Detailed Description

Why Traders Succeed and Why They Fail - What it Takes to Be a Successful Trader

Being a successful trader is really about how you approach trading.  Do you approach it with the goal of becoming a professional trader or do you have a gambling mindset?  'Why Traders Succeed and Why They Fail' will show the difference between the two and how you can succeed as a professional trader.  

In this book you will learn 'Are you Gambling?', 'Common Characteristics of Gambling', 'Are you a Professional Trader?', 'How to Overcome the Tendency to Gamble in Trading', 'Main Reasons Why Traders Fail', 'Fear and Greed in Trading', 'Affirmations to Avoid the Wrong Mindset and Affirmations to Help Improve Your Trading', 'Reason Why You Will Succeed as a Trader', 'Ways to Handle a Painful Trading Loss', 'Fourteen Stages of Emotions that Affect Your Trading Psychology', 'Why Keep and How to Keep a Trading Journal?', 'Self Scoring Worksheet on Questions Is My Trading Psychology Working For Me?', 'How to Create Trader Discipline'.

Chapters included are:

  • History of Trading in the US
  • Gambling versus Professional Trading
  • Top Reasons Why Traders Fail and How You can Avoid Them
  • Reasons Why Traders Succeed and How You can Improve Your Trading
  • How Devastating Losses can be
  • Is My Trading Psychology Working for Me or Against Me?
  • Keep a Journal of your Trades
  • 'Questions for Is My Trading Psychology Working for Me or Against Me' – Self Scoring Worksheet
  • Trader Discipline is Critical

Written by Steve Heller, CFP ® EA, Certified Financial Planner™ and Register Representative with H.D. Vest Investment Securities, Inc. for 10 years and with several years experience as a day and swing trader.  The first question to ask yourself is 'Do I plan on trading for living with high probability trading or I am just out to have some fun with occasional gambling?  If you really want to succeed as a trader you have to make a commitment to learn all you can about what you are trading and improve your skills by journaling your results.

You can make it in this field, but success does not come easy and you have to work on your psychology from time-to-time.  The worksheet, included in this book, on your trading psychology will help you see your weaknesses and strengths when trading and it comes with suggestions on what to do, that are based on how you scored your results.  Its an invaluable tool that you can use over and over again.  Learn to be on the right side of the trade with 'Why Traders Succeed and Why They Fail'.  Best success in all your trading!