Psychology of Trading (SFO Personal Investor Series) by Laura Sether (Editor), Van K. Tharp, Brett N. Steenbarger, bernie Schaeffer, Russell R. Wasendorf (Introduction)

From the Publisher

Many of the top traders in the world are known as much for their trading mindset as their technical prowess. George Soros talks about what his aching back tells him, Ed Seykota says everyone gets what they ultimately want out of the market, and Marty Schwartz became one of the best in the business when his desire to win outweighed his desire to be right. The bottom line is that all the technical expertise in the world won't help you succeed if you don't have the right mindset.

This collection of the top trading psychology articles from SFO, The Official Journal for Personal Investing, will help you find your best trading mindset. This anthology explored managing mind games, controlling emotions, behavioral economics, and the internal workings of the trading brain. Learn from the leading authorities on trading psychology, including:

• Working on trading is a way of working on yourself. As you work on the trading, it forces you to deal with pressure in certain ways, and it improves you as a person. (Brett N. Steenbarger, PhD)
• What makes a great trader? I start by looking for two qualities: personal responsibility and commitment. People who have these qualities are easy to coach to greatness. (Van K. Tharp, PhD)
• Trading is not an ordinary profession, and traders do not lead ordinary lives. It is possible to survive as a trader, but you cannot thrive as a trader if you are not willing to stretch. (Adrienne Laris Toghraie, MNLP,MCH)
• Some traders have found an edge in an area that until recently generally was considered nothing more than hocus pocus: sentiment. When combined with fundamental and technical factors, sentiment can be a powerful tool for analyzing stocks, sectors, or the market overall. (Bernie Schaeffer)
• The market is a stern mistress whose greatest tool is in teaching human beings an appreciation for humility - a unique trait for a group of people who spend their days waiting patiently for an opportunity to kill. (John F. Carter)
• Most traders fail at trading for the same reason that dieters fail to lose weight. It is much easier to initiate directed effort than to sustain it. (Brett N. Steenbarger, PhD and Doug Foster II)
• It is inevitable that investors will experience loss and fear, frustration and self-doubt; but it is how these events are perceived and managed that determines a place among the ninety percent majority or ten percent of profitable investors. (Mike Elvin, PhD)

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