BOOK REVIEW
By Cam R
Title: The Power of your Subconscious Mind
Author: Joseph Murphy
The saying that ‘winning in sports is 90 percent mental and 10
percent physical’ can pretty much be carried over to trading too. And it’s not
only important to have the correct trading mindset, anyone who wants to be a
successful trader needs to have the correct money mindset too.
Recall Ed Seykota’s interview in Market Wizards. In it, he talks about the trader who inevitably
gets in at the start of every bull move, turning his ten thousand into a couple
of hundred thousands and then back to ten thousand again. From my vantage point,
it seems the trader does not have a trading mindset problem; he has a money
mindset problem. Try the following paragraph below.
“I like money. I love it. I use it wisely, constructively, and judiciously.
Money is constantly circulating in my life. I release it with joy, and it
returns to me multiplied in a wonderful way. It is good and very good. Money
flows to me in avalanches and abundance. I use it for good only, and I am
grateful for my good and for the riches of my mind.”
What do you think and feel immediately after reading it? If there’s
any conflict in your mind, I believe this book would probably be of help, for open minds.
Packaging - 2/5
A flexible paperback, if slightly on the narrow side in its width.
I presume it’s meant to be easy to carry around in your bag and taken out for a
quick browse. The paper is the thin and non-white stock type, so just be
careful not to spill water on it. The cover is plain but functional, with just
the title in bold print. The absence of a picture is understandable since I
highly doubt any graphic can capture the essence of the ‘subconscious mind’.
Writing Style - 3/5
Divided into topics, each chapter in the book actually deals with
a specific issue, such as wealth, health, success, marriage, basically the most
common of the roadblocks faced by most of the human population. It makes going straight
to the specific topic you are interested in very easy, instead of having to
read through the whole book from front to back. Convenient and clear-cut design
here.
Trading Methods (Specifics) - 3/5
Let’s get back to the statement about money in the introduction,
and to the specific topic of wealth, since this is a market-related review. I'm sure you know men or women who work
for a few hours a week and make a tremendous amount of money. Conversely, I'm
sure you know people who slave hard and yet always do not seem to have enough
and are struggling to make ends meet. The difference, as this book explains, is
due to a wealth consciousness.
“Wealth is ultimately nothing more than a
subconscious conviction on the part of the individual. You will grow into a
wealth consciousness by building into your mentality the idea of wealth and
abundance.”
And how is how the book gives an example of building it.
“This is what you do: Repeat to yourself
for about five minutes three or four times a day, 'Wealth, Success'. These
words have tremendous power. They represent the inner power of the subconscious
mind. Anchor your mind on this substantial power within you, then the
conditions and circumstances corresponding to their nature and quality will be
manifested in your life.”
To keep it related to trading. If you are having trouble keeping
your gains from trading, just sincerely give the above a try. And if you find that it works, the rest of the books has more techniques and methods for other topics too, trading and non-trading related.
Trading Management (Soft Skills) - 3/5
The book also mentions something which
is common-sense, but not obvious at the start, and ties in to the statement at
the beginning of the book.
“What you
condemn takes wings and fly away.”
The author puts forth a very logical
case for not condemning money. After all, what is the purpose of trading but the accumulation
of money. Not making money, but keeping the money you make. If you have a
healthy money mindset, then all the money you have made is an indication of how
much you value yourself (an idea taken from The
Disciplined Trader), and the converse is also true. After all, as the book succinctly
states “When your blood is circulating freely in your body, you are healthy.
When money is circulating freely in your life, you are economically healthy.”
Trading Psychology (Mindset) - 4/5
The essence basically is this: Whatever you think will take root
in your mind. Think of it like planting a seed (the equivalent of a thought) in
your mind. And just like how a seed planted in the ground attracts whatever it needs
to grow, a seed planted in the mind will also attract whatever it needs to
grow, whether it is a good thought or a bad thought. And just like how a huge
tree is hard to uproot, so are the persistent thoughts in your mind, which will
have taken root and become your habits. So to link it back to the market, the
important thing is probably to be honest and realize whether thoughts of wealth
and abundance circulate happily in your mind, or whether is it overgrown with the
weeds of lack and poverty.
Longevity - 3/5
I actually found myself going back to specific chapters when I feel
my thoughts slipping, so I found this very useful to have at hand actually.
Value - 3/5
The value of the book probably lies in how much you are willing to
open your mind and consider the ideas and concepts in the book. The mind is
really a lot like a parachute, it’s useless unless it’s open. If the concept mentioned
about money in the above part sounds alien, then
this book probably won’t be of much value. But if you read it with an open
mind, you might be pleasantly surprised.
Things to Watch Out For -
While reading it, I was struck by the strong reference to the bible in this book. This is probably because the author is a Christian, so he references quotes from the bible throughout the book. But I feel the main concepts of the book
are pretty universal and non-religious in nature, whatever your religious or non-religious affiliations are, just take note of this aspect when
reading this book.
Overall - 3/5
Although I would suggest most people to give this book a try, the
book to read ahead of this book would be Think and Grow Rich by
Napoleon Hill. The Power of Your Subconscious Mind is more akin to an expansion of one of the main concepts in Think and Grow Rich. If you have not as yet read Think and Grow Rich (which I am planning to review shortly), read it first and then read this. It will be much more
logical.
Score Recap:
Packaging - 2/5
Writing Style - 3/5
Trading Methods (Specifics) - 3/5
Trading Management (Soft Skills) - 3/5
Trading Psychology (Mindset) - 4/5
Longevity -3/5
Value - 3/5
Overall - 3/5
Where to Buy:
This should be available in most physical bookstores. Or you can also search online for a cheap copy. Amazon also has it for less than five dollars the last I checked. It's about the price of a fast food meal, and probably does more good to your health than a fast food meal will be in any case.
If you found the above review helpful, do consider buying it from my affiliate link below. I really appreciate it, and any purchase goes a long way in supporting this site too.
Thank you!
Thanks much for reading!
And do check back in for new reviews to come! Have a wonderful day! :)
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