Self-confidence is the feeling of faith and trust in your own abilities, skills, experience, and judgment. It’s the belief that you’re good enough to accomplish the task before you. It’s believing in yourself. People can have different levels of self-confidence in different areas of their life. You may have complete self-confidence at work but have […]
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Self-discipline is the ability to control your actions through inner will power regardless of your emotions and impulses. It’s the skill to overcome the temptation to violate your inner principles. Self-discipline enables you to pursue your goals, follow your own ethics, and be the person you want to be. Someone guided by self-discipline uses their
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While traders can’t stop feeling emotions because they are human, they can remove acting on their emotions in their trading. Feeling emotions and letting them influence your entries, exits, and position sizing are two different things. How do traders remove emotions? Many new traders will find the most difficult thing about trading is not the
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Here are 50 of the best psychology books every published based on the book 50 Psychology Classics Second Edition: Your shortcut to the most important ideas on the mind, personality, and human nature. by Tom Butler-Bowdon. 1 Alfred Adler Understanding Human Nature (1927) 2 Gordon Allport The Nature of Prejudice (1954) 3 Albert Bandura Self-Efficacy:
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Think and Grow Rich is one of the best selling psychology of wealth books of all time. It contains some of the best principles for creating the right mindset for wealth of any book ever written and was the book that practically began the self-help movement. While getting rich by building a business or growing
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Wall Street goes through cycles based on the primary human emotions of greed and fear. There is a wide spectrum and phases of emotional behavior inside these two main drivers of investor behavior. The below Wall Street cheat sheet shows the impulses that drive each phase of a market cycle. The best solution to managing
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To be a profitable trader you need three things: A trading system with an edge. Proper position sizing per trade. The right trading mindset. If you don’t have the right mindset for trading then the other two will not work. Here is a trader cheat sheet of the principles you must understand to create the
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A risk management process for a trading system is not just math but also includes human psychology. The psychology of execution is just as important to profitability as the trading dynamics of the entries and exits of a trading method. Humans have fear, greed, and egos and these elements can interfere with the process of
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Trading is about mastering three different areas: A trading system with an edge. Using the right position sizing and risk management parameters for the system. Having the right discipline and mindset to execute a trading system consistently over the long term. Developing the right trading psychology is about how you think about trading execution and
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Mental accounting is also called psychological accounting as it tries to describe how people categorize and label financial income and outgo of money. This behavioral economic theory was first proposed by Richard Thaler. Mental accounting quantifies the emotional and mental connections made with money specifically directed to a budget and specific savings like investing, trading,
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