You also need to understand that your rules will change as your understanding and insights evolve. Many people don’t like to establish trading rules because they believe that once made, they can’t be changed. Whether you choose to read both of Douglas’ books, or just one, it will certainly change the way you view trading. First, getting your mind straight on the fact that as a trader, you’re here to make money, to make a profit in your trading business. And second, getting more detailed on your implementation of proper risk and money management in your trading plan.

Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Please read and ensure you fully understand our Risk Disclosure. First, I wanted to show traders how to build and follow a trading plan. I also wanted to share the trading philosophy and psychology of some of the world’s top traders. In society [i.e. "a structured environment"] we can get by and even be successful with a facade of confidence because people will generally support each other's illusions about themselves. The market, however, has no vested interest in supporting anyone's illusions about himself. If a trader is feeling fearful he can try to cover it up all he wants but his trading results will readily reflect his true feelings. Trading psychology, for those new to the subject, refers to the emotional aspects dictating a trader’s decisions. We’ve all heard the expression that taking losses are just part of your overall winning. So if we know this logically, why is it so difficult to take those losses? Well, this difficulty can result from a number of factors: fear, ego, greed, and more. No matter what the reason is, you find yourself holding on to positions longer than your trading plan dictates, or moving stops around so you don’t get hit, or using mental stops.The virtue of virtues in an unstructured environment, as we have seen above, is said to be self-love, the more the better. The foundation for this self-love, though, is a kind of aversion to the ways of culture at large in favor of a privately acquired, hard-to-achieve mental independence which manifests itself as a cheerful confidence that harbors no fear. Dr. Steenbarger has been helping traders help themselves for many years. Simply put, this book is a must-read for anyone who desires to achieve great success in the market’ Charles E. Kirk – The Kirk Report. This core module also contains a Q&A teleconference recording of a past online class where Tisha Hallett, (my wife and creative director of The Disciplined Trader) and I fielded questions about how the mind works and how these mental trainings work to give you the permanent positive changes you seek.

Rounding out this second core module is the Q&A report on building and running your trading plan. In our Disciplined Trader training and support program, our students ask questions directly to our experts on important trader discipline topics. And in this report, we pulled out the “meat” of those questions and answers and arranged them neatly for you. Third, I wanted to teach the importance of journaling—teaching the structure of a good journal, and sharing multiple examples of effective journaling. This is one of the best books I ve read in term of giving me a solid framework to understand my own behaviour. Example what is fear and why distortion happens between what is inside (mental environment) vs outside (physical environment). I m going to read his second book "Trading in the Zone" written around 2000, 10 years after publishing the first book i think. And I m very excited that he is going to publish his third book this year (2013).But before I do, make sure you stay with me until the end of this presentation, because I have a special deal for you that I think you’re going to like.

And lastly, I’ve given you a copy of one of my favorite books ever, “The Power of Concentration,”by Theron Q. DuMont. Although this book was written in 1918, almost a century ago, the truths that DuMont relates are timeless and his principles are directly related to being the Disciplined Trader. I hope you enjoy the book as much as I do. Written by Gary Dayton, a psychologist, a mentor and a trader since 1999, Trade Mindfully bases its theme on the concept of mindfulness. Mindfulness, by definition, is the quality or state of being conscious or aware of something. You are likely familiar with this term if you practice meditation. Fifth, I wanted to share with traders how to muster the emotional strength to pull the trigger when their trading system told them to do so–so they can stop missing and chasing trades.Mark Douglas is an American author and trader who wrote The Disciplined Trader: Developing Winning Attitudes. The book was first published in 1990 and has become a widely popular trading guide, with many traders citing it as helping them to develop the proper mindset for success in trading. Each of the Core Modules teaches you how to overcome the most perplexing mental and emotional challenges for traders–one challenge at a time. In this module, you’ll also find an interview I did with former floor trader and current owner of INO.com, Adam Hewison. I quiz him on his personal take on how to stay disciplined. It is short but very enlightening. You’ll also find the written transcript in the module. Another key element of this module is the Q&A report on “Employing Proper Risk and Money Management.” Go ahead; scan all the primary questions about risk and money management asked by students of the online Disciplined Trader training and support program and then answered by our master of risk management, Paul King. Recognising most traders fail to identify the importance behind the psychology of trading is, indisputably, one of the reasons for the high failure rate in this business.