I'm my own worst enemy at the moment. Two great opportunities today so far. Entered one but got spooked out of it for minuscule profits only to see it shoot down. The other I just looked at, had the order there, just didn't click confirm and down it goes.
To anyone reading, what are the best trading psychology books you know of? I really have to get to grips with this.
Liam
Trading in the Zone by Mark Douglas. It'll give you a proper perspective on how to think about trading and what the relationship between you and the market really is. Here are somethings that stuck in my head after reading it. Paraphrasing. "The market is just information, it can't make you do anything." "When you have fear, such as fear of pulling the trigger, it is not the market that you fear, it's yourself. Because the market can do anything at any moment, but if you know what you'll do under different market conditions, there will be no fear. You are only fearful because you don't know what yourself will do."
ReplyDeleteOf course, there are a lot more to the book and he puts it in a much clearer way than I do. Search youtube, there's a 7 part video of him that'll give you an idea of his book.
Dr Steenbarger's site http://traderfeed.blogspot.com/ is a good source too.
I just got Trading in the Zone when I saw your comment! Thanks for taking the time reply, it's appreciated! Someone else also put me on to Dr.Steenbarger only the other day so I have one of his books as well.
ReplyDeleteMy printer just ran out of ink so will have to replace that later :)
Many thanks, good trades,
Liam
agree.... trading in the zone is defiantly must read, Trading to win by Ari K
ReplyDeleteKiev is another good one.
Cheers, i'll check out Ari K Kiev as well!
ReplyDelete