Trading for A Living
These last few weeks, I've been thinking about a 'new' way of money making. Why should I call it a new way? Because it's apparently not a new way, because many people already do this for a living. No, it's not by being a blog author :-) Yes, you might be able to make money by writing your blog in such interactive way. But what I'm talking about is about trading for a living.
A friend of mine suggest me to read this book. It's just like a must read book for many traders. Well, if you see the details about this book at amazon.com, it's not a new book. The 1st edition of this book was published on March 8, 1993. But this book still manage to get a quite high rank at some book categories at amazon.comI've read some parts of this book, and I learn that to be a day trader, it is not enough only to master technical analysis. There are more aspects you should learn to be a great and successful day trader. And one of them is related with the way you manage your thinking. I will show you some excerpts from this great book (page 27, Trading Psychology).
Your feelings have an immediate impact on your account equity. You may
have a brilliant trading system, but if you feel frightened, arrogant, or upset,
your account is sure to suffer. When you recognize that a gambler's high or
fear is clouding your mind, stop trading. Your success or failure as a trader
depends on controlling your emotions.
When you trade, you compete against the sharpest minds in the world.
The field on which you compete has been slanted to ensure your failure. If
you allow your emotions to interfere with your trading, the battle is over.
Surely I should be well-prepared before I decide to enter this new way of living - trading for a living.
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