...by Dr. Raimund Schriek is one of those books where you should not judge the title at first, because it already seems quite striking. For more than 10 years now, the chemist with a doctorate has been coaching in a completely different field. He helps traders how they can free themselves from such financial entertainment, supposed expert knowledge, as well as wrong investment behavior and thus create the personal prerequisite for long-term success.
But those who expect trading strategies in this book will not get their money's worth. The focus of the author is purely on mental things. For the author, success in trading goes hand in hand with personality development. For him, dealing with behavioral patterns and beliefs is directly related to the analysis, self-management and implementation of a strategy in the market. His drive is to help the reader with this book to perceive the complex financial world more differentiated and gives tips and tricks around trading to the best.
This book is aimed primarily at beginners and inexperienced users. The book is structured and formatted for exactly this target group. It is lightened up with several questions, graphics, own short surveys, summaries and small tasks.
Perfect for people who want to approach the topic and have perhaps started trading with too much exuberance and megalomania so far.
A few of the statements go a little too far for me, but maybe that's because I've already read quite a few publications in the various fields with different conclusions. Also the advantages of trading and the predicted profits are glorified in my opinion a bit too far. After that, the reader might think "easy going, I'll start right away and become successful." In the end, however, it is not as easy as the author makes it out to be. The majority of traders generate losses on average, not even the market return, and that even with a frighteningly high time expenditure. The reason for this is certainly not only the mindset. In my opinion, the author makes it too easy for himself.
At the beginning, he explores the question of who is actually a trader and what is involved in being or becoming a trader. In his opinion, it is important from which perspective I look at things, how I react to different situations and how well I have my own emotions under control. Further on, excursions into the developmental psychology of children and the different personality types are treated. At some points, I feel taken back to my pedagogy classes in high school.
From this section, the author concludes that the approach to trading is almost predetermined.
"Your trading results make your innermost self visible on the outside. Strictly speaking, there is no difference between your inner self and the externally visible results that you generate through your trading."
Dr. Raimund Schriek
The second major section then goes into the initial strategic questions about trading that everyone should have asked themselves in advance: Where should I trade, what should I trade and how much actually? What do I have to pay attention to and what can I do wrong? The bottom line for the author: You should be aware of the maximum risk you are willing to take. A strategy is indispensable, according to which you invest strictly mechanically and for a long time. And a diary is very useful for recording your thoughts and as an emotional support.
After a brief excursion into behavioral finance, the focus is then essentially on taming one's own thoughts and feelings. As a reader, you get more and more the impression that the underlying strategy has a rather secondary character. Towards the end, there are nutrition tips for trading and digressions on the course of energy between generations and family members.
For me, this book is only suitable for beginners who have not yet dealt with behavioral finance and the trappings of trading. If you are looking for the right strategy, you should better read other books, here it is only about building systems to be able to stay true to your strategies and make the success or failure transparent regardless of irrational decisions.