futures

This is a 100% trading psychology book. No FA, no TA, but ten chapters or the author's so called principles on trading psychology, which are

1. The market is always right.
2. It's all in your head.
3. You cant prepare enough.
4. Supply and demand rule the markets
5. Commit your thoughts to paper
6. Developing and perfecting your trading shtick
7. Enhancing your shtick
8. Discipline
9. Staying the course
10. On becoming the ideal trader

Though the above can be commonly found in most trading books, the author had done it relatively well by drawing many uncommon analogies, stories, idiomatic phrases that put life into the book. In particular I like his description of successful traders as captains in the oceans, mice in the laboratories and actuaries in insurance companies.

In short, if you wanna read a good trading psychology book, this is it. If you want TA or FA knowledge, look somewhere else.

p.s. The seven cardinal sins of trading in the last chaper is a favorite of mine. They are:-

1. Pride, which challenges the first rule of trading: The market is always right.
2. Greed, holding onto trades hoping for more and more profits while all TA signals are telling you the party is over.
3. Envy, drains positive energy from their psyche, leaving them mean spirited and weak.
4. Anger, that when Greek gods decided to destroy a human, they got him angry and let him destroy himself.
5. Lust, equates to ignoring key defensive rules or self control. The unbridled gambler is the epitome of lust, doubling up after every loss.
6. Gluttony, a lack of focus. Trading becomes obsession They eat and sleep trading.
7. Sloth, that a lazy successful trader is an oxymoron. He or she just doesnt exist.

I have read other books by Mr. McCafferty and have found this one to be the most valuable, not to mention entertaining. It seems as though most of the newer books out there are just a rehashing of commonly known techniques and offer little valuable insight into how the market actually operates, that is not the case with this fine book. Mr McCafferty seems to understand the way the markets operate and the players in the trading community. He mentions several successful traders and their methods and explains them very well, probably better than those traders could themselves, which is a true testament to his ability as a writer. I learned specific strategies that have changed the way I trade and have been surprised by how well the simple things Tom mentions (and many of us overlook) have worked for me. I can say that I am a more profitable trader because of what I read in this book and for the [$$] it cost me, that is an unbelievable deal. Thank you for unselfishly sharing your trading experiences with us Tom, my life has been enriched because or your words.