Mark Douglas - How to think like a professional trader
- Thread starter nooby_mcnoob
- Start date
Many ways, but here is one. You can estimate fair value based on historical stats, and then next trading session, span multiple orders across a spectrum based on those calculations. With today’s software and data quality, this is testable and tradable. Building a viable model and getting it coded for live trading is the real challenge.
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I hated his books and found them miserable depressing and unhelpful. I have traded profitably for 17 years with a few down years- when I started to read this kind of psychology stuff. If I'd had a trading buddy I'dhqve made millions- that is the key, I reckon
Does anyone know if any of these authors ever made money trading? I read many books early on and found lots of conflicts on strategy and process from the so-called experts. By extension, has anyone here succeeded in pulling decent money out of the market over an extended period, say 2+ years. By decent, I mean like $100K a year or more? If so, can you share strategies, or the authors you read and then followed? After many years, I resorted to learning charts, and scalping currencies and the e-mini. Also made lots of dough on options on futures, mostly energies and gold. Have the books from the experts actually helped anyone? To me, most of them have been smoke and mirrors. Remember the old adage, "Those who can do, those who can't teach".
For the most part, most of the famous trading book authors out there, are successful traders themselves.
Or were, or have semi-retired, and are now slightly taking it easy by talking and teaching about it or creating websites and trading academies.
It's kind of like a successful business executive or founder, deciding to teach in college in his later years.
But these cases are the rare handful one's, most of today's modern trading book and website authors and teachers are full of shit. and/or can't trade themselves for jack profit.
2018 ET.
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If we are talking about trader psychologist authors, (like Mark Douglas is) they don't need to be good traders. If I am the head shrink of Tiger Woods while helping him to find his lost swing, do I need to be a good golfer?
Otherwise your criticism stands...
Is that what you do? And, if so, what does your performance look like?
Okay, that was one way. What are some of the other many ways?
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You have our attention.
Yes. I spread the orders out after US market open. Performance has been good last few months with increase in volatility. Last year, barely beat the benchmark.
I have a narrow focus, so can’t pinpoint other ways traders extract profits, but nowadays definitely stuff that can’t be done manually by a primate clicking a mouse in front of 6 screens and a DOM.
The focus should be:
1. Automation
2. Execution speed/capability
3. Catalysts
4. Spreading
5. Sizing
6. Risk management
7. Arbitrage
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Okay, but how does any of that eliminate the need to concern yourself with backfilling to a prior bar (whatever or wherever it may be) thereby taking you out? Unless you're trading without stops, mental or otherwise, or are using options to hedge a directional trade (which is not free), I'm not sure I understand your defense of this post: