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I've also read "The Way of the Warrior Trader", it is great for those with a
lack of confidence or fear, and is good for those who need to fine tune the
emotional aspect of trading since trading should be a more mechanical process.
If the data looks good run with the trade long or short and determine a
maximum acceptable loss before opening a position, some traders base stop
losses on a percentage basis and others use a point basis. Work with the
method your more comfortable with. Trading is my sole source of income and
cutting losses and preserving capital is the only way
a trader can survive to trade another day.
Another good book is "Sun Tzu's Art of War for Traders and Investors" this
book has some philosophical interpretations which can be applied to the realm
of trading.
Lots of good strategies and info on how to survive in a tactical environment,
but don't mistake this book as though the markets are a true battle field but
instead use the info to take advantage of field conditions andmaximize
rewards.
William
HEDGEMANSHIP The art of making money in Bear Markets, Bull Markets, and
Chicken Markets while confounding professional money managers and attracting a
better class of women.
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