New Trader, Rich Trader: How to Make Money in the Stock Market
Category: eBooks
- views: 857
- date: 10 August 2019
- posted by: pm1
In his book “New Trader, Rich Trader” Steve Burns tells the story of a journey a “New Trader” as he is being mentored by an experienced “Rich Trader.” I found the story fascinating as it highlighted many of the pitfalls, misconceptions, and psychological traps that I myself fell into when I was a new trader. It reads like a novel and I found it difficult to put down. There are lot’s of great takeaways from New Trader’s journey. Here are a few that I took away:
Most stress in the market comes from a variety of unknown variables including but not limited to: fear of loss, uncertainty of a trend, a “need” to make money, etc… You can limit your stress as a trader by removing as many of the variables as possible and by at least knowing what the other variables are.
Knowing why you did or why you did not take action is very important. Having a trading journal where you record as much data as possible is important. A trading journal is like having a teacher who teaches traders about themselves.
Controlling risk is paramount. When a stock moves against you, hits your stop, or gaps below your stop, get out. This is your insurance against ruin. Don’t hope, don’t try to predict, just sell.
Have an accountability partner with whom you can talk about your trading.
Don’t count your wins as they come because if you lose them, it will hurt.
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