Review From User :
Top practical trading book read-to-date.
The book covers the psychological aspect within one-self that prevents him/her from reaching consistency. The most common logic for new traders is to try to learn every method available to them. If they fall short of success, they attend more webinars, seminaries, and read more books, only to confuse themselves further. They've succeeded at 'step 1' but continue to fall back into trying to find new/more trading methods/tools (indicators, charting systems etc...). How do we get to 'step 2'
Have you ever hesitated on putting on a trade Did you get pissed off when a stock did exactly what you thought it would but you just couldn't pull the trigger This is why we have analysts as talking heads on T.V. today. They have an "edge" in the markets because they're able to perceive the markets from an objective standpoint (from the markets perspective) but as soon as they put their own money on the line, they start to perceive the markets in a threatening way; essentially, the trader's own beliefs, ingrained in their mind, cause them to perceive the market in a threatening way. And that is why most traders fail in this business.
So 'step 2': re-wire our thinking about the markets and learn to think in probabilities.
Trading successfully is a paradox. What makes people successful in today's society, will not make one successful in the trading world. And it all comes down to our beliefs.
I encourage anyone trying to reach the next step in their trading to read this book, its the most practical book you'll ever read.
One truth mentioned in this book: we need to be completely reconciled with the risk put on a trade. If we don't genuinely accept the risk, then we'll cut our winners short, we'll cut a trade flat only to see it work in the direction once you exit, and the list goes on. We start to narrow our focus on the pain that we try to avoid! We put over-emphasis on every down-tick or up-tick... we no longer watch the price action in an neutral state of mind, instead we start to trade our core beliefs that make us unsuccessful. And remember, our core beliefs (things we've learned in our upbringing) DON'T make us successful as traders.
Just read the book if you want to reach the next level. It doesn't matter if you have a wealth of knowledge if you don't have the wisdom to apply that knowledge.
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