Mark Douglas - How to think like a professional trader

[nooby_mcnoob]

I've been listening to this in the background. Here are my takeaways so far:

1. Your signals are probably going to be wrong some significant percentage of the time
2. Once you place the trade, you have no control over what happens, only when you get out
3. Deep pockets manipulate the market on a regular basis in order to enter/get out of trades

Putting all this together: this one trade isn't that important.

 

[panzerman]

He reiterates that any single trade basically will have a random outcome. He implicitly states early on that one needs a positive expectancy system, but never goes into the mechanics of how to find and develop such a system. He recommends paper trading. Not sure how old this video is, but these days computerized back testing would be the way to go.

One could spend a lifetime trying to find a positive expectancy system by paper trading alone.

 

[qxr1011]

He implicitly states early on that one needs a positive expectancy system

implicitly states somewhere...

meanwhile calling his video "How to think like a professional trader" for the public overwhelming majority of which never had or will have a functional trading method is like preparing the video under the name "How to think like a professional gunfighter" for the audience which has no access to a hand-gun

and when that audience finally face the music it quickly realize that instead of handgun (the trading method) they are holding their own dick in their hands....

now that's when the real psychological problem starts !

i respect Douglas (RIP) but imho his emphasis and accents were wrong, his all work should of been reformatted to deal with psychological problem the newbie face when creating, developing the method (the gun), there are so many of them one can lose his mind

and Douglas should have implicitly said: most of you guys will never have the working method, but for those who still want to continue i recommend certain psychological approach(es) (for people with dick in their hands)...which admittedly should be different from the way the trader with the method think.

and by the time the method is ready the trader is psychologically ready as well

 

[jinxu]

implicitly states somewhere...

meanwhile calling his video "How to think like a professional trader" for the public overwhelming majority of which never had or will have a functional trading method is like preparing the video under the name "How to think like a professional gunfighter" for the audience which has no access to a hand-gun

and when that audience finally face the music it quickly realize that instead of handgun (the trading method) they are holding their own dick in their hands....

now that's when the real psychological problem starts !

i respect Douglas (RIP) but imho his emphasis and accents were wrong, his all work should of been reformatted to deal with psychological problem the newbie face when creating, developing the method (the gun), there are so many of them one can lose his mind

and Douglas should have implicitly said: most of you guys will never have the working method, but for those who still want to continue i recommend certain psychological approach(es) (for people with dick in their hands)...which admittedly should be different from the way the trader with the method think.

and by the time the method is ready the trader is psychologically ready as well

True. Maybe. But that wouldn't have sold books. To Mark Douglas, I would say being able to sell books was better then being "honest". The average professional author makes something like 10,000 annual per book on royalties. Best case scenario.

However, I haven't read the entire book. But from the first few pages I was turned off. Maybe he writes a mix of good advice with some bad advice. I think what's going on is people think that because they read maybe 1 or 2 paragraphs of some gold they automatically think the entire book is gold.

 

[lawrence-lugar]

The average professional author makes something like 10,000 annual per book on royalties

10K/year is kind of high...I'm pretty sure the average book author is much lower then that.
Specially considering how easy it is to upload your own book to Amazon. Everybody and their pet is writing their own book to boost their ego, and career prospects and potential income.

A great or expert trader can make 10K in a Day, on average, from the market.
10K a day trading...or 10K a year writing books. Those who can do Do. Those who can't Teach.

 

[ballstaranonymous]

How to think like a professional trader?

No such thing as a professional trader. How to make money trading? Do not enter trades based on "signal bars". You have to enter sooner, anticipate, turns. Think about it..

 

[nooby_mcnoob]

How is anticipating turns different from signal bars?

 

[ballstaranonymous]

There is a better way to enter trades then betting a given signal bar/prior bar will not "back fill" and stop you out. This broken concept fed to the masses is why beginners cannot advance past how one can be profitable without discerning trend from chop - it isn't necessary

 

[jinxu]

10K/year is kind of high...I'm pretty sure the average book author is much lower then that.
Specially considering how easy it is to upload your own book to Amazon. Everybody and their pet is writing their own book to boost their ego, and career prospects and potential income.

Which is why I don't write books...

 

[nooby_mcnoob]

There is a better way to enter trades then betting a given signal bar/prior bar will not "back fill" and stop you out. This broken concept fed to the masses is why beginners cannot advance past how one can be profitable without discerning trend from chop - it isn't necessary

And what is this way?