Sincere thanks for your informative posts. So, my understanding of the following is as follows: We can not rely on a âTrading Coachâ alone to succeed. We need to observe people who have already have had experience in this field. Though, we can dream big, but we should start out with small steps. We need to trust our own instincts and learn by experience. Moreover, we need to overcome fear of losing money and go ahead with a positive attitude towards trading. We should not be let down by loss of money, as we can gain in other places [/list=A] Am I right? Please elaborate. Also, this book âTrading in the Zone by Mark Douglasâ, was suggested. Can someone say something about this book? Moreover, does anyone have or can suggest any other book(s), they think would be a good investment?
You summed it up well... Buy Mark's book and you can research Brett Steenbarger as well but Mark's is better for daytrading imo.
These guy are right if your problem is psychological, but there are other problems that get in the way of successful trading.
There is a great deal of help out there if you look. Adrienne Toghrai and Ruth Roosevelt are other trader's coaches who help. If you have issues (and most of us do at some level) it is best to deal with them before entering the markets because the stress of trading with real risk tends to create more issues. Adrienne uses Neuro Linguistic Programming. It is the science of modeling success. Adrienne's website is www.tradingontarget.com. I have been to some of her seminars and she is great to work with. I am not as familiar with Ms. Roosevelt's work although I have read most of her books. There are books by Mark Douglas, Ari Kiev among others that go into the psychology of trading to some degree. Good Luck!
Thanks to you all, Joab, and AgTrader for the books information. Have you read or heard of this book âTraders Secrets", written by Adrienne and Murray. Had chanced upon this book at the following link: Traders Secrets
You are suggesting stuff related to the conventional orthodoxy which you yourself believe in. As has been written and backed up by physical and psychological significant testing, the conventional orthodoxy (referred to by Lo, MIT as Standard Orthodoxy) there are three pervasive emotions involved: fear, anxiety and anger. Notice the orientation of these three elements in posts on ET. The OP in this thread is a "dead duck" as are several other people who are empathising with the OP. People who can't trade, can't trade because of themselves. When Steenbarger reports that he has gotten a heavy roller to success (success defined as less than one tic per trade) he is largely kidding himself and his client. There is no way their work together has any staticical significance. The capital this guy is using is a wasted application of capital. At some point every potential trader comes to a line in the sand. He has the choice of crossing it or not. If he chooses to cross it, then his mind is finished being able to trade successfully for a broad and deep assortment of resons. One is that he has so much garbage in his mind that, as it is his first recourse, it will never be possible to block the route to that recourse. QED. My ignore list is filled with tons of these angry people. Fearful people abound on ET. The most common personal characterisitc on ET is anxiety. It is important to be fair to others, of course. Giving encouragement is something to be rationed out in my opinion. Most people on ET are learning failure from one another.
Holy crap, grob risen from the dead, again, or so you make it seem. Your post itself speaks volumes, Mr Hershey....angry, fearful people-i interpret nihabashis post as rather unbiased, actually, and yours as quite so; the very simple fact, your using other's "measurements" is ...........conventional orthodoxy.......... and you already dismissed both the (probably fictional) op and other supportive respondents as "dead ducks". You are supporting the concept of failure with every breath, yet, somehow claim to be superior to it. I never had a problem with you, or your method, yet it appears some trolls have gotten under your skin, somehow, perhaps its the false presumption i "invented" in my mind that you must be some sort of zen master, and were above that somehow.
Great article Jack. Thanks. Basically Seligman's (I think it was Seligman) Learned Helplessness. Repeated focus on things out of ones control, and failure to impact them positively, causes 'giving up'. Re: Columbus analogy, do you mean the crew were focused on time and reaching land (conflicted goals) while Columbus was unconflicted - with only one goal i.e. land?
in addition to Mark's and Brett's books, "Zen and the Art of Poker" is an excellent read as well, imho