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Title: Exceptional Trading by Ruth Roosevelt, Ruth Barrons Roosevelt ISBN: 0-934380-54-6 Publisher: Traders Pr Pub. Date: 21 September, 1999 Format: Hardcover Volumes: 1 List Price(USD): $39.95 |
Average Customer Rating: 4.33 (6 reviews)
Rating: 5
Summary: If You Are Serious About Improving Your Trading...
Comment: I trade equities full-time and bought the book to help understand and resolve a tendancy to micromanage my trades. I know many successful professional traders and have met very few who are totally satisfied with their trading performance on a consistent basis. Even the best traders can use an occasional tune-up or can benefit from learning strategies to waste less energy and become more decisive and resilient.
This book was the best book on trader psychology I have come across to date, but I can understand why some people do not relate to it. First, one needs to have a strong motivation to work through the exercises and meditations; this usually means a reader needs a specific aspect of trading s/he wants to address. Next, a reader will need to be open to the possibility that his/her mind, beliefs and attitudes will play the biggest part in trading success. There are thousands of ways to make money in the markets, and anyone with normal intelligence can learn the mechanics of trading and improve his/her trading with practice, but few have the psychological balance (persistence, resilience, confidence, discipline, and humility) to succeed. This book is about taking a really close look at our needs, beliefs, and motivations and resolving the subtle issues that stand in our way. If this is of interest and motivates you to buy the book, you will find your money and time well spent.
Rating: 3
Summary: Ok
Comment: Another psycho analysis book on trading, this one is actually applicable to non trading psychology. I especially liked the chapter on "Emotions", as many of it made sense to me and could possibly be applicable. However, the book is nothing special otherwise.
Rating: 3
Summary: belongs in the self help section
Comment: I bought this book mainly because of the glowing reviews, and was mostly disappointed. This is an ok book if you are new to the game and have not come across the standard wisdom presented, but if you have been around the block once or twice there is not much here of interest. I have read some of the better trading books in my library five times over (and still go back to some of them), while this book was knocked out in a few hours on a lazy weekend afternoon and I haven't gone back to it since. Two traders are interviewed in on-off style throughout the book, Linda Raschke and some no-name guy who we are assured is a great trader, and both of them come off as flat, with nothing new to say. The interviews provided about as much unique insight and content as the locker room commentary given by professional athletes after the game.
There are a lot of generalities in this book. The concepts and ideas are true and applicable, but they are very common. If the psychological guidance in a book on trading can be applied equally to any other endeavor that requires skill and concentration (making you a better rock climber, chess player, yachtsman, etc.) then it is likely not the most valuable information. There are lots of imagination exercises, blank spaces and places to fill in your goals, talk about your dreams and motivations, etc.- but how is this different from a self help book or motivational seminar, and what does this have to do with the business of making money in the markets? If trading was really just 90% motivation and positive psychology, then Tony Robbins could start a hedge fund and clean up. That just ain't the way it is. You can be the most motivated, psychologically integrated and enthusiastic person on the planet, with infinite patience and humility....but if your method sucks, then you are still going to lose, lose, LOSE....and you may be forced to earn a living from the markets indirectly by writing motivational books on trading.
There isn't anything wrong with this book. The observations are reasonable and the self-help exercises may be of use to some. There are also useful tips on arranging your trading office, determining the height of your computer screen, and even an outline of feng shui principles (I kid you not). But for real substance one could do better.
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Title: 12 Habitudes of Highly Successful Traders by Ruth Barrons Roosevelt ISBN: 0934380740 Publisher: Traders Pr Pub. Date: 01 June, 2001 List Price(USD): $19.95 |
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Title: The Disciplined Trader: Developing Winning Attitudes by Mark Douglas ISBN: 0132157578 Publisher: Prentice Hall Press Pub. Date: 16 April, 1990 List Price(USD): $36.00 |
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Title: High Probability trading by Marcel Link ISBN: 0071381562 Publisher: McGraw-Hill Trade Pub. Date: 17 March, 2003 List Price(USD): $39.95 |
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Title: The Psychology of Trading: Tools and Techniques for Minding the Markets by Brett N. Steenbarger ISBN: 0471267619 Publisher: John Wiley & Sons Pub. Date: 13 December, 2002 List Price(USD): $39.95 |
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Title: Psychology of the Stock Market by G. C. Selden, James L. Fraser ISBN: 0870340166 Publisher: Fraser Publishing Co. Pub. Date: 01 June, 1995 List Price(USD): $10.95 |
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