Napoleon Hill in his book «Think and Grow Rich», explains in a simple and effective way the psychology of money, while Benjamin Graham when he wrote “The intelligent investor” defined the essence of investing in the stock market.
Both authors now belong to a distant era, however their teachings can still be a source of inspiration and personal growth in money management.
These two books, one of which is also available in Italian, are the basis of everything you need to know about the psychology of trading, in addition obviously to the numerous guides on Money.it, which in more detailed words is that of money, because it is in the mind that moves everything and it is money that manages the movement.
It is always useful to start from solid psychological foundations when tackling your trading training journey, the books by Napoleon Hill and Benjamin Graham are truly two excellent starting points for doing so.
10 points of the psychology of money: Don't delude yourself into thinking you're rich, intelligent and invincible in everything you do, but be concrete, realistic and very self-critical; Visualize the objective to be achieved, whatever it is without limits in size, and add places, people, scenography, soundtrack and objects to your image and always keep this vision in evidence; Answer the five Ws, i.e.
Who (who), What (what), When (when), Where (dove), Why (why), which are used in journalism: give yourself clear and sensible answers about your intention and write them down.
Here too, try to always have with you the paper where you wrote down these thoughts; Always reread the two books provided above, "Think & Grow Rich" and "The Intelligent Investor" which will also and above all help you in difficult times; Demand great determination and consistency from yourself to work every day and improve your experience; Observe and try to understand every movement you see, from yours to others, so in addition to technical analyses, focus on psychological analyzes of what and who surrounds you.
This also includes events that revolve around financial ups and downs; You see trading as a happy job that enriches you first of all internally and only consequently also your pockets.
If you focus too much on just the thought of becoming rich, this will never happen.
So try to also visualize the path to reach wealth and the results will be different; Find your own style and your own way of analysing, evaluating, thinking and acting, because only in this way will you be able to move well at work.
Listen to suggestions and advice but without imitating them too much; Lose, because it is from losses that the best victories and in this case profits are fueled.
If you lose money, try to understand why this happened and vice versa if you made money; Have fun responsibly, so dare beyond the limits you can afford.
Every gamble must only be an intelligent action, even in the event of a loss.
If you enjoy what you do, the same passion will lead you to success and enthusiasm.
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