Thursday, April 26, 2007

Trade With Passion And Purpose - Book Review

Trade With Passion and Purpose: Spiritual, Psychological and Philosophical Keys to Becoming a Top Trader (Wiley Trading)

What Is It About?

This book explores looking within oneself to achieve greater trading success. Examining emotions such as fear, self-honesty, self-esteem, anxiety, and others, the author details how a trader must clarify their internal purpose before finding external market success. The book also discusses confronting external forces such as stress, relaxation, and self destructive behavior. The book concludes with a section on developing a trading plan.

What Did I Get Out Of It As A New Investor?

I enjoy reading trading books that focus on understanding and harnessing ones internal emotions. I say that because without an internal compass to guide the use of a trading system, that system becomes worthless. To that end, this book does a good job of providing tools to help an investor or trader understand that in the end we are the most important part of the equation when it comes to trading and investing.

To accomplish this goal the author in a comprehensive, but not boring, manner discusses those stresses, both internal and external, that market participants often face. Using interviews with other traders, sports professionals, and others, the author details how one can best harness and control those factors to a positive result. The concluding chapters also do a good job of explaining why every trading plan must have integrity to succeed.

The Good News

The book delivers a very powerful message on how trading with purposeful integrity drives success.

The Bad News

While engaging, the book does read like a college text. One may find it easier to read the book over several weeks, digesting pausing after each chapter for consideration of the material rather than reading straight through.

The Bottom Line

Solid text on not just controlling ones emotions but understanding why ones trading must have purpose and integrity.

Other Related Reading:

My Review



One oustanding book.

Cara Partisi said...

Interisting, i think i have to read it