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(More customer reviews)This is a great trading book that covers two important aspects of trading: discipline and keeping a trading journal. Author Toni Hansen shows the reader how to correctly track each trade by logging it as soon as possible after it happens to capture the thoughts and emotions linked to that trade. She also shows how to analyze the type of trade it was, the time of day it took place, and the method you used, by doing this you can more clearly see your strengths and weaknesses in different types of trades. You will use the information you gather to correct your losing trades by adjusting areas that you see are causing losses, it could be to big of position sizing in a certain trade,you may have entered the trade to late, or traded a security that does not fit your personality. By keeping an accurate trading journal this book shows how you can track, analyze, correct, and learn to be a better trader and profit from this education.
While the keeping of a trading journal is the main theme of the book it also offers great advice for good trading. You must focus your trades on markets and securities you know well. You must have a focused trading plan and master the art of reading price action in the markets. New traders must narrow down this field and discover the areas of the market for which they have the most natural aptitude. When trading, the ability to think and act swiftly without hesitation is a major key to your success. You will learn why the five building blocks to price development are pace, support and resistance, trend development, volume, and correction periods and how to read and profit from them. The book offers great advice for beginners like: "An important concept for any trader to learn early on, however, is that cash itself is a position." And "A trading system is only as good as your ability to implement it." You will also see how the impact of your emotions will have a huge impact upon your success or failure in trading. This book will be a five star for beginning traders that are just getting started on building a trading system and learning how to learn from their mistakes. Veteran traders will learn little but may need a refreshment course on discipline if they have gotten off track. Also check out Alexander Elder's trading books for a more in depth understanding of the psychology and discipline needed to be a successful trader.
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