You definitely need a system with positive expectancy, the rest is psycology and experience. One of the best books on this topic is "Trading in the zone" by Michael Douglas. But the value if this book will not be comprehended by a beginner.
Regards.
redduke
I think you are wrong about that. I read this book when i was a wannabe trader and i immediately understood its value. The trick is that it really takes time to actually implement what you read Knowing something intelectually does not mean you'd act that way when the time comes to press the trigger.
And cesc, you are right - those that tell you that it's 80% psychology - they lie, because it's not. I'd say it's the other way around - 80% strategy, 20% psychology.
I would think that both psychology and knowledge should go hand in hand. If you know how to psych out clients but lack enough knowledge to close the deal, you still won't be able to make it. Experience is still important no matter what.
I am relatively new to trading and read the first post by Soul-Trader. Although none of the stuff has really applied to me yet, I can see it doing so in the future. So thanks in advance.Happy Trading!
Tough trading coaching leads to smart and successful traders
Daytrading is simple...isn't it??
But only for those..who have learnt it through digging deep into the roots.
Not through speculation and just guess marking, that doesn't lead you nowhere, eventually landing you into trouble.
Whether it is daytrading, dealing with the forex, Electronic commodities, bonds or US indices, all are crammy and can impose heavy hazards with the slightest of mistakes.
The only way to survive is total knowledge of these fields and making the right moves.
Licensed Brokers
Knowing something intelectually does not mean you'd act that way when the time comes to press the trigger.
Tough trading coaching leads to smart and successful traders
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