Trading psychology

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6 Trading Psychology Books to Improve Market Strategies

Market Psychology Books Can Improve Your Trading Strategies

Trading is as much about psychology as it is about developing a solid strategy. Without the mental fortitude to stick to a plan, the most well-conceived strategy in the world won’t do you any good. Successful traders not only develop and master a strategy, but they also take become more familiar with their own psychological traits (such as discipline and patience) and cultivate them, which allows them to be more effective in implementing their strategies.

A variety of books can help traders take steps towards understanding psychology from an investment perspective.

Trading in the Zone

Written by Mark Douglas, this is a must-read for anyone who is struggling to attain consistency in the market. The author provides a roadmap for overcoming many trading issues.

While this is a book about trading, the author does not provide strategies.

This book includes addressing personal inclinations to seek short-cuts, being easily swayed by fear or greed, and getting distracted. These traits often cause traders to act irrationally even when they know better. In simple language, the book explains why and how these issues occur, and how to approach them to keep them from happening.

If you’d like to learn about the psychology of trading, you should first work to understand trading practices, techniques, and lingo before reading this book, so you can fully grasp the topics covered.

“The Disciplined Trader” is another popular trading psychology book by the same author.

Reminiscences of a Stock Operator

Even classic books can maintain their relevance over several generations. First published in 1923, this book by Edwin Lefevre is based on legendary trader Jesse Livermore. Combining rich storytelling with a deep insight into what it takes to trade successfully (and actions that can ruin a trader), the material can be read over and over again, offering new or different insights each time as you build familiarity with the subjects.

If you are an experienced trader already seeing positive results, not trading well, or just starting your trading journey, this book has something for you. In it, you’ll follow the trading career of a life-long trader, whose experiences might just be the insight you need to help you through the struggles you are facing, or have yet to encounter.

Sway: The Irresistible Pull of Irrational Behaviour

Written by Ori and Rom Brafman, “Sway” is a rare page-turner in the non-fiction genre.

In the book, the authors tackle problems many traders are aware of yet seem powerless to prevent. They include why it can be so hard to get out of a losing trade—even delving into why people stay in personal relationships, relating it to the trials of trading.

The book explores issues of which traders are often unaware. The authors examine how danger and risk affect the decision-making process and their relevance in facing the risks of the financial markets.

The material also addresses such concepts as diagnostic bias—an inability to see beyond an initial hypothesis despite evidence to the contrary, and the chameleon effect—a person’s habit of taking on traits that are assigned to them. All of these psychological quirks can have a substantial effect on traders.

The research and anecdotes in this book can also teach the reader about hidden motivators that drive decision making, which in turn may help them make more informed decisions as a trader.

Trading psychology

Steve Ira Present, M.S. has a Masters Degree In Clinical Psychology and 27 years of experience consulting with clients. For the past 10 years, he has specialized primarily in helping traders overcome serious trading psychology challenges. Steve is the author of an upcoming trading psychology book titled: “How To Save Your Trading Career By Deleting The “Mind Junk” In Your Subconscious Mind That Is Ruining Your Trading Results”

Trading Psychology Specialist Can
Help You Save Your Trading Career

The 3 Steps That Can Crush Fear, Stop Missed Trades,
Stop Over-Trading, Impulse Trading, and Revenge Trading, While Installing Iron Clad Discipline.

Documented Case Studies Of Traders
Overcoming Serious Trading Psychology Challenges

“No matter what CD’s I listened to, no matter how many books I read, no matter how much I won on the simulator, as soon as I switched to real money, I would lose. I lost money for the most agonizing year and a half of my life.

Now, after going through Steve’s process, I am a consistently winning trader. I don’t have sweaty palms, I don’t take my losses personally, I am not afraid of what the market may do to me. “ Ray Burke, Futures Trader, Colorado*,

My confidence had been shattered, because of the pain of losing so much. My experience with Steve and Steve’s approach has been nothing short of phenomenal.

Without Steve, I can honestly say, I don’t know if I would be trading stocks, futures, and options today.” Scott Maher, Hedge Fund Manager, Walnut Creek, California *

After a loss, I would revenge trade, trying to beat the stock. After working with Steve, I was very relaxed. I was not revenge trading anymore. I would ride out my winners, not taking quick profits anymore, and I would clip my losers short. Trading is enjoyable again.” Mark, Equities Trader, New Jersey *

I was out of control. I could not stop myself, my emotions were getting in the way. Now, I don’t rush into trades anymore, I wait for the right setup. I’m on a new level of trading because of Steve.” Hyati Camlica, Futures Trader, Long Island, New York *

* Results not typical, you can do worse, you can do better.

Here Are The 3 Steps That Can Turn Your Trading Around

In my upcoming book, based on 10 years of specializing in helping traders with serious trading psychology challenges, I explain this fact:

There are 3 major steps to turning a trading career around.

STEP 1: F or the sake of your trading career, PLEASE wake up and face the cold, hard truth:

If a trader is over trading, trading impulsively, revenge trading, missing trade after trade, hesitating, chasing the market, entering late, taking premature profits, moving his stops too close to the market, or too far away from the market, breaking his rules, or blowing up accounts, then.

Change is immediately required.
In order to get results, you must.

stop wasting time with well meaning but ineffective self-improvement methods that are not working.

You must stop promising yourself that “Today will be the day I turn my trading around”.

Yes, positive thinking is good. However, after weeks, months or years of positive thinking without consistent results, it’s time to realize that positive thinking is not enough.

If you are not seeing dramatic improvements in your trading, I recommend that you stop wasting your time with affirmations, audios, self-hypnosis, law of attraction, EFT, TFT, and all other change methods that have not gotten you where you want to be (or at least, drastically change the trend of your trading results).

My experience has shown that while those methods are helpful for some issues, they are not the right tools for stubborn trading psychology challenges.

STEP 2: Learn and accept this key fact: If you already know how to trade and have a method that gives you an edge in the market, and yet you are still struggling, the root cause of your challenges is this:

Certain “programs” in your subconsciou s mind are
ruining your ability to trade your method and
take the profits the market offers you.

These programs destroy your trading performance much like a virus destroys the performance of your computer.

These performance destroying programs in your subconscious mind include:

* “I’m a winner. I will NOT walk away after losing. Only wussies step aside when the going gets tough. I will fight until I clearly win, or clearly lose”

This program, which helped you greatly in your life before trading, now leads to blown up accounts, severe losses, and outbursts of emotional and out of control trading.

This program literally forces you to keep trading when you know you should get up and walk away. This program of “I will not walk away after losing” will continue to destroy your account until it is identified and deleted. Which is when you can finally start trading with consistency and control.

* “I hate losing, it makes me feel out of control, and I take it personally”

If you have this “hatred of losing” program, and you also have a program to avoid confrontation with forces greater than your own, this program will force you to hesitate. it may actually totally paralyze your ability to enter the market.

This program, and related programs, may be forcing you to MISS 80%-90% of high probability trades that your method offers you.

This program is VERY strong. It will easily overpower and crush willpower, promises, affirmations, NLP, hypnosis, and most other methods that traders attempt. The trader will struggle until this program is deleted.

* Many more profit destroying programs are listed and explained below .

Like the most dangerous part of an iceberg, these subconscious mind programs remain hidden beneath the surface.

While these programs lurking under the surface are hidden to your conscious mind, when you crash into the iceberg of negative subconscious programing, the jolting damage done to your account is quite visible:

You lose money, suffer wild swings in your account balance, and/or blow up your trading accounts, even though you have a winning method!

These subconscious mind programs are many, many times
more powerful than willpower or discipline.

While No successful man or woman wants to admit that his willpower and discipline can NOT overpower a problem, if you want to save your trading career, then you must accept this fact:

Your subconscious mind is so powerful it will
consistently overpower discipline and willpower
as easily as a tiger will devour a mouse.

You must face the fact that discipline and willpower are NOT the right tools for stubborn problems that fail to improve.

Which leads to 2 very important trading rules: (More key trading rules are explained in detail during my webinar, which you can download at the end of this page.)

* Positive thinking -at the expense of accuracy – will DESTROY your trading career!

* Accurate thinking (paying detailed attention to actual results, not wishful thinking) will SAVE your trading career!

Please, write (or type) those 2 rules down, now. And please review them every day, or at least, weekly!

Here is how the rule of accurate thinking can help you:

If the tools of discipline, willpower, positive thinking, wishing, new trading methods or systems, and all sorts of self help methods have not yet helped you change your trading psychology and improve your trading results, then STOP RELYING ON WHAT DOESN’T WORK.

Find what does work. And then do it. Which leads to.

STEP 3: This is the most important step to turning your trading around.

The subconscious programs that are the root cause of your trading psychology challenges must be deleted and replaced. (Just like a virus in your computer must be deleted to restore peak performance.)

Deleting these profit destroying programs is the “secret sauce” that helps save trading careers when other attempts have failed.

Below is a much shortened list of the subconscious programs
that control your trading psychology, which controls your trading performance.
(Of course, in addition to these programs, each trader has
their own unique programs based on their unique life experiences.)

PLEASE, FOR THE SAKE OF YOUR TRADING CAREER, GRAB A PEN AND PAPER, or open a document and keep track of the programs below that are hurting your trading performance.

P ROFIT DESTROYING PROGRAM (while I mentioned this particular program above, here I explain in in more detail, while explaining what new program I recommend to replace it to create consistent, disciplined trading)

“I can not walk away from a loss, so I must keep fighting (trading), to prove I am a winner. Only wussies step aside when things and avoid a fight. Winners hang in there and keep pushing forward.”

This program helped you succeed in life before you started trading. Yet, the rules to consistently win in trading are VERY different from the rules of winning in business or in your career.

If you stubbornly persist in using the wrong rules and the wrong tools, then your trading account and your trading career will suffer! In trading, this program forces you to keep trading when you know you should stop and walk away!

This program makes you blow up your trading account. It makes you suffer serious drawdowns. This program makes you cycle between controlled disciplined trading and outbursts of emotional, out of control trading.

This “I will not walk away as a loser” program is VERY strong. It will easily overpower and crush willpower, promises, affirmations, NLP, hypnosis, and most other methods that traders attempt.

Until this program is deleted, you will struggle. You may suffer from one or two bad days – or even 1 bad trade – that destroys the results of weeks of good trading!

The program makes you refuse to give in, even when you know it’s in your own best interest.



This new program lets you walk away as a temporary loser, in order to win big over the long term.

This new program lets you keep your ammunition stockpiled, so that you have a surplus, ready to fire for another day.

This new program lets you step aside for the moment, in total peace, feeling like a winner, even after the market stopped you out several times in a row.

You can not positive think your way into getting this powerful new program.

You can not simply tell yourself, “Stay calm after losing. In a series of trades, I know I will come out ahead”. Those well meaning efforts lack the knockout power to get the job done. Why?

Because the connection between losing, winning, and self esteem is programmed into us by parents, sports, teachers, and the media. This connection must be deleted, reprogrammed, and replaced, so that we can take losses, and not respond emotionally.

PROFIT DESTROYING PROGRAM: “Losing makes me feel bad about myself, it makes me feel like less of a man (or woman.)

If you have this program, and your subconscious mind likes to avoid confrontations, then your subconscious will protect you by making you sit on the sidelines and play it safe.

If you have this program and your subconscious mind is also programmed to fight back, then fight back you will: You will over trade, revenge trade, trade impulsively, and have those out of control days or trades where your account gets drained. fast.

Almost every man I work with has this program. This program must be deleted to allow your subconscious to accept the reality of the trading business: we will lose around 1 out 3 trades (give or take, depending on our method)

Trading can improve dramatically once this program (and its related programs) are deleted.

PROFIT DESTROYING PROGRAM: “I will only take risks (ie: enter trades) when I am upset, or angry, or frustrated.”

This program creates chasing. After you miss out on one good trade after another, you get so upset that your emotions take over. Then, you chase the market, frequently going long at the high tick, or getting short at the low tick!

PROFIT DESTROYING PROGRAM: “I remember (either consciously, or subconsciously) my prior trading losses.”

These losses may either be one or just a few giant losses, or many small losses. These memories, or to be more specific, the emotions related to these memories, must be deleted.

Once the emotions of the memories are deleted, you can clearly see and accurately interpret the hard right edge of the screen. You can pull the trigger without over thinking, hesitating, or agonizing over “should I take the trade, shouldn’t I, what if this changes, etc”. You can trade without the need for revenge, without the need to make up for prior losses.

PROFIT DESTROYING PROGRAM: “ I need to prove to myself and to all those who know about my trading that I can trade successfully. I NEED to perform well.”

This program’s focus on performance and results in trading will, paradoxically, destroy your trading results! This program creates pressure. One of the rules I explain in my upcoming book is this: The more pressure you feel, the worse your trading results will be.

PROFIT DESTROYING PROGRAM: “I’m not allowed to be HUGELY successful

Once this hidden subconscious program is deleted, your trading (and other aspects of your life) can dramatically improve.

PROFIT DESTROYING PROGRAM: “When I lose, I NEED to get whole. I need to get back my losses.”

This program forces you to trade your money, not your method. Which will dramatically hurt or totally destroy your ability to trade well.

PROFIT DESTROYING PROGRAM: “When I make a mistake (ie: lose), I feel bad. Like I did something wrong.”

This SHUTS DOWN your smart thinking, and often disables your ability to pull the trigger. Or it makes you trade impulsively, without control or discipline.

PROFIT DESTROYING PROGRAM: I feel embarrassed when I lose.

This creates the need to get revenge for losses . This program forces you to trade with emotion! Whereas.

Learning to trade without emotion is one
of the most important skills that any trader
MUST reprogram into their subconscious mind.

Based on my experience, trading without emotion (or with almost no emotion) is the only holy grail in trading. Because “90% win rate” methods are nothing more than a pipe dream.

PROFIT DESTROYING PROGRAM: “The (sometimes hidden) thoughts and belief that “I’m doomed, I’m a losing trader”

This becomes a self fulfilling prophecy that attracts more losses. This program must be deleted so you can trade your method, not your beliefs.

PROFIT DESTROYING PROGRAM: “Losing money is bad.”

While all of us have this program, this program MUST be deleted to trade well.


How to delete the subconscious programs
that are sabotaging your trading and trading psychology…
so you can trade your method and
take the profits the market offers you

Over the past 27 years of consulting with clients who had very hard to solve problems, and during the past 10 years of specializing primarily in trading psychology challenges, I have developed a proprietary rapid deletion process.

My deletion process is designed to first identify and then delete and replace the subconscious programs that are destroying your trading performance.

So that you can breakthrough to new levels of trading success. By the way…

My method is NOT hypnosis, not NLP, not EFT, TFT, not law of attraction,
not meditation, not journaling. While all…

of those methods are good for certain problems, I have not seen those methods get powerful results for trading psychology problems.

The Results my rapid deletion process gets are designed to be rapid and powerful. After I delete a subconscious program, my clients feel the difference, on the spot.

See how traders turned their trading around
by clicking the play button below:

FREE Consultation, ONLY If You Qualify

Please understand this:

Because I do not and will not sell audios or work in groups with traders, my time is very limited. (In my experience, groups and audios do not work for stubborn trading psychology problems.)

I can offer free sessions only to those who meet the following qualifications:

    You know how to trade (no newbies)

You are NOT trading with Scared Money. Why? Because of these rules, taken from my upcoming book:

* Scared money always loses.

* Anything that adds pressure to your life or trading will dramatically subtract from your trading profits!

Making it as a trader must be one of your top priorities in life. (If you are not totally dedicated to making it as a trader, I can not help you.)

  • You must have actually traded real money in the market (even if you are in Sim mode for now because of your trading psychology issues).
  • Here’s What You Will Discover During Your FREE, No Obligation Phone Consultation:

      Why EVERY attempt to consistently follow your rules for a long period of time has failed, and what you can do to fix this problem

    Why other (good) methods like NLP, meditation, hypnosis, etc., fall short for trading psychology problems.

    The surprising reason that discipline can actually hurt a trader’s performance, and what my experience has shown works far better than discipline.

    How to find and delete the exact subconscious mind programs that are creating your trading problems.

  • How my method works. What results to expect, and when.
  • After Our Free Consultation, If You Decide You Want My Help,
    You Will Love The Results You Get In Your First Session,
    Or You Will Get Your Money Back, No Questions Asked.

    That’s how sure I am that my
    method will deliver results for you.

    I have stood behind my work with this unconditional money back guarantee for traders for the past 10 years.

    Also, your consultation will be fast moving, filled with learnings. And of course, I personally promise there will be Zero pressure.

    By the end of our consultation, you will feel inspired, hopeful, and ready to get back on track with your trading.

    If You Meet The 4 Qualifications Above, Set Up Your
    For FREE By Calling Me at 1 (305) 662-6800

    I work with my clients over the phone.

    So no matter where you live, if you are serious about improving your trading, already know how to trade, and are not trading with scared money, then you can get help, and you can get it now.

    I look forward to helping you overcome your trading psychology challenges and take the profits your method offers you.

    Take care,

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    Steve Ira Present
    1 (305) 662-6800
    Email contact

    Сам себе психолог! Заметки в помощь трейдеру

    Изучать психологию трейдинга самостоятельно – задача непростая. Однако этого и не требуется, чтобы помогать себе в сложной ситуации. Достаточно освоить и применять несколько методов, чтобы сконцентрироваться на трейдинге и добиться успеха.

    Моя работа с трейдерами в качестве психолога направлена не только на то, чтобы изменилась модель мышления и, как следствие, модель поведения человека. Кроме этого, огромная, если не основная часть моей работы сосредоточена на том, чтобы обучить трейдеров навыку «быть своим собственным консультантом по психологии». Цель такой работы – дать трейдеру необходимые знания и навыки для эффективной самопомощи в дальнейшем. Избавить его от необходимости постоянно работать с психологом, полагаясь на чью-то помощь.

    Постепенно, с практикой, почти любой трейдер может изучить психологические приёмы и техники, при помощи которых он будет исследовать собственное поведение, давать ему объективную оценку и, при необходимости, вносить нужные коррективы в реакции и собственные действия.

    Я очень надеюсь, что эти простые методы помогут вам оставаться спокойными и сосредоточенными во время ситуаций, которые обычно вызывают беспокойство, импульсивность, негативное мышление или жадность.

    Пример. Рост объема торгов и страх

    Теперь давайте обратимся к конкретному примеру. Предположим, что некий трейдер довольно успешно торговал. Он последовательно добивался успеха при различных рыночных условиях и продемонстрировал прибыльную торговлю. Теперь он пришел к выводу о том, что пора масштабировать свой бизнес, и с этой целью изменить привычные правила торговли и правила управления капиталом.

    Он хочет увеличить размер позиции, чтобы зарабатывать больше в каждой сделке. Но и размер риска тоже в этом случае пропорционально увеличится. Именно этот факт вызывает у него внутреннее беспокойство и тревогу. Что можно ему в этом случае посоветовать для преодоления страха и внутреннего сопротивления? Давайте посмотрим.

    Это классическая дилемма, которая может быть решена с помощью краткосрочных техник изменения поведения. Такая тревога не есть результат хронического эмоционального расстройства, и это не результат плохой торговой практики. Лучшие техники для работы с использованием кратких методов терапии являются ситуативными. То есть те, которые помогают изменить сценарий поведения только в конкретной ситуации, а не всю поведенческую модель целиком.

    1. Сосредоточься на главном

    Это подводит нас к первому принципу: когда вы работаете со своим поведением, то внимательно сосредоточьтесь на целевых изменениях, которых вы хотите добиться. Не пытайтесь изменить всю вашу личность или ваше поведение в целом. Вместо этого сосредоточьтесь на одной ситуации, к которой вы хотели бы изменить свой подход или отношение. Определите максимально конкретно цель для внесения изменений. Если вы не знаете, что ищете, то вы почти наверняка не найдете это.

    Прежде всего, крайне полезно провести ретроспективное исследование всех аналогичных случаев, в которых вы эффективно справились с выбранной ситуацией. Применительно к нашему трейдеру, один из первых вопросов, который он должен себе задать это: какие в моей торговой практике были эпизоды, когда я успешно увеличивал размер позиции, даже незначительно. Если такие случаи уже были, то этот успех можно использовать в качестве основы для дальнейшего движения вперед.

    В большинстве случаев, мы очень зациклены на наших проблемах настолько, что подчас не можем распознать решения, которые лежат на самой поверхности. Начните свою работу над собой, пытаясь сделать только одну или две вещи по-другому. Постепенно настраивайте себя на успех и опирайтесь на достигнутые результаты.

    2. Не спешите

    Второй принцип является очень важным для установления правильной цели для изменений: мы иногда говорим о проблемных эмоциональных или поведенческих паттернах так, будто это заболевания, от которых нам необходимо вылечиться. Однако реальность такова, что деструктивные модели поведения, как правило, являются усилиями, направленными на решение некой, беспокоящей нас проблемы. Они не работают, но, на данный момент, это лучшее, что мы знаем и умеем. Это единственная знакомая нам поведенческая модель.

    В нашем примере, нежелание трейдера увеличивать размер позиции, является его способом управления не только риском, но и эмоциями, связанными с восприятием риска. До тех пор, пока он не решит эмоциональную проблему, он не сможет увеличить размер позиции. Возможным решением в данном случае может быть измерение размера риска не в денежном выражении (в валюте депозита), а в процентном соотношении.

    Можно предложить такому трейдеру увеличивать размер позиции очень медленно, но неуклонно, чтобы управлять психологическими аспектами риска. Также можно поискать методы управления рисками, о которых он, возможно, не думал. Например, использовать его опыт и умение прибыльно торговать для диверсификации по некоррелированным позициям.

    Вы можете увеличить общий объём торговли, не увеличивая размер отдельных позиций: просто открывайте более, чем одну сделку, с фиксированным, привычным риском, но в разных инструментах. Таким образом, не связанные друг с другом сделки будут одновременно комфортны по уровню риска, но в тоже время принесут дополнительную прибыль.

    3. Продвигайтесь шаг за шагом

    Третий и, пожалуй, самый важный принцип.

    Вы не можете быстро изменить свой поведенческий шаблон, если не отрабатываете это на практике в реальном времени. Пустыми разговорами проблему не решить, для этого нужны действия.

    Люди учатся на новом опыте. Следовательно, психологически привыкать к большему размеру позиции тоже необходимо на практике. В этом случае можно предложить попробовать поторговать на демо-счёте и отслеживать свои реакции.

    Параллельно можно осваивать простые техники снятия напряжения, дыхательные упражнения. Это в том случае, если будет ощущаться сильное эмоциональное напряжение. Как только эмоциональное состояние выровняется, можно попробовать перейти на реальный счёт и увеличить там размер позиции, но очень немного. Таким образом будет происходить постепенное привыкание, шаг за шагом. Будет формироваться позитивный опыт и будет изменяться модель мышления, приходить уверенность в своих действиях.

    Эти когнитивно-поведенческие схемы эффективны независимо от того, какую конечную цель вы ставите. Они универсальны. Работаете ли вы над торговой дисциплиной, супружескими отношениями или страхом высоты. Достижение желаемых результатов через принятия решений и совершение действий, а не путём бесконечного обсуждения проблем. Именно такой подход является мощным способом развития себя не только как трейдера, но и как человека в целом. Об этом мы и поговорим во второй части статьи.

    Читайте о финансовой психологии и учитесь вместе с Фортрейдер. Подписывайтесь на нашу ленту в Telegram!

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    Алексей Хмелев

    Профессиональный лайф-коуч, специализируется в области развития личности человека. Начиная с 2020 года, успешно работает с трейдерами, помогая им выявить, понять и преодолеть их собственные психологические проблемы, сделать торговлю стабильной и прибыльной.

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