Mind Games

Posted by Deb | Day Trading Journey,Futures Trading Tips | Tuesday 24 August 2010 12:27 am


Today I was not able to trade. I didn’t have time to try till the evening, and then I had again internet connection problems. I phoned the Transact support, and they told me to speak with my internet provider. The internet provider refered me back to Transact support. Finally they did some reset of my internet connection, but till that was finished the stock exchange was closed for the day, so only tomorrow I will find out if it really helped. Agghhhh!

I wrote here about a book I ordered, on trading psychology. I got it about a week ago, but since we were on vacation with the kids I didn’t have time to read it. Now I am finally reading it, and it is very interesting.

Mind Games

The name of the book is the title above – Mind Games, written in Hebrew by Zvika Bergman and Arnon Schachar.   Unfortunately, I don’t think it was translated into English.

I think I will give her in the next few days some of the insights I am getting from this book.  One interesting things the authors claim is that your chances to succeed in trading are only very partially dependant on your technical knowledge and trading systems.  They give it only 10% of the influence on your success.  30%  they see as dependant on your money management or risk management methods, and 60% on your psychology as a trader.

Actually, from my experience, I also feel that the psychology is the most important factor.  I don’t know if I would give only 10% to trading methods, but actually it is anyway very difficult to divide percents of success like that.

Another interesting thing they write is that in order to become a professional trader, you have to pass through 3 stages, each one takes about a year:

Stage 1: Survival for a long period of time

Stage 2: Growth of your capital

Stage 3: Making money

In the course I took on trading the teacher gave the impression that after a few months of working on the demo system, one can go straight to live trading as an expert.  But, as I found out, as the main part of trading is a matter of psychology, and trading on the demo cannot really give a true taste of trading psychology, it seems the apprenticeship period is much longer.

I hope give some more insights from this book in the next few days.

Trading for Living
For my readers who do not read Hebrew, I will give here also a recommendation for a book written in English about the subject of the psychology of trading, as I think psychology is a such crucial part of trading. The book Trading for a Living: Psychology, Trading Tactics, Money Management is a great book with very important advice about this subject.
Share

13 Comments »

  1. Pingback by Futures Trade Blog » More of the Same — September 2, 2010 @ 6:20 pm

    [...] do want to write more about the book I am reading. I feel I am getting many insights from it, and I will have to reread it a few times. I will write [...]

  2. Comment by How to Hypnotize Yourself — September 3, 2010 @ 8:10 pm

    I really enjoy your blog and many posts, thank you so much you have helped me out greatly :) spread the love.

  3. Comment by Watch UFC 119 — September 4, 2010 @ 3:11 am

    Your Blog theme is kind of bland in my opinion, I love your posts but maybe you should update it sometime soon, don’t take it wrongly!

  4. Comment by Dotty Fagnan — September 5, 2010 @ 1:49 pm

    Many posts definitely worth scanning on here and a lot of good info. If you do by any chance happen to have time, have a look at my site and glance over my posts and afford me a comment.

  5. Comment by Hyper FB Traffic Review — September 7, 2010 @ 7:34 am

    Hi do you use seo plugins on your blog? im looking for some advice.

  6. Comment by Deb — September 7, 2010 @ 7:51 am

    You can take a good list of plugins from here: http://creatingmybusinessonline.com/the-100-blog-comment-challenge/

  7. Comment by Nick Young — September 7, 2010 @ 11:22 pm

    good post, added you to my RSS reader.

  8. Comment by Deb — September 7, 2010 @ 11:34 pm

    Thanks, I am glad to hear.

  9. Pingback by Gems of the 100 Blog Comments Challenge (Part 3) | Blogging For dot INFO — September 10, 2010 @ 9:31 am

    [...] – Debs@Futures Trade – Mind Games – As a stock trader, psychological reads are necessary to understand and control your urges. [...]

  10. Comment by Rosary Necklaces — January 23, 2011 @ 8:16 am

    I enjoyed your article on trading and found it quite interesting that the book you read stated the most important part of trading is psychology 60%. I guess that is why I lost money when I dabbled in the market back in the early 2000′s!! Anyway thanks again for the article and the recommendation on the book! I’ve bookmarked your site and will visit again soon!

  11. Comment by Deb — January 23, 2011 @ 8:16 pm

    Yes, it is surprising at first. When you start trading you are sure you must find the best trick or method to win. Then you see that what you are looking for is the right method for you. You have to understand your own trading and see what works for you.

    In this book they say they interviewed many successful traders. Each one had a different method. What was common to all was the attitude.

  12. Comment by Elvis from binary options tutorial — August 8, 2013 @ 7:42 pm

    Hi there! Would you mind if I share your blog with my myspace group?
    There’s a lot of people that I think would really enjoy your content. Please let me know. Thank you
    Elvis@binary options tutorial recently posted..binary options tutorial

  13. Comment by Deb — August 10, 2013 @ 10:33 pm

    Of course. Feel free to share my blog on myspace. Thanks!

RSS feed for comments on this post. TrackBack URI

Leave a comment

CommentLuv badge

This site uses KeywordLuv. Enter YourName@YourKeywords in the Name field to take advantage.