Download A Trader's Money Management System: How to Ensure Profit and by Bennett A. McDowell, Steve Nison PDF

By Bennett A. McDowell, Steve Nison

Cash administration could possibly be crucial piece of the buying and selling puzzle. In A Trader's cash administration System, professional Bennett McDowell presents time-tested concepts that may flip a wasting dealer right into a profitable one?and take the successful dealer to a completely new point. In revealing his own method of staying out of difficulty within the monetary markets and maximizing gains, he bargains entire insights into:

  • The psychology of danger keep an eye on in addition to the finer facets of surroundings stop-loss exits
  • The price of coping with alternate dimension and constant list keeping
  • The means of placing jointly your individual own funds administration system

Unlike different books that target the advanced mathematical theories in the back of cash administration, this ebook provides its approach in elementary, easy-to-understand phrases that might let you speedy see how those options paintings and instantly enjoy the worth of successfully handling danger

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Extra resources for A Trader's Money Management System: How to Ensure Profit and Avoid the Risk of Ruin

Sample text

Usually, this involves psychological issues such as poor self-esteem. P1: PIC/b c04 P2: c/d QC: e/f JWBK182-McDowell 34 T1: g April 25, 2008 15:44 Printer: Yet to come A TRADER’S MONEY MANAGEMENT SYSTEM 10. Not following your trading system. The trader doesn’t believe it really works, or did not test it well. Maybe it does not match your personality. Maybe you want more excitement in your trading. Or maybe you don’t trust your own ability to choose a successful system. 11. Overthinking the trade—second guessing the trading.

1. Fear of being stopped out or fear of taking a loss. The usual reason for this is that the trader fears failure and feels like he or she cannot take another loss. The trader’s ego is at stake. 2. Getting out of trades too early. Anxiety is relieved by closing a position. This is caused by a fear of position reversing and then feeling let down. The trader has a need for instant gratification. 3. Wishing and hoping. The trader does not want to take control or take responsibility for the trade. The trader has an inability to accept the present reality of the marketplace.

And the only way to profit consistently is to have a plan to manage your risk and assess your risk—effectively. So now the question to you is, do you truly believe that you need a money management system? When your answer to this question is yes, you will be able to design a sound money management system that will ensure profit and avoid the risk of ruin. P1: PIC/b c02 P2: VEV/d JWBK182-McDowell QC: e/f T1: g April 25, 2008 15:39 22 Printer: Yet to come P1: PIC/b c03 P2: c/d QC: e/f JWBK182-McDowell T1: g April 25, 2008 15:41 Printer: Yet to come CHAPTER 3 Yin and Yang ur world is made up of opposites, yin and yang, dark and light, weakness and strength.

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