Trading is a set of skills that revolves around psychology. So, in other words, trading psychology is all about the aspects of your emotions that influence a trader’s decisions. Regardless of your established trading plan, it is given that an excellent psychological trait is a must-have for any trader.
Learning to manage your emotions and developing exceptional decision-making skills will certainly give you an improvement in your trading performance that will lead you to success. One of the reasons traders fail in this kind of business is that they don’t recognize the importance of incorporating psychology into trading skills.
It all comes down to having a strict mental strength to stay in your logical strategy. Many accomplished traders have enhanced psychological traits such as patience and discipline, combined with their expert strategic-planning. Below is the list of trading psychology books recommended for experts to further their psychology comprehension from investing.
Trading in the Zone
Are you a type of trader who is quick to think negative thoughts and eventually get eaten by fear? Then it would be best if you tried reading this book written by Mark Douglas. It is a book that addresses how to overcome some of the trading issues.
It is a book fit for those who strive to achieve stability in the trading world. It also focuses on traders who tend to find shortcuts and easily distracted ones, resulting in impulsive decisions.
Reminiscences of a Stock Operator
Edwin Lefèvre writes this book. It is a trading psychology book based on Jesse Livermore, a legendary in the trading business. Inside the book, you will acquire significant knowledge from an in-depth perception of various measures you have to take to attain the success that you want.
Combined with immersive story-telling that offers various discernments as you go deeper in the book. You will undoubtedly find this worthy of reading because who knows, this legendary trader’s career might be the one to carry and accompany you to your exciting journey.
Sway: The Irresistible Pull of Irrational Behaviour
Ori and Rom Brafman, the authors of this book, seem to know where to hit the spot that hurts all traders. They address the common problems of traders that they already are aware of, yet they can’t help but feel helpless.
It also tackles things that many traders overlook, and that risk and danger have the potential negative effect on their ability to make decisions wisely. Concepts like the chameleon effect and diagnostic bias are mentioned about how they have likely had a considerable impact on all traders.
Aside from your passion and creativity to do your work, it all boils down that learning maintains your relevance in our world that is constant to change. Regardless of your status, you will remain as a student in this kind of trading business. If you think this way and keep on learning, you will undoubtedly be ahead of your competitors.
Do you know any trading psychology book you want to add to our list? Message us!