Andrew Menakar - Techniques to Improve Your Trading Psychology - Summary

[onlyjava 12]

 

Trading is like the game of poker. You only have access to incomplete information and the opponent (market) can turn against you anytime.  You have control only over your setup and processes but not the outcome. 

 

Game of probabilities - like Mark Douglas says.

You gather and process as much information as you can but searching for more information is futile. You follow your setup and processes and if the market turns against you your stop loss will protect you and keep you within your risk tolerance (proper risk management).

 

Result trap: The market may reward you for bad behavior. This will not end well.  Better to follow your setup and miss a reward. You have to be in the sweet spot of your risk tolerance.

 

Self awareness <> Market awareness 

Self management <> Trade management 

 

Just like reading the Market data from Charts, read your own internal data and analyze yourself.

You have to become the best version of yourself. There are all kinds of successful traders: the impulsive ones, the conservative ones, the intelligent ones etc.  They all had to find the best version of themselves to be successful.

 

Low hanging fruit for self management: Eat well, drink less, exercise. 

 

Recommended book

https://www.amazon.com/Thinking-Bets-Making-Smarter-Decisions/dp/0735216371/ref=sr_1_1?keywords=thinking+in+bets&qid=1636915870&sr=8-1

 

Andrew Menakar (BBT Webinar)

https://bearbulltraders.com/course/psychology-wednesday/lesson/trading-psychology-concepts-3/topic/techniques-to-improve-your-trading-psychology-andrew-m/

Edited November 14, 2021 by onlyjava