First of all I'd like to add that there is really only one source that is needed imo to help improve ones knowledge or understanding of how important Pyschology is when learning how to trade & that's, Thinking, Fast & Slow (thanks Peter for pointing this book out to me) but I thought it may help if we have a thread that has content from other sources, even though it would be better to go direct to the original source itself, I feel that some people may find the linguistics of it difficult, I certainly did.
Anyway, It may be more suited to manual traders than you clever quants out there, but who knows where this will end up.
Here's my first suggestion, a short fun and decent video.
https://youtu.be/n46umYA_4dM
If there is already a thread out there, I do apologise, I only scrolled back so far.
Shared Psychological Info that helps along the way.
For anyone who may have missed some I thought it might be useful to add a playlist of the video's Peter has done on 'psychology of trading'
https://www.youtube.com/playlist?list=P ... X99E3LcabF
https://www.youtube.com/playlist?list=P ... X99E3LcabF
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Trader Pat
- Posts: 4327
- Joined: Tue Oct 25, 2016 12:50 pm
One word for me : Belief
Trading can be pretty daunting when you first have a crack at it but like everything in life you have to believe you can succeed. You can watch lots of videos on the technical side of trading and have a set of rules that you commit to but to paraphrase Mike Tyson when he said 'Everyones got a plan til they get punched in the mouth', all it takes is 1 loss to shake your confidence, this can quicky lead to 2, 3 4 losses on the trot where when you look back on them you realise you threw your rules out the window after the 2nd loss and it just went downhill from there sometimes leading to a blown bank where you're sitting there wondering what just happened.
When I started out most of my losing runs were down to a lack of confidence in myself not a lack of knowledge. After a period of time I knew how to trade and what to look for to at the very least break even but I was so far out of my comfort zone that it didnt take much to sap my confidence. I was never academically gifted and never excelled in school so everything had to be learned the 'harder' way.
Have belief in yourself especially after a bad trade where you missed an obvious signal that stood out like a sore thumb when you've watched the market back and you feel like you're not cut out for this and will never be able to crack it.
This is a video about belief that I saw several years ago. It's slightly dated by the fact Lance Armstrong gets some praise but there's some good advice in there like trying to block out negativity and negative people.
https://youtu.be/w-HYZv6HzAs
Trading can be pretty daunting when you first have a crack at it but like everything in life you have to believe you can succeed. You can watch lots of videos on the technical side of trading and have a set of rules that you commit to but to paraphrase Mike Tyson when he said 'Everyones got a plan til they get punched in the mouth', all it takes is 1 loss to shake your confidence, this can quicky lead to 2, 3 4 losses on the trot where when you look back on them you realise you threw your rules out the window after the 2nd loss and it just went downhill from there sometimes leading to a blown bank where you're sitting there wondering what just happened.
When I started out most of my losing runs were down to a lack of confidence in myself not a lack of knowledge. After a period of time I knew how to trade and what to look for to at the very least break even but I was so far out of my comfort zone that it didnt take much to sap my confidence. I was never academically gifted and never excelled in school so everything had to be learned the 'harder' way.
Have belief in yourself especially after a bad trade where you missed an obvious signal that stood out like a sore thumb when you've watched the market back and you feel like you're not cut out for this and will never be able to crack it.
This is a video about belief that I saw several years ago. It's slightly dated by the fact Lance Armstrong gets some praise but there's some good advice in there like trying to block out negativity and negative people.
https://youtu.be/w-HYZv6HzAs
Great to get them grouped together like that!Dallas wrote: ↑Tue Jun 16, 2020 9:41 pmFor anyone who may have missed some I thought it might be useful to add a playlist of the video's Peter has done on 'psychology of trading'
https://www.youtube.com/playlist?list=P ... X99E3LcabF
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Big Bad Barney
- Posts: 335
- Joined: Mon Feb 04, 2019 6:00 am
He talks fast, but I like that video. He says big objects appear to be moving faster than smaller objects..jamesg46 wrote: ↑Tue Jun 16, 2020 9:06 pmHere's my first suggestion, a short fun and decent video.
https://youtu.be/n46umYA_4dM
If there is already a thread out there, I do apologise, I only scrolled back so far.
Big horse isn't going as fast as he looks like he's going...
So it might make sense to lay the big horse in second place at the end of the race.