The Way of the Warrior-Trader

I have always been fascinated by the east. The east holds some of the oldest documented cultures on the planet with ancient philosophical beliefs and methodologies that easily predate western civilization by 1000's of years. The wisdom and experience of these beliefs are hidden to most of us, but those who choose to seek out the knowledge have an opportunity to see things in a brand new light. In his book "The Way of the Warrior-Trader" Richard D. McCall teaches you in detail the Psychology of the Samurai with which you can use to improve your life and master the Psychology of trading.

I had no idea what to expect when I picked up this book, flipping through a list of "recommended titles" as I was shopping for Forex books on trading psychology (like Mark Douglas' "Trading in the Zone"). When you get to a certain point in your trading, you realize that it's not so much your strategy that holds you back, but your brain. Fear of loss, regret for missed trades, thinking too much, not thinking enough… these are all common ailments that have to be mastered to become successful trader and there are a lot more where they came from. In three parts McCall teaches you how to deal with these issues by learning a warriors sense of existence, the Samurai's Psychology of Engagement with the Samurai A.C.T.I.O.N. Plan, and also the Samurai's Psychology of Recovery. Why were the samurai so good at what they did? Why were they so successful? It was their mental and physical training, and it was their outlook on life. In his book McCall offers you a path to the same training that will make you a better trader and if you're not careful what you learn could improve your whole outlook on life.

If you're just looking for a few good tips that will help you in your training this book can still teach you a few things, but if you're looking to take a major step forward I think you will really like this book. I personally liked how Dr. McCall stressed the holistic approach to training that detailed not only the psychology of the samurai (which was expected) but also stressing health of the body, mind and spirit. I particularly enjoyed the chapter on how meditation and breathing can change your brain patterns assisting you in many ways.

I also really liked how Dr. McCall often opened chapters with examples of past clients/students of his practice or his retreats, and also the "True Tales of the Budo". This really gives the reader a break and some time to think and regroup their thoughts before digging into the next session. Some of these stories were a bit unbelievable, but with an open mind if you don't believe you can still take the essence of the lesson with you.

The Samurai A.C.T.I.O.N. plan:

Accept … All possible losses before entering the battle!
Center … yourself in body, mind, and spirit!
Trust … your warrior skills and intuition!
Imagine … success clearly with the mind's eye!
Only … exist in the present moment to control fear!
Never … stop or look back once action has begun!


Dr. McCall states in the chapter "For all intents and purposes you will find, like I have, that this arrangement of ideas can provide you with a reasonably infallible blueprint for psychologically preparing you for the action you need to initiate in your life, especially in the area of financial risk-taking. It can also serve as a "self-diagnostic" tool when things are not going well for you. Just be honest with yourself concerning how you handled or felt about a particular situation, then look at the Samurai A.C.T.I.O.N. Plan. If you are indeed being honest, you will be able to quickly spot the area of psychological or attitudinal deficiency that contributed to the less-than-desired results you experienced."

I truly believe that it's your own psychology that draws a line between success and failure in the markets. In reading Richard D. McCall's book "The way of the Warrior-Trader" I am looking at the psychology of the markets from a fresh perspective that will benefit me greatly. I'll go out on a limb and state that the book will similarly help you as well, but that is up to you - read the book!

About the Author (From book sleeve)

Dr. Richard D. McCall, Shihan, is a practicing psychologist who conducts professional retreats, instructing professionals in the samurai philosophy and how to apply that philosophy to business. A fifth degree blackbelt and inductee into the International Martial Arts Hall of Fame, Dr. McCall's background includes conventional western psychological education, as well as three decades of study in the classical Japanese martial arts. His Zen-Mind Challenge training retreats have trained some of the world's top commodities traders, and other financial professionals, to enhance their careers and personal lives through samurai practices and teachings.