The book itself is so good in my view because it focuses on the inner game of trading - your mind and how to get the right psychology for trading success which most traders never really focus on preferring to just focus on method. So what is the book about and what does it cover here is a short summary from the book itself:
Book Subject Matter
“Mark Whistler draws from the fields of psychology, spirituality, and philosophy to emphasize how self-honesty, self-esteem, emotional balance, and confidence form the foundation of successful trading. He demonstrates how adherence to a small number of core principles vastly improves chances of success, and shares interviews from top traders to exemplify his point that even the most successful traders have had to overcome setbacks”
A Focus on Yourself Strengths and Weaknesses
Today most traders want to buy books that have set strategies they can use to try and make money from the markets. They read endless books, study huge amounts of chart formations, indicators and try and mould them together to try and beat the market. We all have the same indicators and tools to look at but trading success as we have said many times is not about your method - its the application of the method. You have to control yourself and know when to pull the trigger – when to cut losses, scale of positions, scale them down and when to take profits and this is really what the book is about.
The book explains how being "in the moment," and having confidence and knowing what to do is essential to trading success and making profits long term. It also focuses on the importance of understanding stress and making sure it doesn't effect your trading – trading is all about stress and pressure “in the moment” and you need to deal with and the book shows you how.
The roles that affirmation and visualization play in your trading are also covered and anyone, who has read material of ours will know how important we think it is. A very under rated area of trading and the book shows you how to use it to your advantage. The book also shows you how to recognize defeat and fear and not let it throw you off course.
An important part of the book for me was why change should be embraced and has to be, if you want to be a winner. Our lives are always changing and so to are the markets and you need to embrace changes and see them in a positive light. How to develop a trading plan with risk management which of course is needed for all traders to survive and prosper in the market.
One of the best bit of the book is where the author focuses on world famous traders, sports stars, and business people and shows the traits they have to make money. Trading is a business ( although not many traders treat it as such) and there is some great insight from the pros he focuses on such as Mark Ritchie.
This book will help you move forward in your trading and also move forward in life and is a really good read which puts trading and life in perspective.
I loved the books Trading in the Zone ( Mark Douglas) and The Way of the Warrior Trader ( Richard Mcall) but this book is just as good. Traders who are struggling to make money in Forex or any other financial market for that matter would do well to buy this book.
The basics of trading Forex are easy to learn but getting the right mindset is a struggle for most traders. This book help you see trading success in a different way and if you take the path of mastering yourself, you will achieve long term FX trading success. In Conclusion, an original book, well researched, great info and easy to understand – go and buy it.
Trade With Passion and Purpose:
Spiritual, Psychological and Philosophical Keys to Becoming a Top Trader Author:Mark Whistler
Hard cover:257 pages
Publisher:Wiley: (March 9, 2007)