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Some highly recommended books
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Some highly recommended books

  #311 (permalink)
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arnie View Post
Did anyone here read the book recommended by FT71 - The Power of Habit.

I'm

This has been the best book I've read about how our minds work.
I believe it's safe to say it's even better than Steenbarger's books.
For those that for some reason just can't stop making the same mistakes over and over I highly recommend this book.

We are giving away ten autographed copies of this in FT's June webinar.

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  #312 (permalink)
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DarkPoolTrading View Post
Good to hear. Ill be starting the book in a week or so. Just busy finishing off the one im currently busy with.

Looking forward to it. Im a HUGE fan of Steenbarger. If trading psychologists had groupies, it's safe to say I would be one. lol. So if you say this book is on par or better, that's very intriguing.


Yeah, Steenbarger's books are mandatory. They are the best trading psychology books I've ever read.

The Power of Habit goes a bit deeper, or better said, it can go to our most ingrained behavior, why we do the things we do and gives actually examples how to solve some of those behaviors (ie. habits).

If you can find the cue, that thing that triggers your nasty habit, you'll be able to change the routine that leaves to the reward that you get from your habit.

Biting nails, smoking, drinking, all example of habits. For each of them there's a cue, that one thing that triggers the routine of biting, drinking or smoking. Identifying that cue, you'll be able to act on it and change it.

It's not a question of you "delete" a habit you have. It will be almost impossible to do that, but you can certainly change it.

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  #313 (permalink)
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New poll, please vote and discuss.

How many trading books have you read?

Total votes: 256
 


Mike

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  #314 (permalink)
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21-50, unfortunately would only recommend a handful to a new trader: fwiw
1) Rollo Tape by Wyckoff
2) Steenbarger (any title, take your pick)
3) Trading in the Zone, Mark Douglas

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  #315 (permalink)
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arnie View Post
Did anyone here read the book recommended by FT71 - The Power of Habit.

I'm

This has been the best book I've read about how our minds work.
I believe it's safe to say it's even better than Steenbarger's books.
For those that for some reason just can't stop making the same mistakes over and over I highly recommend this book.

Arnie,

I note your 'in a meditative state' so couldn't resist suggesting an even better book than The Power of Habit for you! Nothing much wrong with book really, but like so many other pop psychology books I have read it follows the typical rehash of findings/anecdotes/etc that New York Times bestsellers are made of. And not really deep enough for lasting value IMHO.

The book I would recommend to you and all deals with mindfulness which is the tool you can use to tackle a wide range of trading obstacles, like bad habits, and the book contains a wealth of knowledge on such. Here's the book link. A very cheap book with an amazingly high return on investment if anyone puts in the effort. Or, like those NYT bestsellers you can read through once and get on with the next one.

Mindfulness: An Eight-Week Plan for Finding Peace in a Frantic World

My vote for most highly recommended book of all time! Read the Amazon reviews. And Goldie Hawn has made good use of book for her wonderful mindfulness in schools charity work. Mindfulness is very relevant to trading.

Richard
Hong Kong
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  #316 (permalink)
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Big Mike View Post
New poll, please vote and discuss.

I just did a quick tally. I've read 27 books that are strictly trading related. However since those 27 i've moved onto other things. I've found myself going through the journey that most traders are aware of when it comes to trading books:

- I initially started with technical and indicator focused books.
- I then moved onto system, algo, auto-trading etc books
- I then moved onto trading psychology
- Im now reading books on general self improvement (and self awareness) which are not specific to trading. As well as biographies or history books which focus on successful people and what they did in their lives to become successful.

Diversification is the only free lunch
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  #317 (permalink)
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RichardHK View Post
Arnie,

I note your 'in a meditative state' so couldn't resist suggesting an even better book than The Power of Habit for you! Nothing much wrong with book really, but like so many other pop psychology books I have read it follows the typical rehash of findings/anecdotes/etc that New York Times bestsellers are made of. And not really deep enough for lasting value IMHO.

The book I would recommend to you and all deals with mindfulness which is the tool you can use to tackle a wide range of trading obstacles, like bad habits, and the book contains a wealth of knowledge on such. Here's the book link. A very cheap book with an amazingly high return on investment if anyone puts in the effort. Or, like those NYT bestsellers you can read through once and get on with the next one.

Mindfulness: An Eight-Week Plan for Finding Peace in a Frantic World

My vote for most highly recommended book of all time! Read the Amazon reviews. And Goldie Hawn has made good use of book for her wonderful mindfulness in schools charity work. Mindfulness is very relevant to trading.


Many thanks Richard

It's already on my Kindle
Looking forward to start reading it, after I finish the Power of Habit.

Yeah, I'm in the process of slowing myself down since things health wise have not been great lately.
Been losing weight month after month.
Been at the hospital doing exams day in day out and all seems to be fine.
Apparently it's all about my nervous system and my high metabolism that is messing with my stomach and intestines, putting them in such an acidic state far above the body was build to deal with. I'm not been able to absorb the necessary nutrients and that's why I'm in the state I am, go figure.

It's not been easy. There are days that all you eat seems to make you feeling worst.

So I'm trying to slow down but it's not been easy. How in gods name to you control your nervous system when you have no sense that you are nervous?

If I become half a percent smarter each year, I'll be a genius by the time I die
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  #318 (permalink)
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arnie View Post
Many thanks Richard

It's already on my Kindle
Looking forward to start reading it, after I finish the Power of Habit. ... ...
... ...
So I'm trying to slow down but it's not been easy. How in gods name to you control your nervous system when you have no sense that you are nervous?

Arnie, download the guided meditation MP3s from the website link in book and get started. You can do the 'Three Minute Breathing Space' meditation many times a day as needed. You control your nervous system by being aware of how it is working. Slowing down, yes, and being mindful (more aware) in the process.

Too much New Age for most (although very old in fact), but look up some books on Internal Family Systems and Jungian Archetypes (parts psychology) that may help too.

Wishing you well. Good health is a prerequisite for trading too of course.

Richard
Hong Kong

Last edited by RichardHK; May 21st, 2013 at 07:07 AM.
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  #319 (permalink)
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The rule of thumb is less is better.

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  #320 (permalink)
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Has anyone read The Intelligent Investor by Benjamin Graham? I don't remember it being mentioned in the previous posts in this thread. If you're one of the people who has read it, would you recommend it?

PS: A lot of the posts that use only images of the book cover in the earliest posts don't seem to work for me...so no clue what those books are ><

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