Think you can’t learn currency trading from someone who lost money? Think again this is the title of one of the best currency trading books of all time and any novice should read because it will show you why 95% of traders get scalped in the markets…
There is a myth that most novice forex traders fall for and its forex trading is easy or then can follow some worthless robot or guru who has never traded and make money.
This book tells you exactly what hurdles you have to overcome to win and there not easy but of course you can do it - if you understand forex trading is not about a good method but the discipline to execute it.
This books focus is on losing and as it correctly states, there are many different ways to make money but only a few ways to lose it and if you don’t understand them you will lose too.
Part biography and part a lesson in money management, if you only thought money management was
placing a stop you really need to get this book and learn from it.
It makes the point that trading and investing are personal journeys of discovery about yourself; about finding out who you are, and then how to manage yourself and use this understanding to trade successfully in the markets.
The reason why most traders never make money, is it never occurs to them that any trading is all about self knowledge not the method they are using; it’s about employing correct money management with discipline to stay on course and win.
Without self control and discipline even the best forex trading method will lose and this book rams it home. Traders think controlling themselves and executing trading is easy well this book will put your straight and you will after reading it understand why the majority of traders lose and lose quickly.
From anecdotes that amusing and a story that is a roller coaster ride from the gutter to penthouse and then back again, this book keeps you reading.
After the life story the authors show you how to identify and manage the risk that is present in any market, both monetary and emotional, regardless of whether you are an investor, trader, entrepreneur, manager or CEO risk is consistent.
You will learn the following:
- The 3 biggest mistakes investors and traders make and how to be prepared for them and combat them.
- Why the most important part of making money, is not losing it in the first place.
- The form which all losses take, regardless of whether the loss is $100.00 or $1,000,000.
- How to take losses and see them as a way to make long term profits.
Most novice traders think forex trading is easy and its not - that’s why 95% of traders burn their equity. Of course you can win and you can make a lot of money but you need to deal with and manage risk and this book shows you better than perhaps any other book I have ever read how to confront and manage risk.
By: Monica Hendrix
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