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Re-reading the classic 'Trading in the Zone' by Mark Douglas this weekend
Will be sharing quotes/nuggets
#WeekendReading
#learningtogether
Will be sharing quotes/nuggets
#WeekendReading
#learningtogether
1 The Winning trader has attained a unique set of attitudes that allows him to remain Disciplined, focused & confident.
2 There's huge psychological gap between assuming that u r a risk taker coz u put on a trade & fully accepting d risk inherent in each trade
3 The best traders can easily get out of a trade-even with a loss & doing so doesn't resonate the slightest bit of emotional discomfort.
4 Learning how to redefine ur trading in a way that allows u to completely accept the risk, is the key to think like a successful trader.
5 Being wrong, losing money, missing out, and leaving money on the table are four primary trading fears.
6 Fear is immobilizing, causing us to freeze or run & narrow our focus to the object of fear, blocking other available useful information
7 Markets don't control the way in which we perceive or interpret the information and the decisions that we take... 
8 One of the many contradictions of trading is that it offers a gift and a curse at the same time.
9 The need for rules my make perfect sense but it can be difficult to generate the motivation to create these rules when we have been.....
10 .....we have been trying to break free of them most of our lives.
11 Even though the outcome of each individual pattern is random, the outcome of a series of patterns is consistent.
Taking responsibility
Taking responsibility
12 The problem of random rewards- why traders keep on trading even if they are losing money overall?
13 Taking responsibility for your success or failure as a trader.....
14 If u want to start sensing flow of market, ur mind has to be relatively free of fear, anger, regret, betrayal, dispair & disappointments
15 Our minds are hardwired to avoid the pain of a loss. We tend to look for information that reinforce our own opinion. #ConfirmationBias
16 Market doesn't create your attitude or state of mind, it simply acts as a mirror reflecting back to you that which is already inside you.
17 The best traders don't try to get anything from the markets; they simply make themselves available to the opportunities.
18 The best traders are not impacted much (either negatively or positively) by the outcomes of their last one or even last several trades.
19 Want to be a consistent winner?
Start with the premise that the solutions are in your mind and not in the markets.
Start with the premise that the solutions are in your mind and not in the markets.
20 Not predefining ur risk, not cutting ur losses, and not systematically taking profits, are 3 of the most common & costly trading errors.
21 Events that have probable outcomes can produce consistent results if u can get the odds in ur favor & there is a large enough sample size
22 As traders we can not afford to let our pain-avoidance mechanism cut us off from what the market is communicating to us.
23 In trading we have to be rigid about our rules to gain the self trust & flexible about our expectations to accept the changing conditions
24 In it's simplest form, trading is a pattern recognition number gameWe use market analysis to identify patterns, define risk & take profit
25 Losses r simply the cost of doing business or the amount of money a trader need to spend to make himself available for the winning trades
26 From Trading in the Zone by Mark Douglas
If there is such a thing as a secret to the nature of trading, this is it: ......
If there is such a thing as a secret to the nature of trading, this is it: ......
27 If you don't expect the market to make you right, you have no reason to be afraid of being wrong.
28 Five fundamental truths of a probabilistic mind-set pertaining to trading----
