I am a consistent winner because

Discussion in 'Psychology' started by ProfitTakgFool, Feb 6, 2008.

  1. 1. I objectively identify my edges.
    2. I predefine the risk of every trade.
    3. I completely accept the risk or I am willing to let go of the trade.
    4. I act on my edges without reservation or hesitation.
    5. I pay myself as the market makes money available to me.
    6. I continually monitor my susceptibility for making errors. <<<-------This is a <b>BIG</b> one.
    7. I understand the absolute necessity of these principles of consistent success and, therefore, I never violate them.

    Mark Douglas, "Trading in the Zone."

    Best Trading book I've read. It's not in the charts guys, it's in your head. Your job as a trader is to put yourself in a position to take advantage of opportunity when it is presented.
  2. balda


    Most difficult thing for me was to stop picking tops and bottoms.
  3. I do all my thinking when before I enter a trade ... not afterward. :)
  4. That's helpful. But there's a lot in the charts as well. I don't know about you, but every day I trade I open a little window called "charts".

  5. le140


    My charts are not there, I will shut it down. Everything else dictated by the charts.
  6. Joab


    Good book but STUPID ending ... what was up with that he just leaves you hanging.
  7. how exactly does he leave you hanging?
  8. Joab


    He gives you the mechanical side but then says we will get to the intuitive side at a later date.

    That's were the meat is.

    And no offense but all the stuff he teaches has been said 100 times before all be it in different ways.

    Cut your losses, let your winners run etc, etc...

    Like I said it was a good book overall and I rate it a B+.
  9. Joab


    I'm curious, has anyone read the Disciplined Trader and can they comment on the differences ?
  10. I got the impression that by the time you get to the intuitive level, you are at a level of skill where you can use much more subjective judgement in each edge that unfolds in the market. thus there might not be much for him to say specifically about the intuitive level, since each trader will be taking a more individualized path at that point. and his book was designed to help you get to that point.
    #10     Feb 7, 2008