Douglas uncovers the underlying reasons for lack of consistency and helps traders overcome the ingrained mental habits that cost them money. He takes on the myths of the market and exposes them one by one teaching traders to look beyond random outcomes, to understand the true realities of risk, and to be comfortable with the "probabilities" of market movement that governs all market speculation.
Douglas, president of the seminar firm Trading Behavior Dynamics, focuses on the psychology of successful traders. Instead of offering specific strategies, he advises readers, "The first step on the road...is to understand and completely accept the psychological realities of trading." It may be too abstract for some, but given trading's risks, this book could assist experienced investors willing to engage in self-reflection.
Best trading book on the market.
I have become a full time trader recently however even though I have extensive market knowledge that others recognise, I still struggled with consistency and thought it may still be my systems. I have read books on trading before that are different versions of the same thing - technical analysis. However this was completely different where it lays all the struggles from a psychology perspective that traders will face in their
Journey to success and how to improve them. It was exactly what I needed. These are also skills that improve life in general. They say trading is 95% psychology but this is the first time I’ve actually seen it explained. Easy to read and highly recommend as a first read once you have a basic understanding of technical analysis. Will be reading this again and again over the coming years.
The best book about trading I ever read
The Traders Bible
If you’re looking to make a career as a trader, then this book is the most essential and most priceless tool you’ll ever have.