New Trader, Rich Trader: How to Make Money in the Stock Market

This is an excellent book for the newbie trader giving sound trading advice, great insight into the psychology of a trader while also offering the reader additional reading sources to further explore the topics covered in the book. I wish this book had been available when I first started out. My educational tuition would have been far less. I can laugh now, but I wasn't laughing then. I found myself relating quite a bit to the new trader throughout the book. It's great quick read for the new trader and a fun trip down memory lane for the trader that has been at it for awhile.

There's no mistaking "New Trader, Rich Trader" is authored by Steve Burns. This book is written in the same congenial, helpful, down-to-earth manner in which Steve regularly interacts with other traders through social media. It's an entertaining, easy to read story of how a novice trader interacts with his experienced trader mentor where a range of topics including the development of a trading plan, trading psychology and risk management are addressed in an easy to understand, common sense manner.As I read this book I found myself in the shoes of "New Trader" many times, past or present, in regard to my own trading experiences. Steve's straightforwared writing style engaged me to take those experiences I personally identified with and eagerly read on to study the advice and solutions provided by "Rich Trader".There's no doubt if you've ever traded you too will find yourself in "New Trader's" shoes at some point as you read along. This is a great book for novice and intermediate traders to learn from, and there may even be a tip or two to be learned by experienced traders.

If your the new Trader who is already familiar with basic trading terms and methods...and are ready to have it put into a dialogue between a "new trader" and an experienced trader aka "rich trader" than this book is a great read. Remember that in trading stocks your really in competition with all of us other traders...its the trader who is better educated and self-aware that will do well. Also for every share u sell at end of an up trend or before a pull back remember someone was dumb enough to buy it off you just to freak out on the slide down...poor thing should've picked up a few books on the subject. But hey! By all means be one of the individuals who thinks your special and has a "nack" at trading with-out much study and insight..if that's you..i love ya-i got something to sell ya!

In his book "New Trader, Rich Trader" Steve Burns tells the story of a journey a "New Trader" as he is being mentored by an experienced "Rich Trader." I found the story fascinating as it highlighted many of the pitfalls, misconceptions, and psychological traps that I myself fell into when I was a new trader. It reads like a novel and I found it difficult to put down. There are lot's of great takeaways from New Trader's journey. Here are a few that I took away:Most stress in the market comes from a variety of unknown variables including but not limited to: fear of loss, uncertainty of a trend, a "need" to make money, etc... You can limit your stress as a trader by removing as many of the variables as possible and by at least knowing what the other variables are.Knowing why you did or why you did not take action is very important. Having a trading journal where you record as much data as possible is important. A trading journal is like having a teacher who teaches traders about themselves.Controlling risk is paramount. When a stock moves against you, hits your stop, or gaps below your stop, get out. This is your insurance against ruin. Don't hope, don't try to predict, just sell.Have an accountability partner with whom you can talk about your trading.Don't count your wins as they come because if you lose them, it will hurt.Rich Trader never told New Trader what to do, he tried to show him how (which is also the aim of ChartYourTrade.com)One affair can cost you your marriage just like one big trade with too much at risk can cost you all of your capital.New Trader, Rich Trader is very well written, a relatively quick read, with lots of great takeaways regardless of your level of experience. At the end of the book Steve thanks both his wife and his daughter. He thanks his wife for all of her support and trust in his trading. If you're married and just starting out in the market, spousal support is key. I know I wouldn't be in the market at all without the endless support and trust of my wife (thanks again honey!) He also thanks his daughter who helped him write the book and is a strong trader in her own right. I think it's great that he helped teach his daughter about the market and I personally feel that if more of us learn about the market and pass that information on to our children, we'd take a big step toward eliminating poverty.

I began trading about five years, with a low six figure account, mostly for grins. The majority of my retirement assets were handled by "professionals." You know, one of those companies that has an office in every town. I was subscribing to "Investors Business Daily" for some help. Then came 2008 into 2009. The "professionals" had lost over HALF of my seven figure retirement account, with their buy and hold and hold and hold plan. I took over my retirement acct. in 2013. Needing more help, with so much more at stake, I purchased this book. It is fantastic for the beginner. It doesn't tell you WHAT to buy and sell. It tells you HOW to buy and sell. Specifics on the DO's and psycho. logyTs of trading strategies. It covers the psychology of trading, risk management and many helpful ideas. Easy reading and GREAT BOOK!!!

This book is written like a novel. Telling a story as it goes between a new trader and a rich trader. It covers very broad basics, but doesnt get into any details.

This book is excellent for new traders. The new trader in the book makes all the mistakes we all did when we started. If you don't see yourself in the character than you're just not being honest with yourself!

Interesting read, practical advice on trend trading methods and the mindset required to succeed. Plenty of further reading and references given as well.

Steve Burns did a wonderful job here: how to explain trend trading to beginners, clearly.It's not the usual "how-to" or something very technical, it really teaches you method through a easy-going story.Recommended.

First off this book will not attempt to teach you a sure fire method of success. What it does do is help focus your mind on the psychology of trading and how you should approach developing your own trading system. The book is written from the viewpoint of a new trader who is learning lessons from a more experienced successful trader. There are 18 chapters of around 5-8 pages. Each chapter gives a lesson on either trading psychology, risk management or defining a trading methodology. Each chapter then gives examples of what a new inexperienced trader might do as well as examples of how a professional would approach the same situation. At the end of each chapter there is a recommendation on further reading, which is very useful. The experienced trader that is written about in the book is a trend follower, although the book doesn't actually prescribe a system to use. The book provides invaluable lessons for someone who wants to either develop their own trading style or to improve their consistency. I would recommend reading this book before anyone starts to trade with real money. The author is frequent user of twitter and after reading this book I would recommend following him to learn from his experiences.

Como último comentario del año os recomendamos una joyita de los libros de trading que hemos descubierto este año 2012 a través de twitter donde su autor, Steve Burns (@SJosephBurns) comparte su operativa y sus experiencias operando en los mercados.Steve es un trader de opciones aparte de un "loco" de los libros (no es el único por aquí) y un apasionado del trading. Puedes seguirle en un blog [...]Se trata de un libro pequeño y corto pero repleto de buenos consejos para operar. Es de lo mejor que hemos leído para principiantes y también para recordar los principios de la inversión o especulación en los mercados puesto que es un compendio de buenos principios.El libro se divide en tres partes: Psicología, Riesgo y Metodología. Cada una de estas partes contiene una serie de capítulos en los que se explica la diferencia entre los traders novatos y los traders profesionales, que él llama traders ricos.Los capítulos son conversaciones entre un Trader Novato y un Trader Rico donde a través del razonamiento del Trader Novato y las matizaciones o explicaciones del Trader Rico se van dando muy valiosos consejos para operar. Cada título de cada capítulo ya contiene en sì un buen consejo. Así por ejemplo:1. Los traders novatos son avariciosos y tienen expectativas irreales; los traders ricos son realistas sobre sus ingresos.6. Los Traders novatos operan como apostadores; los traders ricos operan como gente de negocios.8. Para los traders novatos la primera prioridad son grandes beneficios; para los traders ricos gestionar el riesgo es la primera prioridad.14. Los traders novatos intentan predecir; los traders ricos siguen lo que les dice el mercado.17. Los traders novatos no saben cuando cortar las pérdidas o asegurar las ganancias; los traders ricos tienen un plan de salida....Lamentablemente el libro no está traducido al español, pero nos ha parecido que tiene un inglés muy asequible por lo que esperamos que os animeis a leerlo.No obstante, con el permiso del autor, para aquellos que no puedan leer inglés hemos traducido uno de nuestros capítulos preferidos relativo a operar la tendencia y que podeis leer en Mundotrading. Esperamos vuestros comentarios si os animais a leerlo.Saludos y buen trading.[...]