The importance of economics and financial risk management
To be a successful trader, one needs to learn macroeconomics. This is the essence of how money flows from one asset to another and how it affects the economy as a whole as well as individual companies. Some finance and economics concepts are discussed in the book as well. It was also mentioned that if successful traders at wall street attend the best universities in the world to learn about finance and economics and later on undergo years of intensive training and mentorship, what makes ordinary people like us think that we can make money easily through trading?
Thus, if we really want to succeed in trading, it takes hard work and also we need to be defensive in order to stay in the game. The book discusses on risk management, how to manage your psychology in trading and I particularly like the section on the pyramid system of financial management. This is a book not only about trading but the principles discussed can be applied into your life in general too.
The book "Winning Psychology of defensive traders" is now available at all major bookstores islandwide in Singapore.
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