Mark Douglas

funny = interesting

 

If your trading is "psychologically" optimal you should break even at worst. If your method is much worse than random it shouldn't be a problem to reverse order of things.
Trading methologically is basically correct way to trade and I think it's a matter of psychology primarely.IMO

 

Would you mind elaborating on this in detail?

 

Very well stated, Cesko.

And, I believe very true. In my opinion, emotional control (psychology) is more important to success than the system.

I can give a system I use, which I know is profitable, to a trader who does not have emotional control and he will lose day after day.

Trading in the Zone is required reading for any trader I work with.

Nutsneal

 

If you had a system, in which you know is profitable, wouldn't you automate it?

 

Too much discretion (and emotional control) involved.

 

i recommend his first book, The Disciplined Trader. take your time reading it, and you will enjoy it and benefit from it. no book will turn your trading around, but it doesn't mean it doesn't have a lot of value.

Trading in the Zone is mostly hype imho, but if you have the time and energy, it won't hurt you either.

other than that, here are links to 2 audio lectures with Mark Douglas. i didn't listen to them yet, but you might wanna try:

http://www.woodiescciclub.com/Lectures/mark-douglas/index.htm
http://www.woodiescciclub.com/Lectures/mark-douglas/august-2005.htm

 

as a rookie, the above gives me much to think about

thanks

 

Actually start with the lectures ... they will give you a good feel for what mark is about.

 

If after the fact your trading results seem much worse than random( 70-80% of losses,much larger losses than profits etc.) it is not so much error of judgement during entering the trade as it is the result of bad management (where psychology plays huge role).
For example, if 70-80% of trades result in loss you can imrove result by tweaking exits not entries.
Put it another way how can you hope to get substantial mathematical advantage over others nowadays when huge computing power is available to everybody?