Well-deserving of a spot on every serious trader’s bookshelf, Think & Trade Like a Champion is an invaluable resource on everything from trading psychology, stock selection, and much more. Inside, Minervini details his proven methodology for uncovering some of the market’s biggest winners as well.
In the opening chapter of Think & Trade Like a Champion, Mark Minervini discusses the importance of executing a well-though-out trading plan and details the key elements needed for being consistently profitable.
“You won’t be able to manage your strategy—buy here, sell there, hold for a larger profit—unless you have a detailed blueprint that includes confirmation signals that a trade is working as expected, and violations you will heed as warnings and act accordingly.”
Furthermore Minervini discusses the importance of proper trade documentation and exactly how to use the data you collect to maximize future returns. Diligently maintaining a trade journal is an often overlooked detail that separates winning traders from losers and it will give you a massive advantage when the time comes to put on new trades.
Mark Minervini’s trading style is momentum-based and his aim is to buy high and sell higher. Not one to bottom fish, he times his entries while stocks are in the Stage 2 phase, a time of accumulation and rapid price advances.
In chapter seven, Minervini continues to point out what to look for when preparing to put on a trade. During periods of correction, market leaders are the first to bottom and these are the stocks that you want to be in as things rebound. Also covered is knowing which positions to put on first and several powerful chart patterns to watch out for.
Minervini warns against excessive diversification and argues that your focus should instead be on maintaining optimal position size. Listed in this book are his position sizing guidelines which are designed to achieve above average performance without taking on too much risk.
In the eleventh and final chapter, Mark Minervini teams up with performance coach Jairek Robbins to address the emotional traps that keep traders from achieving superperformance.
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