Investing Psychology Secrets: Sure-Fire, Data-Driven Strategies to Supercharge Your Trading Results (eBook)
336 Seiten
Wiley (Verlag)
978-1-394-26402-5 (ISBN)
Master your mindset and boost your investing success
Investing Psychology Secrets is your golden key to developing an unshakable mental toughness when it comes to investing in and trading shares. If you want to truly excel as an investor, you need to develop your psychological fitness first - so you can confidently handle whatever the sharemarket might throw at you. Investing Psychology Secrets reveals practical, evidence-backed methods to build your money mindset and improve your psychological strengths as an investor.
To grow your wealth consistently, you need to be able to triumph throughout the struggles and stress, the wins and breakthroughs, in ever-challenging financial markets. In this book, Louise Bedford, a leading expert in behavioural finance and the bestselling author of Trading Secrets and Charting Secrets, unveils her strategies for confident investing. She shows you how to build your resilience, maintain focus, and thrive in the face of market shake-ups.
With Investing Psychology Secrets, you'll discover:
- How to create habits for success, with winning routines that lead to exceptional investing and trading
- Why positive thinking can shoot you in the foot and sheer willpower isn't enough
- How to master your emotions and rewrite the money scripts that can boost your profits
- The paradigm-shattering truth about how meditation and mindfulness can reshape your results (it's not what you think!)
- The unexpected connection between tarantulas, self-worth, and investing success - and what the neighbourhood cat can teach you about effective trading
Get ready to take control of your trading destiny, with the help of one of Australia's best-selling personal finance authors. With Louise Bedford's Investing Psychology Secrets, you'll build real, tangible investing skills - and unlock the secrets for lasting financial success.
LOUISE BEDFORD is a behavioural finance expert and bestselling author. She has over thirty years' experience as a successful trader, hosts the Talking Trading podcast, and is one of Australia's most compelling voices speaking on the financial markets today.
PROLOGUE
Let's kick off
I opened my mouth to answer my daughter's question … and no sound came out.
Nothing at all … not even a squeak.
I'd had trouble with my voice for the past decade, but never to this extent. Something had shifted, deep inside my throat. A strange openness. An inability to connect. I could barely even swallow.
It was December 15th, 2019. I was on a holiday with my youngest child, Ash. She was 12.
Little did I imagine this would be my new reality.
I'd caught a virus that triggered a cascade of pain, and an inability to make any noise whatsoever for nine months. Related to a problem I'd had in my twenties (when I lost the ability to move my arms for around three years), it felt strangely familiar … and terrifying.
I was alone in my silent world while the pandemic surged, unable to talk with my family or friends, or even do a Zoom call. I'd never felt so isolated. Inwardly I was screaming from the injustice of it. Raging silently, and wondering whether this would be my reality forever.
Despite intensive speech therapy and a vast array of painful exercises designed to get sound flowing again, it would be two years before I could speak my first hoarse and scratchy sentence.
It's a strange thing to have your body turn against you and not to know whether you'll be able to return to full strength. It's demoralising and humiliating. Waves of grief overwhelmed me. The horror of my situation felt suffocating. Unable to chat with friends, or even talk over the dinner table with my children and husband, I withdrew.
It was subtle at first. But soon I found myself shunning everyone because I felt so damned vulnerable. I became the object of other people's jokes as so‐called friends said, ‘I'll bet your husband is loving this!’ I was appalled by the tactlessness. Their words cut into my already fragile heart.
Then it dawned on me. This was a mind game. It was a psychological challenge designed to test whether I was resilient enough to make it through.
Because, by heck, the universe will screw with you. It will treat your plans like a game of Jenga. But how you respond … what you do with your hurts, your discomforts and your disappointments … this is what's really important.
I turned to the lessons the markets had provided me. I sensed that within them were the seeds of my recovery.
Thank goodness I had investing as a back‐up plan. Having traded for over 30 years, I had an edge in the markets, which meant I didn't lose my job because I was already a full‐time investor. I really don't know what would have become of me if I had been pursuing a regular career when I lost my voice, because 99 per cent of jobs expect you to be able to talk.
I hung onto the words of the Roman poet Ovid: ‘Someday this pain will be useful to you.’ They were my life raft. I repeated them in my mind like a mantra.
I threw myself into research. What mind hacks could I find to improve my situation? What could help me — both to advance my recovery and to give my investing a boost?
Investing Psychology Secrets is the culmination of that research. In this book I combine my personal experiences as an investor and trader for more than 30 years with data‐driven, science‐backed, high‐performance methods to propel your results to the next level.
Over the past four years I've regained my ability to speak more or less reliably. I still experience setbacks, but I have been able to move through them. And even though I still need regular speech therapy to maintain my voice, I'm much better than I was in those initial months when I was terrified I might never speak again.
Sure, life may let you down. You might experience illness, retrenchment or disappointment.
Today you may suffer fools, face hostility or have to deal with people who despise everything you value in life. Maybe you aren't cared for in a way that makes your soul sing. It may seem like the markets are out to get you and you'll never be the consistent performer you want to be.
The question is, what are you going to do about it?
Listen to that voice. The one telling you that you deserve more.
Let no one keep you from improving your financial future:
Not the mother who wants you to fulfil her ambitions vicariously.
Not the father who expects you to follow the old rules for building wealth.
Not the domineering teacher who can't see you're about to spread your wings.
Not the employer who frustrates you with their unreasonable demands.
Not the voice that whispers in your ear at 3 am, ‘You're not good enough.’
Let nothing dissuade you.
Your investor's life awaits. You're about to unlock the mindset secrets you'll need to excel in the markets. And I'll be with you every step of the way, drawing on high‐performance research to soothe your frazzled mind. The lessons I'll share with you are relevant no matter what time frame you trade in, what pocket of the financial markets you focus on. You'll benefit whether you consider yourself a trader or an investor.
What I'm about to share with you is nothing short of revolutionary. It is your key to developing mental toughness so you can trade consistently in the markets and overcome that nagging self‐doubt.
The keys to success
In this book I'll build on many of the ideas I explore on my Talking Trading podcast (www.talkingtrading.com.au). I'll show you specific techniques you can use to change the way you look at the markets and yourself. The way to excel in the markets is to detach yourself from your results, and the way to do this is to develop your psychological fitness.
Investing Psychology Secrets is a bench press for your mind. Put in a little consistent effort now, and you'll stretch, develop and grow. You're about to learn why some investors beat the markets … and why most don't.
There are the six golden keys to psychological fitness, and we'll work through each of them together:
- Key 1: Success habits. Build winning routines for exceptional investing and trading.
- Key 2: Emotional mastery. Keep your cool and flourish.
- Key 3: Money mindset. Know yourself to boost your profits.
- Key 4: Recharge and renew. Stay energised for optimal performance.
- Key 5: Motivation. Use inspiration to drive your results forward.
- Key 6: Prime your mind for success. Stories and exercises to reprogram your subconscious.
Read this book starting from the beginning if you'd like. If you're after a quick two‐minute boost, though, I suggest you choose one of the stories and exercises from Key 6 to give you the lift you need. Many investors choose to dip into that key for a bedtime story, so their minds are primed for the next day's market action.
At the end of each chapter, I list the key concepts for you as a way of reinforcing the core lessons. When you want a quick refresher, you can turn to those sections for a reminder of the main skills to focus on.
Yes, you may feel a bit vulnerable while reading this book. It may even make you feel a bit queasy when you realise how much money you've left on the table because of your own limitations. But now is the time you put your foot down and get out of your own freaking way to scoop up the rewards the financial markets have to offer.
Trading vs investing
Everything I'm about to relay applies whether you identify as a trader or an investor.
In Australia and some other regions, investors generally have different tax advantages compared to traders. Investors also may choose longer term instruments such as ETFs (exchange traded funds), shares and managed funds, whereas traders may be more attracted to using CFDs (contracts for difference) and derivatives, profiting from sideways movement and downtrends, rather than just uptrends. Many investors adopt a ‘buy and hold’ strategy.
Some may not even use a trading plan. (Yikes! Perish the thought!) A trading plan is needed by all traders and investors to guide how they interact with the market. It helps you decide how to get into positions, how to get out and how much money to put into each position.
To improve your performance, document your trading plan and include all possible scenarios. A written plan reduces the burden on your working memory (your brain's short‐term information storage), especially in high‐pressure situations. If you'd like my free trading plan template, go to www.tradinggame.com.au and register your details, and I'll email it to you straight away. Following a predetermined plan reduces stress and increases the likelihood of consistent decision making, which will help you achieve success.
Even if you think of yourself as an investor, I urge you to consider carefully and document your entry, exit and position sizing. It's one of the keys to success. Although I'll be focusing on investing in the financial markets, even if you're investing in another asset class, such as property, collectables or a business, these mindset tricks are equally...
Erscheint lt. Verlag | 29.5.2024 |
---|---|
Sprache | englisch |
Themenwelt | Recht / Steuern ► Wirtschaftsrecht |
Wirtschaft ► Betriebswirtschaft / Management | |
Schlagworte | Finance & Investments • Finanz- u. Anlagewesen • Finanzwesen • Geldanlage |
ISBN-10 | 1-394-26402-X / 139426402X |
ISBN-13 | 978-1-394-26402-5 / 9781394264025 |
Haben Sie eine Frage zum Produkt? |
Größe: 3,1 MB
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