Have you pin-pointed any trends in things that affect you mentally? Or what part of the mental game does Douglas’ book help you with particularly well?
Interesting advice, I try to do this but keep failing maybe I don’t need to do it after all. 
3 Likes
Indeed I have Billy Bob. The main element is the acceptance of loses. I have worked on the Baby Pips School of Pipsology mantra of 'Rock Solid Discipline’ where my rules relate. However, when you get stopped out by the odd pip only to see the trade make it in the direction you traded - several times and often in a row - it can be difficult to accept.
Apart from revision relating to the placement of stop losses, or research and back-testing on levels (which in themselves can help with psychology), I find I benefit from the Mark Douglas book generally. In particular, I find Chapter 7 of help, especially the ‘Paradox: Random outcome, consistent results’ section.
At the end of the day, we need some way to rebound from a series of losses if we start having our emotions rule. Overall, the book helps around developing consistency and not becoming too involved in the trades themselves.
Hope this answers your question.
2 Likes
this is why short term trading/day trading is challenging , as oppose to wider stops and leaving trades over a day if need be
1 Like
Good read. Thanks so much for this.
1 Like
How about the strategy/strategies? Anything you care to share there? 
Good advice , Never Over trade one should wait for price to come to range in set up then can one’s position .
2 Likes
the easiness of making money with little investments or effort is what makes forex tempting to many. Great interview.
1 Like
It’s great advice. I appreciate your efforts of sharing your experience.
1 Like
Exactly what I was thinking too. I would not say it keeps failing because it does get ‘some’ success but I tend to strangle some runs by moving SL to break-even too early.
You’re 100% on this one. This is totally the reason I can’t abandon it because sometimes I get lucky! Thanks for this breakthrough!
Hehe! The story is that it’s normally when I take profit on half position that I push SL to break even on the other half. Up until last April occasional good runs made average expectancy on my second half way better than on the first. Then market volatility changed (Covid etc) and the second half started to retrace to break even far too often while the take profit half pretty much stayed healthy, but profitability on the whole position got seriously diminished.
It sounds like you’re tracking it though which already makes you 100% better than most! 
Also, at least you can attribute it to something instead of just you acting random/emotional!
Nice Point
Super helpful information! Is there any advice for a new reader trying to learn how to read candles? Do you most readers know how to read them?
Great post! An inspiration to the rest of us newbie traders. Good to know that perseverance eventually pays off.
nice one bro
Excelent!!!
Stick with any strategy that works for you. This is because, what work for Mr A might not work for Mr B and vice versa. Hope it helps.
In my mind, the right balance to be found in trading is to have a strategy that adapts to generate fast small profits or slow large profits or something in between.
. Thanks for this detail