My Bible [Mayo Takano]
Do you have a Bible-like book for FX? A Bible refers to a go-to book or a beloved read. What kind of books do people who are successful in the foreign exchange market use as their Bibles? Let's ask Mayako Takano, a full-time trader.
※This article is a republication and revision of an article from FX Wealth攻略.com, November 2019 issue. Please note that the market information written here may differ from the current market.
Profile of Mayako Takano
Takano, Mayo. In 2007, she became interested in a housewife who evaded taxes by 400 million yen through FX, and started FX trading. This year, she left a major telecom company where she had worked for over 10 years since joining after college, to become a full-time trader. A super proactive mom who travels to Cuba swimming with her child during long vacations. Hobbies include swimming, kayaking, and mahjong. The main technical analysis she uses is Bollinger Bands, and her trading style is mainly scalping. She also trades binary options and EA trades. Her motto is “Going my way.”
Blog:Lifetime of Meat
Twitter:https://twitter.com/lin122111
A Gem of a Book That Teaches How to Face the Market
When starting something new, there are patterns like learning from a teacher face-to-face, learning on your own using books and other教材, or jumping straight into practice. In my FX journey, I began by diving straight into practice, incurred substantial losses, and only then started learning from books. I read over 100 books, spending time and money, but in hindsight, this reading became the turning point that helped me become able to win.
This time, I would like to introduce one book that I regard as my Bible among the books I read. It is Peak Publishing’s “Discipline and the Trader: An Introduction to Market Psychology.” This book is by Mark Douglas, familiar from the “Zone” series that is prominently displayed in large bookstores. The author, who had previously found success in the insurance industry, lost almost all of his wealth in just nine months of trading, and this experience formed the basis for this book. As the title suggests, it explains market psychology in detail and argues that many traders fail to be profitable due to their mindset, and it explains what kind of thinking can lead to profitability.
Mistakes such as making a large loss on a single trade due to a wrong judgment or repeatedly taking stop-outs due to unexpected price movements are experiences that anyone who has been in the market for a long time will have. So, how should we have viewed the facts and approached trading in those moments? Also, what should one’s mindset be when facing the market in the first place? This book provides those answers. Here are a few representative points.
