This book is written to give traders a winning edge. Winning eludes some 80 to 90 percent of people who trade.
Each year millions of dollars are spent creating and buying and selling trading systems. Hopeful traders seek the holy grail only to find that their latest acquisition doesn't work or they can't work it. Information flow is instant and vast. Computers calculate and grind out data 24 hours a day around the globe. Every conceivable edge is sought and provided. And still traders lose.
The rules for good trading are simple and understandable: Buy low, sell high, or buy high and sell higher. Sell low and buy lower. Cut your losses. Let your profits run. Never overtrade. Act promptly on signals to enter and exit. Trade a proven winning system or strategy as it was designed to be traded; i.e., take every signal and stay the course. Control and balance fear and greed.
But traders don't follow the rules, not even the rules they commit to following. As the Book of Common Prayer says, "That which I would not do, that I do." The prayer goes on to say, "And there is no health in me." It's a simple human condition which becomes quite large in trading.
The good news is that some traders do win. They win consistently over time. Success leaves clues. This book examines the clues and shows traders seeking to win how to run their own minds the way winning traders do.
It's not enough to simply know how to think or what to think. It's important to do it. This book outlines proven techniques for making the necessary mind shifts that will enable a trader to create a mental winning edge. Trading is, after all, mind over markets, quick action, clear thinking, and an unclouded intent to win.
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This new book, no pun intended, is an exceptional contribution to the collection of literature dealing with the development of the proper mindset and mental attitude needed in order to trade successfully and profitably. The practical value of this work is greatly enhanced by the fact that it is authored by a seasoned trader of longstanding experience. Author Ruth Roosevelt is exceptionally well-qualified to offer guidance to other traders, as she herself has extensive trading experience and is to this day an active trader. Her experience covers trading in multiple markets (currencies, T-Bonds, stock indices, mutual funds), and in multiple time frames, down to a-minute bar charts. She has spent many years in the brokerage industry, and has written extensively for "Stocks and Commodities" Magazine.
It is my longstanding opinion that most traders seriously neglect the psychological aspect of trading, in favor of spending most of their time and energy in pursuit of a profitable trading method or system, without regard to whether or not it suits their personality or temperament. While most traders, especially inexperienced ones, shortchange the mental aspect of trading, those who have accumulated more knowledge and experience gradually come to realize that attitude and outlook have a great influence over their trading results. For those traders who wish to develop the necessary attitudes to trade and to win consistently, this book offers a valuable resource. Roosevelt, because of her own extensive trading experience has developed a high degree of understanding of what is necessary to develop winning attitudes, and imparts it to the reader in an effective way in her book. She is an exceptionally articulate and lucid writer, which is especially important when dealing with a subject which is difficult to quantify and to explain in a manner that is easily grasped by the reader.
One aspect of Roosevelt's approach that especially appeals to me is its positive nature. Many writers on the psychology of trading speak of trading in terms of conflict. For example, they say you are "doing battle" with the market, that you need to develop skills like those of a Samurai warrior, that you are in constant danger when trading, etc. Roosevelt instead portrays trading as a positive oportunity, and suggests that, instead of "battling" the market, that the trader "become partners" with it, and that they should want what the market wants. While some may find more beneficial guidance from the battle metaphor, I personally find Roosevelt's attitude and approach more likely to lead me in a productive direction.
The scope of subjects covered is wide. The mental commitment to trading excellence, and the relentless power of beliefs are shown to have a major contribution to a winning attitude. The attributes, attitudes, and mental strategies of winning traders are examined in detail, and are illustrated through fascinating interviews with superior traders such as Linda Bradford Raschke, Michael McCarthy, and Max Ansbacher. Psychological portraits of winning and losing traders are compared and contrasted. Various conflicts and emotions that present an impediment to trading success are examined, with practical solutions and exercises given to overcome these roadblocks to trading success. The problem of ego involvement is examined in depth, and the reader is shown how to uncouple ego from trading. Physical aspects, such as relaxation, trading environment, nutrition, etc., are shown to have an important influence. Learning how to deal with periods of adversity, drawdowns, using mistakes to grow, developing consistency, turning failure into feedback, and many other aspects of the "mind game" are covered, and the reader is shown strategies for immediate use in his own trading.
This book is a major positive contribution to trading literature and is highly recommended to those who wish to develop the winning attitude which is a prerequisite to successful trading.
Reviewed by Edward Dobson, author and publisherAbout the Author:
Ruth Barrons Roosevelt coaches traders around the world to trading excellence. She is exceptionally well qualified to offer such guidance to traders, as she herself has extensive trading experience and is to this day an active trader. Her experience covers multiple time frames, from position trading in virtually every futures market, to active and intense intraday trading in currencies, T-bonds, and S&P futures. She has traded S&P's extensively and actively since inception of trading in 1984, down to and including 1 minute bars. Her trading experience also includes active trading of mutual funds.
She is a former Vice President of Prudential Securites and of Thomson McKinnon. From 1981 to 1986 she headed the International Moneline trading desk at Rudolf Wolf (New York). Before that she was a stock and futures broker at Drexel Burnham Lambert where she broke records by opening 250 accounts in one month. A graduate of the University of Michigan Law School, she is a member of the New York and California Bar Association. A frequent contributor to "Technical Analysis of Stocks and Commodities," she writes articles on the psychology of successful trading. She is coauthor of "Living in Step" (McGraw Hill, 1976). As founder and director of the Wall Street Hypnosis Center, she works with Wall Street professionals to achieve their optimal effectiveness.
Ruth has appeared on numerous national and international television programs including: CBS, NBC, CNN, and WWOR Evening News, CNBC, NBC The Today Show, Good Morning America, Japan Public Television, Nippon Television, Hungarian Public Television, Finland Television Channel 3, and the David Letterman Late Night Show. She has been profiled for her work with traders in Business Week, Barron's, The New York Times, New York Magazine, The Independent of London, Toronto Star, and many other publications
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Descripción Wasendorf & Associates Inc, 1999. Hardcover. Estado de conservación: New. 1. Nº de ref. de la librería DADAX0934380546
Descripción Wasendorf & Associates Inc, 1999. Hardcover. Estado de conservación: New. book. Nº de ref. de la librería M0934380546
Descripción Wasendorf & Associates Inc, 1999. Hardcover. Estado de conservación: New. Never used!. Nº de ref. de la librería P110934380546
Descripción Wasendorf & Associates Inc. Hardcover. Estado de conservación: New. 0934380546 New Condition. Nº de ref. de la librería NEW7.0518344