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 This new book is an exceptional contribution to the collection of literature dealing with the development of the proper mindset and mental attitude needed to trade successfully and profitably. The practical value of this work is greatly enhanced by the fact that it is written by a seasoned trader of longstanding experience.
Author, Ruth Roosevelt, is exceptionally well qualified to offer guidance to other traders because she herself has extensive trading experience and is, to this day, an active trader. Her experience covers trading in multiple markets (currencies, T-Bonds, stock indices, mutual funds) and in multiple time frames, down to 1-minute bar charts. She has spent many years in the brokerage industry and has written extensively for Stocks and Commodities magazine.
 It is my longstanding opinion that most traders seriously neglect the psychological aspect of trading in favor of spending most of their time and energy in pursuit of a profitable trading method or system and without regard to whether or not it suits their temperament.
While most traders, especially inexperienced ones, shortchange the mental aspect of trading, those who have accumulated more knowledge and experience gradually come to realize that attitude and outlook greatly influence their trading results. For those traders who wish to develop the necessary attitudes to win consistently, this book offers a valuable resource.
Her own extensive trading experience has given Roosevelt a high degree of understanding of what is necessary to develop winning attitudes, and she imparts it to the reader in an effective way. She is an exceptionally articulate and lucid writer, which is especially important because she is dealing with a subject difficult to quantify or explain in a manner the reader can easily grasp.
One aspect of Roosevelt’s approach that especially appeals to me is its positive nature. Many writers on the psychology of trading speak of trading in terms of conflict. For example, they say you are “doing battle” with the market, that you need to develop skills like those of a Samurai warrior, that you are in constant danger when trading, and so forth.
Roosevelt, instead, portrays trading as a positive opportunity and suggests that, instead of “battling” the market, the trader should “become partners” with it, and that he or she should want what the market wants. While some may find more beneficial guidance from the battle metaphor, I personally find Roosevelt’s approach more likely to lead me in the direction I need to go.
The scope of subjects she covers in her book is wide. She describes how the mental commitment to trading excellence and the relentless power of beliefs are major contributors to a winning attitude. She examines in detail the attributes, attitudes and mental strategies of winning traders, and illustrates them through fascinating interviews with superior traders, such as Linda Bradford Raschke, Michael McCarthy and Max Ansbacher.
She also compares and contrasts the psychological portraits of winning and losing traders. And, she examines various conflicts and emotions that can be impediments to trading success, giving practical solutions and exercises to overcome these roadblocks.
Finally, she examines the problem of ego involvement in depth, and shows the reader how to uncouple ego from trading. She points to the important influence physical aspects, such as relaxation, trading environment, nutrition, and so forth, have on our success as well.
Other aspects of the “mind game” that is trading that you will find in the book include: Learning how to deal with periods of adversity and drawdowns, learning from one’s mistakes in order to grow, developing consistency, turning failure into feedback and many more. Plus, you’ll find strategies for immediate use in your own trading.
This book is a major positive contribution to trading literature and is especially useful to those who wish to develop the winning attitude that is a prerequisite to successful trading. It comes highly recommended by Mark Douglas, Adrienne Toghraie and Van Tharp, all well known for their own work in the area of trader psychology.
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