#1 Trading Composure With Yvan Byeajee – Blog & Courses [Read Review By Matt Thomas]
Trading Composure is a website run by Yvan Byeajee. It offers a blog and various courses that focus on the critical importance of trading psychology. Most traders don’t even realize it, but mindset is what separates the consistently profitable traders from the losers. The majority of people mistakenly believe that being a good trader is synonymous with being a good market analyst, but that’s not necessarily true. Without the proper psychological makeup, even the best analysis and trading systems will crumble. Virtually nobody goes into trading with the appropriate beliefs and attitudes, which often leads to a large dose of emotional and financial pain. It’s not until we accept the realities of the market and decide to make a real effort at improving our mindset that true mental stability and trading consistency can exist. Executing a winning trade or even a series of winning trades requires absolutely no skill – anybody can do it. But it’s the consistent success over time that is so hard to achieve. Ultimately, that consistency we seek in our trading profits is the result of acquiring a specific set of mental skills.
#2 Trading in the Zone By Mark Douglas – Book [Read Review By Matt Thomas]
Trading in the Zone is a book written by Mark Douglas that covers the most fundamental aspect of trading – the way that we think. Why is it that over 90% of traders fail? It’s not because they don’t know enough about the markets. It’s because they don’t know enough about themselves. They simply don’t have the self-awareness required to stay disciplined and focused in such a chaotic environment, and as a result, they allow their emotions to be in the driver’s seat. It’s a myth that intelligence and good market analysis is the determining factor in consistent trading success. Sure, those things can help, but consistent profitability will never be achieved without obtaining a particular set of attitudes and beliefs. If we allow our emotions to make us act erratically, then our trading results will be erratic as well. The negative impact that our bad habits, delusions, and defense mechanisms can have on our trading results are immense. Ultimately, the consistency we seek must be provided internally within our own minds because the markets won’t naturally provide that structure for us.