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|Name of Book||The Subtle Trap of Trading PDF|
|Name of Author||Brian Mcaboy|
|Language of Book||English|
|Size of Book||5 MB|
|Total pages in Ebook||160|
|Category of Book||Trading|
Book Summary: The Subtle Trap of Trading pdf
The Subtle Trap of Trading is a short book by Brian McAboy that explains why so many smart people fail to make money trading. The book is written in a clear and concise style, and it is easy to read and understand.
McAboy argues that the main reason why people fail at trading is because they fall into a subtle trap. This trap is created by the way that the trading industry is marketed and promoted. The industry makes trading seem easy and glamorous, but the reality is that it is a difficult and competitive business.
McAboy identifies a number of common mistakes that traders make, and he provides advice on how to avoid these mistakes. He also discusses the importance of having a trading plan and sticking to it.
The Subtle Trap of Trading is a valuable resource for anyone who is interested in learning more about trading. It is a must-read for anyone who is considering becoming a trader, and it is also a good read for experienced traders who are looking to improve their performance.
Here are some of the key takeaways from the book:
- Trading is a difficult and competitive business.
- The trading industry is marketed in a way that makes trading seem easy and glamorous, but this is not the reality.
- Traders often fall into a subtle trap that prevents them from being successful.
- There are a number of common mistakes that traders make, and it is important to avoid these mistakes.
- Having a trading plan and sticking to it is essential for success.
While written originally for the beginning trader to help you avoid the numerous mistakes that cause regrettable losses in trading, The Subtle Trap of Trading has been particularly popular with second-wave traders, those that have experienced the account blowout and/or hard lessons that come with being a trader.
In this book, you’ll discover – the mental trap that sets the stage for failure, and the steps to take to get your trading on the right track, – the 39 mistakes commonly made by traders that cause regrettable losses, and how to avoid them – the 11 elements of a successful trading business – the 6 steps every successful trader takes, which when missed keep consistently profitable trading only a dream. This is one of the few books on trading that is intentionally brief and to the point, easily read in less than two hours.
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Excerpts From the Book
Intention drives everything.
If you intend to make something happen, it will. If you don’t have an intention, then you’ll get whatever happens your way. And in the markets, the probabilities are that you’ll lose your money unless you set the specific intention to become successful.
You’ve got a choice to make:
Are you going to make yourself into a winner or let yourself become a loser?
There is a widely held belief, which I believe to be fairly accurate, is that 90% of the people that come into the markets lose their money in the first six months.
The primary reason: the markets welcome everyone with open arms, everyone with any money, and you can start trading as soon as you can get your money into an account, whether you’re truly ready or not.
The government has established agencies to regulate the institutions in the industry, but there’s nothing protecting people from their own ignorance or lack of self-control. The markets are ruthless, literally. The markets don’t play by rules and they’ll do as they will, with no master to answer to. Any trader who shows up unprepared will have their money extracted sooner or later, and the markets just don’t care.
There is no place where the phrase “A fool and his money are soon parted” is more applicable than in trading.
In trading, there are no pre-requisites like there are for driving a car, where you have to go through Driver’s Ed and then take a test. On the road, ignorance or lack of minimum skill can hurt others. In the markets, however, the only person hurt by ignorance is the trader.
Just by the fact that you’re here and have some money to trade with is an indicator that you’re probably smarter than average. But just like any field of endeavor, if you’re new to it, then you start off ignorant, unaware of the many details that make up that particular industry, and there are things you need to learn to establish yourself and be successful. When you opened your account, you were required to sign the disclosures that you understand there’s risk in trading, but beyond that initial disclosure, there’s no required learning or preparation.
There are many good brokers out there who will share their particular area of expertise with you and help you learn their methodology and systems. Unfortunately, what is needed to be a consistent, long-term and profitable trader goes way beyond the being able to read a chart and enter trades according to a specific system. If you’ve felt the desire to enjoy the tremendous benefits of trading, but right along side that felt the anxiety of the risk, you’re seeing the tip of the iceberg.