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The Market Is Always Right
by Thomas A. McCafferty
Rules for successful trading, direct from the traders who practice them every day
Even with today's high-speed computers, online accounts, and information access, traders still live or die based on their abilities to control fear, greed, and emotion. The Market Is Always Right gives traders battle-proven advice for avoiding common trading setbacks by understanding human nature both their own and others' and directing it toward profitable outcomes.
Distilling the wisdom of hundreds of traders, this proactive book starts with 10 overriding rules for example, "Evaluate your performance" and then lists the subrules within each, such as "Qualify and quantify your trading pattern." Other examples include:
Never chase trades
Watch the open don't trade it
When in doubt, get out
Thomas McCafferty is COO of Market Wise Securities and has been involved in the securities industry for nearly three decades. A registered stockbroker and options principal, McCafferty has written a number of books on trading, including All About Commodities.
Back cover copy
Market-Proven Tactics for Fighting the Trader's Toughest Enemy--His Own Volatile Emotions
Few professions are as stress-filled as trading. In the time it takes to refill your coffee, you can lose tens of thousands of dollars. Then you must determine in a split second whether to cut your losses and sell, average down and buy more, or sit tight and hope the market turns back in your favor...
Without any guarantees.
The Market Is Always Right answers the question, "How do experienced traders control their emotions in the heat of the trading battle?" Whether you are trading stocks, options, or futures, this straight-talking book shows you how to maintain a strong and steady course by detailing:
Ways to spot--and overcome--the seven deadly sins of trading
Two key questions traders should ask themselves before each market open
Trading events that scream "SELL!" no matter what
Long-time traders know: Whether markets are plummeting, skyrocketing, or simply holding steady, emotion is a trader's worst enemy. Whether you are a new trader looking to reach the next level of market mastery or an experienced trader seeking to pick up a new trick or two, The Market Is Always Right will show you how to maintain control in every market--by keeping your cool while all about you are losing theirs.
"Traders must deal with human nature as they trade, both their own and their counterparts', as they collectively react to the markets they trade. The purpose of this book is to give you an insight into what hundreds of other traders have found that works when it comes to harnessing and directing human nature most productively..."--from the Introduction
The world of trading is undergoing an unprecedented metamorphosis. Powerful personal computers, direct access to live trading markets, unlimited access to information, and more have placed individual traders on the same playing field as the pros. Yet one essential aspect of trading--the trader's basic human nature--remains unchanged and can wreak more havoc than all other trading perils combined.
The Market Is Always Right takes you beyond the techniques of trading to explore your mind, day in and day out the most important and difficult-to-control market tool. Showing you how to recognize and overcome fear, greed, envy, and other deeplyengrained emotions that consistently work against your trading success, this insightful and market-proven guidebook covers:
Ways to develop--and stick to--a personalized trading plan
Strategies for knowing when to pull the trigger and avoid "paralysis by analysis"
Nine personality types, with the common trading faults of each
How to know when--and when not--to hold a position overnight
Valuable appendices listing Level 2 market makers, trading terms, resources for further information, and more
"If you attempt to fight or to impose your will on the market, you court disaster."--from Chapter 1
While you can't control the global economy, the markets, or even the actions and reactions of other traders, you can control your own stress levels--and even learn to use them to your advantage! Let The Market Is Always Right show you how to go beyond mechanical trading principles to develop the successful trader's most essential and difficult-to-acquire tool--self-knowledge--and thereby replace costly self-doubt and worry with the confidence you need to remain focused on the business at hand and make sound decisions every second of the trading day.