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Some highly recommended books
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Some highly recommended books

  #391 (permalink)
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I would recommend Mind Power by James Borg. There are many psychological traps in trading.

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  #392 (permalink)
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(Forgot link). Mind power by James Borg. http://www.amazon.com/Mind-Power-2nd-edn-thinking-ebook/dp/B00FS7TY70/ref=sr_1_1...keywords=mind+power+borg

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  #393 (permalink)
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Some highly recommended books



FABRICATORX View Post
I recommend the following:

The E-Myth Revisited - we have three personalities: The Entrepreneur, The Manager, and The Technician. One is the dreamer, one is the do-er, the last is the nerd that wants to get technical.

Summary here:
The Entrepreneur, The Manager, and The Technician : Sources of Insight

Mastery - Becoming a Master is more than just 10,000 hours and dedication - it takes being comfortable with not knowing the future.

Amazon link here:
http://www.amazon.com/Mastery-Robert-Greene/dp/014312417X


Denise Shull has said that the 10,000 hrs criteria spoke about by Gladwell has been proven false. Her book... Not sure if she says this in her book but I heard her say it in a webinar. http://Market Mind Games: A Radical Psychology of Investing, Trading and Risk ht...m_sw_r_awd_UlKWvbKRN0SHN


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It is an axiomatic fact that while you meditate you are speaking with your own spirit. In that state of mind you put certain questions to your spirit and the spirit answers: the light breaks forth and the reality is revealed.
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
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  #394 (permalink)
Every Day I'm a n00b
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Blash View Post
Denise Shull has said that the 10,000 hrs criteria spoke about by Gladwell has been proven false. Her book... Not sure if she says this in her book but I heard her say it in a webinar. http://Market Mind Games: A Radical Psychology of Investing, Trading and Risk ht...m_sw_r_awd_UlKWvbKRN0SHN


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That is correct! Which is why it isn't taught in the aforementioned book. I guess I implied that it did matter when I wrote that, my bad.

The 10,000 was more of an anecdotal observational correlation, not causality.

-Jimmy
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  #395 (permalink)
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I just had a realization. And an further rationalization for trading the bigger time frames as opposed to the tiny ones where the normal wiggles take out the stop. I will die. I will have to pay taxes. Longer time frames allow for more accurate predictions. Albeit general ones.


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It is an axiomatic fact that while you meditate you are speaking with your own spirit. In that state of mind you put certain questions to your spirit and the spirit answers: the light breaks forth and the reality is revealed.
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
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  #396 (permalink)
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rocktrader View Post
The Power of Consistency: Prosperity Mindset Training for Sales and Business Professionals
by Weldon Long

I read this wonderful book last weekend! Although it's not directly related to trading but it has lot to teach about trading for me!

My biggest challenge with trading is having proper mindset, this book talks about a very practical plan to develop proper mindset. Easily this book can be categorized under life changers.

I am halfway through this book, it is superb, one of the most helpful books ever. The big point for me so far, is that in the end, our beliefs are at the root cause of our actions, and therefore create our circumstances in life. Beliefs cause emotions cause thought cause action. Something similar was said my Rande Howell on a webinar he did on overtrading, like we might have a deep set belief that we "have to DO something, MAKE something happen and if we are not doing something we are lazy" and that produces a sense of anxiety and urgency, especially if the market is quiet, and we start forcing trades. In this sense, mindfulness will disrupt the emotion-action causal link but it will not change the root cause - beliefs. Ypu still have to "manage" your state and the detracts from trading. Better to form new beliefs.

Another eye opener for me was "mindset" by carol dweck. The difference between a growth vs a fixed mindset, how we are often conditioned into fixed mindsets and how they are extremely limiting.

Understanding yourself is just as important as understanding markets.
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  #397 (permalink)
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I have finally got down to reading Thinking, Fast and Slow by Daniel Kahneman .

Just unbelievably good and should be an absolutely mandatory recommendation for traders.

I have always assumed the 10,000 hour idea was a placeholder for "a really long amount of time".

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  #398 (permalink)
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Why we do what we do: understanding self-motivation (Edward L Deci).

Its about Intrinsic vs Extrinsic motivation (activity for the sake of activity, vs activity as a vehicle for results).

How the latter ironically produces decreased performance, decreased interest and can lead to burnout (i.e, it is often assumed
people will produce better results when "motivated" by a higher pay, prize etc), and can diminish intrinsic motivation.
Intrinsic motivation is linked to autonomy and individual choice, extrinsic motivation is perceived to be controlling/manipulative.
There's quite a bit more material in the book, these are the main ideas.

Good read, plenty of experimental evidence to back its claims. Reinforces why we should be process oriented and not "think about the money". I have been too focused on getting results and I realize it is burning me out. I remember first starting out, being introduced to the xtrader DOM and trying out various trading drills, it was really fun and enjoyable. There was no goal and ironically I was performing better than I have in the past few days. Trying to hit certain targets or "quotas", or fretting about losses, that has ground me down a lot and seriously impacted performance, so I'm taking a break and getting back at my roots.

Understanding yourself is just as important as understanding markets.

Last edited by TickedOff; August 22nd, 2015 at 10:48 AM.
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  #399 (permalink)
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Big Mike View Post
Here is a short list of books I've read and recommend. I am not a big reader of books in print, I tend to prefer on-line methods... but nonetheless, these are great reads and contain a lot of information that helped me.

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My favorite to read, and the one where I tended to relate the most, was Martin Schwartz's "Pit Bull". The other books are on every trader's "must have" list, so if you haven't read them already, then do yourself a favor and pick them up. The last one is a compilation of chart patterns and how to trade them by Suri Duddella, it is a fantastic reference to understand what is going on behind your favorite indicators.

Mike

Hey BM! Any chance of you posting the title of the 4 middle books referred to above? The old images no longer show. No worries if you can't recall.

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  #400 (permalink)
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Smalltime View Post
Hey BM! Any chance of you posting the title of the 4 middle books referred to above? The old images no longer show. No worries if you can't recall.

Unless correctly addressed, he wont be able.
I think the correct form is
@Big Mike

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