50 pts in the ES

Quote from hypostomus:

...please permit me to offer you some most heartfelt advice. If you haven't already done it, read Mark Douglas' book "Trading in the Zone". Take his advice and trade a profitable mechanical system until you have faithfully taken 20 trades in a row (I'm still trying, haha!). Reread Douglas. While you are bored to death doing this, watch the market as if it were a natural phenomenon (like birds, say), and try to sense its rules. Reread Douglas. Successively code and test what you think those rules are (the market, not the birds), gradually building up a set of statistically reliable rules. Trade those rules. Reread Douglas. Then be amazed when one day reliable intuition STARTS to come. IMO, the growth of intuition is nurtured by the calm of statistical successes, not by random learning through anxious hit-or-miss trading.

(The vile hated detested abhorred reprehensible evil misanthropic misbegotten miscreant Phoenix meant something like that when he used the magical word "plan", but he's one of those idiot mechanical traders who makes money with no intuition at all, so what does he know?)

(Did I say "reread Douglas"?)

Best regards. - Mike
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I checked the ET book reviews and the book you suggest isn't even listed. Is this not a big deal book for most traders like you suggest or can I just not find the reviews? I appreciate your high regard for it however.

jd
 
...with all due disrespect for ET, the books they have listed are a piss-poor selection. It ain't just me likes Douglas, he is revered by many traders here and on SI. Check out the Amazon review at

http://www.amazon.com/exec/obidos/t...f=sr_1_1/002-8192680-2505604?v=glance&s=books

His first book, the Disciplined Trader, was also excellent. If I had to recommend only one book to a new trader, Zone would be it. It is not a book about trading techniques, but about the psychological impediments to profitable trading and how to overcome them. You can usually find it in the big bookstores.
 
Quote from hypostomus:

...with all due disrespect for ET, the books they have listed are a piss-poor selection. It ain't just me likes Douglas, he is revered by many traders here and on SI. Check out the Amazon review at

http://www.amazon.com/exec/obidos/t...f=sr_1_1/002-8192680-2505604?v=glance&s=books

His first book, the Disciplined Trader, was also excellent. If I had to recommend only one book to a new trader, Zone would be it. It is not a book about trading techniques, but about the psychological impediments to profitable trading and how to overcome them. You can usually find it in the big bookstores.
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i second this....amazing book
 
Quote from JackDaniel:




I checked the ET book reviews and the book you suggest isn't even listed. Is this not a big deal book for most traders like you suggest or can I just not find the reviews? I appreciate your high regard for it however.

jd
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The following is a link to a search for "Douglas" on this site, where you will find ample reviews and opinions. As an additional bonus, a small number of references are to Michael Douglas, the actor, and others of the Douglas clan.


http://www.elitetrader.com/vb/searc...d=229394&sortby=lastpost&sortorder=descending

 
I went to B&N and bought the book. Even though I can literally SEE Amazon's building from my place in Seattle :) I wanted to start reading it right away and not wait a week for delivery.

I'm already three chapters in and I have to say a big thankyou to hypostomus. Douglas has nailed me and my attitudes/perceptions/fears and actions 100% so far. This should prove very interesting.

Regards,
Dan
 
...you are too kind. After you have read Zone, I recommend that you read The Disciplined Trader. It got trashed in some SI circles, but IMO it, too, is a great book. The basic premise, hard for a lot of people to buy, is that you "give" yourself money from the markets in proportion to your legitimate self-esteem. Also, if you have the teensiest bit of addictive behavior in your personality (I don't, of course), I recommend reading the first part of Dr. Elder's book relating addictive behaviors to trading failure. My copy is highlighted and over-highlighted in three different colors. Best regards. - Mike
 
Neither one stands alone. Reading both can be a bit of a haul, but it would be difficult to recommend just one. Given that, I'd read the second one first.
 
..totally agree. The second one gives you the cure, but the first one defines the disease. It amazed me how many people on SI thought it was new age trash. I have no doubt that it will be recieved into the future as the best trading book ever, even though it contains not a word on method.
 
:) :)
now you guys have gone and got me confused. What book is "the first" and which is "the second" and then you throw in Dr. Elder (I'm assuming you mean Trading for a Living) is this the second or third or.....
And which one, the first, whichever one that is, defines the cure and which one defines the desease ?

(and no, there has been no Jack Daniels in my diet pepsi this afternoon :)

jd
 
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