Veteran teacher (since 2000) and options trader (since 1975) Mark D Wolfinger shares his insights into the difference between traders who win the trading game and those who either struggle or quit. Each chapter discusses a way of thinking -- a mindset -- that can truly alter the way you handle decision-making as a trader. You will find most suggestions to be right on the money and easy to accept. However, others make the argument that the obvious solution to a problem is not the best solution -- and that is more difficult to accept. Analyze the reasoning and decide yourself whether a new mindset would improve your bottom line.
At best this book offers suggestions that will increase your productivity as a trader.
At worst, readers who prefer to stick with traditional, obvious, way of making decisions will have the opportunity to seriously think about Wolfinger's suggestions and compare them with their current methods. Just making that comparison and reaching a careful conclusion -- even when it is to continue as you have been doing -- will prove to be an important educational exercise. Too many traders adopt "the obvious" without a second thought. This book presents opportunities to really think about, and select, ideas that affect your results as a trader.
Ideas covered include: An understanding of the 'Greatest Risk of All" when trading; Asking the question: "How much can I expect to earn as a trader?"; The philosophy of holding a losing position until it gets back to break-even; and more.
This is not your typical options-trading book.