One of the problems I used to have is that I dwelled on a missed trading move. Â I would see the currency pair move hundred of pips and I would miss out on it. Â Then I would bang my head against the wall. Â I would kick myself for missing out on the move. Â Sometimes that …
Michael Steinhardt, the now retired billionaire hedge fund manager said about the one quality he valued in people: Very wise words indeed, as there are many traders are paralyzed from taking a position. Â They are afraid to enter the game. Â They are afraid to have a particular view or bias on a financial instrument. …
Trading is one of the most lucrative and appealing careers. Â One of the big reasons is because it is a meritocracy. Â A lot of your skill is measured in your profit and loss. Â You make as much or as little money as you want. Â As I previously discussed there are various levels of trading …
Mind Over Market Part 6 http://www.youtube.com/watch?v=hQ9XM55pclw Mark Douglas talks about how some people need to only start trading a small size. Â And that when you are only trading a small size most people do not think there is any point in it. From an immediate money standpoint you will not make a lot. Â But when …
Mind Over Market Part 5 of 7 http://www.youtube.com/watch?v=Vx6wL0zHjoE Mark Douglas talks about how you need to be able to change the way you think. Â He is absolutely right. Not only do you need to change the way you think about money management and trader psychology. Â Not only do you need to change the way you …
Mind Over Market Part 4 of 7 http://www.youtube.com/watch?v=dkmbfMzRjFw The interview starts off with Mark Douglas talking about how believing in a random result affects your expectations. Mark Douglas is absolutely right. Â Many traders, including myself when I first started, are afraid to take losses. Â I always wanted to be right. Â Every time I would take …
Mind Over Market Part 3 of 7 http://www.youtube.com/watch?v=ZmIZekqgST4 Mark Douglas talks about the patterns in collective human behavior. Â And when a set of criteria is present in the market, there is a higher probability of one thing happening over another. Now if you are a quant or looking to be a quant, then I suppose …
Mind Over Market Part 2 of 7 http://www.youtube.com/watch?v=NHJtLuaHxHQ Douglas then talks about how to accept the randomness principle, which is to accept the fact that any trade event can be a random unique outcome, but that can produce a consistent result over the long run. Â He then talks about how traders who fail to acknowledge …
Mark Douglas, an author of trading psychology books is shown in lengthy video interviews describing the many trading psychology and mindset problems many traders face and how to fix them. I will post one of the videos every day and offer my analysis and nuggets of value once per day until all seven parts have …
There are many traders that are worried about how well other traders are doing. Â Or they are worried about how other traders may be learning faster or progressing faster. Â Or how some other traders have a better system than them. I remember vividly how I wasn’t making much progress in trading and I would go …