Discussion in 'Psychology' started by hermit_trader, Feb 26, 2003.
Does anyone read Steenbarger's new book about trading psychology? Is it helpful?
another book from the author:
The Essential Guide to Group Practice in Mental Health
group practice? mental health?
I haven't read the book but I would be surprised if it wasn't excellent. Dr. Brett is one of the best minds analyzing the markets today. I have learned plenty from him.
I just got the Steenbarger book. Its pretty good, alot more than the typical 'NLP/go with the flow/ no fear/ just do it' stuff. The psychological info are in several categories:
Decision making under stress
Repatterning, breaking and forming habits
self sabotage, addiction as related to overtrading
the cognitive psychology of acquiring expertise
the cognitive psychology of implicit learning and decision making.
FWIW, I always look here for books, esp. older ones, it's a search engine for best prices. I've gotten $50 books a year old for a couple bucks.
I've been reading it. Just a couple of more chapters to trudge through. Between all the boring stories of his psycho patients who are afraid to kiss because they've been raped, he tells you about his trading "secrets" like watching TIKI.
Trader wannabe who hates his secure life as a doctor and wishes he could be a trader, but can't afford to pay for his wife on a traders salary.
Can't make it as a trader because he needs to blab to everybody about his market calls. Thinks he can test his way to success.
And that my friends is how I always get my money's worth. No matter how bad the book, I will find something in it I can use.
Here's how it all started. I am fitfully sleeping after a peaceful day in the market (or was it the other way around?)
At any rate, I hear this clear voice say "profitseer, check your email"
Now usually I have about 15 emails saying someone has posted to a thread I posted on 3 months ago about celeron processors, and how I can make $500 in one day selling accounting software.
But this time there is only 1 email. It is from traders library. There is an add for "The Tao of Trading" for free, all you have to do is buy a book. The Pschy book is the first one shown and I am sleepy and I wanted to read Tao of Trading for free so I bought the pshyc book.
I keep thinking there is something in one of those two books that will mean something to me.
The Tao of Trading got me into the beauty of The Tao Tse Ching. I guess I do trade better when I'm not trying.
Now it's all starting to make sense. After reading my two posts, it is obvious. I need to figure out where I put that Tao book and see if there is something in it.
I didn't make one lousy trade today. From the opening bell I could see the way the whole thing was going to turn out for me. It was going to be one of those days that eats me alive, and afterwards I look at the chart and say "Well you just totally screwed up what was probably the easiest day of the year to trade."
That's what I like about scalping. When it looks right and it feels right you can really pour it on. I learned my lesson. When it doesn't look right, drop back to one contract or don't trade at all.
I'm pretty sure you could test all this. I bet, when it doesn't feel right, that the market is moving inside or outside some so called normal factor of something or other.
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