Trading psychology articles
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Trading psychology articles


Psychology and Money Management

Created August 19th 2017 by xplorer
Updated August 31st 2019 by moneyboy888
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Trading psychology articles

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Trading psychology articles

I thought I'd start a thread about good psychology articles I find on the web that are either directly or indirectly related to trading.


Here's the first, found on LBR Group


Mental Toughness and Purple Elephants


Contibutions welcome as always.

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  #2 (permalink)
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Kahneman, Tversky and the birth of Prospect Theory

https://capital.com/kahneman-tversky-the-beginning-of-trading-psychology

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Hi xplorer,
Can we comment on and discuss the articles or do you want to keep it clean with articles only?

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Grantx View Post
Hi xplorer,
Can we comment on and discuss the articles or do you want to keep it clean with articles only?

By all means, any comment welcome.

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The 7 habits of highly effective people - summary video

This is not a psychology article per se, but I do believe it is a great framework for anyone to consider, especially because the principles listed in there are what Covey defined as "common sense".

He went on to say "unfortunately, common sense is not always common practice", which I personally share.


The bottom line of the 7 Habits is to first realize we alone are in complete control of our life and are able to affect its path and then use a framework to achieve whatever target we intend to reach.




I think this is pertinent for all the people who may be tending to blame others for their trading issues. I hope it is useful.

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Good thread and interesting stuff, particularly the lbr article. This is such an underrated aspect of life and should be part of a child's upbringing. I was very fortunate to have been trained when I was younger (although I didn't know it at the time!) best thing that has ever happened for my personal development


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rassi View Post
Good thread and interesting stuff, particularly the lbr article.

Thanks rassi, glad to know you enjoyed it.

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Self-Sabotage in Trading. What Exactly is it? How do we Overcome it?

Good article recently posted on Jigsaw Trading website

https://www.jigsawtrading.com/2017/09/15/self-sabotage-trading-exactly-overcome/

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Grading your mood

Came across the article below in the weekly RadReads newsletter and thought it was interesting. The article talks about doing the exercise in a team setting but I think it could be valuable individually as well and I'll be looking to add it to my daily process.

https://www.fullcontact.com/bart/red-yellow-green/

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Why the Human Brain Is a Poor Judge of Risk


This article is written by Bruce Schneier, a renowned IT security expert. The subject is how our brain goes about analyzing risk, via two parallel systems. One system, more primitive, residing in the amygdala. The other system, evolved later, residing in the neocortex.

Daniel Kahneman also happens to be mentioned in the article, and parallels are drawn between the two above systems and Kahneman's S1 and S2 systems from his "Thinking Fast and Slow" book.

The reason why I really like this article is, the primal fear usually associated with mortal dangers gets triggered while trading for some people. The two systems get into conflict and so a conversation similar to this ensues in your brain

S2: "This trade is a trade you have seen hundreds of time, therefore it is likely that your target will be reached out before your stop"

S1: "Yes but I entered at a worse price so I am going to move my target closer"

S2: "There's no need to do that. Statistical analysis has demonstrated that your target is going to be hit"

S1 (not really listening to S2): "Price is going back to my entry point, see? I knew it!"

S2: "Yes, that's called market fluctuation. Relax, things are going to be just..." S1: "Price is moving against me! ABORT, ABORT!"


https://www.wired.com/2007/03/security-matters0322/


P.S. Only recently have I realized that this emoji is shutting out outside input and wants only to listen to itself.

In other words, a perfect S1

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