My Traders State of Mind
It's scary. The first time I picked up this book and started reading, I was hooked. You will feel like Rande Howell, trading psychologist, is in your head. You literally see yourself in the vignette's characters and discover that Rande knows what makes Traders tick. Then you turn the page and see a new facet of yourself that is stopping you cold in your tracks. I think what I really learned is that I am not alone in this struggle that goes on in my head when I trade. Rande lays it out as plain as day.
In the numerous other books I read about trading psychology, the problem has always been that they can tell you what is wrong and what you are supposed to think like. They have plenty of platitudes, but none teach you HOW to develop the mind that trades. Mindful Trading does exactly this. Rande explains how your biology formed you into a particular organization called a Self, and that becomes the psychology of trading you bring to trading. You can see plainly, that no matter how successful that psychology has been in the past, it will not be the psychology that engages the uncertainty and lack of control found in trading. A psychology of probability has to be developed that replaces your current survival-centered, outcome driven psychology. This is what causes traders to underachieve.
What Rande does in this book is to lay out a process that gives you
the skills to develop a new mind that is built for the rigors of trading.
It's the only book I've seen that does this. You see, step by step, how
you can use this process described in Mindful Trading to re-develop your mind. I recommend you read it several times. After you get through it the first time, get your highlighters and pens ready. You're going to be taking a lot of notes and you're going to practically highlight the entire book.
If you want to understand the head game so you can turn the corner on your trading, this is the place you want to start.
It is not about what you are going to take. You do not have control over that. It is about what the markets are willing to give to the watchful student of the markets. This is trader psychology.