Hello from London

[raa]

Yeah, Dr. Elder's books are quite good but you can feel it is a bit dated stuff, from times when technical analysis was just rising and was getting recognized. He spends too much time explaining EMAs and how to draw them on millimeter paper But the first chapters about pschycology are very good. However, Trading in the Zone is taking it much further.

Thanks to Elder's writing I have decided to study psychology myself to better myself as a human being and getting more successful in trading and life overall. It is incredible when you learn how different life can be when you understand reasons of human actions, your actions, thoughts. Powerful stuff.

D.Mayers's "Psychology" is on my list and sitting on the book shelf. Just need to finish up "Trading in the Zone" and "The Snowball" - W.Buffet's biography. Also a brilliant book.

[capsmart]

Hi Raa,
Could you tell me the exact title for D. Mayers Psychology? I searched amazon and I am not sure I found something relevant.
The only thing I found is Personality Psychology from John D. Mayer that looks like an introductory book to psychology.

[raa]

Hi Raa,
Could you tell me the exact title for D. Mayers Psychology? I searched amazon and I am not sure I found something relevant.
The only thing I found is Personality Psychology from John D. Mayer that looks like an introductory book to psychology.

this is the book used to tech med students beginners course of psychology. i have to check the book when back home. will let you know on a weekend. my wife (shes MD) also recommends another book, more advanced, i wll let you know about it too.

[raa]

David G. Myers "Psychology" 5th edition

[capsmart]

Thank you Raa.

[shafiek]

hi raa

what is the book trading in the zone about?

thanks
shafiek

[capsmart]

Maximizing the trader’s state of mind is the key to successful results. Conflicts, contradictions and paradoxes in thinking can spell disaster for even a highly motivated, astute and well grounded trader. Mark Douglas, a trader, personal trading coach, and industry consultant since 1982, sends the message that "thinking strategy" will profoundly influence a trader’s success rate. Douglas addresses five very specific issues to give traders the insight and understanding about themselves that will make them consistent winners in the market. Trading In The Zone offers specific solutions to the “people factor” of commodity price movement. It uncovers the true culprit for lack of consistency when it comes to stock picking: lack of focus and self-confidence. Through simple exercises, traders will learn how to think in terms of probabilities, and adopt the specific beliefs necessary to developing a winner’s mindset. Along the way, they’ll gain valuable insights into their own entrenched misconceptions about the market.
Backed by compelling examples, Trading In The Zone adds a new dimension to getting an edge on the market. Through a better understanding of themselves, as well as of Wall Street’s realities, traders will come to leverage the power of their psyche for unprecedented profitability.

[raa]

This book actually can change a perception of whole life experience, much more than just trading...

[chrisp]

As I recall it, one of the main themes in the book is about Risk and how we deal with it.
e.g.
Forex gambler: I know its risky but I accept that. Trade placed, lot size too high, market move against position, shift stop loss, lose account.

Forex Trader: I know it's risky. I know the exact risk on any given trade. I am prpared to risk $X to find out if I am right. no more, no less. If I am wrong, move on to next trade setup, recalculate exact $ risk for next trade.


Regards
Chris p