The Disciplined Trader: Developing Winning Attitudes
This a very well written book and every serious trader must have it. Following are some of the excerpts which can give an idea about what one can expect and learn from from this book:
1) Successful traders learn self-discipline, emotional control and the ability to change their minds to flow with the markets.
2) We create losses instead of avoiding them simply because we try to avoid them.
3) In an unstructured and unlimited environment, it is essential that you establish rules to guide your behavior. If you make up and have to play by your rules, you also have to take complete responsibility for your actions as well as outcomes of those actions.
4) You can’t assure yourself of the next win if you can’t define the market conditions or the decision-making process that produced the previous win.
5) In the market environment, reasons are irrelevant. Trade happens because of the two traders are willing to trade.
6) Have a belief that would allow for the possibility of the market doing anything at any given moment.
This book helps you to overcome the psychological barriers in the way of becoming a successful trader. One should use it along with a good technical analysis book, but after reading this book you will realize that technical analysis is secondary to discipline in trading.
Good luck!!!
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