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My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
Taking other traders style, quotes, words of wisdom etc. without really knowing the full context is never a good idea. Following excerpts from Michael Marcus as a stand alone idea makes all the sense.
' On exiting a position:
That’s right. Another thing is that if a position doesn’t feel right as soon as you put it on, don’t be embarrassed to change your mind and get right out. f you become unsure about a position, and you don’t know what to do, just get out. You can always come back in. When in doubt, get out and get a good night’s sleep. I’ve done that lots of times and the next day everything was clear."
What does it really means and in what context? If i followed above without really fitting my style , i will be out of every trade after 10- 15 miutes because most of the trades do not feel right as soon as i put them on.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
" Do you think being a great trader is an innate skill?
I think to be in the upper echelon of successful traders requires an innate skill, a gift. It’s just like being a great violinist. But to be a competent trader and make money is a skill you can learn."
I do not have an innate skill otherwise i would have gotten into trading early in my professional career. I started in trading after spending 20+ years in another career. Thanks, Marcus for saying one can become a competent trader and that's all we are trying to do here.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
Bruce Kovner reply to a question from " Market Wizards" book.
Q) " You are one of the most successful traders in the world. There are only a small number of traders of your caliber. What makes you different from the average guy?
I’m not sure one can really define why some traders make it, while others do not. For myself, I can think of two important elements. First, I have the ability to imagine configurations of the world different from today and really believe it can happen. I can imagine that soybean prices can double or that the dollar can fall to 100 yen. Second, I stay rational and disciplined under pressure."
Bruce is successful because according to him he stays rational and disciplined under pressure. Think about whether having to endure so called 10 ticks of heat and then saying By the Grace of GOD, my stop was not hit and i made 20 ticks is what successful traders worry about.
Being disciplined does not mean getting hosed by randomness all day long.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
Us$ and metals were pulled to extremes. $ to the up side and metals to the down side. All metals snapped back. No longs for me. Snap back had already happened and PL, GC had snapped back outside their ATR by the time i got to them.
Short PL around 1240 area. Short GC 1207 area.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
It took 24 hours to get paid. Nothing is more exciting than shorting bounces within a bearish trend.
" It's been only a couple of times over last 5 weeks when i tried long in CL. Otherwise shorts and shorts."
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.