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The Market Is Always Right
ISBN: 0071396985     Date Published: 2002-11-06     Author(s): Thomas McCafferty
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Hardcover
McGraw-Hill
224 Pages
 
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06/20/2013 01:30:52
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Editorial Review - Book Description:

Rules for successful trading, direct from the traders who practice them every day

Even with today`s high-speed computers, online accounts, and information access, traders still live or die based on their abilities to control fear, greed, and emotion. The Market Is Always Right gives traders battle-proven advice for avoiding common trading setbacks by understanding human nature­­both their own and others`­­and directing it toward profitable outcomes.

Distilling the wisdom of hundreds of traders, this proactive book starts with 10 overriding rules­­for example, "Evaluate your performance"­­and then lists the subrules within each, such as "Qualify and quantify your trading pattern." Other examples include:

  • Never chase trades
  • Watch the open­­don`t trade it
  • When in doubt, get out
 
Customer Review:
Total Reviews: (3)
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5 of 5 People found the following review helpful.

Exceptional advice from a seasoned veteran, August 11, 2003 ByJohn Williams (Boston, MA) - See all my reviews This review is from: The Market Is Always Right (Hardcover) 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...
 
4 of 6 People found the following review helpful.

A well written book. Interesting. Definitely a pager turner, January 1, 2004 ByServantofGod - See all my reviews This review is from: The Market Is Always Right (Hardcover) 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 traderThough 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...
 
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