To become a successful trader you need two skills:
1)To develop a trading approach which is likely to have a positive expectancy over many trades; and
2)To be able to execute the trading approach proficiently, which means defining and following a trading process.
Some people develop their trading approach and become excellent chart readers. They will be able to look at any chart of a liquid market and be able to predict with uncanny accuracy what may happen next. However, without being able to execute the trading approach proficiently they will never become successful traders.
The key aspect of becoming proficient at execution is to develop the right trader psychology (or mind set) which allows you to ignore feelings of fear or greed. It is akin to developing a “could not care less” attitude to how active trades are actually performing, whilst at the same time, applying careful thought and application to chart reading, entries, exit and risk. It’s also about maintaining this mind set through a sufficiently large number of traders to allow the positive expectation of your system to emerge.
This book does not help with 1) but please see my book “How to read price action to become a profitable trader” for a specific approach you could adopt or ideas to develop your own approach.
This book will help you to execute your trading approach proficiently, by setting out some simple but incredibly effective tools to deal with those problems which plague most traders.
1)To develop a trading approach which is likely to have a positive expectancy over many trades; and
2)To be able to execute the trading approach proficiently, which means defining and following a trading process.
Some people develop their trading approach and become excellent chart readers. They will be able to look at any chart of a liquid market and be able to predict with uncanny accuracy what may happen next. However, without being able to execute the trading approach proficiently they will never become successful traders.
The key aspect of becoming proficient at execution is to develop the right trader psychology (or mind set) which allows you to ignore feelings of fear or greed. It is akin to developing a “could not care less” attitude to how active trades are actually performing, whilst at the same time, applying careful thought and application to chart reading, entries, exit and risk. It’s also about maintaining this mind set through a sufficiently large number of traders to allow the positive expectation of your system to emerge.
This book does not help with 1) but please see my book “How to read price action to become a profitable trader” for a specific approach you could adopt or ideas to develop your own approach.
This book will help you to execute your trading approach proficiently, by setting out some simple but incredibly effective tools to deal with those problems which plague most traders.
