I just found a reference on Don Miller's site to the following interview with Mark Douglas, author of "Trading In The Zone," and "The Disciplined Trader."
http://www.4shared.com/file/96740657/227e2748/Mark_Douglas_-_Mind_Over_Market.html
I HIGHLY recommend this 53 minute interview for beginning and slightly experienced traders. It is eye-opening to those (like myself) who haven't thought deeply enough about the psychology of trading. I am planning to watch it again tomorrow and I'll likely go to Amazon to buy Mark's book, "Trading In The Zone." So much of what's in the interview is akin to what experienced traders on the blogosphere espouse in their writings. For example, his principle of looking at the market in terms of probabilities, etc. Take a look at it, I think you'll like it...
That is very useful, thanks!
ReplyDeleteRJ
I think a lot of people have a hard time thinking in terms of probability. That's why so many people don't take statistics classes (or don't do well in them when they do take them). But thinking in those terms is essential to success. I know that thinking in those terms has really turned my trading around. Also not thinking in terms of P/L but in terms of following my plan also helps, which is why I don't watch my P/L while I'm trading...I only know my cost basis for each trade and my stop loss and profit-taking plans.
ReplyDeleteYou're welcome, RJ.
ReplyDeleteI agree with you, Yngvai. Many successful traders have stated that they weren't successful until they started treating their trading "like a business." What you stated in your post is an extension of that.
BC,
ReplyDeleteThanks for posting this. I have read Trading in the Zone multiple times (each time it sinks in better) but having Mark in his own words describe his thoughts is priceless!
Monk