Being able to act in your own best interest is much more important than finding the perfect technical method. As I often say, "A person with good self-discipline but a poor trading method will outperform a person with poor self-discipline but the best trading method currently available." It will work like this every time.
Quite frequently, I talk to people who've had very large profits in certain trades. For example, I remember a time when a person called me and told me he had 800 points in a three lot trade in the S&P's (worth approximately $6,000). But even with that big profit, this particular trader still lost money on the trade. When I asked why he didn't trail his protective stop order to lock in some profit, he told me he was looking for the big home run. Right then I knew this person didn't have his best interest in mind.
Sure, we all want those huge winning trades. But one thing we must all remember is we can't control what the market will do, so we must be prepared for whatever it does do. Thus, a person who gets 800 points in an S&P trade (not an easy thing to do) must have his best interest in mind and not allow all of that profit to evaporate, even if that means missing out on the big winner.
This book is broken up into three sections. The first section is called "Skills You Do Need", and is made up of all the skills I believe you must have to be successful in the trading environment. These include ideas like setting and accomplishing goals, being an active winner and loser, flawless execution of your trades, etc.
The second section is called, "Skills You Don't Need." Included in this section are chapters on wishing, hoping, and praying. Also included is a chapter called "Revenge Trading." Another chapter is called "Emotions: Fear, Anger and Greed." This section will help you to know the things you must stay away from to become successful with your trading.
The third and final section is made up of ideas originally put together many, many years ago by the famed Dr. Maxwell Maltz, who coined the term "Psycho-Cybernetics." This section is called "How To Improve Yourself." The chapters in this section will give you background on how Psycho-Cybernetics works and how you can use it to greatly improve your trading results. This section contains the most important part of this book: step-by-step exercises to teach you how to act in your own best interest and deal best with the emotional side of trading. These exercises are all based on the works of Dr. Maxwell Maltz and Psycho-Cybernetics.
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