Finding the appropriate approach on Olymp Trade or another online trading platform isn’t the only way to make money. It has a great deal to do with psychology and self-control.
A successful trader must be aware of his or her strong and weak areas and maintain a healthy balance between them. We’ve hand-picked five books for this post that can assist a novice internet trader acquire key attributes and cure harmful flaws.
Trading Psychology Books
Regardless of your approach, risk tolerance, or ambitions, these books will be beneficial.
#1 the Disciplined Trader
This is by far our favourite book. The Disciplined Trader: Developing Winning Attitudes, by the way, is the complete title, and we can claim that the contents fit the stated purpose.
Marc Douglas, the book’s author, was a pioneer in the field of trading psychology. The Disciplined Trader has become an industry classic and a best-seller.
The book contains a wealth of incredibly important advice on how to cultivate a mentality that allows you to consistently prosper.
For a trader’s success, Mark Douglas emphasises the necessity of healthy emotional practises. After all, how brilliant your approach is won’t matter if you can’t manage your greed or fear.
Unlike a traditional educational book on trading, which is frequently mind-numbing, The Disciplined Trader is really easy and entertaining to read. Douglas is a gifted storyteller as well as a good instructor.
#2 The Hour Between Dog and Wolf
The title dog and wolf describes the transformation of us, body, mind while taking risk. The author refers to a trader’s psychological shift under positive or negative stress as “the hour between dog and wolf.”
Because of a winning streak, John Coates investigates circumstances when a person gets overconfident and takes too much risk. A challenging phase, on the other hand, makes him or her hesitant, indecisive, and risk-averse.
Coates explains how there is a direct link between trading performance and how our bodies and minds feel and act. These emotions might distort inexperienced traders’ judgement and lead to poor judgments that result in losses.
#3 Trading in the Zone
Mark Douglas, author of The Disciplined Trader, has written yet another best-seller. Trading in the Zone was re-released after a ten-year hiatus. It’s a must-read if you want to identify and overcome the detrimental thoughts that are keeping you from achieving consistent profitability. This book is your chance to break free from money-sucking mental and emotional patterns.
After spending several years examining his own thoughts, feelings, and actions, as well as those of excellent and terrible traders, Douglas authored Trading in the Zone. Douglas, a well-known trade coach, had a wealth of study information.
#4 Mean Markets and Lizard Brains
Is it possible to trust our Lizard Brain, which guarantees biological survival, when it comes to trading decisions? It’s difficult to say. Terry Burnham investigates what causes markets and individuals to act irrationally in his eye-opening book.
Why do individuals pay exorbitant amounts for some assets? What variables cause markets to go insane for no apparent reason? What primordial instincts are at the root of major stock market sell-offs, bubbles, panic, and euphoria?
Terry Burnham’s fascinating inquiry provides readers with an understanding of human and market psychology. You’ll have a better understanding of how and why your “animal ego” pushes you to do unusual things.
#5 The Daily Trading Coach
The subtitle claims that the book will teach you 101 lessons to help you become your own trading psychologist, which seems useful, and it is. This book will be an excellent addition to your collection if you enjoy self-coaching.
The Daily Trading Coach contains all of the features you’d expect from a self-study session. It’s inspiring, simple to read, and has original stuff. Dr. Brett, as the author’s blog followers refer to him, has compiled a wealth of useful insights and methods, which he has combined with practical exercises and case studies.
Because Steenbarger combines extensive trading knowledge with a psychology background, his book will assist you in overcoming the same stumbling blocks that every novice encounters. It’s a terrific approach for a determined learner to obtain some trading knowledge at a reasonable cost.
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