At the end... what a well-written book. This book focuses on the human personality and the natural born traits that take every trader to another level. The author tried to find out certain trait that helps to make a successful trader. At the same time, there are certain characters which serve as the major obstacles for traders around the world. In this book, we have insights and deep studies into each character that helps us to become a better trader.
In addition, the author included real life examples by providing tons of studies cases via the dialogue with some well-known traders. I love this part a lot. It tells us how each character trait plays its role. I personally benefited a lot from reading this book. At the end, I found where my strengths and weaknesses are and it helps to improve my mentality as a trader.
On the cons... Unfortunately, the author did not provide further info on how to work on with the traits that we already have. According to him, traits cannot be changed. Hence, we have no choice but to live with it. However, I personally saw the changing of my personality throughout my trading years. In the initial state, perhaps it is so hard to change. However, the cruel side of trading will changed our personalities along the way. I wish the author could elaborate more on this book. Unfortunately, what we have is merely a book with details studies on the subject without much solution.
Rating wise, I am going to rate this book at 6/10. As I mentioned above, this book could be better if the author are more proactive in providing solutions. Overall, it is still a good book to read on. At least, we understand ourselves more and we understand how great traders perform with their naturally born characters.
Some nice quotes from the book:
Every move you make while you trade is surely being watched by the harshest and most critical judge of all: yourself. In trading, generally you are the only one who is putting the immense pressure on yourself to succeed. As the saying goes, you turn into your own worst enemy.
The only way to overcome the anxiety associated with performance is to keep performing the act or behaviour over and over until, it is no longer anxiety-provoking.
The psychological term is "habituation." It means that the more you expose yourself to an anxiety (instead of trying to avoid it), the sooner your body will learn to deal with the anxiety, and the sooner the anxiety will dissipate.
It can be very uncomfortable process to force yourself to remain in an anxiety-provoking situation when your mind is telling you to get out of it. But it is the only way to overcome this problem.
Many traders have difficulty admitting to their spouses or others if they are in bad trade They may either deny it or minimize it. Not just because of the financial setback, but because it may reflect poorly on them as a person.
The best traders have low anxiety levels; this is true. But you need to understand your own strengths and weaknesses and then adapt to them.
Avoid trading systems that are very active in terms of frequency of trades, because you will need time to reset your emotions, and if your trading style is too active, this will not happen.
You feel you are a loser? Use the four S- Stop sign, Shout it out, Substitute, Sustain.
Amateur traders tend to use trading as a distraction from their day jobs, with the hope of changing their current life condition into something more desirable.
"I have no expectation about the results of a trade." In fact, this was a consistent theme we heard over and over while interviewing top market traders. They also frequently make reference to "not doing it for money."
Making a living from the markets is the business objective, and ultimately, if I couldn't earn a living from the markets, I will certainly do something else. But the design process is what I am most passionate about in this work.
As long as I keep my trading style as boring as watching a vegetable garden grow, my anxiety and my anger and my impulsivity are kept under wraps. To me it means having my timing and selection work in a very systematic module.
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