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He has taught over 25, students via his Price Action Trading Course since InNial won the Million Dollar Trader Competition. Mark Douglas, one of the greatest authors of trading psychology literature of our time, sadly passed away earlier this year, raquel forex.
I wanted to write a lesson dedicated to him that discusses some of his most important teachings on the all-important mental aspect of trading. What raquel forex are short summaries of some of the most important points that Mark tried to stress to traders in order to help them achieve consistent profitability. Whilst this lesson stands fine by itself and can be read in its own right, it will also form part of a new series that will go more in-depth on each of the points discussed below.
We will discuss how, as traders, we can apply these points to real-world trading and leverage them when trading the price action strategies that I personally use and teach to my students.
Traders often begin trading a method with very high hopes. They want to produce an income they raquel forex rely on and get consistent results from their trading, raquel forex. However, this is only possible if you are trading an effective method with discipline and consistency, which most people simply do not do and as a result, they experience the profit gap that Mark refers to.
The key point that Mr. Douglas makes about this profit gap is that traders typically try to fill the gap by learning more about the market, changing methods, spending more time in front of their computers etc. However, what they really need to learn is more about themselves and how they interact with the market.
Anyone, and I literally mean anyone, even a 5-year-old child, raquel forex, can find themselves in a winning trade. It does not require any special skill to get lucky on any particular trade and hit a winner.
All you have to do is open your trading platform and push a few buttons and if you get lucky, you can make a lot of money in a short amount of time. Needless to say, it is also how they get on the path to losing a whole raquel forex of money just as fast or even faster than they made it.
A winning trader has the mental skills to realize, understand and utilize the FACT that any particular trade he or she takes has basically a random outcome. That is to say, they cannot possibly know the outcome of that trade until raquel forex is over.
The winning trader knows this and they also know that they raquel forex trade in-line with this belief over a large series of trades and ignore all the temptations and feelings that get kicked up on each trade they take. They are able to do this because they keep their eyes on the bigger picture. Thus, do not mistake a winning trade for you being a winning trader, yet. A very easy trap to fall into.
Mental skills raquel forex things like; staying focused on the process, on your method, raquel forex, and not worrying about the consequences if this trade goes wrong. No matter how good the method, if you make mental errors you will lose. Essentially, raquel forex, as a trader, you are fighting against yourself to see which part of your brain has more control; the older, emotional and more primitive part or raquel forex more advanced logic and planning parts.
Technical methods of any kind, raquel forex, price action included, are not designed to tell us what a market will do next. As Douglas says, they are designed to help us raquel forex the ODDS of success in our favor over a SERIES of trades.
There are some profound psychological implications that go along with this fact…. The outcome of any particular signal is unique and random. In other words, the nature of trading is random. Douglas goes onto to describe something that may be a little difficult to raquel forex at first, but that is critical for you to grasp if you want to make consistent money trading:.
Now, on the surface, it seems contradictory to say you can produce consistent results from something that is random in nature. Technical methods and patterns will give a trader the same advantage a casino has over any individual player. You can only generate consistent returns by understanding that each trade is random and unique, and then taking that information and using it to control yourself after each trade. Do not get hung up on your last trade. Instead, focus on consistently trading your method over and over.
There is no guarantee that this trade will be the exact same result as the last one, raquel forex, even if they look the same. Rather, the method only tells us that IF we use it consistently, then over a series of trades, we should be profitable, raquel forex.
Perhaps the point Mark Douglas is most raquel forex for drilling into traders, is that you need to learn to think in probabilities. Learning to think in probabilities releases your expectations from trades because you are focused on the results of the overall series of trades, not on the result of any given trade, raquel forex. Markets started as exchanges where people physically met to trade commodities, stocks, etc. Today, markets are basically entirely electronic and most traders trade from their laptops.
This takes most of the personal, human connection out of what is actually a very person-driven profession. All prices are people-generated events, raquel forex, everything happens because of what people believe…. this is a raquel forex point Mark talks about in his seminars. You can find patterns price action patterns in collective human behavior by analyzing this price action, raquel forex.
These patterns show us that there is a higher probability of one thing happening over another. The problem is, the patterns repeat themselves on a random basis. Even though the criteria are correct a trade pattern that looks goodwe still cannot predict human behavior, an important point to remember. When you put on a trade, do you know who took the other side? Essentially, once you place a trade, you need other people traders to want to buy or sell a market at a worse price than you did in order for you to become profitable on that trade.
So, if you buy a market at 10 for example, someone else has to want to buy it at 11 or 12, in order to make you a winner. Since you have no idea if that will happen or not, you cannot possibly predict the outcome of any given trade. Remember, all trades are people-driven and influenced events, you are not in control, raquel forex.
Your trading strategy is only putting the odds in your favor over a series of trades, not guarantying you will win every trade. Once you start expecting each trade to win, you become raquel forex attached to it, when as you should know by now, it is not any ONE trade that matters, but the overall series of trades and your ability to raquel forex disciplined over that series that matters.
In a winning trade — traders start focusing on raquel forex retracements and raquel forex up exiting at a low-profit point rather raquel forex seeing that it will go back up.
Stop thinking about the outcome of the trade and instead think about risk and where you will exit, not about IF the trade will be profitable. But you cannot start thinking you will be right or a whole host of problems will occur. By not raquel forex about being right or wrong, you will eliminate the potential for the market to disappoint you. Just walk away. If you are susceptible to being disappointing, raquel forex, it will affect your perception of market information that would otherwise make you cut your losses.
Have you been profitable on raquel forex demo account then immediately started losing money when you switched to a real account? So, they naturally become focused on the things raquel forex matter; raquel forex their method properly and slowly but surely building their trading account OVER TIME.
If you ever lose your way and get totally frustrated and blow out your account. Simply go back to a demo trading account for a while and make note of how you feel and how you are trading, etc. That is how you should trade a real account! As Mark Douglas says, one of the first things you need to learn as a trader is how to put the odds of success in your favor. In other words, you need a high-probability trading edge. But, remember, a trading edge is simply a higher probability of one thing happening over another, over a SERIES of raquel forex. It is not a guarantee you will make money in the markets.
You need to combine that trading edge with the proper mental skills…. That is a great article helping us understand and keep away emotions at bay to win in the markets by detaching our positions because any trade is independent. Thank you Fuller. Hi Nial, when you say each trade is random, does this mean we are gambling? However, if you repeat the process multiple times you are more likely to have more wins than not, thus making you profitable raquel forex you are good at execution.
He uses the gambling analogy himself but wants you to place yourself as the casino instead of the player. The casino makes long term money because with enough repetition, the probabilities likely align with the outcomes. So each single trade is a random gamble, but a large series of random high-probability trades increases likeliness of success.
read the book, raquel forex, very powerful and mark douglas goes deep into trading psychology. May he rest raquel forex peace, raquel forex. Good article Nial. Mark was a gift to the trading world, as he delved into an area that is the waterloo of many a trader. Great Article Nial! I feel privileged to have met and Mark and some of his trading pals as we lived in the same city here in Arizona.
As always you are putting together meaningful articles to help your students succeed! Congrats on the contest win! Kirk B Arizona. Hi Nial, thanks for sharing who Mark Douglas was. His book is absolutely perfect timing for me, raquel forex. He has some solid gold gems in there that go deep. Finding your site a couple of months ago was also perfect timing. You have turned my thinking degrees and I am very grateful that you did.
Thank you Nial raquel forex this simple and sharp explanation of how to make instant random event a long term winning out put. I love the analogy you make between successful, disciplined traders and casinos, in respect of having an raquel forex. Another informative and inspiring piece, Nial! Many thanks, as always, raquel forex. Your additional comments mixed in make this article even better.
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k Followers, Following, Posts - See Instagram photos and videos from ⠀⠀⠀⠀Raquel Fox (@raquel__fox) 08/07/ · blogger.com is a private online venture organization that has been lawfully enlisted in United Kingdom. We are a gathering of the gifted money related experts having an abnormal state of learning and long haul rehearse in the venture field. We have been filling in Discuss about Raquel in our Forex Forum. Continue to blogger.com Continue to blogger.com
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