started? Have you thought about what type of person you must become to be a successful trader or investor?
This book is intended to give you as many advantages as possible to help you dramatically increase the amount of your profits and speed at which you generate them. While the language in this book is geared toward traders in the commodity, currency, and derivative markets, the information is just as valid for long-term stock investors.
Contents:
- Egotistical Traders and Traders With False Beliefs Always Lose
- Faith: The Foundation of All Outstanding Traders
- Confidence Is Required for Success
- Disciplined Traders Are Consistently Profitable
- Courageous Traders Win Big
- Intuition Doesn’t Mean “Into Wishing”
- Persistent Traders Love to Trade
- Integrity—Much More Than Mere Honesty
- Flexible Traders Adapt as the Markets Change
- Fear—Everyone Has It; You Must Control It
- Anger: Easy to Feel, Liberating to Overcome
- Doubt and Indecision—A Surefire Way to Ruin
- Losing Money: The Trader’s Cost of Doing Business
- Consistent Profits Come From Empowering Beliefs
- The Strategy of Determining the Market Consensus
- Entry and Exit Strategies
- Money Management Strategies
- Developing a Written Strategy for Trading Your Methodology
- Fundamental Analysis Strategies
- Computer Systems and the Fallacy of Optimization
- Length of Time to Master Trading Skills
The 21 Irrefutable Truths of Trading: A Trader's Guide to Developing a Mind to Win By John Hayden pdf
12 reviews for The 21 Irrefutable Truths of Trading: A Trader’s Guide to Developing a Mind to Win
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Emanuel Eaton (verified owner) –
although, I am a novice trader (trainee), I have found this book to be succintly written to motivate the reader. It reads like a memoir, yet it’s instructional and insightful. I found this book to help me on my personal life, too! it’s not what happens to you that counts, it’s how you interpret it to mean and how you run with it….it’s rationally written with easy-to-follow methodologies. If you are interested in reading a book about what’s it like to be a active trader, then I would consider this book to be a “Strong BUY” for you!
Hank Payne (verified owner) –
His other book about RSI was hella interesting, technical analysis and all, but this one… I guess I’m less into sentimental than in technical analysis.
Amayah Montoya (verified owner) –
Experience plus knowledge plus time equals wisdom. This book cuts to the bone that YOU are responsible for profits or losses, not the market. Gives the professionals money management thinking of first, not losing money vs the novice who only thinks of making money. It cuts through the hype of get-rich-quick techniques and market letters. Clear, logical, unemotional personal psychology, plus money management stratergies of risk/reward make this book one of the most valuable for novice or experienced investors. Investment wisdom rarely found. Buy and read this book. The advice is a bargain.
Abdullah Xiong (verified owner) –
Of the literally hundreds of stock market books I have read, I consider this book to be one of the top three. (The other two are: 1) How I Made $2,000,000 In The Stock Market by Darvas and 2) Zen In The Markets by Toppel). The 21 Irrefutable Truths Of Trading gives insights into how our beliefs and values influence our trading and how we can alter these beliefs and values. As the author says “The trading game is played out in the six inches of space between your ears!” This is a critically important book and I am very thankful the author wrote it.
Araceli Hampton (verified owner) –
This book is a reality sandwich on what you will be facing in the trading world and how to best be prepared mentally. It does get a bit long winded at times but it’s an easy read.
A must for the beginner.
Miley Hernandez (verified owner) –
Trading offers remarkable rewards and attracts many new entrants every year. Most rookie traders are sure that there is a relatively easy route to the crock of gold at the end of the rainbow. Veteran trader John Hayden, who has traded stocks, gold and U.S. Treasuries since 1976, disabuses his readers of any such notions; there is no way to short-cut the system. The book is divided into two sections: The first offers a sort of trader’s self-improvement manual and concentrates on developing the attitudes needed to be a successful trader. As in many books within the personal growth oeuvre, this advice often consists of reiterating the glaringly obvious in condescending fashion. The second half is the more technical, and will be of more interest to the novice or intermediate-level trader, to whom we […] recommend this book for its original observations and conclusions.
Adelina Moore (verified owner) –
…as any trader knows, your state of mind is both your best friend and your worst enemy when moving, making and losing money in the market. I was very impressed with his almost “zen-like” perspective on the market.
…this is a solid work for the experienced or the beginner.
As I read it, my trading improved quite a bit. I had a 30% jump in just a few weeks…coincidence? It gave me perspective, as I contemplated this process. Life and the way of success is always more than charts, numbers and a bunch of egos. How you prevent the traps of “chasing” or holding long because you “absolutely know you must be right”, he covers this area well. Moreover, it is well written.
London Hammond (verified owner) –
Trading, it has been said, is the hardest way to make an easy living. Mr. Hayden has provided an absolutely rigorous diagnosis of why traders win and lose. If you happen to fall in the latter category, do yourself a favor and study the contents of this book. It is essential. He has provided the trading public a true service.
Levi Branch (verified owner) –
So informative.
Mason Marsh (verified owner) –
This book goes through the nitty gritty of working on the inner game of trading showing how you must first overcome yourself before you tackle other traders. This books puts all the technical stuff at only 20% priority. Being in control of yourself it 80% of the game. These truths are all helpful and there are no very successful traders who would deny any of them.
Luisa Duarte (verified owner) –
Hayden’s book is dense with ideas and advice for being a better trader. Know thyself. Control thy ego. Have integrity of thought and be disciplined in trade execution.
I read this book twice — five years apart — and found that it was a valuable experience each time because I was in a different place mentally. Five years of being humbled by trading will change you. The advice holds up well under both scenarios.
I do wish John had not repeated his themes so many different times. But I admire every bit of advice he provided.
This is a good guide for anyone who wants to improve their mental discipline and integrity for better trading.
Ford Rollins (verified owner) –
This is a beautiful book, but a difficult book to read. I find the things that I don’t want to do is probably the very thing I should be doing. Mastery of the ego – conscious and unconscious mind is what the game is all about. I seem to be fighting againt my unconscious mind that just wants to succumb to weakness, fear and to a give up or losing attitude. I read this book to help me fight against this unconscious mind or negative thoughts or attitude. Reading a book one time is like exercising one time and saying that’s it – I’ve done it – which is really not true. Technical Analysis says one thing and emotions says another. Guess which one wins most of the time.