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The Inner Voice of Trading (Michael Martin).pdf

The Inner Voice of Trading (Mic…

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简介:本文档为《The Inner Voice of Trading (Michael Martin)pdf》,可适用于经济金融领域,主题内容包含ptgptgPraiseforTheInnerVoiceofTrading“MichaelMartinhaswrittenaninsightfulb符等。

ptgptgPraiseforTheInnerVoiceofTrading“MichaelMartinhaswrittenaninsightfulbookforboththeexpertandnoviceHiswritingstyleisenjoyable,andthecontentisunforgettable”AnthonyScaramucci,Founder,SkyBridgeCapital,andAuthorofGoodbyeGordonGekko“IlivebyMichaelMartin’swordsThefirstchapterofmyinvestingbookwastitled‘TurnOfftheTV’Now,withthesocialweb,findingstrategymentorsandlearningfasterareallpossibleTradingisaskillyoucanlearn,andMartin’sbookisagreatreadforanytrader”HowardLindzon,Founder,StockTwits“InTheInnerVoiceofTrading,MichaelMartinrecountshisownquesttobecomeasuccessfultrader,illuminatinghisjourneywithengagingtradingepisodesJoinMartinathistradingdeskasheprovidesimportantinsightsintotheartandscienceofbalancingthoughtsandfeelingsandcatchingthebigone”EdSeykota“Somepeopletradeandeitherdon’torcan’tteachsomepeopleteachandhavenevertradedMichaelMartincanteachextremelywellandisanexperiencedtraderThisrarecomboisanecessitytothosewhowanttosucceedinthemarketsReadandlearn!”VictorSperandeo,Founder,AlphaFinancialTechnologies,LLC“TheInnerVoiceofTradingprovidesinsightsthatmayhelpbothdiscretionaryandsystematictradersadheretotheirextensivelyresearchedandtestedtradingprogramsandbebetterinsulatedfromtheiroccasionalemotional(fear,greed,pride,andsoon)temptationstodeviateintounchartedwaters”BillDunn,DUNNCapitalManagement“MichaelMartinprovidesatoolboxtofortifythemostimportantaspectofsuccessfultrading:thesixinchesbetweenyourearsWithfreshinsightsfrommanyofthemarket’sgreatesttraders,TheInnerVoiceofTradingwillputyouonthepathtoimprovingyourprofitsandlosses”JohnDelVecchio,PortfolioManager,AdvisorSharesActiveBearETF“ToomanynewanddevelopingtradersmovefromstrategytostrategyinthehopeofimprovingtheirunderperformanceInTheInnerVoiceofTrading,MichaelMartinhelpsusunderstandhowwefirstmustworkonourselvesbeforewecanbecomethetraderwewanttobeFindaplaceinyourtradinglibraryforthislatestgifttothetradingcommunity”MikeBellafiore,Partner,SMBCapital,andAuthorofOneGoodTradeptgThispageintentionallyleftblankptgTheInnerVoiceofTradingptgThispageintentionallyleftblankptgTheInnerVoiceofTradingEliminatetheNoise,andProfitfromtheStrategiesThatAreRightforYouMichaelMartinptgVicePresident,Publisher:TimMooreAssociatePublisherandDirectorofMarketing:AmyNeidlingerExecutiveEditor:JimBoydDevelopmentEditor:RussHallSeniorMarketingManager:JuliePhiferAssistantMarketingManager:MeganGraueCoverDesigner:AlanClementsManagingEditor:KristyHartProjectEditors:JessDeGabrieleandJovanaSanNicolasShirleyCopyEditor:KristaHansingEditorialServices,IncProofreader:WaterCrestPublishing,IncSeniorIndexer:CherylLenserSeniorCompositor:GloriaSchurickManufacturingBuyer:DanUhrigbyMichaelMartinPublishingasFTPressUpperSaddleRiver,NewJerseyThisbookissoldwiththeunderstandingthatneithertheauthornorthepublisherisengagedinrenderinglegal,accounting,orotherprofessionalservicesoradvicebypublishingthisbookEachindividualsituationisuniqueThus,iflegalorfinancialadviceorotherexpertassistanceisrequiredinaspecificsituation,theservicesofacompetentprofessionalshouldbesoughttoensurethatthesituationhasbeenevaluatedcarefullyandappropriatelyTheauthorandthepublisherdisclaimanyliability,loss,orriskresultingdirectlyorindirectly,fromtheuseorapplicationofanyofthecontentsofthisbookFTPressoffersexcellentdiscountsonthisbookwhenorderedinquantityforbulkpurchasesorspecialsalesFormoreinformation,pleasecontactUSCorporateandGovernmentSales,,corpsalespearsontechgroupcomForsalesoutsidetheUS,pleasecontactInternationalSalesatinternationalpearsoncomCompanyandproductnamesmentionedhereinarethetrademarksorregisteredtrademarksoftheirrespectiveownersInnerVoiceofTradingisatrademarkofGothamCommodityCorporationAllrightsreservedNopartofthisbookmaybereproduced,inanyformorbyanymeans,withoutpermissioninwritingfromthepublisherPrintedintheUnitedStatesofAmericaFirstPrintingSeptemberISBN:ISBN:PearsonEducationLTDPearsonEducationAustraliaPTY,LimitedPearsonEducationSingapore,PteLtdPearsonEducationNorthAsia,LtdPearsonEducationCanada,LtdPearsonEducatióndeMexico,SAdeCVPearsonEducationJapanPearsonEducationMalaysia,PteLtdLibraryofCongressinPublicationData:Martin,MichaelR(MichaelRobert),Theinnervoiceoftrading:eliminatethenoise,andprofitfromthesystemandstrategiesthatarerightforyouMichaelRMartinpcmISBN:(hardcover:alkpaper)ISBN:(hardcover:alkpaper)Floortraders(Finance)UnitedStatesPsychologyFuturesmarketUnitedStatesPsychologicalaspectsFinancialfuturesUnitedStatesPsychologicalaspectsInvestmentsPsychologicalaspectsITitleHGM’dcptgDedicatedtomyparents,RobertJMartinandAnneMMartinptgTableofContentsChapter:IntroductionChapter:SurrenderChapter:MyTuitionChapter:TwoTraders’PathsChapter:ConventionalWisdomMarketTimingChapter:EmotionalBlindSpotsChapter:YouAretheBlackBoxChapter:RelativeValueTradesChapter:TheAbundanceofLossesChapter:BecominganEmotionalSpecialistChapter:ListentoYourInnerVoiceEndnotesIndexptgForewordMichaelMartin’sbook,TheInnerVoiceofTrading,providesimportantinsightsabouttheartandscienceofbalancingthoughtsandfeelingsintradingTraderstellwonderfulstoriesaboutmakingphenomenalprofitsbybeinginthezone,atonewiththemarkets,livinginthemomentofnowFromthere,tradingseemseffortlessThetrick,then,istostayinthenowIfyougetimpatientorgreedyorfearful,youcanbreakthespellandwindupbackinthepastandfutureFightingyourfeelingscanbeanathematostayinginthemoment,hencetotradingprofitablyInTheInnerVoiceofTrading,MartinextendstheliteratureontheartandscienceofstayingclearandmaintainingmentalandemotionalbalanceHeusesexamplesfromhisowntradingandothers’toillustratehispointsparticularlytheimportanceoftimelysurrenderTradersknowtheessentialprinciplesoftrading:rideyourwinnerscutyourlosersmanageyourriskusestopssticktoyoursystemandignorethenewsTheseprinciplesworkwellintradingandinlifeingeneralwhenyoufollowthemconsistentlyManypeople,however,findthatfollowingrulesisnotalwaysawholelotoffunLivingaprinciplecentriclifetakescharacterlotsofitBuyinghighs,sellinglows,andcollectingseeminglyendlessstringsofwhipsawsmaybringupunbearablyuncomfortablefeelingsMartindealsdirectlywiththeimportantcharactersuccessconnectionandillustratesthetopicbywrappingitinaseriesofengagingtradingepisodesOneofthepleasuresofmentoringtradersthroughmyTradingTribeisthatIgettomeet,interactwith,andshareexperienceswithbrightandwillingpeopleandtowatchptgthemgrowandprosperAndthatbringsmetooneMrMichaelMartinwho,manymoonsago,joinsmyTribeAtfirstIseeaneastcoast,streetwisehypermensch,acrossbetweenacrustyoldcabbieandastandupcomicAsthegroupevolves,IwitnesshisemergenceasabrotherwhocomestofeeldeeplyandlaughandwinceandcryandgrievealongwiththerestofusasweallstrugglewiththepersonalcalculusofourcareersandintimaterelationshipsOverthecourseofourassociationIhavetheprivilegeofwitnessingasofteningofMichaelashebecomesmoreporous,stronger,andmoreavailabletosharehisgiftswithothersReadingbetweenthelinesofInnerVoice,IfeelthatMichaelisstillverymuchamanofthepathandthatheisnowcomingintohisownasagenerousteacher,mentor,andwriterIseehimasabiginspirationforthenewcropItismyhonortoacceptMichaelMartin’sinvitationtopenthisforwardtohisbookIcongratulatehimforwritingitandyouforreadingitEdSeykotaAustin,TexasptgAcknowledgmentsMichaelMarcus,EdSeykota,JorgenChristiansson,AaronBrown,PeterBorish,BillDunn,ErichSchiffmann,TomBasso,BKSIyengar,LindaRaschke,VictorSperandeo,MikeBellafiore,SteveSpencer,HelmutWeymar,LarryShover,JohnDelVecchio,WillowBay,MariaRusso,RichardSandor,CaroleBrookinsThankYousMichaelJRice,EleanorJohnson,HarrisSperling,Tony“FatTony”Tardino,PiaVarma,RichBlake,JJF,ManishJain,ScottKaminski,YasmineRyckebusch,ErinFitzPatrick,Liz,GabrielleandMarkLaMura,StacyMarieIshmael,MaryanneMartin,LucEamonMartin,LoyalSeamusMartin,TJO’Connor,KieranGaine,ShawnPatt,BryanKennyandMonicaSarang,JamesRobertAnthonyDurfey,DouglasMancino,PeterandHeatherFelix,GerardColagrossi,Mugsy,MelissaMooreandJerryToepke,CareyDoss,MikeHolwick,Joanna“JGo”Grzeskowiak,AndrewHomsi,RichBurnes,MargaretRees,AmyGeffen,MaryannKelly,AlexLapostol,CalvinSlater,RichardHughes,WendyandJJMueller,BudArdell,SusanBursk,KarimCherif,JohnChristesen,JosephHankin,BertLiberi,Jr,JamesLittle,ScottMcIntosh,MelissaBellandLeoSchmidt,AnaLaDou,SimonandMonnaMainwaring,NellyNyambi,LennyMoAsfarasthepublishingofthisbookisconcerned,IoweaspecialthankyoutomyExecutiveEditorJimBoydwhobelievedinthevisionforthisbookfromthegetgoJimintroducedmetoRussHallaswellasuberauthorMichaelThomsettwhowereinstrumentalfortheirkeeninsightandsuggestionsIamgratefulforthestaggeringamountoftimethatJim,Russ,andMichaelspentreviewingtheevolvingmanuscriptptgAbouttheAuthorMichaelMartinhasbeenasuccessfultraderforoveryearsHe’sbeenteachingforthelastofthoseyearsthroughUCLAExtensionandtheNewYorkSocietyofSecurityAnalysts(NYSSA),amembersocietyoftheCFAInstituteDuringthattime,healsoservedasAssociateEditoratTraderMonthlyHewasbornandraisedinNewYorkandnowlivesinLosAngelesHecontributestoTheHuffingtonPost,TheBusinessInsider,andhisblogMartinKroniclecomHehasalsobeenpublishedinBarron’sHisinterestintradingcommoditiesbeganasastudent,bothintheclassroomandatworkItwasduringarandomworkstudyprogramthathegotintroducedtocreatingseasonalmodelsforHeatingOilandNaturalGasforalargehedgerusingLotusThatledtoworkingonWallStreetandtradingcommodityaccountsThecommissionsweregigantic,buthefiguredhecouldearnseveraltimesmorebyearninganincentivefeeAfteronlyyearsatabrokeragefirm,hestartedhisowncompanyAftermovingtoLosAngelesfromManhattan,hestartedhisownCTAandalsobeganteachingAroundthattimehejoinedtheInclineVillageTradingTribeandflewfromLosAngelestoLakeTahoeformeetingsHealsoformedtheTradingTribeinLosAngeles,forwhichhewasChiefCoincidenceornot,hewasranked#byAutumnGoldaroundthattimeHistradingcoursesareavailableonlineandcanbefoundatMartinKroniclecomptgChapterIntroductionptgLikemanytraders,IbecameveryinterestedintradingprofessionallyafterIreadJackDSchwager’sbookMarketWizards,acollectionofinterviewsthathe’dconductedwithmanysuccessfultradersandmoneymanagersatthetime,suchasJimRogers,PaulTudorJones,andMichaelMarcusLuckilyforme,IwasabletogettoknowandstudywithmanyofthetradersinterviewedAfewofthem,suchasEdSeykota,becamementorsandfriendswhohadaprofoundimpactonmypsychologicaloutlookwhiletradingAlotoftraderslovetheSeykotachapterinMarketWizardsandcanquotewhatmightbehismostfamousline:“Winorlose,everyonegetswhattheywantfromthemarket”Tothisday,thatlinehitsfailingandmediocretradersrightintheirmostvulnerablespot:Ifatraderislosingconsistently,itisbydesignitisthetrader’sgoalForSeykotaandhisstudents,intentionsequalresultsHowever,IthinkthatthemostrevealingthoughtinthechapterwasanotherofSeykota’squotes:“Thegoalforthetraderistodevelopasystemwithwhichheiscompatible”thatis,aharmonybetweenatrader’semotionalconstitutionandtradingtechniqueInthiscase,asystemisasetofrulesfortrading:whattobuy,howmuchofittoown,whentogetin,andwhentogetout,eithertotakealossortocollectprofitsTheserulesareintellectualinnatureatleast,that’showtheylookfromtheoutsideTheInnerVoiceofTrading“Thegoalforthetraderistodevelopasystemwithwhichheiscompatible”thatis,aharmonybetweenatrader’semotionalconstitutionandtradingtechniqueptgLurkingbelowthesurfacearetheemotionalbuttonstheypushwhenthetraderemploysthemTheintellectualaspectoftradingrulesarewhatmostaspiringtradersreachforwhilelearningthecraftbecausethey’vehadthatapproachingrainedinthemsincekindergartenUnfortunately,mostaspiringtradersfindoutfartoolatethattheactoftradingisintellectualandpsychologicalIhopetochangethatwiththisbookWhenSeykotawasbeinginterviewed,hewasnotspeakingaboutrules“thatthetradercanunderstandintellectuallyortechnically”hewasn’tofferinga“howtotrade”propositionHeinsteadreferredtorules“withwhichthetraderiscompatible,”anemotionalandselfawarenesspropositionCompatibilityequalsharmonyIncompatibilitybetweentraderandsystemisthesinglegreatestreasonmosttradersdon’tsucceed,regardlessoftradingstyleTheyhavenoemotionalconnectiontotheirtradingrulesandmethodologyTheyknowtradingrulesfromatechnicalandintellectualstandpoint,butnotfromapsychologicalorselfawarenessoneNotallofthisistheirfault,though:Oureducationalsystemgenerallyisnotconcernedwithhowitsstudentsfeelaboutanythingthere’snoroomforitThisrote,mechanicalmodelsetsupthetraderforfailurebeforeheknowsthathewantstobeatraderAdmittedly,itcanbechallengingtoknowwhototurntoforthistypeofawakeningInunfortunatecases,thetraderisnotselfawarebutcontinuestoseektheanswersIronically,theseanswerstosuccessfultradingarefoundwithinthetrader’sownmindChapter:IntroductionptgTotradesuccessfully,yourintellectandpsychologymustbejoinedatthehipLikespousesinamarriage,bothintellectandselfawarenessevolveIftheselfawarespousechecksout,maintainingalastingmarriageisdifficultThesituationputsstressonbothspousesIfonepartnerneedstime“tofigureoutwhoheis,”atrialseparationisbest,tokeepthetraderfromvaporizingthecashAtraderwithoutselfawarenessintradingislikeapilottryingtoflyaplanewithnonavigatorTradingrulesareprovocativeandevocative,pushingandpullingatraderemotionally“ShouldIgetinatthisprice”“ShouldIbuysomeofthisstock”“ShouldIgetouthereandtakealoss,orshouldIwaitforittocomeback”Forme,thesearenotintellectualquestionstheyareemotionalWhatthetraderisfeelingatthetimeevokesthequestionThinkaboutwhatthetraderisconveyingemotionally,becauseit’srarelyaboutthemoneyTheInnerVoiceofTradingIncompatibilitybetweentraderandsystemisthesinglegreatestreasonmosttradersdon’tsucceed,regardlessoftradingstyleTheyhavenoemotionalconnectiontotheirtradingrulesandmethodologyTheyknowtradingrulesfromatechnicalandintellectualstandpoint,butnotfromapsychologicalorselfawarenessoneptgQuestion:“ShouldIgetinatthispriceIsnowagoodtimetobuy”Emotionaltranslation:“IhavenoideawhatI’mdoing,butI’mgoingtodoitanyway”Question:“ShouldIbuysomeofthisstock”Emotionaltranslation:“IwantinontheactionJusttellmewhattodo,andI’lldoitbutmakeitquickHavingsomuchcashispainful”AccordingtoJasonZweig,havingthepotentialforgainsismoreaddictivethanearningthegainsthemselvesQuestion:“ShouldItakethelossnow,orwaitforittocomeback”Emotionaltranslation:“WhatwilleveryonethinkIhaveanMBA,andallmyselfesteemisinvestedinhowsmartIthinkIamIamnotwillingtoriskthisThisiswhoIamIfIwait,I’mtechnicallynotwrongIcandefermyincorrectnessandmaintainmyselfesteemtoday”Tradersarehumanbeingsfirst,soitfollowsthateverythingwedoispartofouroveralltendencytoseekpleasureandavoidpainBothareomnipresentfortradersandinvestorsalikeIneachofthesehypotheticalquestions,clearlymoreisbeingconveyedthanthe“howto”partoftradingFrankly,the“howto”istheeasypartWhentheselfawarenesspartbetraysthe“howto”partbecausetradersdon’thavetheskilltofeelemotionsandunderstandwhattheyaresaying,onlytroubleChapter:IntroductionptgcancomefromitIfyougetintothissituation,alongwithallthecolorfulemotionalknotsyou’llfeelinyourbody,you’llhaveablackandwhiteversioninyourprofitandlossstatementAtraderdoesn’tneedanotherpersontoaskthesequestions,nortoanswerthemFortraderswholackharmonybetweentechniqueandselfawareness,thevoicetheyhearcomesfromthemostantagonisticpersonintheirlife:“Youshouldhavebecomeadoctor!Itoldyouthatthistradingnonsenseislegalizedgambling”However,oncetheyachieveaharmonybetweentechnicalrulesandselfawareness,theydiscoveraninnercalmandasenseofconfidenceWhenthisoccurs,theyholdconversationswithwhatIcalltheirinnervoiceThisistheonevoicethatthe“marketwizards”developedandlearnedtolistentoexclusivelyTheheartandsoulofthisbookexaminestradingdecisionsfromanemotionalstandpointandhelpsyougaininsightintoyourbehaviorIntheprocess,youwillevolvefromlisteningtothecacophonyofconformistandconventionalwisdom,tospeakingwithandlisteningtoyourinnervoiceThejourneyinvolvesgettingtoknowyourselfandincreasingyourlevelofselfawarenessHowmuchyoulearnaboutyourselfislimitedonlybywhichfeelingsyouarenotwillingtofeelTheInnerVoiceofTradingFortraderswholackharmonybetweentechniqueandselfawareness,thevoicetheyhearcomesfromthemostantagonisticp

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