Mark Douglas - trade without fear

[Maciej Kurka 7]

Hey guys, I was recommended Mark Douglas webinar by Peter last week and I spent most of my weekend watching it.  4 parts that add up roughly to over 6 hours of video.  It was worth watching.  For someone like me who has been only trading live for 3 weeks this was a very important step after reading Andrew and Brian's books and watching all Carlos's and RobertH's videos on YouTube.  If you still experience fear like I do and don't have time to watch all 4 parts see below my quick recap.

Mark Douglas Psychological Trading Skills

1. Learn how to trade without fear.
2. Finding an EDGE - higher probability of one thing happen over another.
3. Think in probabilities - your fear will go away.
4. Commit yourself to think about trading in other way - your fear will go away.
5. Self-sabotaging beliefs - get rid of them.
6. If you change your expectations - your fear will go away.
7. If you don’t define risk you operate from the mindset that you know what’s going to happen.
8. Putting a stop doesn’t mean you genuinely accepted the risk.
9. Because EDGES show up in every time frame, technical analysis turns the markets into unending stream of opportunities to enrich oneself. Not on a trade-by-trade basis, but rather as a percentage over a series of trades.
10. Manage your expectations.
11. You expect random outcome - you got random outcome. There is no emotion significance.
12. Don’t be shitting like an elephant and eating like a bird.
13. All change is a function of desire.
14. Sincerity - it can’t be a lip service it has to be real.
15. I don’t have to know what happens next to make money.
16. Stop Analyzing. There is nothing to analyze.
17. When you get the signal - stop thinking. Just put the trade on.
18. Take an EDGE’u’cated guess. That means you have probabilities in your favor.
19. Disconnect - no two moments are alike - every moment in the market is unique.
20. Focus on a process of trading not an outcome.
21. I am a consistent winner.

And the link to webinar:

Mark Douglas How to think like a professional trader 

 

 

 

 

[Sheela 31]

@Maciej Kurka, Thanks for sharing consolidated list above from all those 4 videos. Still going on with the first video- its interesting to watch trading as a business from different prospective. As he talks about how "trading" is represented compared from brokers to real traders. Yet to finish 3 more 🙂

[Maciej Kurka 7]

Hey Sheela, it gets better with every video and the last one was probably the most interesting but also almost 2 hours long.  Good luck with your journey!

[Snaps 12]

I'm a little over halfway through his book Trading in the Zone. It's eye opening. 

Edited May 4, 2019 by Snaps

[Sheela 31]

I believe Andrew is writing his third book on trading psychology(read it in the forms somewhere). Not sure with the details on when it will be released! 

[BBT Member 001 27]

I did not like the book. I'd rather wait for Andrew's book to come out rather than a failed trader as Mark Douglas is. Selling the dream and the secrets is always easy. The hard thing is doing what Andrew does every single day which is trading in front of hundreds of people, fully exposed, showing your P&L and being consistent 90% of the days. 

[RTrader 20]

RIP Mark Douglas. 

[AJTrades 5]

I’m on my second read of Trading in the Zone.  It’s more clear now what he is trying to get across after trading full time for a year then when I first read it. Who cares if he was a failed trader, he has still helped many traders and is well recognized for that effort.