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CTA e-book on Trading Psychology 31 replies

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CTA e-book on Trading Psychology

  • #21
  • Jan 16, 2008 2:49am Jan 16, 2008 2:49am
Quoting Houdini
Hello Traders,

Here is an e-book on Tradiing Psychology. I hope it is helpful to your development as a trader.

Thank You PeterFM for your work.

Houdini, CTA
This is new to me.

What time frames are popular to currency trade. I tried longer periods and made good money but the chart never reached my target and I always got stopped out at a loss.

How does daily, hourly and 10 mins sound. That is if they are all going in the same direction. I open to ideas.

Do I find the reply comments on Hudini? I guess I just scroll down?

Thanking you all in antisipation

Hooroo gogary
  • #22
  • Jan 16, 2008 3:05am Jan 16, 2008 3:05am
Thanks Hudini.

I understand the physicology of charting. I have charted the stock market for years and made good money. However forex is new, I have no problem understanding charts, but the time frame is what I need help on.

Do I get a daily trend and check if it is converging with hourly and 10mins?

What time frames are popular?

gogary
  • #23
  • Jan 16, 2008 8:27am Jan 16, 2008 8:27am
Hi fxtrader1979,
Quote
Quote:
Originally Posted by Go Getter http://www.forexfactory.com/images/buttons/viewpost.gif
Hi Houdini,

I was just sitting here and going through a few threads to relax my mind by reading and sometimes putting my 2 cents worth in, then I came across your thread and read the attachment I thought this might just be the anwser I was looking for.
You see I have a few students that think that the market will do what they want it to do, and no matter how much coaching I give them on what it takes to become a professional trader they smile at me and aknowledge my advice and then go and enter silly trades against the system that I taught them.
Anyway I believe that once they read this e-book it might wake them up a bit and give them access to who they are being when it comes to their trading.

So thanks Houdini for posting the e-book

cheers

Hi Gogetter,

I have found that one of the most important factors in a traders success is finding a system or strategy that fits their personality. I think this was also one of the key concepts that Jack Schwagger said he observed from all the interviews he did when writing his market wizards books.

So anyway one more thing to consider if you haven't already as a potential reason why traders are having a hard time following your system is because it does not fit them. Anyhow just a thought, I could be way off base. Best of luck.

-FXTrader1979

Thanks for the input fxtrader1979, I actually got the traders that were having difficulty with their trading to read the chris lori pdf and then sat down with them and discussed who they were being around their trading.
Then organised them to have two Pysch-k sessions to balance their sub concious and concious beliefs.

You will be glad to know that the majority of the guy's have turned their trading around. One of the guy's was averaging -30 pips per week and last week finished with 250 pips up for the week, its amazing what alittle psychology can do.

I thought I would share this with you as it has made my week seeing these guy's turning their trading around.

About the system fitting, I get what you are saying thats why when we teach new students we sit with them and teach them how to use a trading dairy so that after a peroid of 1-2 months on average we can modify the system to suit the individual, the students that I was referring to are only a small percent of the group (around 6 of 101 students) but my commitment is that they all have the opportunity to live off their trading and only work a job if they choose to.

Thanks again for your interest

cheers
Go Getter When Trading Its All About "WHO YOU ARE BEING"
  • #24
  • Jan 16, 2008 2:36pm Jan 16, 2008 2:36pm
Glad to hear its working out.

-FXTRader1979
  • #25
  • Jan 16, 2008 11:31pm Jan 16, 2008 11:31pm
Hi fxtrader1979,

cheers mate and thanks for the imput.
Go Getter When Trading Its All About "WHO YOU ARE BEING"
  • #26
  • Jan 17, 2008 4:34am Jan 17, 2008 4:34am
thanks to you all. I'll check out the local bookshop for trading in a zone.

I'm keen to do fx trading. The markets is not providing any trends at the moment. I just need enough that I can stay home and garden and don't have to go to work.

I see Antra you live in brissy. I used to be a cropduster on the downs.
Try brecky at Cirque in the valley. Tell Sarah that dad recommended it.

hooroo,
gogary
and Antra will know where gogarygo came from
  • #27
  • Jan 20, 2008 3:25am Jan 20, 2008 3:25am
To : Houdini. Thanks For Sharing The E-book It Was Very Informative And Intesting.
  • #28
  • Jan 22, 2008 2:37pm Jan 22, 2008 2:37pm
Thanks for sharing. I am grateful.
  • #29
  • Jan 29, 2008 9:44am Jan 29, 2008 9:44am
great ebook, thanks for sharing
  • #30
  • Mar 5, 2008 4:31pm Mar 5, 2008 4:31pm
Great thread, everyone. Thanks for the ebook. It's always nice to keep reading good stuff about the industry. I know I wish I had focused more on myself psychologically as a trader when I was just getting started.

One of the trading psychology books that helped me a lot is Behavioral Finance and Wealth Management: How to Build Optimal Portfolios That Account for Investor Biases, by Michael M. Pompian, CFA, CFP.

He cites the Bailard, Biehl, and Kaiser Five-Way Model and how you can identify yourself as one of these types of traders:

The Adventurer---People who are willing to put it all on one bet and go for it because they have confidence.

The Celebrity---These people like to be where the action is. They are afraid of being leIt out.

The Individualist---These people tend to go their own way and are typified by the small business person or an independent professional, such as a lawyer, CPA, or engineer.

The Guardian---Typically as people get older and begin considering retirement, they approach this personality profile.

The Straight Arrow---These people are so well balanced, they cannot be placed in any specific quadrant, so they fall near the center.

He also talks about a lot of the biases we bring to the table as we sit down and start trading. I won't name them all here, but a few of them are "overconfidence bias," "anchoring bias" and "illusion of control bias." He provides a lot of quizzes, etc. to help you see if you suffer from any particular biases and what you can do in your trading to counteract them if you do.

Hope this adds to the discussion.

Wade
  • #31
  • Mar 10, 2008 6:47am Mar 10, 2008 6:47am
Thanks Houdini for the clue. It's been a difficulty to choose which materials that I should learn to start from

Thank you.
  • #32
  • Mar 20, 2008 2:48pm Mar 20, 2008 2:48pm
thanks for the good work keep it up
the lazy millionaire
  • #33
  • Apr 12, 2008 12:41am Apr 12, 2008 12:41am
Pleasure Marvostica...
You are what you do, trade with discipline. Chris Lori, CTA
  • #34
  • Apr 12, 2008 12:45am Apr 12, 2008 12:45am
Hi Watercorn,

Read Read Read and Watch Charts...

Good Luck with your trading.
You are what you do, trade with discipline. Chris Lori, CTA
  • #35
  • Apr 12, 2008 11:06am Apr 12, 2008 11:06am
Good Book, I recommend it. Trading is 10% technical and 90% Mental!
  • #36
  • Apr 12, 2008 1:27pm Apr 12, 2008 1:27pm
You got it pipwrangler!
You are what you do, trade with discipline. Chris Lori, CTA
  • #37
  • Apr 14, 2008 11:35am Apr 14, 2008 11:35am
Thank you great read.

Trading is not so much about making mone as it is being true to yourself!
  • #38
  • Last Post: Jul 31, 2008 11:13pm Jul 31, 2008 11:13pm
If you refer to the section on "The Probability Continuum" ... it is reflective of the times we are in now. The current trading environment is low probability and it is important to ease off on trading, or you could uncomfortably drawdown. It is important to pick up on this before losses begin to accumulate.
You are what you do, trade with discipline. Chris Lori, CTA
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