Summary of Mike Baehr and Andrew Aziz's Mastering Trading Psychology

By IRB Media

Get the Summary of Mike Baehr and Andrew Aziz's Mastering Trading Psychology in 20 minutes. Please note: This is a summary & not the original book. Original book introduction: Andrew Aziz describes technology, strategy, and psychology as the three essential pillars of successful trading, and he knows that the psychological aspects of trading are the most likely to be underestimated or even ignored. He wrote Mastering Trading Psychology to help traders enhance their understanding of this crucial pillar of trading and to strengthen their “mental skills” in order to maximize their performance.This practical and highly entertaining book takes its readers inside the minds of ordinary retail traders who contributed more than 175 accounts of their successes, their failures, their joys, their struggles, and, most of all, what they have learned as traders. Some are experienced, but many are relative beginners. They represent an intriguing diversity in terms of where they live, their ages, their levels of education, their everyday jobs, and how they tell their stories. All are members of Andrew’s trading community, and their enthusiastic response to his invitation to share their experiences and insights was overwhelming. Complemented by Andrew’s explanatory text, the stories are told in the contributors’ own words, minimally edited for length, clarity, and privacy.

• Language: English
• Publisher: IRB Media
• Release date: Dec 8, 2021
• ISBN: 9781669342663

IRB Media

With IRB books, you can get the key takeaways and analysis of a book in 15 minutes. We read every chapter, identify the key takeaways and analyze them for your convenience.

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Insights on Mike Baehr and Andrew Aziz's Mastering Trading Psychology

Contents

Insights from Chapter 1

Insights from Chapter 2

Insights from Chapter 3

Insights from Chapter 4

Insights from Chapter 5

Insights from Chapter 6

Insights from Chapter 7

Insights from Chapter 8

Insights from Chapter 9

Insights from Chapter 1

#1

In early 2013, two of the community’s rising stars, Robert and Brian, had a falling out that resulted in Robert leaving the group.

#2

The author is a mentor and trading educator. He was shocked when one of his students, a man in his twenties, showed him his trading results, which were completely opposite of what he had taught and advised.

#3

One student was a senior engineer at a Silicon Valley high-tech company, and he was also a student of the author. He wanted to trade in the mornings and be at work by 10 a. m. He was smart and motivated about trading.

#4

It is not enough to have sound technical skills and money management knowledge to be a successful trader. You also need the right psychology to put those skills into practice.

#5

The author, a financial adviser, often reads stories from the members of the trading community who contact him. In this particular instance, he was shocked to read two letters that perfectly described the many pitfalls new traders fall into, and the extreme difficulty in getting back on the right track.

#6

It can be difficult to know when to buy and sell stocks. This is where good trading psychology comes in. You cannot have a perfect trading education curriculum without an emphasis on trading psychology.

#7

The three pillars of success in trading are technology, strategy, and psychology. If you remove one of them, everything else falls. It isn’t difficult to provide the best technology to your traders, but it is difficult to improve their psychology.

#8

The first step, then, is to accept that you have a problem. And the second is to realize that the problem won’t go away on its own. You must take steps to overcome your weaknesses.

#9

The third pillar is trading psychology, and this book will help you understand it. It will teach you the principles and precepts of successful traders, so that you, too, can become a successful trader.

#10

A book for new traders that goes into detail about what goes on in the minds of new traders is Trade Your Grief by Jason Gohert.

#11

The book is divided into nine chapters, and each one is dedicated to a different aspect of trading. While each chapter focuses on a different aspect of trading, the lessons within are universal and can be applied to all types of traders.

#12

The author believes that trading is a numbers game. The more trades you make, the better your chances of turning a profit. To be a successful trader, you need to have the mental toughness to