Books on Trading Psychology

October 2, 2011 · Posted in TRADING, Trading Psychology · Comments Off on Books on Trading Psychology 

Books on Trading Psychology

Most new traders are never truly prepared for Trading. They focus their entire energy, time and money in learning new Techniques, new Books, new Software etc. Very few traders actually think of the most key important element of trading – Psychology. In the beginning of my trading career, I thought trading is all about Techniques/Analysis and nothing about Psychology. Of course, markets have a funny way of teaching each individual in its own and unique way. I have been trading for over 15 years full-time and now I learnt to respect Psychology as it is one of my favorite interest. During my career, I have taken many courses, classes and read hundreds of books to improve my trading skills, techniques and psychology.

I can attest my trading success to Psychology more than the Trading techniques I learnt or built. To-date I still read Trading Psychology books and maintain and improve my core belief of markets and its trading psychology. I have come to know few Psychology author’s styles which fits my way of thinking. I have gone through a series of methods and meditation to change my psyche to fit the markets. This transformation is really magical and keeps me in check with the reality to achieve my own trading goals.

There are plenty of great Trading Psychology books out there. It is very important to know which author or his style works for your psyche and style. Each trader must focus and pick one or two authors and learn from them and their books/courses etc.

Here is my list highest recommendations for Trading Psychology books. Focus on just ONE or TWO authors and their approaches and books/courses
etc.

1. Ari Kiev (www.arikiev.com)
2. Ruth Barron Roosvelt (www.ruthroosevelt.com)
3. Brett Steenbarger (www.brettsteenbarger.com)
4. Maxwell Maltz (not trading specific, but over-all human psychology)
5. Dr. Doug Hirshhorn (www.drdoug.com)
6. Mark Douglas (www.markdouglas.com)

Suri’s Scalp Trading Rules

February 4, 2010 · Posted in TRADING, Trading Psychology · 3 Comments 

Here are my SCALP TRADING rules. They are not perfect, but these are my rules and they work for me.
I am sincerely NOT interested in participating any debates or discussions about these rules.

I’ll be writing little more about each of the rule on this blog when I get some time.

Regards,
Suri

SURI’s SCALP TRADING RULES
==========================

1. Avoid Counter Trend Scalps. If you have to CT, think very very SHORT term-trade.
2. While Scalping, In Faster markets, you Pay Your Price; In Slower Markets, you pay Market Price.
3. Your first Loss is your best loss. Never ADD.
4. Think EXITS all the time.
5. If Scalping, Develop a Short-Term Memory.
6. Do not turn a Scalp trade (< 10m) to A Day-trade. 7. Do not follow anyone. You won’t have time besides no one is right all the time. 8. Follow Market Internals and scalp in that direction. 9. Intuition/Hope/Praying does not work. Follow RULES. 10. Set Profit/Loss Limits (for every trade/day) and Stop Trading that trade or for the day if you exceed those limits.