Trader Mind is an essential resource for understanding and applying mindfulness-based approaches that help to enhance an individual traders overall performance.
“Trader Mind – Get a Mindful Edge in the Market” by Steve Ward is an amazing book for anyone looking to improve performance in any area of their lives, not just trading.
The information is based on extensive research and practical applications to the real world that really helps increase awareness and insight. Both of which help manage thoughts and emotions.
Developing the proper skills through these techniques can help a trader become more situationally aware and build patterns of effective trading behaviors. Behaviors that will recognize an emotional cliff is approaching and to walk away.
Not just being aware of walking away mentality, but really… walk away. Walk away from the computer, the room, the office. Get away from the situation.
We all know losses will happen. However, it’s the emotional and impulsive behavior that happens after the loss that gets traders in real trouble. Once a trader falls into the mindset of “I can get it back”, catastrophic failure is creeping in. At this point, the trader is now looking at the market through personal biases and perceptions.
The reality is a trader cannot remove emotion from trading. Emotions are embedded into us as humans. We cannot ignore them or try to suppress them. After all, it’s the emotions that can keep us out of trouble. It is the “gut feeling” a trader gets that can keep them from losing money.
The idea of this book is to give the trader the tools and techniques to become more situationally aware and build positive patterns. Patterns of good behaviors that will help traders overcome those inherent biases and ultimately improve their trading decisions.
To see a full list of the books I’ve listened to, click HERE.