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Market-Proven Tactics for Fighting the Trader's Toughest Enemy--His Own Volatile Emotions
Few professions are as stress-filled as trading. In the time it takes to refill your coffee, you can lose tens of thousands of dollars. Then you must determine in a split second whether to cut your losses and sell, average down and buy more, or sit tight and hope the market turns back in your favor...
Without any guarantees.
The Market Is Always Right answers the question, "How do experienced traders control their emotions in the heat of the trading battle?" Whether you are trading stocks, options, or futures, this straight-talking book shows you how to maintain a strong and steady course by detailing:
Long-time traders know: Whether markets are plummeting, skyrocketing, or simply holding steady, emotion is a trader's worst enemy. Whether you are a new trader looking to reach the next level of market mastery or an experienced trader seeking to pick up a new trick or two, The Market Is Always Right will show you how to maintain control in every market--by keeping your cool while all about you are losing theirs.
"Traders must deal with human nature as they trade, both their own and their counterparts', as they collectively react to the markets they trade. The purpose of this book is to give you an insight into what hundreds of other traders have found that works when it comes to harnessing and directing human nature most productively..."--from the Introduction
The world of trading is undergoing an unprecedented metamorphosis. Powerful personal computers, direct access to live trading markets, unlimited access to information, and more have placed individual traders on the same playing field as the pros. Yet one essential aspect of trading--the trader's basic human nature--remains unchanged and can wreak more havoc than all other trading perils combined.
The Market Is Always Right takes you beyond the techniques of trading to explore your mind, day in and day out the most important and difficult-to-control market tool. Showing you how to recognize and overcome fear, greed, envy, and other deeplyengrained emotions that consistently work against your trading success, this insightful and market-proven guidebook covers:
"If you attempt to fight or to impose your will on the market, you court disaster."--from Chapter 1
While you can't control the global economy, the markets, or even the actions and reactions of other traders, you can control your own stress levels--and even learn to use them to your advantage! Let The Market Is Always Right show you how to go beyond mechanical trading principles to develop the successful trader's most essential and difficult-to-acquire tool--self-knowledge--and thereby replace costly self-doubt and worry with the confidence you need to remain focused on the business at hand and make sound decisions every second of the trading day.
|Introduction: The Wisdom of the Ages|
|1||The Market Is Always Right||1|
|2||It's All in Your Head||15|
|3||You Can't Prepare Enough||27|
|4||Supply and Demand Rule the Markets||49|
|5||Commit Your Thoughts to Paper||61|
|6||Developing and Perfecting Your Trading Shtick||81|
|7||Enhancing Your Shtick||103|
|8||Dealing with One of the Toughest Parts of the Game: Discipline||123|
|9||Staying the Course||143|
|10||On Becoming the Ideal Trader||163|
|App. A: Types of Orders||185|
|App. B||Know the Market Makers on Level 2||189|
|App. C: Sources for More Information||191|