Simple Steps to Trading Discipline: Increasing Profits with Habits You Already Have Review

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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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12 Habitudes of Highly Successful Traders Review

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(More customer reviews)This book clearly explains 12 habits you must develop to be a successful trader. These habits are developed through having the right attitude toward trading.
Preparedness-You must be prepared to trade, do not take trades with out the right thought put into the trade and methods applied to them.
Abundance consciousness-You must believe that there is plenty of money to be made in the markets, and you deserve to have your share.
Risk Taking-You have to take the right amount of risk for your profit goals but not put yourself in a situation of blowing up your account.
Thinking in Probabilities-You must trade in a way that gives you an edge in the markets. The odds should be in your favor.
Discipline-You must follow your own methods and strategies that give you that edge. Always follow proper psychology, risk management, and method.
Courage- You must have the ability to pull the trigger and make the trade. You can't paper trade and back test systems forever.
Accept Loss-This is the most important habitude, you must decide what price will let you know you are wrong and sell to stop your losses when that price is hit. Not doing this can lead to the destruction of your account.
Comfortable with Uncertainty-You must understand that anything can happen at any time in the markets, and accept that.
Optimism-You must have a positive attitude when trading.
Open-Mindedness-You must be open to all possibilities, and be able to change styles and systems when markets change.
Long Term View-You have to understand that each trade is only one among hundreds
and that in the long term your systems and methods will be successful and you will profit even after draw downs in equity.
Detachment-You must keep your self worth and ego separated from your trading. You are not your trades. You will trade better if your life is balanced.
The book does a great job of explaining why each of these habits are essential to success and how they tie together in the way a trader must think. You can learn these principles the hard way through losing money and time trading with the wrong mindset or you can just read this book, believe the author and follow her good advice. This book is short and to the point, it does not waste a page or a sentence, I believe the price paid will be worth it to beginning traders or those that need to work on their trading psychology. The book is small but the principles it teaches are huge.


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Twelve Habitudes of Highly Successful Traders uncovers all the habits unsuccessful traders refuse to accept."Have you ever found yourself fully intending to do one thing and ending up doing quite the opposite? Or promising yourself you won't do something and going ahead and doing it anyway? Or wanting to do something but finding yourself not doing it? These are sins of omission and commission and mixed behavior."Ruth Barrons Roosevelt, a futures trader and international psychological trading coach, shows traders how to recognize emotions, resolve conflicts and how to make good habits a second nature.Are you the reason for your inability to be a prosperous trader? You may see an opportunity, have the courage to invest, and yet end up sabotaging the trade before fruition. She guides you into acknowledging your strengths and weaknesses and gives practical successful resolutions.Ruth's first book on trading psychology, Exceptional Trading, is a well acknowledged success and this book should equal or exceed your expectations. The reader will want to review the book each year to assess his current trading 'habitudes' and make adjustments under her competent tutelage.You get an extra bonus when you purchase this title or her first book. As you recognize your shortcomings and bad 'habitudes' in trading, you'll find you can apply them to your whole life. Along with owners of her first book, you will begin looking for another new title authored by Ruth Barrons Roosevelt.

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