The trader's pendulum + website : the 10 habits of highly successful traders

315 Pages·2015·7.46 MB·English

T T ’
HE RADER S
P
ENDULUM
The 10 Habits of Highly
Successful Traders
Jody Samuels
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CopyrightC2015byJodySamuels.Allrightsreserved.
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LibraryofCongressCataloging-in-PublicationData:
Samuels,Jody,1957–
Thetrader’spendulum+website:the10habitsofhighlysuccessfultraders/JodySamuels.
pagescm.–(TheWileytradingseries)
Includesbibliographicalreferencesandindex.
ISBN978-1-118-99557-0(paper/website)–ISBN 978-1-118-99644-7(ePDF)–
ISBN978-1-118-99658-4(ePub) 1. Investments.2. Investmentanalysis.3. Speculation. I.Title.
HG4521.S33142015
332.64--dc23
2015017700
CoverDesign:Wiley
CoverImages:Newton’scradleCiStock.com/gl0ck;
FoucaultpendulumCiStock.com/M_MUC1968
PrintedintheUnitedStatesofAmerica
10987654321
This book is dedicated to my loving family: my husband, Malcolm, and
daughters, Jackie and Rebecca
CONTENTS
Foreword ix
Acknowledgements xi
AbouttheAuthor xiii
Prologue:ADayintheLifeofaSuccessfulTrader xv
v
PART I Introduction 1
Introduction:RidingtheTrader’sPendulum 3
CHAPTER1 TheSuccessfulTraderversustheAverage
Trader 9
CHAPTER2 TheTechnicalTrader’sTrap 17
CHAPTER3 BecominganEntrepreneurialTrader—The
Process 25
PendulumScenario3.1:FearversusGreed 31
PART II Out of Hobby into Business Mode 37
CHAPTER4 Habit#1:EstablishaTradingBusinessforthe
RightReasons 39
PendulumScenario4.1:GetRichQuickorGoBroke
Quick 45
PendulumScenario4.2:RealisticversusUnrealistic
Trader 47
CHAPTER5 Habit#2:CompleteaTrader’sBusinessPlan 51
PendulumScenario5.1:ClarityversusMuddled
Thinking 58
PendulumScenario5.2:ForgivingversusAngry
Trader 61
PendulumScenario5.3:CourageversusConformity 63
CHAPTER6 Habit#3:DefineYourGoals 67
PendulumScenario6.1:TakingActionversusFeeling
Remorse 77
PendulumScenario6.2:EnthusiasticversusApathetic
Trader 80
PART III Becoming an Entrepreneurial Trader 83
CHAPTER7 Habit#4:CommittoYourEducationwitha
TradingCoach 85
PendulumScenario7.1:ForesightversusHindsight 91
PendulumScenario7.2:TheLuckyversusUnlucky
vi
Trader 97
S
T
N PendulumScenario7.3:CalmversusNervousTrader 101
E
T
N
O CHAPTER8 Habit#5:UnderstandandExploitYour
C
UniqueTradingPersonality 107
PendulumScenario8.1:Self-Doubtingversus
Overconfidence 121
PendulumScenario8.2:CautiousversusReckless
Trading 123
CHAPTER9 Habit#6:FollowaSystem 127
PendulumScenario9.1:OptimisticversusPessimistic
Trader 135
PendulumScenario9.2:FlexibleversusStubborn
Trader 138
PendulumScenario9.3:AcceptingversusWillful 140
CHAPTER10 Habit#7:PlantheTradeandTradethePlan 145
PendulumScenario10.1:PragmaticversusIdealistic
Trader 162
PendulumScenario10.2:PullingtheTriggerversus
HavingRegrets 165
PendulumScenario10.3:Conservativeversus
ImpulsiveTrader 168
PART IV The Transformed Trader 171
CHAPTER11 Habit#8:MeasureYourPerformance 173
PendulumScenario11.1:Organizedversus
DisorganizedTrader 183
PendulumScenario11.2:ProactiveversusReactive
Trader 186
CHAPTER12 Habit#9:LearntheSecretsofSuccessful
Traders 191
PendulumScenario12.1:ICanversusICan’t 199
vii
PendulumScenario12.2:PatientversusImpatient
C
Trader 202 O
N
T
E
CHAPTER13 Habit#10:AddBalancetoYourLife 207 N
T
S
PendulumScenario13.1:RelaxedversusStressed
Trader 214
PendulumScenario13.2:Clear-headedversus
SorrowfulTrader 217
PendulumScenario13.3:GoodMoodversusBad
MoodTrading 219
CHAPTER14 The‘‘10Habits’’Checklist 223
PART V The Trader’s Tools 233
CHAPTER15 AnalysisToolbox—YourFirstMentoring
Session 235
CHAPTER16 SampleTradingSystem—YourBONUS
MentoringSession 249
Resources 269
Bibliography 273
AbouttheCompanionWebsite 275
Index 277
viii
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