"Trading in the Zone" - AWESOME book. I'm only a little over halfway thru the book, but I've learned piles already. I'm already planning on a second and third read thru. I think it is that good.
I'm learning why I feel fear in a trade, what risk really is, how to truly accept risk, what makes an edge, probabilities (the gambler/casino part really put it in focus for me) and randomness.
While the market is not random, what happens next has to be accepted as random. Not one single one of any of us can predict what is going to happen next at any particular moment. Or the moment after that. This makes sense. Even if we've seen it before, we can't expect it to be identical, because each trader in the market can change the market.
I want to copy and paste this out of the book, it's that good. Copyrights tho... lol Pretty much all of Ch 7 is really speaking to me.
I feel I have an edge. That edge was learned at J16. While I will tweak and adjust and continue to learn, I have the basic ideology of the method down.
I have to accept that next trade could lose. I mean really accept it. Because my edge says that over a high number of trades, my method is sound, consistent, and profitable. Each trade is a new event, not related to the last or the next. The last trade(s) can not affect how I put this trade on.
I will be defining my rules even farther before I resume trading again in the new year, so as to ensure each trade I take utilizes my edge to its full potential. In doing thing, I will define exactly what my edge is, and why it is.
I will get this. I will be a consistent, successful trader.
oh... and-
Merry Christmas!
I'm learning why I feel fear in a trade, what risk really is, how to truly accept risk, what makes an edge, probabilities (the gambler/casino part really put it in focus for me) and randomness.
While the market is not random, what happens next has to be accepted as random. Not one single one of any of us can predict what is going to happen next at any particular moment. Or the moment after that. This makes sense. Even if we've seen it before, we can't expect it to be identical, because each trader in the market can change the market.
I want to copy and paste this out of the book, it's that good. Copyrights tho... lol Pretty much all of Ch 7 is really speaking to me.
I feel I have an edge. That edge was learned at J16. While I will tweak and adjust and continue to learn, I have the basic ideology of the method down.
I have to accept that next trade could lose. I mean really accept it. Because my edge says that over a high number of trades, my method is sound, consistent, and profitable. Each trade is a new event, not related to the last or the next. The last trade(s) can not affect how I put this trade on.
I will be defining my rules even farther before I resume trading again in the new year, so as to ensure each trade I take utilizes my edge to its full potential. In doing thing, I will define exactly what my edge is, and why it is.
I will get this. I will be a consistent, successful trader.
oh... and-
Merry Christmas!