Book description
The new trader's guide to the business, psychology, and hype in trading
The Trader's Pendulum + Website is the ultimate toolkit for realizing your trading potential. Written by one of North America's leading trading coaches, this guide is designed to show aspiring traders how to design and implement a successful trading strategy by learning the psychological tricks behind solid trading philosophies. New and experienced traders alike will find value in The 10 Habits of Successful Traders, and come away equipped to navigate the real-life emotional-psychological effects of market chaos. You'll learn to embrace change and risk, and use it to your benefit as you climb out of the technical trap and stop riding the Trader's Pendulum between fear and greed. Based on the author's Elliot Wave and Harmonics expertise, this invaluable guide brings you a top-down approach to the market to help you maximize profit and minimize poor choices. The companion website gives you access to an interactive Trader's Scorecard, models for your 'business' and trading plan, The Trading Blotter, and a video synopsis of the all-important 10 habits.
Today's global economy has forced people to search for a second cash flow stream to replace or supplement a primary income. It is more important than ever to have a reliable guide at your side, and this book gives you guidance and so much more.
Develop and follow a successful trading system
Make more money while saving time and effort
Treat trading like a business for lasting success
Use change and risk to your benefit
Stop chasing trends and listening to widely disseminated bad advice. The Trader's Pendulum + Website is more than a guide—it's advice, examples, models, and more, giving you a practical roadmap to your online trading success.
Table of contents
- Title Page
- Copyright
- Dedication
- Foreword
- Acknowledgements
- About the Author
- Prologue: A Day in the Life of a Successful Trader
-
Part I: Introduction
- Introduction: Riding the Trader's Pendulum
-
Chapter 1: The Successful Trader versus the Average Trader
- The Conversation that Changed Fred's Life
- When Reality Kicked in: Paper Trading versus “Real” Trading
- The Path Forward
- The Struggle of a Young Family
- A Perfect Plan Found?
- A Typical Afternoon of a Trader
- Trader by Chance
- Trader by Plan
- Dedicated Trader… or Slacker?
- The Life of a Trading Mom
- The Question You Need to Ask
- Chapter 2: The Technical Trader's Trap
- Chapter 3: Becoming an Entrepreneurial Trader—The Process
-
Part II: Out of Hobby into Business Mode
-
Chapter 4: Habit #1: Establish a Trading Business for the Right Reasons
- The Negative Motivator
- Reasons for His Fight
- What Excites Successful Traders (It's Not All about the Money)
- The Main Reasons Why Traders Are Traders
- What Are the Reasons You're Trading?
- Pendulum Scenario 4.1: Get Rich Quick or Go Broke Quick
- Pendulum Scenario 4.2: Realistic versus Unrealistic Trader
-
Chapter 5: Habit #2: Complete a Trader's Business Plan
- “Why Do I Need a Business Plan?”
- “But What if I Don't Have a Trader's Business Plan?”
- “What Should My Business Plan Cover?”
- “How Do I Set up My Trader's Business Plan?”
- Nine Steps in the Business Planning Process
- An Important Research Discovery That Can Help You Achieve Your Goals
- Pendulum Scenario 5.1: Clarity versus Muddled Thinking
- Pendulum Scenario 5.2: Forgiving versus Angry Trader
- Pendulum Scenario 5.3: Courage versus Conformity
-
Chapter 6: Habit #3: Define Your Goals
- “How Did We Do That?”
- Tackling the Subjects in Your Trading Life
- Do You Plan to Trade Part-time or Full-time?
- What Time of Day Will You Set Aside for Trading?
- What Specific Goals Do You Have for Daily, Weekly, and Monthly Profits?
- What Trading Strategy Will You Employ, and What Are the Rules?
- Right and Wrong Goal Setting
- Working out the Numbers
- Checklist: How Your Profit Goals Give You a Framework for Trading
- The “Grading System” in Your Trading Journey
- Pendulum Scenario 6.1: Taking Action versus Feeling Remorse
- Pendulum Scenario 6.2: Enthusiastic versus Apathetic Trader
-
Chapter 4: Habit #1: Establish a Trading Business for the Right Reasons
-
Part III: Becoming an Entrepreneurial Trader
- Chapter 7: Habit #4: Commit to Your Education with a Trading Coach
-
Chapter 8: Habit #5: Understand and Exploit Your Unique Trading Personality
- What about a One-Size-Fits-All Trading Style for Traders?
- Different Trading Styles
- How Do You Choose Your Trading Style?
- When Should You Get Help?
- Reducing the Dropout Rates of School Kids and Traders
- Pendulum Scenario 8.1: Self-Doubting versus Overconfidence
- Pendulum Scenario 8.2: Cautious versus Reckless Trading
-
Chapter 9: Habit #6: Follow a System
- What Can You Learn from These Big Corporations?
- What Is the Difference between a Trading System, a Trading Strategy, and a Trade Plan?
- How to Set up Your Trading System
- Words of Caution for Traders in the Technical Trader's Trap
- Pendulum Scenario 9.1: Optimistic versus Pessimistic Trader
- Pendulum Scenario 9.2: Flexible versus Stubborn Trader
- Pendulum Scenario 9.3: Accepting versus Willful
-
Chapter 10: Habit #7: Plan the Trade and Trade the Plan
- The Clichéd Wisdom
- Before You Construct Your Trade Plan
- How to Construct a Trade Plan
- About Losing Money
- Constructing a Trade Plan Based on a Trading System and Money Management Strategy
- Pendulum Scenario 10.1: Pragmatic versus Idealistic Trader
- Pendulum Scenario 10.2: Pulling the Trigger versus Having Regrets
- Pendulum Scenario 10.3: Conservative versus Impulsive Trader
-
Part IV: The Transformed Trader
- Chapter 11: Habit #8: Measure Your Performance
-
Chapter 12: Habit #9: Learn the Secrets of Successful Traders
- Learning by Modeling Success
- A Day in the Life of a Successful Trader
- Winning Qualities of Successful Traders
- Where Do You Find Successful Traders to Model?
- Learning the Success Secrets by Reading
- Pendulum Scenario 12.1: I Can versus I Can't
- Pendulum Scenario 12.2: Patient versus Impatient Trader
- The Wisdom of Taking No Action
- Going from Patience to Impatience, Well-to-Do to Broke
- How to Temper Impatience
-
Chapter 13: Habit #10: Add Balance to Your Life
- Symptoms of Trader Burnout
- Getting out of the Trap
- How to Achieve Balance in Trading Life and Maintain Motivation
- Your Life Plan
- Outline for Developing Your “Life Plan”
- Pendulum Scenario 13.1: Relaxed versus Stressed Trader
- Pendulum Scenario 13.2: Clear-headed versus Sorrowful Trader
- Pendulum Scenario 13.3: Good Mood versus Bad Mood Trading
- Chapter 14: The “10 Habits” Checklist
- Part V: The Trader's Tools
- End User License Agreement
Product information
- Title: The Trader's Pendulum: The 10 Habits of Highly Successful Traders
- Author(s):
- Release date: August 2015
- Publisher(s): Wiley
- ISBN: 9781118995570
You might also like
book
The Trend Following Bible: How Professional Traders Compound Wealth and Manage Risk
A proven approach to trading success based on the best commodity trading advisors Profiting from long-term …
book
The Big Trade: Simple Strategies for Maximum Market Returns
A powerful, profitable, and elegantly simple system for traders Markets can be extraordinarily complex, and unfortunately …
book
The RDS Forex System: A Breakthrough Method To Profiting from Market Turning Points
Inside a unique system that allows you to identify and trade key turning points in the …
book
Kirkpatrick’s Investment and Trading Strategies: Tools and Techniques for Profitable Trend Following
Choosing Stocks and Timing Buy and Sell Decisions: Trend-Based, Evidence-Driven Strategies That Work What to do, …