Summary of The 21 Irrefutable Truths of Trading
A Trader's Guide to Developing a Mind to Win
© 2000 McGraw-Hill
They are honest, faithful and courageous. Boy Scouts? No, Wall Street traders.
Trading offers remarkable rewards and attracts many new entrants every year. Most rookie traders are sure that there is a relatively easy route to the crock of gold at the end of the rainbow. Veteran trader John Hayden, who has traded stocks, gold and U.S. Treasuries since 1976, disabuses his readers of any such notions; there is no way to short-cut the system. The book is divided into two sections: The first offers a sort of trader’s self-improvement manual and concentrates on developing the attitudes you need to be a successful trader. As in many books within the personal growth oeuvre, this advice often consists of reiterating the obvious in a patronizing tone. The second half is more technical, and will be of more interest to the novice or intermediate-level trader, to whom getAbstract recommends this book for its original observations and conclusions.
In this summary, you will learn
- What virtues are required for successful trading
- How a big ego and strong emotions can inhibit good trading
- Why it is important to stick to your own trading, money-management and risk-control strategies
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