When you look for the best trading psychology books online, at the top of everyone's list is usually something like “Trading in the Zone” by Mark Douglas.

That's a fantastic book and it's at the top of my list too. However, there are a few books that have had a huge impact on me, that I haven't seen on any other list.

So in this post, I'll show you my picks for the 3 most underrated books and why I love them.

Trading, Sex and Dying

The title might seem a little strange, but it gives us a hint as to why this book is so valuable.

Juel Anderson was a professional poker player, phone dating operator and funeral home employee.

These experiences taught him a lot about human nature because these situations put people under extreme stress…and that's when their true nature comes out.

Anderson puts people into a few general personality types, based on his experiences. This understanding of human nature helped him as a lot as a pro poker player.

As traders however, we can use this information in a slightly different way. Instead of analyzing the people sitting across the table from us, we should analyze ourselves.

We can understand our own innate strengths and weaknesses, instead of trying to mold ourselves into a personality type that we thing we should be. Reading this book helped me understand that I didn't have to change. I simply had to understand myself better.

The original name of the book was “Poker, Sex and Dying.” But an options trader by the name of Dave Kaplan bought the rights to the book and changed the name.

Kaplan felt that understanding these personality types was key to helping traders become successful.

Spot on Dave.

Get more information about this book here.

When Supertraders Meet Kryptonite

This book isn't a psychology book per se, but it does give us fantastic insight into the psychology of resilience.

All of the traders in this book were at the top of their game, when they experienced a huge loss. The type of losses that these traders sustained are more money than most people will make in a lifetime.

However, they picked themselves up and got back in the game.

If you think that you've had a big loss, this book will help you put your losses into perspective. You'll also learn what these traders did to come back, which can give you tools that you can use when you've had a run of losses.

Many traders give up on trading too soon because of moderate to small losses. Increase your mental toughness by understanding what it takes to push past them.

Learn more about this book, as well as all of the books on my list here.

Trade with Passion and Purpose

The last book is in my top 3 books of best trading psychology books of all time. Yes, it's up there with “Trading in the Zone.”

This book is written by Mark Whistler, and is probably the most underrated trading psychology book of all time. The reason that I like it so much is because he talks about topics that other traders don't even touch.

For example, he talks about why traders should pay attention to intuition. Most trading psychology books tell you to ignore gut feeling, as well as any emotions, and try to view a trading scenario dispassionately.

There's certainly a lot of benefit to seeing a situation objectively and not trading emotionally.

But Whistler takes it to the next level and says that we should also factor in our intuition. He says that we should work on developing our intuition and understand the different levels of intuitive ability.

Other topics that he talks about are:

• Gratitude
• Emotional intelligence
• Understanding fear
• Medical stress
• Affirmation and visualization
• And more

Many of these topics are covered in other books, but Whistler presents them in a slightly different way.

He also interviews experts and people who have experience in these areas, which provides a well-rounded look at the topics he covers.

To find more hidden gems, check out this list of trading psychology books.

Final Thoughts on Trading Psychology Books

So those are my favorite underrated trading psychology books. I would highly recommend reading all of the popular psychology books that people recommend.

They're popular for a reason. 

But when you're done, expand your horizons and look for other books that can take your mindset to the next level. If you search hard enough, you'll uncover gems, like the ones mentioned above.

See the complete list of my favorite trading psychology books here. You can also see the best trading books that I've read.

Happy exploring!

The post The 3 Most Underrated Trading Psychology Books appeared first on Trading Heroes.

As I am writing this, I don't remember where I first heard about this book. What I do know is that it has been on my Amazon Wishlist for a long time.

A really long time. 

The reason that I didn't pick it up right away was a combination of three things:

1. Having my hands full with testing other trading methods.
2. Let's face it, $50+ for a book (especially the Kindle version) doesn't put it at the top of most people's reading lists.
3. An ever present fear that it might be another crappy trading book that will consume two hours of my life, that I will never get back.

But I have recently become better at automating things in my life and that has freed up some time. So I started looking for some new trading ideas one day.

As I scrolled through my Wishlist, there weren't any books that really jumped out at me…until I hit the last book on the list. This book had been there for so long that I completely forgot about it.

So I downloaded it and I was pleasantly surprised. Books like Forex Patterns and Probabilities by Ed Ponsi are my favorite Forex trading books.

More on that in a bit. But first, I'll share with you what I didn't read in this book.

What I Skipped

The beginning of the book was the standard introduction to currency trading. I did skim a couple of the sections and this book does a good job of explaining the fundamental concepts in a clear and well-structured way. If you are a beginner, then I certainly recommend reading this introductory information to get up to speed.

I also skipped his section on Fibonacci retracements. It does work for some traders, but I find Fibos a little too arbitrary for my taste. Maybe I will learn to appreciate them one day, but for now, I ignore them.

There are also a couple of short-term trading strategies that I skipped over because they don't fit my personality. But other than that, I actually read through many sections several times and took notes in Evernote.

What I Read…And Reread

Karma is a bitch. That was one of my favorite trading lessons in the psychology section of this book.

He tells a story of two coworkers that were rooting against him after a winning streak. They were really happy when the hot streak came to an end and Ed started losing.

When it was all said and done however, the joke was on them. They ended up working in a restaurant and teaching high school, while Ed is still trading.

So while there might not actually be such a thing as karma, having negative thoughts about others ultimately contaminates your own psychology and leads you to make major mistakes. But if you are trading full-time and you really do want to teach high school, then this is something you should try.

I know that I'm a much better swing trader than a day trader. So I only concentrated on the swing strategies in this book. Luckily, they are a few to choose from.

About Ed's Trading Methods

Now we come to the big question…are his trading strategies any good?

Remember that a trading system alone does not make a good trader. Ed emphasizes this in the book. You could have the best trading system in the world and still lose money. Also avoid the Trading Silodrome and don't jump to a new trading system just because you want to try something different.

With that PSA out of the way, if you do have room in your trading quiver for a new strategy, then there are two reasons why you should read this book and start testing his strategies.

First, the systems that he gives you in this book are complete systems. He doesn't hold anything back.

Some books are simply lead generators to upsell a more expensive course. That is not the case with this book, you get the complete systems.

Second, the methods are simple and explained very clearly. This may seem like it is easy to do, but you will be surprised how much some authors can complicate even the simplest trading system.

The method that appealed to me the most was the Fx-Ed Trend Technique and that is what I'm currently testing. Before I move on to another system in this book, I'm going to get comfortable with this method first though.

So to come back to the question at the beginning of this section, these methods are only going to be as good as you make them. Ed lays out everything you need to get started. He uses standard indicators and measuring tools. It is up to you learn them, test them and figure out if they work with your personality.

Rockstars Make Good Traders (and authors)

One interesting thing that I learned about Ed from this book is that he used to be a rockstar…literally. I don't know why that caught me off guard, but it did. Maybe it was because every picture that I've seen of him shows him in a suit and schoolboy haircut.

But once I learned that fact, things started to make sense. It may have even contributed to making me like the book more. His humor and his more conversational tone was refreshing, compared to other trading books that I read.

Conclusion

Forex Patterns and Probabilities is one of those books that you will probably keep in your library for a long time. I know that this will be the case for me. If you are looking for a well written, actionable book that will teach you exactly what you need to know, then I recommend picking up this book.

What is your favorite recent read? Share your pick in the comments below…

Disclosure: I do get a commission if you buy through some of the links on this page. But it does NOT cost you anything extra, it helps pay for my hosting costs and a portion of the proceeds go to my charity partner.

The post Forex Patterns and Probabilities is a Trading Book You Must Read appeared first on Trading Heroes.

This is a book that I have been wanting to read for awhile, but it always seemed to get pushed down my reading list.

Well, it got pushed all the way back up to the top when I received a box from none other than Walter Peters.

If you have never heard of him, I interviewed him on the Podcast in Episode #7 and he is currently the most watched interview on the Trading Heroes YouTube channel.

To see more books I recommend, check out the Library and Book Club. 

The Most Important Section Of This Book

Let's start at the top.  Walter is a psychologist by training and it really shines through in this book.

Unfortunately, psychology is not sexy to most aspiring traders, so it is usually placed at the end of trading books.  It is no different in this book.

This being the case, I would actually recommend that you skip to the end of this book and read the psychology section first.  It really is that good.

In particular, I liked what they write about the “circle of doom.”  I see so many traders get trapped in it and I have been in it myself.

There are also other topics such as: runners/gunners, gaining confidence and becoming an expert, which I found very useful.

The Rest Of The Book

But the rest of this book is not chopped liver either. I would recommend reading the entire book from cover-to-cover.  Besides the section on psychology, there were two other sections that I found particularly informative.

First, the trading strategies are explained very well. They are simple and make sense.  However, what I liked the most is that the book takes the time to explain the reason behind why they work.

Most books just say: look for this setup…then do this.  But I liked the fact that this book explains what you should be looking for before the setups that might invalidate them.

However, the book doesn't stop there. It goes one step further and encourages you to test the strategies using tools like Naked-Markets.

The trouble that I have with many trading courses is that they expect you to take them at their word that their strategy works.

You just have to start trading it and you will be golden.

But I have learned from experience that if you do not understand the system well and understand the drawdowns, you will not have the confidence to stick with it.

This is what causes people to jump from system to system until they finally think that this Forex trading thing doesn't work.

Backtesting can help you really understand how a trading method works.

Second, I really liked the way that Alex and Water lay out a road map for deciding when you are ready to move on to the next step.

For example, how do you know when you are ready to open a live account?  How do you know if you should keep demo trading?

They provide very specific parameters that will let you know when you are ready for the next level.

Of course these are just guidelines, but they make a lot of sense and give you something to shoot for.

What Is Naked Trading Is Appealing And Why Do It?

Naked trading is basically their flavor of price action trading.  It is when you use price action alone to determine when to enter and exit trades.  No indicators and no complicated chart setup.

If you have ever been confused by indicators or complicated trading systems that require several different criteria to be met before you can take a trade, then Naked Trading can be a breath of fresh air.

I am currently testing some of the strategies myself.

Their strategies include: The Big Shadow, Wammies /Moolahs and more. I especially like the Trendy Kangaroo.

Conclusion

So if this appeals to you, then check out Naked Forex: High-Probability Techniques for Trading Without Indicators, by Alex Nekritin and Walter Peters.

If you prefer using indicators, then this book may not be for you. But if you are looking to simplify your trading and get rid of all of the clutter on your charts, this is a book that I recommend.

And I would say that, even if I purchased this book at full price.

For more book recommendations, browse the Library and Book Club.

The post Naked Forex: High-Probability Techniques for Trading Without Indicators appeared first on Trading Heroes.

That stuff is still very interesting.

But the vast majority of trading books out there are targeted at the beginning trader. They pretty much repeat the same old trading maxims, ad nauseam.

“The trend is your friend” (not always true), blah, blah, blah.

Add to the fact that a lot of books out there may or may not be written by actual traders.

However, if you are just starting out, I do recommend that you read as many trading books as you can get your hands on.  It's just that I have read so many already (probably in the neighborhood of a hundred fifty, or so), that there is definitely a point of diminishing returns.

I am pretty jaded when it comes to reading more trading books.  That is one reason why I stopped doing book reviews.

I prefer to read biographies of successful people and books related to psychology, health, travel and personal development.  But once in awhile, there are trading books that come along that are worth talking about.

One such book is The PlayBook: An Inside Look at How to Think Like a Professional Trader by Mike Bellafiore.  If you have never heard of Mike before, he is one of the partners in SMB Capital and runs the outstanding SMBU trading blog.

They primarily trade stocks and options, but don't hold that against them. Like he says in the book, trading is trading and the master trader can trade anything.

Here are the top three reasons that I recommend this book…

Reason #1: It Is Not About Trading Setups

One of the best trading books that I have ever read does not have a single trading setup in it.

It was really refreshing to read a book without a trading system.  With entries and exits out of the way, it makes it much easier to concentrate on the principles that the author is trying to communicate.

The PlayBook is similar.  It concentrates more on the psychology of trading and daily processes that are required for success.

There are a few charts in the book, but they are there only to illustrate a point, rather than to teach a complete trading method.  I feel that this is way more valuable than just learning entries and exits.

Reason #2: It Is About Processes

Again, I must emphasize again the importance of focusing on the psychology and setting up a feedback loop in your trading.  I feel that this is where most trading books fall short.

Sure, other authors talk about journaling trades.

But it is like water off a duck's back to most traders.  This is because it is hard to really understand how important it is, without learning it first hand, or hearing specific stories.

The other thing that is talked about a lot is how to setup a PlayBook.  This is another concept that I have not read about much in other trading books.  Again, if another author does mention this principle in their book, it is only in passing.

Most other authors are more interested in teaching their favorite method.  That is great, and there is a place for that for sure, but I believe that processes are much, much more valuable than systems.

Reason #3: It's About Real Experiences

The most important reason to read The Playbook however, is because it shows you trading principles in action.  It goes through numerous, specific situations where a trader did the right thing and benefited.

Of course there are also many examples of how traders didn't follow the rules and paid the price.

More than anything else, this will give you an inside look at how some of the elite traders in the world got to where they are.  There were several times when I would have loved to be at the trading desk when some of those things were going down!

Final Thoughts on The Playbook

I can blog about the value of journaling your trades, finding other traders to be accountable to and keeping a playbook of your own until I am purple in the face.

But unless you read stories in this book, it is really hard to communicate the value of such activities properly.

Bottom line…that is the value of this book.

Yes, there were some downsides to the book.  The book was a little long winded, at times.  But it all served the purpose of telling a story, so stick with it.

Hope you are trading well…

The post 3 Reasons Why You Should Read The PlayBook By Mike Bellafiore appeared first on Trading Heroes.

This review is a long time coming, but this is one of my favorite books of all time. It is not really a trading book. Trader Dave Caplan just bought the rights to Poker, Sex and Dying and renamed it.

I don't agree with that move, but I do agree with Dave's point that poker is much like trading…it is all about figuring out personalities.

The difference however, is that Poker is more about figuring out the personality of your opponent. Trading is more about figuring out your own personality.

What this book did for me was to help me figure out my personality and how I can apply that to my trading. I actually read it back in college, when I was still searching for an identity.

After reading this book , I discovered that I was a “Counterphobic Reflective” personality. What does that mean? I'll get to that in a minute…

The more important question is: What makes the author qualified to teach me about personalities? This is where it gets interesting.

I'm not usually too impressed by books who try to put people into categories because they are usually written by ivory tower types who just make shit up so they can write a book. Juel E. Anderson however, has some street cred.

The title comes from the three occupations that he had in his lifetime that taught him the most about people. The first was a Dating Service Operator, the second was a Funeral Home Worker and the last, of course, was a Professional Poker Player.

These are three situations where people's emotions are at their highest and their true nature comes out.

Based on his observations, Anderson put people into several basic categories. You will have to read the book to get a deeper understanding of the personality types, but many times, I found myself saying: “I know someone exactly like that!”

Then of course, it came to my personality type. Anderson writes that the “Counterphobic Reflective” is basically a person who is very, very introverted by nature (Reflective) but makes a conscious effort to succeed in spite of their nature.

They continually thrust themselves into situations that they find uncomfortable (Counterphobic) in order to overcome their fears.

It's a spot on description.

So if you are looking to figure out your own personality or maybe become a better Poker player, Trading, Sex and Dying is a must-read, in my opinion.

The post Trading, Sex and Dying: Book Review appeared first on Trading Heroes.

Who do you think has executed the greatest trade in history?  George Soros when he bet against the British Pound?

Not even close.  Soros “only” made $1 billion on that trade. It was considered the biggest trade of all time until recently.

According to this book, The Greatest Trade Ever was done by Robert Paulson.

If you are wondering who Paulson is, so were others in the trading community before his monumental trade.

Back in 2006, he realized that the housing market was in some serious trouble.

But to the rest of the world, the housing market could do no wrong.

Being an outsider to the world of real estate and mortgages, people discredited Paulson, saying that he didn't know what he was talking about.

Everyone from big banks to private investors kept on buying bad mortgages, not stopping to realize that the housing market could not go up forever and lenders were giving loans to anyone who could fog a mirror.

Although this seems like common sense now, at the time people were just too caught in the hysteria.

Basically the same thing that happened during Tulip Mania, the South Sea Bubble and the Dot Com Bubble.

So what did I learn from this (audio) book?

1. Common Sense Is Not So Common

Even though Paulson and other investors around the country knew that real estate had to fail eventually, so-called experts and CEOs of investment firms were in a state of euphoria about the market.

These otherwise very intelligent and astute investors were caught up in one of the biggest flaws in human nature.

It just goes to show that you should get educated, trust your research and trade your plan.

You can listen to the opinions of others, but do not mistake them for fact.

Even the best are wrong sometimes.

2. It Made Me Evaluate My Trading Skills

While I was listening to this book, a thought occurred to me.  I got into stocks during the tech boom in the late '90s.

Never made a dime. I also got into real estate shortly thereafter but actually lost money.

What was the common reason?

I thought about it for awhile and I figured out that I was listening too much to other people at the time.

If I thought for myself, I would have been able to make a ton of money.  Now I know…

3. I Was Caught Up In the Euphoria Too

At the time when Paulson was putting on this trade, I was investing in real estate. Yes, actual real estate.

What was I thinking?

The basic economics of real estate at this time did not work. People were getting loans for houses that there is no way they could afford. Although this gave me an advantage as an investor because I could get better deals, it left a lot of downside risk.

I was working at a hedge fund that had a CDO trading desk and I should have learned all I could and figured out a way to get short when I realized that real estate could no longer sustain the move up. I didn't have to invest in CDS contracts (and probably couldn't have anyway).

But I could have bought puts on stocks of companies that held risky mortgage investments.  It would have been a lot cleaner and easier to manage than real estate.

So as tempting a real estate looked at the time, I was caught up in irrational market too. This taught me that I have to check my own judgement at times and figure out if I am going with the herd or making my own decisions.

4. Being Right At The Wrong Time Can Be Expensive

You can be completely right about something and end up completely broke.  I learned that you should ease into these types of fundamental trades. Put on a little at a time.

Then when things are really starting to go your way, you can load the boat. If you shoot your load too early, the market may still have a one last irrational run left in it that can clean you out.

They say that hindsight is 20/20. But in this case, foresight was also 20/20. There would be a market correction at some point. Basic economics would eventually prevail.

The devil was in the timing. This is why proper risk management and avoiding the all-in mentality is so important.

My friend Rafael calls this Bubble Trading. It is on a much smaller scale, but it is the same idea.

5. Sometimes You Have To Structure Your Own Trade

When Paulson wanted to short mortgages, there wasn't really a way to do it.  So he worked on a way to buy CDS contracts, which were insurance policies on certain grades of debt backed by risky mortgage pools.

This is what allowed him to build such a huge position against mortgages because these contracts were so cheap.  Sometimes the answer is not so obvious, you may have to put in some work to make it happen.

In Forex trading, trades are pretty straightforward. You buy and sell. You don't need to create obscure contracts, the trading vehicle is already there.

But sometimes, you might need to get a little creative and possibly use hedging, options or scaling. Learning about how Paulson constructed the trade helped me consider the alternative trading strategies that I could use in different situations.

Final Review

Overall, I thought the book was very interesting, from a historical point of view.  The writing was a little dry though and told rather matter-of-factly.  The narrator was not the most exciting either and there was a lot of technical jargon.

If you don't understand these types of investments, it may be a bit of a difficult read.  However, in my opinion, this book is totally worth getting just to learn how he pulled it off. It is an inspiring story for any trader.

Oh, and by the way, do you know how much Paulson's company made?

$15 billion…and then some because he also reversed the trade after the crash.  This dwarfed Soros' trade and will forever be remembered as one of the greatest trades ever.

If you aren't into reading, you can also listen to the audio version.

The post 5 Things That I Learned From The Greatest Trade Ever appeared first on Trading Heroes.

A couple of weeks ago, I read The First Billion is the Hardest:Reflections on a Life of Comebacks and America's Energy Future by T. Boone Pickens.

Well, I didn't actually read it…I listened to the audio book.

Thomas Boone Pickens Jr. (better known as Boone) is the legendary founder of what would eventually become Mesa Petroleum, one of the largest independent oil companies in the world.

During his time at Mesa, he attempted and completed takeover bids of other oil companies in order to strengthen Mesa's position in the market.

During some restructuring at Mesa, the management effectively gave Boone the boot and he decided that he was done with the oil industry.

What he did next surprised me.  He took his knowledge of the dynamics of the oil industry as well has his knowledge of corporate mergers and acquisitions and started a hedge fund, BP Capital Management.

He did well has a hedge fund manager and it was one of his greatest comebacks.

An interesting investment that Pickens made was in water.

He bought the subsurface water rights to 200,000 acres of land in Roberts County, Texas.

That initial purchase of $75 million is now said to be worth $1 billion.

He sees water as another commodity that will be in short supply in years to come.

I really liked this book.  It was just interesting to learn how he made, then lost, then made a fortune.

Beyond that however, are his insights into the energy markets and where we need to be going from here.

He gives a lot of money to his alma mater, Oklahoma State at Stillwater, in addition to many other charities.

I respect his promotion of responsible outdoor stewardship and he has an amazing Quail hunting ranch called Mesa Vista.

That may seem like a contradiction of terms, but he helps to preserve and regulate the quail population on his ranch as well as improve and protect the natural habitat.

The only negative thing that I would have to say about this book is that he sings the praises of natural gas waaaay too much, especially towards the end.

I think he got a little senile towards the end of the book because it seemed like every other sentence talked about natural gas.

Is it a great alternative fuel?

Yes.

Does he have a large stake in it because he believes in it?

Of course!

So I guess he is going to mention it a lot, but at one point, I was thinking: “Dude, we get the point!”

He does promote other alternative energy sources like wind and water based technologies but his focus is primarily natural gas.

In conclusion, this is a great book and I would highly recommend it.

It is up there with How to be Rich by J. Paul Getty.

The post Book Review: The First Billion is the Hardest appeared first on Trading Heroes.

I just got through reading, err, listening to Dr. Wayne Dyer's book Excuses Begone!

Even though this isn't a trading book per se, I believe that it is important to explore different points of view when it comes to examining my own psychology.

I usually get the audio version of a book whenever possible because that allows me to do two things at once.

For example, I listened to this entire audio book over the course of several sessions at the gym.  I have finished other audio books while cleaning my car or sitting on the toilet.

Audiobooks have to be one of the best inventions ever!

But I digress.

If you have never read or listened to any of Dr. Dyer's books before, they can be somewhat hit or miss.  I believe Dr. Dyer to be a very sincere and spiritually aware person and that can lead into some very metaphysical discussions in his books.

Too much of that may turn some people off, myself included, but what I really liked about this book is that he adds those discussions when needed, but he primarily sticks to every day examples in his own life and lists that are easy to follow and relate to.

As the title indicates, the purpose of the book is to get the reader to shed many of the excuses that people make as to why they aren't living at the level they would like to be at.  Dr. Dyer has a list of 18 frequently used excuses that can keep us from getting everything we want in life and how to first identify them as excuses and then dismiss them as being inhibitors to our own success and happiness.

It is amazing how a small shift in thinking can create a huge result.  An example that Dr. Dyer uses from his own life is when he was trying to quit smoking.  He kept telling himself that it would hard to quit.  That is one of the 18 excuses, it will be too hard to do _____.

But then he thought about it for a minute and realized that it is actually harder to smoke than not to smoke. Why?

Because you have to worry about having a lighter, making sure you have cigarettes, smoking in a designated area, carrying gum to cover the bad breath, worry about your fingers turning yellow, disposing of your ashes, disposing of your butts, making extra money to pay for it all, etc.

I am tired just writing that, I can't imagine actually doing it.  This simple shift in thinking helped him stop smoking and he hasn't smoked since.

How may times have we made excuses in our trading and in our everyday lives?  I know I have made my fair share of excuses.  After listening to this book however, I realize that event the most stubborn excuses have no basis in reality and I am free to change my perspective at any time.

Quite a few self development books that I have read just blow sunshine up your ass.  They  try to “inspire” you by getting you all jacked up with positive thinking but as soon as you turn off the audio or stop reading, you are left asking, “But how do I do that?”

This book actually gives techniques on HOW to do it, first by identifying the issues, then telling you how you might be able to deal with each one individually.  I highly recommend this book, it is one of the most insightful books I have ever had the privilege to read or listen to.

Click here to see the complete description.

The post Excuses Begone! – Book Review appeared first on Trading Heroes.

“Spiritual, Psychological and Philisophical Keys to Becoming a Top Trader” is the subtitle of this book and that is exactly what it is about. In fact, there isn't a single moving average or trading strategy in this book. I found that quite refreshing.

Why We Need to Understand Ourselves

The book starts off by outlining why, as traders, we need to understand ourselves and why we are trading:

The key to becoming an incredible trader comes from a well-rounded sense of psychology and spirituality. It emerges from a quality of being from within. Understanding ourselves, our emotions, our drives and the way we interact with life and trading are critical to developing a purpose-center, which is a deep accepting of ourselves and our direction in life. You can't make your dreams come true without knowing who you are and why you're doing what you are doing.”

For me, the attraction to trading has always been the ability to live well and have the freedom to experience everything life has to offer. I have always wanted to be free to be my own person, be anywhere in the world, have the time to be with people worth spending time with and to have a skill that would allow me to earn a good living even if someone took it all away and I had to start all over.

This may be a different view of how many people view traders but there are traders who share this outlook on life and trading. As the author Mark Whistler puts it:

“Many people in the financial markets are very, very, mean and greedy people. But there are those who aren't. And when you meet one of them, you know you are in the presence of true brilliance.”

I have had the good fortune to meet a couple just such people and I would agree. In addition to being incredible financial minds, they seem to have certain things in common with other such traders I have read about.

They are always up for an adventure, are compassionate outside of trading, they have quirky senses of humor and are intensely independent and positive.

How Do We Become One of These Great Traders?

He starts off by going in to the development of our purpose-center and mission statement. Without these, we have no map on our journey.

In the first chapter he also discusses what he calls the Dogma of Style. Dogma, in this case, referring to a particular trading style or way of viewing the market. He cautions against not being rigid and only seeing the market in one way. I think this is very useful advice but probably easier said than done.

There are a ton of ideologies, tips and techniques that Whistler goes into in the subsequent chapters. Topics that I have not seen in other trading books such as:

• Being forgiving
• Being grateful
• Developing intuition

He also throws in a few interviews with top traders and athletes to give the reader insight into the mentality of top performers.

I could go on and on but this is just a book that you have to read for yourself. It is by far the most comprehensive book on trading psychology that I have ever read. I actually have to read it again for everything to really sink in.

Click here to check it out

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