Van Tharp, Mark Douglas, Brett Steenbarger and Harvey Walsh highly recommended along with a personal psycho therapist...the latter so that you can get help with current problems in current trading conditions. My point, books can only get you so far but eventually you're going to need to talk to someone in person. There's just too much emphasis on books and not enough emphasis on getting real (in person) professional help. wrbtrader
I've read Trading in the Zone and it was good. But, the best I've ever read on trading psychology was "Habitudes of Highly Successful Traders" by Ruth Barrons Roosevelt. Very much worth reading if you can find a copy. Don't underestimate it from the silly word in title.
Just ordered that book for $10 on Amazon even tho its from 2001. The 2003 book is over $60 maybe people like it better? I am looking for easy to follow set up signals for CL, any ideas?
I don't get it. How is a personal coach going to help me if his book can't help me?? If I had hired Mark Douglas for $10's of thousands, what could he have taught me that is not in his book??
Personal trading psychology coach will see, hear things and give you feedback (interacts with you) that your book can not. Also, a book will not tell you that you're withholding info that's sabotaging your trading. A personal trading psychology coach will recognize when you're b.s. including the infamous "you're not suitable for this career as a trader"...a book will not tell you that. Something else to think about...psychology / psychiatrist is an estimated 500 - 700 million dollar industry (growing) on wall street alone. In house or contracted to help improve the performances of their traders or help get them back on track when their performances begin to suffer due to psychological reasons...including helping them to manage personal issues that's impacting their job performance. Life is much more complicated these days and firms want to make sure that those managing or trading their money are mentally fit for the job...seriously. This is something most retail traders are more likely not to do except for the few. We'll instead try to to get help from a book. In addition, we'll most likely not trade with others (in person) that will see some of the b.s. that we're doing that has a negative impact on our trading. Think about this carefully, nobody here knows you. You're just an anonymous user name...that book does not know you too and it was not written specifically for you & your specific problems that's more likely changing every year ! Get in person help unless this is just a hobby for you or play money as in its not a big deal if you lose it. My point, shouldn't you be able to recognize on your own that a book has limitations ? P.S. Wall Street refers to trader psychologists that they hire or contract as "performance coaches". Heck, even the tv show "Billions" has a performance coach (a psychiatrist) by the name of Dr. Wendy Rhoades. P.S.S. Behavior Finance is also a growing industry on Wall Street. Also, its a growing as degrees at many of the countries top universities. Some of these performance coaches have backgrounds in behavior finance too. wrbtrader
I been trading 41 years, and when I did/do manually, even though I am very disciplined, well back tested trading models, whether I am trading size or one lots, even though my losing percentages and drawdowns are very consistently compared to my back testing, I get very nervous. I know in my heart, I will do well overall, but the nervousness has never gone away and even more so now than in my prime age. Being 62, memory is not as good as 20 years ago, so I am more prone for memory failing. Back in 1991, revenge trading stopped when I started the "Dumb" journal, any time I want to place a non system trade, I write it down in a journal and why, but not in my account, over a year's time, 95% of the trades were losers. I have found reason why I get nervous regardless of the size traded, this game does not meet my personality. Although, when I was much younger and fly to Vegas my weekends to count cards playing Blackjack, never was nervous as I had the edge. But trading, so many problems can and have happened through all these years, internet quit working, ice on satellite dish, phones stopped working, electric goes down, etc...you get the point. Automation has been a life saver for continuing to do this now, I hardly trade but few hours a week to see if a new pattern worthy to add to automation. All the psych books never helped me. Oh, back testing last 10 years for most part been strong bull market, you need to backtest 25-50 years if possible to see how bad is bad for drawdowns.
I read all of this stuff and I think what is wrong with these people. they are really coming up with all kinds of excuses for not being cut out for trading. do you think BORSELINO or any of the 20,000 plus locals went thru all of this crap everyday about I need a therapist. my psychology is off. blah blah blah. sure read a book about it that is good but everything you hear and are told to do is to make money for someone else further separating you from your own goal. Pay a hedge fund or buy an index fund and go find out what you are good at because if you need this and that then you probably are not good at it. Lots of people can CALL mkts correctly but very few can put on trades correctly and even more. You want to make big money then how are you ever going to put on real size if you have all of this SELF DOUBT all the time. there is no answer from someone else about you or about the mkts. make firm quit date. add up your risk capital and go for it. if it doesn't work you are only wasting your time which should be worth more than any amount of money you might make trading. holy crap.. this site makes me realize how amazing I have it on the daily. imagine these posts being real conversations at dinner with girls or wives around and fellow traders.. sounds like a bunch of pussies. if you ask me. yeah i used to make 7 figure. but now i cannot make a dime.. i need help. im having trouble with psychology. um.. way more than psychology.