I finally located the share trading book mentioned in my previous message, and I highly recommend it.
Its by Christopher Tate(16yrs a private trader) and called the "Art of Trading" - 229pages
ISBN: 1 876627638 (avail.at my local library, Broadbeach, Qld)
Its an easy to read trading book and has helped me to: realise some of my obvious blunders on the stock market, minimise my risk on trades, and to trade smarter.
Two quotes from the book:
1. For poor(inexperienced)traders making money is the sole focus of why they trade.They concentrate purely on how much they perceive they are going to make. They start to picture all the things they are going to buy and the lifestyle they will lead. But reward can be a phantom. It is quite possible to trade markets for years and never make any money. What does exist is risk.
Risk rules the trader's life and this should be the prime focus of the trader. For professional traders making money is not that important. It arises as a side effect of trading well - trade well and money comes.
2. Before I continue I need to issue a warning. Under NO circumstances do you ever average down. NEVER buy more of a share that has breached your stop loss points. Averaging down is a strategy employed by fools. Averaging up is a strategy used by professionals.
I know that both those quotes have applied to me in the past and probably many others on HC.
Happy trading everyone :)
QOL Price at posting:
11.0¢ Sentiment: Hold Disclosure: Held
