I opened a trading account at a discount house where I met a broker named Ron. My style, in contrast, was to buy new, relatively unknown companies on the rise. I demanded that they be in a price uptrend, and if they went down much below my purchase price, I would sell them.
At least that was the plan. That one sure went down the toilet! A stock would fall s percent and then lo percent, and I knew I should sell. The bigger the loss was, the harder it became to call Ron and place the sell order. Meanwhile, the stock continued to suck money out of my account like a rupture in the hull of a ship. Both opportunities and perils surface suddenly in the market. It takes swift, resolute action to exploit one and elude the other. Almost overnight, I regained a feeling of control.
That new approach also freed me to take an objective look at my performance. Now I was analyzing my losers and learning from them. I saw my portfolio with fresh eyes and finally began to understand that trading is not about picking highs and lows or proving how smart you are; trading is about making money.
If you want to reap big gains in the market, make up your mind right now that you are going to separate trading from your ego. I know people who have managed money on Wall Street for decades yet have only mediocre results to show for it. You would think that after all those years of practice their performance would be stellar or at least would improve over time. Not necessarily. Practice does not make perfect. In fact, practice can make performance worse if you are practicing the wrong things.
When you repeat something over and over, your brain strengthens the neural pathways that reinforce the action. The problem is that these pathways will be reinforced for incorrect actions as well as correct actions.
Any pattern of action repeated continuously will eventually become habit. Investing Championship. He also conducts an annual Master Trader Program seminar providing education about his trading methodology in a powerful 2-day weekend event. There is no otherlike it. A few of the 'Wizards' are myfriends—and Jack Schwager has nailed their modus operandi onthe head.
It thentakes experience to believe what your method is telling you. Butthe toughest task of all is turning analysis into money. If youdon't believe it, try it. These guys have it all: a method, theconviction, and the discipline to act decisively time after time,regardless of distractions and pressures. They are heroes of WallStreet, and Jack Schwager's book brings their characters vividly tolife. The Market Wizards are back! Unknown Market Wizards continues in the three-decade tradition of the hugely popular Market Wizards series, interviewing exceptionally successful traders to learn how they achieved their extraordinary performance results.
The twist in Unknown Market Wizards is that the featured traders are individuals trading their own accounts. They are unknown to the investment world. Despite their anonymity, these traders have achieved performance records that rival, if not surpass, the best professional managers. World-renowned author and trading expert Jack D. Schwager is our guide. His trademark knowledgeable and sensitive interview style encourages the Wizards to reveal the fascinating details of their training, experience, tactics, strategies, and their best and worst trades.
There are dashes of humour and revelations about the human side of trading throughout. The result is an engrossing new collection of trading wisdom, brimming with insights that can help all traders improve their outcomes.
An accessible look at the art of investing and how to adopt the practices of top professionals What differentiates the highly successful market practitioners—the Market Wizards—from ordinary traders? What traits do they share? What lessons can the average trader learn from those who achieved superior returns for decades while still maintaining strict risk control?
These traders use different methods, but they all share an edge. How do they do it? What separates them from the others? What can they teach the average trader or investor? In The New Market Wizards, these wildly successful traders relate the financial strategies that have rocketed them to success, as well as the embarrassing losses that have proven them all too human.
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