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Books on Day Trading Psychology

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Admin

February 4, 2019

In the world of day trading, there are many factors and skills that play a vital role in a trader’s life to be successful in the financial markets. The ability to understand charts, economic conditions, the impact of stock news, sector performance, and many more of such skills are required to become a trader. However, to become a successful one, the critical skill that is necessary is emotional control.

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The psychological factor in day trading is crucial as it is the key to success in every trader’s life. Commanding the psychology is imperative for a trader as it is the primary safety net before he loses all of his investment in a hasty emotional decision.

Some of the major day trading psychological factors include the presence of mind, mental control, discipline to follow patterns, and keeping a strict check on greed. Traders should consider having command over them before entering the world of day trading.

Do day trading psychology books help?

Meir Barak, founder, Chairman and Head Trader of Tradenet, truly believes in the saying that Books are indeed a man’s best friend”, which is also the reason he authored the book: “The Market Whisperer,” a best-seller on day trading. Apart from the details and concepts related to day trading, the book mainly covers a topic usually ignored by most of the mentors in the day trading world: the psychology of day trading.

In his book, Meir talks about the importance of emotional control and exercising discipline in the day trading world. Meir explains that a trader should never get emotionally attached to any stock and should always stick to a pre-planned strategy while in the game. Mastering psychology during day trade is a skill that only a successful trader can possess, as any trader can learn how to read charts or fundamentals of a company but only a few can command self-control and discipline.

Day trading psychology books guide

 

A herculean task for any aspiring day trader is to select the right book from a sea of day trading psychology books available in the market. While psychological experts write a majority of these books, but not every book is a suitable read.

Even though psychological experts, a reader needs to understand that little expertise in psychology does not make a person a good trader. At the same time, not every trader can be an expert in psychology. The limitations of each role in isolation are the characteristics of an unsuccessful trader.

A day trading book by Meir Barak

For any trader looking into selecting the book which talks about learning day trading and trading psychology, “The Market Whisperer” is one of the best books that can be trusted upon. The book is not just about day trading nitty-gritty, but also deep dives on the psychological aspects of day trading in much-needed detail. In initial chapters, Meir talks about taking a disciplined approach towards day trading.

The book quotes, “The average person’s psychological behavior does not match the behavior of the market. Greed, on the one hand, and fear on the other cause us to react in precisely the opposite manner than it is required. From now on, you’ll need to accept and respect these rules undisputedly.”

In later chapters, the book covers all the rules in detail with a dedicated chapter on preparedness and empowerment. The section covers topics like ‘The Fear of Taking Risks,’ ‘Self-Confidence,’ ‘Control Your Mood,’ and ‘Controlling Frustration,’ which will guide a trader on the much needed psychological aspects of day trading.

Day trading psychology via Youtube videos

Apart from authoring a best-seller on day trading, Meir Barak also talks about psychology and provide related pieces of advice in their trading rooms on its website, and via videos available on its Youtube channel. In live trading sessions on the Youtube channel of Tradenet, Meir Barak and Scott Malatesta, discuss the market psychology and point out exact situations where a particular psychological factor needs to be kept in check.

One of the videos on Tradenet’s Youtube channel where Meir Barak made $3,900 in 11 minutes talks about fear factor grasping the sellers while trading live, and indirectly mentors students to learn from these mistakes and avoid such mental blocks.

Reading a day trading psychology books is important

If the traders are looking for any alternatives to the proposed book by Meir, there are some other books as well which discuss day trading psychology. Few of them are listed below:

  1. “Trading in the Zone” by Mark Douglas, which discusses trading psychology derived from personal experience of Mark.
  2. “The Investor’s Quotient” by Jake Bernstein, which discusses major psychological factors on why many traders fail and shares tactics and strategies to overcome those issues.
  3. “The Psychology of Trading: Tools and Techniques for Minding the Markets” by Brett N. Steenbarger, which also talks about trading psychology, although from an academic point of view.

Conclusion

Sound trading psychology is the key to become a successful trader. This is why a trader should choose to read at least a couple of books like “The Market Whisperer,” which will provide him an insight on mastering the psychological factors of day trading and will help him to become successful.

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