Dear traders How many of you read this book? Please share your views on this book and how you think it is related to stock trading in particular. https://books.google.co.in/books/about/The_Psychology_of_Money.html?id=5HrrDwAAQBAJ&redir_esc=y
This book is for those who are already made it and wish to be a better millionaire. Books like Trading in the Zone or Reminiscences of a Stock Operator are more suitable for gaining a psychological edge in trading.
Can there be a more fact based perspective/attitude/psychology than this one: Our investment is our earnings out of our passion and hardwork. Should someone tell us that we need to treat our investment as our baby? We are adults and supposed to be responsible with our investment, right? In case, if some of us are not naturally treating our investment as our baby, then we have second chance by coaching ourselves through reading books like the one I shared in this thread. I don't think there is a third chance! An irresponsible investor is putting his investment in great danger. I was one of those who didn't have a natural connection with money. After many losses in trading I finally realised that I need to work on my attitude towards money. That shifted the way I trade. My strategy was transformed. Fear of loss was gone. Now there is only positivity and profits! In our day job we showed our passion and worked hard. In day trading we need to build our relationship with our investment. Humans always struggle to commit to relationship. That is what happening here too. Take your own time and build a better relationship with your money for a greater future! We need not call it as psychology. Let it be relationship with our money. That is more profound and powerful.
Trading psychology: 1. Anything can happen. 2. You don’t need to know what is going to happen next in order to make money. 3. There is a random distribution between wins and losses for any given set of variables that define an edge. 4. An edge is nothing more than an indication of a higher probability of one thing happening over another. 5. Every moment in the market is unique. Healthy Relationship with Money 1. Investment is your hard earned money out of passion. 2. It is simply your baby. 3. You won't use your analytical skills to save your drowning baby. You simply dive into the water. 4. In other words commitment to relationship with your hard earned money is the key to protect your investment. 5. When you act like a dad for your money, you will take stoploss more seriously.