Listen to this quote, from Mark Douglas and “TRADING IN THE ZONE”…
“…The psychological dilemma that virtually every trader has to resolve is that you may be aware that the next trade is simply a trade in a series that has a probable outcome. Yet you’re still afraid to put the trade on and as such are susceptible to the fear based errors. This is due to our potential to view and interpret market information as threatening. This negative state of mind when you trade means there is a conflict between what you believe is the probable outcome and any number of other beliefs in your mental environment that are arguing for something else.
When you think in probabilities you believe that every moment in the market is unique or every edge has a unique outcome. When this is your dominant belief, your state of mind will be free of fear, stress and anxiety when you trade. If you believe that something will happen but you don’t need to know what it is, then how can the market information be threatening and painful?. You were simply right again.
Every moment in the market has elements of what we know (similarities) and elements that we don’t or can’t know because we haven’t experienced them yet.
Until we train our minds to expect a unique outcome, we will experience only what we know. The other information and possibilities will pass us by as unperceived, discounted, distorted or denied.
Once you truly believe that you don’t need to know and you think in probabilities there will be no reason to block, discount, distort or deny anything about the markets potential to move in a particular direction.”
In case you haven’t figured out – that phrase in red is what I believe to one of the most important elements of trading, as observed by my conversations with people day after day – year after year.
Trading in the Zone is one of those great clearinghouses of trader information. It’s Mark Douglas saying – “look, I’ve spoken to enough people – and documented my own struggles enough, to have compiled a mass of similarities. I know enough about what not to do when trading – and what do to when trading – that you should stop, and listen and read”.
Trading in the Zone is also one of those books that you probably only absorb 1/10th of the first read through. When you’re reading about the zone that you should be trading in, and you start making lists of all of the challenges that are laid out – the new thought processes – and how you’re generally failing miserable on all fronts – it becomes clear that this book – somewhat of a holy document – needs to be studied. Notes must be taken. Outlines created – and accountability instituted.
I have been trading for three year now. It took me two year to figure out that i need a method to be successful. After lot of browsing I came across site tradeinniftyonly.blogspot.com" . Thanks Ilango Sir. Now i have method to be successful.
Method Like Gann ,Elliot ,Fibonacci and JNSAR are all great method and define our edge . BUT , any method will not work all the time.so, we have to make most when our edge work and manage our risk when our edge doesn't work.
Let see , JNSAR is great trading method . But it doesn't work always .
So ,how do we know when JNSAR will work???.
We will never know that ,we have to take all JNSAR trade . when it work ,we have to make most it .
When it doesn't work ,get out with minimum loss.
The challenge then lays within constraining those events in a rules based trading plan. What do you do, when you arrive at that trading cycle time? What is your trigger? What is your setup? What are the conditions for your trade? What will you do when you see those conditions congeal? What amount of money will you risk? When will you take profits?
Ignore it, and these warnings – at your own peril.
-Taken from the book -Trading in the zone
-Want to succeed in trading ,read the book "Trading in the zone "
“…The psychological dilemma that virtually every trader has to resolve is that you may be aware that the next trade is simply a trade in a series that has a probable outcome. Yet you’re still afraid to put the trade on and as such are susceptible to the fear based errors. This is due to our potential to view and interpret market information as threatening. This negative state of mind when you trade means there is a conflict between what you believe is the probable outcome and any number of other beliefs in your mental environment that are arguing for something else.
When you think in probabilities you believe that every moment in the market is unique or every edge has a unique outcome. When this is your dominant belief, your state of mind will be free of fear, stress and anxiety when you trade. If you believe that something will happen but you don’t need to know what it is, then how can the market information be threatening and painful?. You were simply right again.
Every moment in the market has elements of what we know (similarities) and elements that we don’t or can’t know because we haven’t experienced them yet.
Until we train our minds to expect a unique outcome, we will experience only what we know. The other information and possibilities will pass us by as unperceived, discounted, distorted or denied.
Once you truly believe that you don’t need to know and you think in probabilities there will be no reason to block, discount, distort or deny anything about the markets potential to move in a particular direction.”
In case you haven’t figured out – that phrase in red is what I believe to one of the most important elements of trading, as observed by my conversations with people day after day – year after year.
Trading in the Zone is one of those great clearinghouses of trader information. It’s Mark Douglas saying – “look, I’ve spoken to enough people – and documented my own struggles enough, to have compiled a mass of similarities. I know enough about what not to do when trading – and what do to when trading – that you should stop, and listen and read”.
Trading in the Zone is also one of those books that you probably only absorb 1/10th of the first read through. When you’re reading about the zone that you should be trading in, and you start making lists of all of the challenges that are laid out – the new thought processes – and how you’re generally failing miserable on all fronts – it becomes clear that this book – somewhat of a holy document – needs to be studied. Notes must be taken. Outlines created – and accountability instituted.
I have been trading for three year now. It took me two year to figure out that i need a method to be successful. After lot of browsing I came across site tradeinniftyonly.blogspot.com" . Thanks Ilango Sir. Now i have method to be successful.
Method Like Gann ,Elliot ,Fibonacci and JNSAR are all great method and define our edge . BUT , any method will not work all the time.so, we have to make most when our edge work and manage our risk when our edge doesn't work.
Let see , JNSAR is great trading method . But it doesn't work always .
So ,how do we know when JNSAR will work???.
We will never know that ,we have to take all JNSAR trade . when it work ,we have to make most it .
When it doesn't work ,get out with minimum loss.
The challenge then lays within constraining those events in a rules based trading plan. What do you do, when you arrive at that trading cycle time? What is your trigger? What is your setup? What are the conditions for your trade? What will you do when you see those conditions congeal? What amount of money will you risk? When will you take profits?
Ignore it, and these warnings – at your own peril.
-Taken from the book -Trading in the zone
-Want to succeed in trading ,read the book "Trading in the zone "
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