New PDF release: A Trader's Money Management System: How to Ensure Profit and

Risk Management

By Bennett A. McDowell, Steve Nison

This can be one of many worst books i've got examine trading/financial markets.It could have been an attractive 5-page article in yet virtually 2 hundred pages is simply very painful for the reader. it isn't relatively approximately funds administration other than stating that prevents are vital - good, we all know that through now. quite a few examples approximately different issues which are very tense within the booklet (in lovely random order):[x] the writer talks approximately 7 forms of threat (as pointed out in different experiences) yet there isn't genuine price during this categorization and the "explanations" are a waste of time, e.g.:"Overnight possibility. For day investors, in a single day danger offers a priority of what can occur in a single day, whilst the markets are closed, can dramatically influence the worth in their place. [...]" Zzzzzzz - inform me whatever new.[x] In each chart there's advertisements for the authors buying and selling procedure that he attempts to promote, e.g.: "THE artwork CHARTING software program WORKS ON ALL TIME-FRAMES!". via web page five you recognize the writer has this "fantastic" procedure yet he is going on and on and on approximately it on each web page and each chart.[x] the writer by no means explains on how one can do it... he in simple terms says that this and that's vital, like "Have a plan.", "Find a successful buying and selling system", ... My grandma can have given me extra priceless recommendation.

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Extra resources for A Trader's Money Management System: How to Ensure Profit and Avoid the Risk of Ruin (Wiley Trading)

Example text

In this situation, a trader might feel undeserving of being successful—of making money or profits. Usually, this involves psychological issues such as poor self-esteem. P1: PIC/b c04 P2: c/d QC: e/f JWBK182-McDowell 34 T1: g April 25, 2008 15:44 Printer: Yet to come A TRADER’S MONEY MANAGEMENT SYSTEM 10. Not following your trading system. The trader doesn’t believe it really works, or did not test it well. Maybe it does not match your personality. Maybe you want more excitement in your trading.

Being that these forces are unconscious, it takes a little introspection to see them and understand them. In the following pages, you’ll be looking in the mirror to identify these unconscious forces to see how they may impact your trading psychology. The more that you know and understand yourself, the better a trader you will be. O FOCUS ON YOUR STRENGTHS AND ADJUST FOR YOUR WEAKNESSES We’ve all got strengths and weaknesses, even the occasional egomaniac who believes he has only strengths. Providing that you don’t fall into the egomaniac category, we’d like you to look at both sides of the equation, so that you can implement a plan that highlights your strengths and prevents your weaknesses from hindering your success.

The power of the market can overcome even the most experienced of market participants. Sometimes, it’s like a tidal wave—you may even see it coming but you can’t get out of the way in time. The 1929 and 1987 market crashes, the many housing bubbles over the years, Pearl Harbor, September 11, the technology bubble of 2000, the collapse of Enron—the list goes on and on. Some situations are bigger than life, and it is those situations, in addition to the day-to-day unpredictable nature of the market, that sound risk control can help you manage.

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