- Paperback: 148 pages
- Publisher: www.bnpublishing.com (10 May 2011)
- Language: English
- ISBN-10: 1607963639
- ISBN-13: 978-1607963639
- Product Dimensions: 15.2 x 0.9 x 22.9 cm
- Average Customer Review: Be the first to review this item
- Amazon Bestsellers Rank: #2,12,751 in Books (See Top 100 in Books)
New Trader, Rich Trader: How to Make Money in the Stock Market Paperback – 10 May 2011
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Most helpful customer reviews on Amazon.com
Getting into trading, without reading all these books is waste of time and will get into bad habits which would be hard to overcome.
Steve is the most knowledge, yet Generous Trader who as articulated the psychological aspect of the trading in these books.
While, I am trading day in and out, my Dad (over legal retirement age) was so upset over me in trading business because of the risk involved. I got him these books and God, after reading all of them, he has a different opinion now and thanks to Steve, we discuss the strategies and risk management together which is helping me build a better trading system.
I got this book and list of books mentioned below for my Dad, A must read for all age groups, not only if you are trading but also get a feel of what this business is and what aspects of human emotions have to be reigned in to excel in trading
New Trader 101: The Fastest Way to Grow Wealth in the Stock Market
New Trader, Rich Trader: How to Make Money in the Stock Market
New Trader,Rich Trader 2: Good Trades, Bad Trades
Calm Trader: Win in the Stock Market without Losing Your Mind
Trading Habits: 39 of the World's Most Powerful Stock Market Rules
How I Made $2,000,000 in the Stock Market: Now Revised & Updated for the 21st Century
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.
Rich Trader never told New Trader what to do, he tried to show him how (which is also the aim of ChartYourTrade.com)
One affair can cost you your marriage just like one big trade with too much at risk can cost you all of your capital.
New Trader, Rich Trader is very well written, a relatively quick read, with lots of great takeaways regardless of your level of experience. At the end of the book Steve thanks both his wife and his daughter. He thanks his wife for all of her support and trust in his trading. If you're married and just starting out in the market, spousal support is key. I know I wouldn't be in the market at all without the endless support and trust of my wife (thanks again honey!) He also thanks his daughter who helped him write the book and is a strong trader in her own right. I think it's great that he helped teach his daughter about the market and I personally feel that if more of us learn about the market and pass that information on to our children, we'd take a big step toward eliminating poverty.