Best "trading psychology" book you have ever read?
- Thread starter lemarche
- Start date
To you too... however I note that "scratching" a trade :
- not by intuition
- not using a stop
is a process rather difficult to imagine...
I guess since most traders have some ego it will be difficult to avoid lengthy discussions going everywhere... to prove a point that is not central to the initial post.
- not by intuition
- not using a stop
is a process rather difficult to imagine...
I guess since most traders have some ego it will be difficult to avoid lengthy discussions going everywhere... to prove a point that is not central to the initial post.
Nani (Japanese for "huh"?) I thought I was agreeing with you. No wonder my trading is facacta.
Quote from Laissez Faire:
It doesn't matter if you're 'trading in the zone' if you don't know what you're doing.
I strongly agree with LaissezFaire, even the most disciplined trader will blow up his trading account if his "system" has no trading edge to begin with.
If a system has been backtested with enough data (20 years for example) and the drawdown is reasonable then the "psychological" stuff (discipline, confidence, etc...) usually takes care of itself, because now the trader knows the value of his system and is 100% confident about its profitability.
In other words he knows exactly when to enter a trade, when to exit and each position is opened and closed without any hesitation.
The minute the trader says something like : "Mmmm....should I exit now or wait ....mmmmm....let's just wait a little longer, we never know..." then, like LaissezFaire said, he simply does not know what he is doing, even if he is ...."trading in the zone".
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LEM;
Good points; but re-reading Jack Schwager ;
re-reading times many many times.............%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
Frankly that + Proverbs of Solomon are some of the best things I ever READ-STUDY. however I realized the first time I read both, they were a gold + silver mine worth digging in, so to speak. Easy to pass over a gold mine, many do that; even a mining co has to work , dig hard.
Wisdom is profitable to direct
"In other words he knows exactly when to enter a trade, when to exit and each position is opened and closed without any hesitation"
And that battle is only won once you have your psychology straight
And that battle is only won once you have your psychology straight
