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
