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The 21 Irrefutable Truths of Trading
Book

The 21 Irrefutable Truths of Trading

A Trader's Guide to Developing a Mind to Win

John Hayden
McGraw-Hill, 2000

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Editorial Rating

7

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Recommendation

Trading offers remarkable rewards and attracts many new entrants every year. Most rookie traders are sure that there is a relatively easy route to the crock of gold at the end of the rainbow. Veteran trader John Hayden, who has traded stocks, gold and U.S. Treasuries since 1976, disabuses his readers of any such notions; there is no way to short-cut the system. The book is divided into two sections: The first offers a sort of trader’s self-improvement manual and concentrates on developing the attitudes you need to be a successful trader. As in many books within the personal growth oeuvre, this advice often consists of reiterating the obvious in a patronizing tone. The second half is more technical, and will be of more interest to the novice or intermediate-level trader, to whom getAbstract recommends this book for its original observations and conclusions.

Take-Aways

  • New traders will lose 65% to 95% of their initial money within four to six months.
  • There is no computer-based, program-trading route to easy success.
  • To prevent losses, you must tone down your ego and the wrong ideas it can generate.

About the Author

John Hayden is a full-time trader and director of risk management at a hedge fund based in New York. He has traded stock, cash and futures markets since 1976.

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