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The New Market Wizards: Conversations with America's Top Traders Kindle Edition
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Many traders only reveal very generic information which you might have heard before. Examples are the importance of good money management, the development of a strategy in which you believe in etc. The book is not about teaching you certain strategies but it inspires you with regards to the right attitude which is necessary for profitable trading and this is great. It is more about reading between the lines than the actual answers to the questions. One of the answers which I remember best is that if you care too much about money, it would work against you, i.e. if you have a tendency to be very emotional about losses, you better stay away from the markets. Another observation which I remember well is that wanting to be right all the time is surely a hindrance in trading. This is why trading has nothing to do with intelligence in a traditional sense, because intelligent people who are indeed right most of the time would not accept easily to be wrong. Yet, in trading you should be prepared to happily accept to be on the wrong side of the trade, otherwise you won’t survive.
There are many more tips like the two examples above and this makes the book amazing despite the fact that the interviews were conducted more than 20 years ago. Two things all successful people have in common are hard work and dedication.
Similar to his first book, Schwager ends the book with a chapter about the psychology of trading. This time he chose to interview experts in the field of NLP (Neuro-Linguistic Programming).
Even though a bit outdated, I can still easily recommend this book to everyone with an interest to play the markets.
Apart from being an interesting and easy read, Schwager also discusses the different psychological approaches to trading, such as how traders can incorporate aspects of Neuro Linguistic Training (NLP)into their trading, as well as discussing how the unconscious mind has more of an influence over our conscious mind, than we perhaps realize. Winning and losing at trading, is not always about making great trades, having the wrong mental approach or self-defeating attitude, will bankrupt you just as fast as timing the markets or your trades wrong.
When I first read it years ago I was really disappointed, I was looking for strategies, people telling me to buy the move average, where to put your stops, and so on. I even tried to resell it on Amazon. About 3 years ago I was talking to a scalper and he mentioned one of the interviews, and I decided to dig it out and reread the chapter he was talking about.
I couldn't believe the new layers of information I could relate to.
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