Book Club - The Disciplined Trader

[Miguel Angel 65]

Chapter 17 - Final Note

W - “The more positive you feel about yourself, the more abundance that will naturally flow your way as a by-product of these positive feelings. So, in essence, to give yourself more money as a trader you need to identify, change or decharge anything in your mental environment that doesn’t contribute to the highest degree of self-valuation that is possible.” (p.223)

A - A beautiful way to end this powerful book on trading psychology. Mark exhorts us that in order to make money in trading we have to work everyday on our mental environment which is the source of all energy that will either defeat us or make us victorious in the long run as day traders.

A - This will be my life’s work: to de-energize any memories, association, or beliefs that do not contribute to my overall happiness in trading and in life and to create new ones that will. Great book club session. Thank you Susan and everyone!

[Susan 111]

Great book, discussion and book club sessions!  TY for being part of it... you all are what makes it great! (well Mark Douglas too...lol)!

My book suggestion - Mindful Trading by Rande Howell

Rande's Book and Workbook (mytradersstateofmind.com)

I look forward to your suggestions:)!

[Dan F 73]

Best Loser Wins: Why Normal Thinking Never Wins was brought up during our last book club meeting,  this is my front runner for now.

[Miguel Angel 65]

My book suggestion:

The Mental Game of Trading: A System for Solving Problems with Greed, Fear, Anger, Confidence, and Discipline by Jared Tendler:

About the Author

Jared Tendler, M.S., LMHC, is an internationally recognized mental game coach. His roster of clients spans 45 countries and includes independent and institutional traders, world champion poker players, entrepreneurs, esports athletes, and several PGA Tour players.

In addition to The Mental Game of Trading, Jared is also the author of two best-selling books, The Mental Game of Poker and The Mental Game of Poker 2. Jared previously served as the Head of Sport Psychology for the esport organization Team Liquid. He was a key driver of many of their championships, including The International 2017 (DOTA2), the Intel Grand Slam (Counter-Strike) and four League Championship Series titles (League of Legends).

His interest in the mental game was born out of personal experience. While playing collegiate golf for Skidmore College, Jared was a three-time All-American and won nine tournaments, yet continually choked in major national events. Driven to find answers, he earned a master’s degree in counseling psychology and became a licensed therapist to solve the problems conventional sports psychology couldn’t. Since then, Jared’s straightforward and practical approach to coaching has helped thousands solve their mental game problems and perform at their highest levels.

Note: I have not read this book, but it was highly recommended by my trading buddy Matt from TraderChat (Discord) and BBT member who's been trading for over 10 years, but I remain open to what the majority of the group selects for the next session of our book club.

[Susan 111]

Another suggestion - Atomic Habits 

Atomic Habits: Tiny Changes, Remarkable Results by James Clear

[Dan F 73]

Take ways from the book

·        To understand your issue, you have to be in the Right mindset at the right time.

 

·       No matter how much you think that you’re in control the brain can revert to fear and look for what it thinks is stable ground.

 

·        You must let your mind wonder to let it figure stuff out.

Edited May 2, 2023 by Dan F

[Susan 111]

Take aways:

As I flip through these pages; it is filled with some many great things and hard to pinpoint a few:)

- Your intent of learning a new skill or way of expressing yourself is in essence an attempt to create a new dimension of yourself.  It is a goal you have projected out into the future that you will then attempt to fulfill by growing into it....p.73

- When you understand how any number of typical market-related fears operate in your life & learn to release yourself from them, you will, in effect, be separating yourself from the crowd. p.83

- When you tap into those memories, you will reexperience the sights, sounds, tastes, smells, and most important, the emotions of that time, as if nothing changed.

(This is used in memory regression/regeneration work, hypnosis, NLP, and many psych modalities.  This is powerful to remember things, recreate memories, learn from past experiences, etc).  Howell uses this in his work. p.98

- Change comes from what we are willing to think. p.172

- The exercises were good for digging a little deeper too.

Overall it was a fantastic book for traders.  I am not sure any book will ever be better to me than Trading in the Zone, but this is also a powerful book (In my humble opinion)

Thanks for joining me and learning trading psych with me.  I have enjoyed all of our time together very much:)!

 

[Susan 111]

***** Sorry but last minute change - book club tomorrow has to start at 1pm ET instead of 12pm. Sorry about that and talk tomorrow ☺️*****

[Susan 111]

Please e-mail me your email address so I can communicate the new book club updates and any changes this way with you!  Thanks!!

[email protected]

Edited May 4, 2023 by Susan