The Second Greatest Trading Book in the World

For those who missed "The Greatest Trading Book – Ever!" – see here: http://yourtradingcoach.com/ebooks/

Ok… but what comes second?

Once again, it’s a book you’ll make yourself.

This time, you’ll use a simple notebook rather than folder. And every time you read a trading blog, or newsletter, or book, or whatever, and a comment causes a little light bulb to go on in your head… copy it down into your book. And any brilliant insight you discover yourself as you trade, test, or conduct your post-session reviews… write it down.

It’s that simple. But it makes for incredibly powerful reading, whenever you’ve got a spare minute or two.

So, here’s the first two pages from mine, to help you get started:  (with apologies to any authors who I may have got these brilliant insights from… I wish I had written down who you were, but I didn’t expect I’d ever share this.)

The first two pages:

  • What you fear in trading is the loss of your self. 1

  • Your level of success or failure is simply an indication of your level of development as a trader. So focus on what you need to learn, not the money.

  • The first rule of trading is to survive to trade another day. All other rules can be broken, if it’s required to comply with the first rule. 2

  • There is no Holy Grail trading system.

  • You’re wrong until you’re proven right. 3

  • No-one can predict the next move.

  • The nature of the markets is uncertainty. Novices lose because they seek certainty where it doesn’t exist. Professionals succeed because they learn to live with the uncertainty.

  • Trading is the art of facing your greatest fears without flinching.

  • The markets are not a source of fear, but rather they reveal to the trader the fear that already exists within them.

  • There are no hidden secrets.

  • You can’t have success until you let go of the need for it.

  • The most important lessons in trading, each trader must learn for themselves.

  • All trading decisions must be made on the basis of insufficient data.

  • We are responsible for everything we do.

  • It is most important to run out of scapegoats.

  • We must learn the power of trading with our helplessness.

  • The only victory lies in surrender to oneself.

  • All of the significant battles are waged within the self.

  • You are free to do whatever you like. You need only face the consequences.

  • Learn to forgive yourself, again and again and again and again.

 

Get a notebook. And create the second greatest trading book in the world. It costs nothing. But it’s value is priceless.

Sources where known: (If you know the source of any of the above quotes, please let me know so that I can add their name to the article.)

1. Lance Beggs… adapted from the quote "You cannot separate any fear that you have from the fear of the loss of your self" by Guy Finley in his spirituality presentation, "Timeless Mind".

2. Believed to be from Larry Williams

3. Mike Reed, http://www.tradestalker.com/

May 21st, 2011 – Email Followup to "The Second Greatest Trading Book in the World"

This a friendly reminder…

  • Have you set up your journal yet?

  • If you have, has it progressed beyond the initial entries that I provided?

  • If not… why not?

I only ask because I suspect that most won’t bother with this. But then I also know that most will never achieve trading success? Coincidence? I think not.

A journal is an effective and efficient tool for deliberate practice and development of expertise.

If you haven’t got started… please make time to consider doing so this week.

Here’s another entry to add to the previous list:

  • My ability to journal key trading insights, and to regularly review those key trading insights, is a direct indicator of my passion for this business and my likelihood of success.

Lance Beggs

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YourTradingCoach - Admin

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