Here are 16 lessons from Mark Douglas that will help you conquer the mental side of trading:
If your goal is to trade like a professional and be a consistent winner, then you must start from the premise that the solutions are in your mind and not in the market.
Mark Douglas
1/16
Mark Douglas
1/16
When you achieve complete acceptance of the uncertainty of each edge and the uniqueness of each moment, your frustration with trading will end.
Mark Douglas
2/16
Mark Douglas
2/16
When you genuinely accept the risks, you will be at peace with any outcome.
Mark Douglas
3/16
Mark Douglas
3/16
When you really believe that trading is simply a probability game, concepts like right or wrong or win or lose no longer have the same significance.
Mark Douglas
4/16
Mark Douglas
4/16
If you can learn to create a state of mind that is not affected by the market's behavior, the struggle will cease to exist.
Mark Douglas
5/16
Mark Douglas
5/16
The consistency you seek is in your mind, not in the markets.
Mark Douglas
6/16
Mark Douglas
6/16
Remember, the best traders think in a number of unique ways. They have acquired a mental structure that allows them to trade without fear and, at the same time, keeps them from becoming reckless and committing fear-based errors.
Mark Douglas
7/16
Mark Douglas
7/16
If you asked me to distill trading down to its simplest form, I would say that it is a pattern recognition numbers game. We use market analysis to identify patterns, define the risk, and determine when to take profits. The trade either works or it doesn't.
Mark Douglas
8/16
Mark Douglas
8/16
Why do casinos make consistent money on an event that has a random outcome? Because they know that over a series of events, the odds are in their favor. They also know that to realize the benefits of the favorable odds, they have to participate in every event.
Mark Douglas
9/16
Mark Douglas
9/16
The hard, cold reality of trading is that every trade has an uncertain outcome.
Mark Douglas
10/16
Mark Douglas
10/16
What separates the โconsistently greatโ athletes and performers from everyone else is their distinct lack of fear of making a mistake.
Mark Douglas
11/16
Mark Douglas
11/16
Rarely will the typical trader stay with his system beyond two or three losses in a row, and taking two or three losses in a row is a very common occurrence for most trading systems.
Mark Douglas
12/16
Mark Douglas
12/16
When I put on a trade, all I expect is that something will happen.
Mark Douglas
13/16
Mark Douglas
13/16
No man ever reached excellence in any one art or profession without having passed through the slow and painful process of study and preparation.
Mark Douglas
14/16
Mark Douglas
14/16
Good market analysis can certainly contribute to and play a supporting role in one's success, but it doesn't deserve the attention and importance most traders mistakenly attach to it.
Mark Douglas
15/16
Mark Douglas
15/16
It's the ability to believe in the unpredictability of the game at the micro-level and simultaneously believe in the predictability of the game at the macro level that makes the casino and the professional gambler effective and successful at what they do.
Mark Douglas
16/16
Mark Douglas
16/16
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