New Traders are greedy and have unrealistic expectations; Rich Traders are realistic about their returns.
When New Trader awoke bright and early, he could feel his excitement building with every second.
Turning on his computer, he thought about all the hard work that went into building his account; all the hours of overtime at his first job, and delivering pizzas on weekends.
That part of his life was now over. His heartbeat quickened as he typed in his username and password. And there it was, his $10,000 trading account.
He was ready.
How could he not be? He had been trading through simulated accounts for over a year, watched financial news, and followed trading gurus online.
The way he saw it, it was easy…
Follow the journey of New Trader as he learns just how challenging trading can be! Explore psychology, risk management, and methodology in this revised and updated, best-selling classic!
Praise for the first edition of New Trader Rich Trader:
I love the structure of this book: Steve Burns points out huge differences between winners and losers in every area of the market. Each chapter takes up a pair of opposites, such as “New Traders try to prove they are right; Rich traders admit when they are wrong.” Dozens of such pairs offer a psychological mirror to serious readers.
-Alexander Elder www.elder.com
Here is a work that puts the reader in the mind of a fledgling trader who makes all the mistakes then learns from them. Told in an instructive and entertaining narrative, the author takes the reader through the trading concepts with a clarity and ease of understanding. A must read for beginning and intermediate level traders.
-Dr. Chris Kacher, co-founder of www.SelfishInvesting.com and co-author of “How We Made 18,000% in the Stock Market”
You have done a truly tremendous job with this book! A breezy read with essential trading advice. I think this book could become a trading classic! So many great rules are offered in this book, but I think my favorite might be Chapter 8’s. It is SO true! Just printing out the title of each chapter and putting it on your desk would greatly benefit every trader I know. Steve, you’ve done a great job!
-Darrin Donnelly, DarvasTrader.com
Steve Burns has done a superb job with his new book “New Trader, Rich Trader”! This is a must read for all levels of traders. Golden nuggets include important concepts like “I always put capital preservation before capital appreciation.” Steve tackles psychology, risk control, and what it takes to succeed in this business where so many fail. As Steve says “most new traders learn the hard way by losing money…”, don’t be one of them, do yourself a favor and buy this book, because not only is it a great investment, but the concepts in this book will save you plenty!
-Bennett McDowell, Founder, TradersCoach.com® Author: “A Trader’s Money Management System: How to Ensure Profit and Avoid the Risk of Ruin”
Steve Burns describes three of the most critical aspects of trading with a “dialogue-style’ book between a novice trader and an experienced successful trader. Psychology – making sure your mindset is correct and in the game with a solid, realistic, and objective plan. Risk Management – the key to it all and ones ability to understand and manage all aspects of risk control. Methodology – making sure you fit a trading plan to your own unique style while understanding what prior successful traders did as well. The teacher/student lessons discussed should be of value to all traders.
-John Boik, author of “How Legendary Traders Made Millions” and “Monster Stocks”