Essentials of Trading: It’s Not WHAT You Think, It’s HOW You Think
$32.56
Introdution:
Trading while in a state of anger is a surefire recipe for disaster. Trading in anger takes two forms. First – anger against the market which traditionally leads to revenge trading by trying to recoup your losses because the market failed to meet your expectations! Markets are seldom wrong – men often are. If this type of anger is a frequent occurrence then you should seek professional help immediately. That type of anger is deeply seeded in the trader’s psyche and goes beyond the scope of this trader’s experience.
Anger coming from outside the market environment is more frequent and more easily identified and correctable. The source of this anger is usually related to personal relationships or outside business events. This can be as trivial as normal bill paying or car problems or parental responsibilities. Sometimes these are minor distractions and not anger triggered. Anger takes energy away from the responsibility of strict risk management. The trader must learn to acknowledge the presence of an outside distraction. Traders who use well thought out trade plans are less susceptible to distractions. Those without trade plans are at the mercy of the market. Some words of advice – if the anger is bothering you at any level take a break until the culprit is out of your system. It will prove to be the best trading decision of the day!
Essentials of Trading: It's Not WHAT You Think, It's HOW You Think By Larry Pesavento, Leslie Jouflas pdf
| Author(s) | |
|---|---|
| Format | |
| Pages | 266 |
| Publication Year | 2004 |
2 reviews for Essentials of Trading: It’s Not WHAT You Think, It’s HOW You Think
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Hayley Douglas (verified owner) –
What a breath of fresh air.
A trading psychology book that is a joy to read, insightful, and helpful. I have read over 200 trading books and not since Jesse Livermore’s story or Mark Douglas’s excellent trading in the zone have I looked forward to picking a trading book up.
In my estimation this is also a brave book in that the author(s) is willing to reveal himself and what he reveals are gems of knowledge. They may be ones we already know but it is their delivery and the knowledge that Larry and Leslie have lived them that make them feel new.
Buy this book. You will not regret it.
Derek Berry (verified owner) –
I own well over one hundred books on trading and this is the most beneficial one on trader psychology in my collection. The authors have succeeded in driving home the point that trading is a business of probabilities and that no one particular trade is important in the grander scheme of things. It is the combination of all trades that make the difference. If you’re afraid to pull the trigger, you need this book. If you second guess yourself and your system after a series of losses, you need this book. If you cut your profits short and let your losses run, you need this book. The author also suggests reading 5 pages per day of Mark Douglas’ Trading in the Zone. I suggest reading 10 pages per day of The Essentials of Trading.