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Forex Trading Psychology Books

Is Forex Trading psychology books influential (based on psychological behavior and its impact on online trading) like logistically? 

And... yes! Despite having those myriad & stone-cold pages, if you spend some quality time reading those books, there is almost a 70.35% chance that you'll get a hold of the actual distressful emotions that often turn trading careers upside down.  

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To be completely honest, the Foreign exchange market can often act too cruel, and while being a novice trader, the experience of getting stuck in the world's most volatile market can feel a bit frightening. 

Keeping that in essence, a trader should always accumulate some tricks on his sleeve and one of them is ( probably the major one) "Knowledge regarding trading psychology".


Tip: Reading books is the quickest way to gain knowledge, and you should know that better! So to get better at controlling unwanted emotions while trading, read Forex Trading psychology books


Now, when it comes to human emotions, what is it that really comes to mind (judging by the POV of most of the market traders)?

Well, maybe...

- Try to laugh all the time?

- Put Ice Bags on your head while trading?

- Try to scream SUPER loud to keep emotion in check?

For a change, how about all of these at once? 

Anyways, from these WILD perceptions, a conclusion can be drawn that " these are the POV of non-market traders". And for the novice traders?

We're SUPER excited to announce that the blog post regarding " Best Forex Trading Psychology Books" is made with authentic resources and intel. 

Needless to say, since then, We've literally made hundreds of edits, additions, improvements, and trendy updates. 


Hold up; it gets even BETTER!


In this in-depth blog, we've pretty much covered all the resources in one place, including the backgrounds, top picks, overviews, noteworthy mentions, unknown factors, and much more!

So, ready to grab some efficient forex psychological books? 
Awesome!


The following post contains all the major & minor factors about the Forex trading emotion books that'll help you easily get a hold of the market. (In 2022).


Let’s get started!


Today's Primary Context: At A Glance

  • Brief OverView
  • Numbers And Figures
  • Forex Psychology
  • Best Books On Forex Trading Psychology
  • Book No. 1
  • Book No. 2
  • Book No. 3
  • Book No. 4
  • Book No. 5
  • Book No. 6
  • Book No. 7
  • Tips For Keeping Emotions In Check
  • Conclusion
     


 

These are the primary aspects uncovered in this comprehensive guide, and it’s not even it!

Along with these critical characteristics, I’ll be sharing comparisons between different books, which often cause vast controversy when it comes to being called the BEST!
 

So, Let’s heat things up a little, shall we?
 

Highlighting Some Numbers And Figures


If the internet has taught people something significant, it'll undoubtedly go down in history as "people are more thrifty with their finances than ever."

And that's not something we made up!

As per think with google, people are going with second-hand things more frequently rather than choosing brand new ones in the first place. 

More specifically, the search ratio of the keyword, "second-hand products" has risen dramatically by over 300%. At the same time, the searches for "no fees, "buy now pay later" have grown respectively by 90% and 200%.

Metaphorically, these stats pretty much flash out that people are more aware of their finances now. As a result, people are investing more in online trading than ever before, which also means there are a lot of new faces in the trading sphere who are entirely unaware of the systematics. 

A survey from the FX volume outlines that the transaction volumes of the Forex industry have aroused to new heights as of April 24th. The numbers showcase how retail investors are really into "online investing" these days.  

Alright then! Now that we’ve outlined some of the rare intel covering the Foreign exchange market, let's move our focus to the retail market traders reading the best forex trading psychology books for having a BETTER understanding of human emotions and their impact on online trading.

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Theoretically speaking, forex or stock trading books have always been an individual aspiration in every trader's mind. Without having proper control over unwanted emotions, trading in the volatile Foreign exchange market is next to impossible. 

Following that aspect, the usage ratio of trading books ( written based on forex psychology) and guides is increasing at a contagious rate and that gets SUPER clear if we just look at the numbers and stats from the past few years. 

Since 2010, the number of trading book readers has risen over 75-60.26%, and if we just look at the past 5 years where the user ratio increased by more than 74%. (As per Wikipedia)
 

Sounds unreal, but it's true!
 

Now, let's add some more depth while highlighting some of the most followed trading books over the years. 

Independent sources have confirmed that "Trading in the zone, written by Mark Douglas, is the most followed book with 29.88%.

Just below that number, "Reminiscences of a stock operator," written by Edwin Lefevre, has claimed the spot for itself with a user base of almost 22.66% traders.

Speaking of influential psychological books, Sway by Ori & Rof Brafman, The art of thinking clearly by Rolf Dobelli, and Market Wizards by Jack Schwager are also followed by MASSIVE market traders. 

And if it comes to an exact percentage following those trading books, then here's an approx figure:

Sway by Ori & Rof Brafman has a user base of 19.12%; At the same time, The art of thinking clearly by Rolf Dobelli and Market Wizards by Jack Schwager has almost 13.34% and 9.50%.


So, there you go!
 

Some Knack On Trading Psychology


Before we start to flash out all the complexities and mythological terms, let's know what trading psychology is, right?

Trading psychology or human emotions in trading refers to a SUPER specific state of mind that eventually helps determine the outcomes of trading. Just to be on point; it can be both successes or failures since trading comes with both of them.

And… believe it or not, it's more of a universal truth like the rest. Now, wondering what it has to do with online trading?

To be completely honest here, none of us are SUPER capable of handling our emotions flawlessly, which often gets the best of us. In that same context, we often lose control over our emotions in trading. 

It may happen due to the loss of more capital than you can recover or may be due to some personal reasons but whatever it may be, these certain behaviors can often hamper one's regular trading routine ending up with unwanted trading risks and losses.

Besides, in some cases, Forex psychology is considered one of the most essential liabilities out there, such as lack of awareness, inability to make haste decisions, inadaptability, and terms like that.

On the other hand, if we talk about the most crucial prospect that all market traders should consider, it would have to be none other than discipline and a risk-taking attitude.

If you're not willing to take risks, then online trading might not be the ideal career for you to pursue. Besides, it's also highly considered a prime aspect of online trading psychology. 

Despite fear and greed operating more like pullbacks for trading, hope, and remorse, on the other hand, can help make immersive trading decisions.
 

Best Collection Of Forex Trading
Psychology Books


Let's be honest on something, books are literally our best friend, and when it comes to Forex online trading, it's no exception

Aren't you on the same page on this prospect?

Psychological market books can also be referred to as assets since they contain a vast amount of valuable information related to basic trading and emotional aspects. 

So, we really can't begin to compensate for the actual significance that Forex trading book hold, right? 

Keeping that in essence, I'll shed light on some of the most effective Forex trading psychology books that are very well compatible with both novice and advanced market traders.  
 

Here are the deets…
 

Book - 1: High-Performance Trading

High_Performance_Trading

Written by Steve Ward, High-performance trading is one of the most followed books worldwide, basically written on the psychological aspects of online trading. Many market traders recommend this book since they claim that it BOOSTED their trading confidence at an ample rate. 

And speaking about reviews, the book has received HUGE critics and positive reviews on the GIANT eCommerce website aka Amazon, as it was mentioned as the GO-TO initiative for day traders. 

P.S: If you're looking for a book that will help you resolve your trading mistakes, don't miss out on this, as this contains all those aspects and provides a clear overview of trading psychology.
 

Book - 2: The Essence of Trading Psychology In One Skill

The_Essence_of_Trading_Psychology_In_One_Skill

When it comes to trading psychology books, the Essence of Trading Psychology rings at most traders who are actually well aware of the trading market and all its mechanisms.

The intellectual writer Yvan Byeajee is the ideal person who knows how to exactly rescue traders from trading pitfalls that occasionally happen due to unwanted emotion, aka trading psychology.

Byeajee mainly advises trades to meditate before anything else though many other writers also outlined the significance of meditation while trading in the online market. 

As per Byeajee, meditation helps traders set their heads into suitable space while making their vision SUPER transparent. 
 

Book - 3: Market Mind Games

Market_Mind_Games

According to the writer of "Market Mind Games," the primary disclosure of his book is to keep a trader's emotion in check even at the most uncertain times. 

Among all the forex trading psychology books, this book is basically written in light of fiction by Denise Shull, where he opted for uncovering the easiest systematics to explore human psychology and its impact on online trading. 

Which is a rare case scenario!

The book can be proven quite advantageous while being in a tight trading space as it tells exactly how to react to circumstances like that. 

Besides, frequently staying up to date with your emotional perspectives is one of the hardest things to do; therefore, try to conquer your instability first as a leap of faith. 
 

Book - 4: Trade Mindfully

Trade_Mindfully

Trade Mindfully is a widely considered Forex trading book that preliminary sheds light on the Forex psychological aspect which carries an IMMENSE  significance if we're talking about online trading.

The famous intellectual writer Dr. Gary Dayton tried his BEST to combine thots and perspectives of other authors in this specific context and put them all together inside "Trade Mindfully."
 

That's not it, though!


Despite being a best seller author, Dr. Gary Dayton is also a psychologist and a foreign exchange market trader ( with an experience of almost 20 years). 

Moreover, "Trade Mindfully" is an ideal example of different ideas, thoughts, and lessons blended in the most logical way possible. 

And one of the fundamental aspects that this book acquaints us with is to accept our emotions instead of battling against them because in that way, you'll be trapped in your emotional loop forever. 
 

Book - 5: How To Day Trade For A Living

How_To_Day_Trade_For_A_Living

Day traders are most probably considered a significant part of the foreign exchange industry since they are the ones responsible for all the sudden skyrocketing movements of the online trading market. 

Anyways, Andrew Aziz, who is undoubtedly one of the most influential writers who stand out still to this day, placed his aim more on the day traders wrote the legendary forex trading book aka "How to Day Trade For A Living."

Despite writing the book on day traders, that doesn't necessarily mean it's only applicable to day trading, instead you can pretty much implement them in all sorts of trading styles

Andrew Aziz was persuaded to trade the market as a passive source of income after getting dumped from a research scientist job. 

Furthermore, you'll get to experience the relinquish story about how Andrew Aziz made $6000 on this first-ever trade though he made terrible trades and lost all the money later on.

You'll also get to know his daily routine, which helps him keep up the momentum and trade profitably.
 

Book - 6: The Psychology Of Trading

The_Psychology_Of_Trading

You might've heard the name of Brett N. Steenbarger ( who contains a destination of associate prof. of psychiatry and behavioral science at Upstate Medical University in New York), right?

He is a trading author ( one of the renowned ones) and the creator of one of the most famous Forex trading psychology books, aka the psychology of trading.

Though he is someone who is an expert in introductory human psychology and other human behavioral practices, his book doesn't only cover essential aspects of trading psychology, instead, it takes a further approach to real psychological techniques which can help you become more prominent in controlling your emotions.

Like Andrew Aziz, Steenbarhger is also someone who likes to follow a certain routine filled with a healthy diet and sound exercises. 

As per him, we humans are more than just a single entity as multiple entities and personalities are required to become an observer who has perfect control over his emotions. 

And... wait for a bit!

Here are some books that are SUPER similar to Steenbarger's Psychology of Trading:

  • Trading Psychology 2.0
  • The Daily Trading Coach
  • Trader's Guide To Discipline
     

Book - 7: The New Trading For A Living

The_New_Trading_For_A_Living

The New Trading for a living is the updated version of its previous segment written by Alexander Elder, a HUGELY renowned market trader who is also an expert psychologist.

If we dive a bit deep into Alexander's professional life, he mainly took training to become a psychologist rather than a market trader. Therefore, he is probably one of those top-tier writers more prominent in introductory psychology. 

Which eventually leads to better results in terms of trading psychology.

Besides, in his book, he discloses efficient ways to stay calm and disciplined even in the tightest market situations. He also highlighted specific methods that will help you tackle the market in times of your actual need.

P.S: The book uncovers efficient tips on risk management along with money management, which is worth reading.
 

Book -8: Trading In The Zone 

Trading_In_The_Zone

Trading in the zone also known as the trading bible by a vast majority of market traders is written by bestseller financial author Mark Douglas in the first place. 

And as for Mark, He was an ABSOLUTE talent in terms of online market trading and all its glory. He was an experienced market trader who was well aware of all the fundamental trading prospects. 

Trading in the zones incorporates disclosure about all the necessary training skills and virtues, which can help the market traders to deal with challenging trading situations, especially when they get older. 

Besides, other books are written by Douglas, which can help you get a clear overview of trading psychology. Here are the deets...

  • Little Book Of Trading Performance
  • The Disciplined Trader
  • Simple Wisdom For Thriving Trading
     

Tips For Keeping Emotions In Check


Here are some HEAVILY filtered hacks (proven through ample implication) that you really don't want to miss out on. Let’s demonstrate them here: 
 

Uncover Your Personality First

Before opting to get engaged with any particular profession, the first thing you want to do is get to know yourself better. And the exact mechanism gets followed in online trading.

That's why before starting to trade you'll need to find out what kind of person you are whether an impulsive one or a cool-headed one because it will define the longevity of your trading career.

Also, if you're someone who gets carried away by emotions pretty quickly then you might want to avoid online trading as you'll have to pay BIG prices for those characteristics.
 

Come Up With A Top-Notch Trading Plan

After choosing to trade as a passive profession, you might want to forge a couple of trading plans and strategies. Remember having multiple trading plans on standby will serve you like silicon valley. 

P.S: Try to become compatible with ample trading styles instead of sticking with one cause you may never know when such circumstances will force you to exit your comfort zone and trade in uncertain situations.
 

Expect Less Than Anticipated

Something we all can agree on is that success really doesn't come knocking on your days on a regular basis, instead, it comes to those who are consistent and dedicated to their commitment. 

While trading in the foreign exchange market, having patience will unlock infinite opportunities for you and if you are persistent enough then you'll be able to execute them in your favor.
 

Throw Out Greed From Your Life

Being greedy will only create obstacles in your path no matter which one you take. If you're greedy then you can say goodbye to all the success whatsoever. And when it comes to trading, greed will turn your trading profession upside down in just a matter of time.
 

Bring Positivity To Your Life

The power of positivity is simply IMMENSE! It can change the whole overview of your day-to-day life for the better. As for trading? Well, you can expect the same results as you'll be making calculated and sound trading decisions that will ultimately bring fruitful trading outcomes
 

Burn Your Ego

Ego is something that'll burn all your good deeds and in trading, it'll diminish your trading credibility. Therefore, it would be wise to keep aside your ego while trading and accumulate hints from other traders who are performing consistently.
 

Don't Just Trade

In the online trading market, there's a lot to learn except for only opening trades and accumulating gains. Interact with other traders, gather updated strategies, and evolve on a regular basis. It'll help you grow as a trader in a short amount of time.
 

Don't Get Disheartened Easily

There will be times when you'll encounter losses after losses and it's essential not to lose heart at that moment, rather stay strong and keep patience. Because there are always two sides to the coin and after losing some trades it's not impossible to win other trades. 
 

Conclusion


Lastly, if it's come to a conclusion regarding one of the most anticipated topics "Forex trading psychology books", it won't really sound complete since there are literally a lot of prospects that need actual uncovering. Point to be noted; there are countless myths about trading psychology that You'll be better off knowing. 

It usually goes like this: 

- It's emotions that are the actual problems.

- Trading psychology only consists of fear and greed.

- Discipline is always the key.

- Demo trading and live trading are the same things.

Trust me, all of the facts stated above are delusions created to emphasize the significance of human emotions in trading. Therefore, keep them in check, will you?

And it's also true that the learning process will most likely take some never wrecking time but in the end, it's worth the effort.

Therefore, ready to challenge the odds of the financial industry while achieving mastery of your unnecessary emotions? Well, you better be!
 

Frequently Asked Questions


Q.1 What is the best book on the psychology of trading?

Best Trading Psychology Books

  • High-Performance Trading
  • The Essence of Trading Psychology In One Skill
  • Market Mind Games
  • Trade Mindfully
  • How To Day Trade For A Living
  • The Psychology Of Trading
  • The New Trading For A Living
  • Trading In The Zone 


Q.2 What is the psychology of forex trading?

Forex trading psychology is one of the most important aspects of trading that can have a massive impact on how people conduct their trading positions. In fact, trading psychology is no less important than trading knowledge/experience or regularly following market developments.


Q.3 How do you read a trading psychology?

Trading psychology is the emotional component of an investor's decision-making process which may help explain why some decisions appear more rational than others. Trading psychology is characterized primarily as the influence of both greed and fear. Greed drives decisions that appear to be too risky.


Q.4 How do I stop trading emotions?

Having an investment plan and sticking to it is the best course of action to avoid the sway of emotion in trading. Passive index investing, diversification, and dollar-cost averaging are all fairly easy ways to maintain objectivity.


Q.5 How do I find the psychology of the stock market?

To understand the psychological state of investors and the market as a whole, start by looking at the trading volume, including which stocks and funds are seeing the most and least activity and what time of day the activity is occurring.


Q.6 How do you gain money from stocks?

Three ways to make money in the stock market are: Sell stock shares at a profit—that is, for a higher price than you paid for them. This is the classic strategy, "buy low, sell high."

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