What is A book vs B book in Forex trading? 30 replies
A book forex brokers VS B book brokers, differences? 12 replies
Traders' Book Club 10 replies
The Book Club 5 replies
Disliked{quote} (yeah I know qouting yourself) Call me a glutton for punishment if you must. I just finished reading every word in this thread. One of the best.Ignored
Disliked{quote} I suppose I could probably make it a little more 'user friendly' but I hope it wasn't too punishing! Hopefully there was something in there that you can use for profits. Cheers!Ignored
Disliked{quote} The Global Financial Markets Coursera Course by Robert J Shiller- is the only one that I think is punishing lolIgnored
Disliked{quote} I suppose I could probably make it a little more 'user friendly' but I hope it wasn't too punishing! Hopefully there was something in there that you can use for profits. Cheers!Ignored
The final section of the book is on the ‘Psychology of Trading’ and in my opinion Schwager could not have picked more obvious crooks to foist on the unsuspecting reader. I am going to skip their ‘wisdom’ and leave it to the curious reader to discover it on their own.
Although having said that, this paragraph stands out:
Whenever there is effort, force, straining, struggling, or trying, it’s wrong. You’re out of sync; you’re out of harmony with the market. The perfect trade is one that requires no effort.
That brings me to the end of book 2. Next: Stock Market Wizards.
Rules:
Be patient—wait for the opportunity.
Trade on your own ideas and style.
Never trade impulsively, especially on other people’s advice.
Don’t risk too much on one event or company.
Stay focused, especially when the markets are moving.
Anticipate, don’t react.
Listen to the market, not outside opinions.
Think trades through, including profit/loss exit points, before you put them on.
If you are unsure about a position, just get out.
Force yourself to trade against the consensus.
Trade pattern recognition.
Look past tomorrow; develop a six-month and one-year outlook.
Prices move before fundamentals.
It is a warning flag if the market is not responding to data correctly.
Be totally flexible; be able to admit when you are wrong.
You will be wrong often; recognize winners and losers fast.
Start each day from last night’s close, not your original cost.
Adding to losers is easy but usually wrong.
Force yourself to buy on extreme weakness and sell on extreme strength.
Get rid of all distractions.
Remain confident—the opportunities never stop.
After a losing streak; trade smaller
Don’t dabble, either go at it full force or not at all