Trading Psychology: Rewire Your Brain for Maximum Performance in Today’s Markets
By Scott Redler
Chapter 1: How to Get the Most Out of This Book
"Today is victory over yourself of yesterday."
-Miyamoto Musashi
The ideas I’m about to share with you, while powerful, are all simple to understand. In fact, you just might find yourself saying “duh, that’s obvious!” But the important part is putting these “obvious” ideas into action. And if you take the actions I recommend throughout this book, I believe you will become a better trader.
Again, trading psychology is not about what you think, feel, and believe right now. It’s about your mental state after you take specific actions designed to improve your mindset and attitude.
But, I want to make sure you get through this book the right way so you can implement the ideas you learn about and build a stronger psychological foundation for trading.
First things first: take notes. You can use Google Docs, Microsoft Word, Apple Notes, or whatever writing app you like. Or, you can write things down in your trading journal or even on a scrap of paper. It doesn’t matter. Just document your learnings one way or another so you can reinforce the material.
Second, do not try to do everything I suggest all at once. Do things one step at a time. At the end of the book, I lay out a simple schedule for you to execute each action item.
I want you to follow the schedule so you only introduce one new element to your trading at a time. Because I can’t improve your mindset overnight. I can only give you a roadmap to put you in position to get better, a little at a time. That’s what trading psychology is all about.
Do not underestimate the impact of slow and steady improvements because they compound, just like interest. If you get 1% better every week, you’ll be 68% better one year from now. And you’ll be 661% better in two years.
By accepting that improvement is a process and not a singular event, you’ve already taken a step to improving your mindset and attitude towards trading. Because you’re choosing the hard road, which is the only one that ever goes anywhere.
Finally, I want you to think of this moment, right here, right now, as a fresh start. If you are reading this book, odds are you’re not making the money you want, and you feel frustrated, ashamed, or angry. That’s okay. Because trading is a marathon, not a sprint. The best time to start improving your mindset was yesterday. The next best time is right now. So start.
"Trading is a marathon, not a sprint. The best time to start improving your mindset was yesterday. The next best time is right now. So start!" #tradingpsychology
Today's Action Item: Vow to Take Things One Step at a Time
Your first mission is simple. I want you to promise to take things one step at a time. Accept that getting better does not happen overnight. Tell yourself that, and you'll start your new journey with realistic expectations.
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