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https://amzn.to/3OhqOuQ - The Psychology of Trading: Tools and Techniques for Minding the Markets

Reading "The Psychology of Trading: Tools and Techniques for Minding the Markets" was just as good, if not better, than "Trading in the Zone." Although it may be more complicated, I found it to be more insightful and valuable.
I also tried one of the newer versions of trading books, "How to be the Best Trader You Can Be," but I found that I resonated more with the concepts discussed in "The Psychology of Trading" and the basics presented in it.
While Im not entirely sure if I have finished the entire book, I believe that I have absorbed a significant amount of knowledge from it.
One of the key lessons I learned from Mark Douglas and the Steenbarger is that my psychological state significantly influences my trading decisions.
In my opinion, investing time and effort into reading "The Psychology of Trading," combined with "Trading in the Zone," and regularly utilizing "Daily Coach 101," is a much wiser investment than reading 20 books solely focused on trading systems and "how to trade" strategies.
Of course, it is essential to have a solid foundation of basic trading skills specific to the method you use. Once you have mastered the entry, the psychological aspect takes over.
It becomes crucial to manage your stops, profit targets, and risk effectively. By correctly setting your stop loss and calculating your target, you can confidently leave your trade until you reach a specific milestone, such as a new major high or low.
I am now experimenting with the idea of doubling my stops and using discretion when it comes to my exits. I believe that by adhering to my original plan and not getting stopped out by a minimal amount, I can potentially make significant profits.
However, it is essential to have a keen sense of the probabilities of your trade reversing. This tactic requires you to assess whether your plan is working or not and, if necessary, take the loss before your stop is hit in response to market changes.
The same level of observation and analysis is also essential when it comes to your targets. Once you become more proficient in reentering trades, there is no problem with taking profits and then entering again.
Overall, "The Psychology of Trading" offers valuable insights into understanding and managing the psychological aspects of trading. It emphasizes the importance of discipline, self-awareness, and adaptability in navigating the markets effectively.
I highly recommend this book to traders who want to enhance their trading performance and mindset.

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