Psychological trading books

J

JosePonton

Hi, guys, greetings from Ecuador, I'm a full time trader who consistently develops both parts of trading technical method and self behavior (psychological) with 3 years trading and actually trading a TOPSTEP funded account, Thanks to trading I've develop a huge love for self understanding behavior and psychological parts of it, introduced to books studying decissions, and the behavior of human in front of money making decissions, all tried to be applied to my. Trading, I've read very importan books that have helped me improve my behavior on the Markets and this thread is written in order to recommend some of the bests I've found, and to ask you guys best recommendations, all based on psychological human behavior
My top books are
-think fast think slow, Daniel K.
-trading in the zone
-the disciplined trader
-psychociberneticns
-the black swan
- sway
- one good trade

Guys I would love to hear your best recommendations, thanks to trading I would start studying psychology in order to everyday understsnd my irrational behavior

Can you give me any ideas of interesting books?
Hope you enjoy mine!

Have a great day!
 
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Although most will see this youtube as a joke, physical intense pain would force most to change their habits much quicker than reading many books.



Any day not having the above happen is a great day.
 
JosePonton said:
...Guys I would love to hear your best recommendations, thanks to trading I would start studying psychology in order to everyday understsnd my irrational behavior

Can you give me any ideas of interesting books?
Hope you enjoy mine!

Have a great day!
More...

First, start with books on Behavioural Finance to better understand your cognitive decision making process when real money is on the line and in stressful trading conditions.

Next, use your trading psychology books as a supplement to the above.

If you really get deep into this stuff, you can learn how your economic upbringing and current economic status impacts your trade decisions & investment decisions and then how the results of those trade decisions impacts future trade decisions...there's a connection (ripple effect)...bad or good.

Most retail traders are doomed before the very first trade because they do not understand the cognitive decision making process.

wrbtrader
 
Such books will often tell you what you already know. If you are lacking discipline during the trading day then you are likely lacking discipline in life at large. With trading there is nowhere to hide or anything to blame. It's obvious when you do something wrong. I took up martial arts for this reason but many activities such as training for a long run or bike ride, a demanding gym regimen, yoga, a meditation practice etc. can help immensely. To begin with, you will be healthier which is important for high performance activity and you will feel better about yourself. Don't underestimate the latter as often there is a subconscious voice telling you that you are not good enough. Confidence comes from KNOWING that you can do it.
 
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wrbtrader said:
First, start with books on Behavioural Finance to better understand your cognitive decision making process when real money is on the line and in stressful trading conditions.

Next, use your trading psychology books as a supplement to the above.

If you really get deep into this stuff, you can learn how your economic upbringing and current economic status impacts your trade decisions & investment decisions and then how the results of those trade decisions impacts future trade decisions...there's a connection (ripple effect)...bad or good.

Most retail traders are doomed before the very first trade because they do not understand the cognitive decision making process.

wrbtrader
More...
Thanks a lot! do you have any recommendations of books about Behavioural Finance?
 
speedo said:
Such books will often tell you what you already know. If you are lacking discipline during the trading day then you are likely lacking discipline in life at large. With trading there is nowhere to hide or anything to blame. It's obvious when you do something wrong. I took up martial arts for this reason but many activities such as training for a long run or bike ride, a demanding gym regimen, yoga, a meditation practice etc. can help immensely. To begin with, you will be healthier which is important for high performance activity and you will feel better about yourself. Don't underestimate the latter as often there is a subconscious voice telling you that you are not good enough. Confidence comes from KNOWING that you can do it.
More...
That is a very good point, and I need to say that I also started meditating a while ago in order to be calm while trading, and everything youve said is true, I have began being disciplined in every aspect of my life, and ive see me failed too! thats why id like to master selfcontrol
 
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JosePonton said:
That is a very good point, and I need to say that I also started meditating a while ago in order to be calm while trading, and everything youve said is true, I have began being disciplined in every aspect of my life, and ive see me failed too! thats why id like to master selfcontrol
More...
:thumbsup:
 
JosePonton said:
Thanks a lot! do you have any recommendations of books about Behavioural Finance?
More...

You can find what you need online via a Google search unless you're already enrolled at a university for you to get a degree/PhD in the study/application.

Its a growing field on wall street and many of the top financial institutions are hiring or contracted with those in this field of study under titles like "performance coaches".

Famous traders on wall street that hired those in such fields have been Steve Cohen and Paul Tudor Jones.

There's a firm on wall street called ReThink Group and some of them have written books, research and academic studies on the topic. Their Denise Shull has a book called Market Mind Games: A Radical Psychology of Investing @

It's a book I plan to read this summer while on vacation.

Also, she (Denise Shull) has a current copyright infringement lawsuit against the showtime series Billions as explained @ https://deadline.com/2019/01/wall-s...n-showtime-copyright-infringement-1202527396/

In addition, you may want to research and find books/articles about human behaviour as a reflection in markets/charts.

I strongly believe that successful trading occurs when we master the mind while we interact with the financial markets, with our charts and with our trade strategies. I just never believed successful trading was not only about a trade strategy at the right time.

wrbtrader
 
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I can sum up Denise Shull and Daniel Goleman (Emotional Intelligence) with this, there is no such thing as trading without emotion. Emotions are part of the human condition and themselves form a powerful form of intelligence. What we have to do is recognize emotions as they arise (fear, greed, revenge etc.) and learn to use their energy without letting them control our actions. I like the way John Wayne expressed this..."Courage is being afraid and saddling up anyway." There is also a book by Antonio Damassio (sp?) which explains the neurological process of bypassing the cerebral cortex (rational, thinking) part of the brain resulting in impulsive behavior.
 
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