The Winning Edge 2: Traders' & Investors' Psychological Coach in a Book

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9780966183719: The Winning Edge 2: Traders' & Investors' Psychological Coach in a Book
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This sequel to Winning Edge 1 provides practical, experience-tested methods for handling the psychological issues that keep traders from their best performance. The Winning Edge 2 shows you how to develop all the professional and personal resources you need to succeed in the business of trading. This book takes off where the Winning Edge 1 ends - making the business work. Topics: getting into the business; making the right initial decisions; switching to other trading modes; trading from home; succeeding without self-sabotage; inconsistency; loss; failure; planning and taking action.

What good is it if you have the best system if you cannot follow it? It is essential that a trader manages and/or prevents issues like fear, greed and sabotage. It is also important traders manage their lives in such a way that all of the areas of their life support their trading. This resource book furnishes you with Adrienne's expertise as Master Practitioner of Neuro-Linguistic Programming specializing as a coach to traders for nine years. The Winning Edge 2 is an exceptional companion to your technical trading.

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About the Author:

Adrienne Laris Toghraie is an internationally recognized authority in the field of human development and a master practitioner of Neuro-Linguistic Programming (NLP) for the financial and business communities. She is the founder of Trading on Target and Enriching Life Seminars, two companies dedicated to helping traders, sales people, and other high achievers to dramatically increase profits and success in all areas of life. Using her 20 years of study in the science of Modeling Excellence/(NLP) and numerous other forms of psychological development, Ms. Toghraie has helped her clients to push through their self-imposed limitations to extraordinary and documented new levels of success.

Adrienne's business career began as an accountant. This early training led her to become an international trader and manager of a highly successful sales team. Her experience while in sales revealed a talent for not only selling, but training others to greater success. It was this experience that initially moved her to explore the field of developing human potential. Many of the participants at Adrienne's seminars have come from major institutions such as Chase Manhattan, Security Pacific Bank, Union Bank of Switzerland, EffectInvest Bank, and Giro Credit. As a result, she has been contracted to train the selling teams of banks and institutions.

Over the past nine years, Adrienne Toghraie has interviewed and coached the most successful people around the world: What makes these great people unique? What makes them so successful? The answers to these and other questions are explored in her seminars, books, and tapes, which form the core of Ms. Toghraie's Modeling Excellence work with professionals who want to reach higher levels of success. Ms. Toghraie's public seminars and private counseling have achieved a wide level of recognition and popularity, as well as her television appearances on CNBC and keynote addresses at most of the major industry conferences.

Adrienne's articles and interviews have been featured in most of the major trade magazines and newspapers throughout Asia, Europe, and the United States. Some of these publications include Stocks and Commodities, Futures Magazine, Knight-Ridder Financial, TC&RG and Selling Power, to name a few. Her book, The Winning Edge 1, co-authored by Jake Bernstein has been hailed by financial magazines as a classic in the industry.

Excerpt. Reprinted by permission. All rights reserved.:

Forward by Murray Ruggiero Almost everybody who gets involved in trading does so to make money. Most people also have the dream of becoming such a great trader that they can buy or have anything their heart desires. Some of these people dream of managing money and collecting 20 % of the profits on hundreds of millions of dollars of capital. Others dream of breaking Larry Williams' record of turning ten thousand into over one million in twelve months. Still others dream of taking their small amount of capital and, over the years, turning it into tens or even hundreds of millions of dollars.

Whatever the dream, the question becomes: What separates those who reach that dream from those who fail? Believe it or not, it is the same thing that separates the successful people from the masses in other fields. The successful ones have a plan for success and they follow it. Another important fact is that successful people, in general, have very similar plans and that modeling these plans is the best way to become successful. As a modeler, Adrienne Laris Toghraie, has coached many people in the investment field to high levels of success. She accomplishes this by teaching them success-building models.

In Chapter One, Getting into the Business, Adrienne says that only 10% of all businesses survive more than one year and only 3% of businesses survive more than 3 years. These numbers show that even when you have expertise in the business, your odds of survival are relatively low. A number often cited is that only 5% of traders make consistent money trading the markets. For this reason, many people do not consider trading a viable business. Since the numbers for all businesses are very similar to the trading business, then we would believe that having your own business, period, is not a viable option, which we know is ludicrous. In reality, being successful in trading is no more difficult than being a success in any other business.

In The Winning Edge 2, Adrienne sets out a detailed blueprint to realize the dream of success that every trader has. She begins with an overview of a business plan for starting a trading business. The concept of requiring a business plan to be successful for any business is often overlooked by traders who tend to think that just having good trading methodology is enough. But just like a business with a great product, many other factors can cause it to fail. A business plan helps to alleviate many of the problems that result from these factors. That is why many start-up companies will pay tens of thousand of dollars to have consultants develop their business plan.

Next, Adrienne discusses an often overlooked issue: Developing a trading style to fit your personality. Resolving this issue is not as easy as it seems because some traders need numbers and statistics while others are more comfortable working intuitively. Other personality-matching issues are what to trade (i.e. stocks, futures) and whether you should trade your money or someone else's, both of which relate to your personality. Even in this short chapter, Adrienne helps you to open a window into yourself so that you can begin to address these issues. This is important because, even if you had a system that made money consistently, if the system didn't fit your personality, you still may not be able to follow the rules.

One of the chapters that hit hardest in my life is the chapter on managing your time. In fact, I would have been comfortable paying ten times the cost of this book for that chapter alone. This chapter includes not only how to better utilize your time with your clients and how to run your business but also the necessity of keeping your life in balance, both in your business and in your personal life, including your health. Most entrepreneurs do not deal with these issues and with disastrous results (i.e., divorce, heart attack), not realizing how important these issues are until it's too late and they've adversely affected their lives. Just like the ghost of Christmas future, you need to take this chapter to heart.

I've known Adrienne for several years, and we share mutual clients for whom I supply the trading methodology (the rules) and Adrienne supplies the right psychological support to follow the rules. I can say that the traders who come with this kind of psychological support are the best and most disciplined traders. The traders who can follow their methodology and can ask me the right questions are almost always the clients who have had personal consultations with Adrienne. In fact, one of the best traders that I know is one of her lifetime clients.

The important thing about trading is that you can reach lofty goals that seemed impossible. If you have a good methodology that can make you money, you will succeed if you don't sabotage yourself by breaking the rules of your methodology. Traders dream of finding the holy grail, but unfortunately over 90% of the traders that I initially come in contact with would lose money with tomorrow's Wall Street Journal. Their problems are what Adrienne calls their psychological gremlins which not only affect a person's life as a trader but all other aspects of his life. The Winning Edge 2 gives you a plan and covers all of the issues for reaching your dream, including keeping your life in balance. As we enter the 21st Century and computer technology has turned many traders into number crunchers, it is appropriate that this book comes out to remind us that, to be successful in trading, we need a mental edge. And The Winning Edge 2 delivers a clear path for reaching that success.

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