WILEY The Psychology of Trading: Tools and Techniques for Minding the Markets

Trading in the Zone by Douglas is usually wielded out as the key book to read if you want to improve the mindset aspect of trading, but in my opinion, this book far surpasses it. I am always amazed when I read trading psychology books that they tend to tell you the type of mindset you need to be a successful trader but rarely give any practical advice in order to achieve this mindset.Well this book resolves that issue. It is packed with really interesting stories about his clients, how the mind works, and how we can relate this to trading. He addresses many key psychological issues that traders have, what we can do to address these issues and why, and the type of mindset we want to create in order to achieve success in the markets.I would really have no qualms about recommending this book for any trader out there who is struggling with their mindset, or even for good traders, who just want to enhance their performance. It is definitely worth more than one read too as there is so much good stuff packed in it.

This is by far the best book I have read in a long time. This book has not only helped me with my trading but also my life in general! For a non fiction book about quite a dull subject, I have found it very enjoyable and a good page turner.

Great present for my partner.

Brett clearly has an deep understanding of psychology and this level of insight can only come from decades of practice.I've experienced the highs and lows over the past two years trading full time. Faced with all the emotions that come within this territory, fear, ego, FOMO, overcautious, anxiety, impulsive trades, remaining faithful to plans during high stress situations I realized how critical an individuals psychology is to becoming consistent.I certainly didn't posses the tools or knowledge to make the changes on my own so I began looking online for some guidance and i kept coming across mentions of this book over and over again. It was perfect timing because I had gotten a taste of the market and my troublesome behavior and weaknesses were clear to me. This is why I became so engaged with what was written because I could directly relate to many of the topics discussed.Brett gets a message across like no author ever could by his various approaches to teaching lessons, such as, informative research/studies, story telling, techniques of all sorts to deal with destructive patterns and what steps can be taken to first identify them as well as the adjustments needed to ensure progress.In my opinion, this book will be most helpful for those who have had a taste of the markets and wish to make very meaningful changes to their behavior."Success in trading is related to the ability to stay consistent and plan-driven. Traders fail not because of their emotions, but because their emotions deflect them from their purpose. In developing their rules and systems, the successful traders had found a way to immunize themselves from the emotional effects of market volatility. Indeed, in many respects, the successful traders appeared to be every bit as fearful as the unsuccessful ones. It's just that the fears of the successful traders were not of those draw down or missing a market move. Rather, they feared deviating from their plans. Dedication to their purpose was the cornerstone of their success" - Brett N. Steenbarger, PhD

I started my trading library with this book, and am so glad I did!Learn what are those ‘triggers’ are that keep you ‘stuck’ in a losing mindset – Sabotaging triggers that you CAN overcome. Have you ever begun running excitedly to a new job only to be thrown off your course by a bump in the road . . . An unexpected flurry of activity that you didn’t expect and that throws a wrench into your best plans, causing you to change your motivation, lose focus, and make mistakes – Whether it is in a job interview or owning your own business, Brett Steenbarger, PhD., uses client sessions to compare real life solutions to insightful and helpful mindset changes that, if practiced, can enhance your success in every area of your life – Trading stocks, letting bad investments go, changing jobs, or careers, or even starting a new business.In a world full of liars, cheats, and cons, Steenbarger presents evidence, uses references and gives real life examples (including his own trading success and failure), to explain phenomena that keep us trapped in an unproductive mindset. His anecdotes and easy to read chapters keep you interested - I could hardly put this book down! The end of chapter conclusions give you a brief and complete and common sense explanation of each of his chapters. My husband is - also - reading this book, and by his own admittance, he ". . . doesn't like to read many books," so this is a challenge for him, but he is getting valuable tidbits in his own trading to help himself become a better trader too! Written in layman terms, using credible references, Steenbarger's message focuses on teaching the reader to plan their trading and NOT act in place of planning, coupled with witty sayings resonated with both of us. We cannot recommend this book highly enough for traders starting out, experienced traders, or people hoping to change careers or invest in a new business. Absolutely this book should be required reading for trading - AND for life!