DislikedI wasn't aware of it, but somebody else has made the same point as my most recent post here.
See the words of Charles Faulkner in this post:
http://www.forexfactory.com/showpost...1&postcount=36Ignored
Peace
SatchFan
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DislikedI wasn't aware of it, but somebody else has made the same point as my most recent post here.
See the words of Charles Faulkner in this post:
http://www.forexfactory.com/showpost...1&postcount=36Ignored
DislikedInteresting thread. The Market Wizards books are interesting reads! I agree with Jack S. viewing the markets as the ultimate puzzle. I never thought of it as a game, or a beast etc. Just a fun and challenging puzzle.
Peace
SatchFanIgnored
Dislikedhttp://www.brettsteenbarger.com/articles.htm
Here's what I did a while ago. I created a spreadsheet with my actual results and my potential results based on my exact rules. I then created a chart to follow daily of the results with two trendlines of data. The further away they were from each other showing bigger discrepancy of results, the greater I lacked discipline in following my rules. My daily trading aim was to have these lines merge together and I could only do this by sticking to my rules regardless of whether my daily results...Ignored
Disliked
For those in the know, is van Tharp in the same camp as Douglas? I didn't like his books because they were childish (the cartoons really made me doubt everything) and full of references to god (what is it about people that they so badly need to prove others of their faith?) and really didn't help me. I didn't think there was much to learn and didn't read past the first 30 pages. If Douglas is a fraud then comparing those two, I wouldn't be surprised to hear that Tharp is a fraud too.Ignored
Here are his 7 principles of consistency:
Believe me, once you get into psychological work, your trading will go to a whole new level. Unfortunately people don’t want to hear this, yet alone immerse themselves into seriously working on themselves they, just want a holy grail system which will “make” them rich quickly.
DislikedIn his later years, when interviewed by a reporter, Albert Einstein's response to the question "What is in your opinion the most important question facing humanity today?" was "I think the most important question facing humanity is, 'Is the universe a friendly place?' This is the first and most basic question all people must answer for themselves."
Similarly, the most important question facing the trader is whether the market is a friendly place, and that is a question that the trader must answer for himself.
To understand why this is the...Ignored
DislikedWhat Einstein was proposing is based on duality. Van Tharp in his book “How to Control Losing Attitudes”, actually analyses the above mentioned Einstein’s statement. Tharp goes to point out that there is a way of thinking that goes beyond human judgment. In this book he describes and the 20 beliefs of top traders. What is interesting, is that the most important of those beliefs are actually spiritual beliefs.Ignored
QuoteDislikedAnyway, going back to medici’s discussion whether or not it is useful to believe that the market is hostile or friendly place, is perhaps the wrong question. The market has to be viewed from a neutral perspective. The market just is what it is, it has no agenda, and trying to come up with a positive or negative answer would introduce bias in my opinion.
QuoteDislikedI think it is more productive to get to know myself better, to focus on working inside my own mental environment, which is what I have control of !!! I’m the biggest risk factor in my own trading, and perceiving market as hostile or friendly could potentially affect my perception of a risk. The market is neutral, and I need to think from the market’s perspective, instead of categorizing the information it is giving me into hostile or friendly category. That’s my two cents.
DislikedWhat went through my mind when I read #1 is something I have been telling myself lately which is similar.
You don't know how far the market will go.
Let's be honest. How many times have you seen a market blow through support/resistance without even a flinch? Many times, right? What about a market that just keeps on making new highs/lows even when you've been looking for a bottom/top? Keeps on rolling till the end right?
So I don't know how far it will go and I let the market tell me when its time to get out or when the trend has...Ignored
DislikedI’ve worked through almost all Tharp’s materials, and yet I haven’t come across anything that references to God. Perhaps you’re confusing it with spirituality and psychological clearing, and development of awareness and eliminating self-sabotage which he sometimes does through the spiritual beliefs.Ignored
DislikedI'm sorry to be so blunt about this, but you must not have read any* of his books - there are 3 references to god in Trade Your Way to Financial Freedom, 15 references in Super Trader, 4 references in Financial Freedom Through Electronic Day TradingIgnored
Dislikedbut personally I can't stand it if someone tells me I need to pray, go to church and service some god to succeed in trading and life in general.Ignored
DislikedThat is also what I am trying to point out here, but I thought concepts such as non-duality would be a bit much, at least to begin with.Ignored
DislikedIMO, there are 2 big problems in forex trading by newer users.
Problem 1: Emotions: once emotions come into play, losses are right behind them - emotional trading almost always leads to a loss.
Problem 2: Lack of Education: proper beginner trading in forex requires a minimum of a year of study. That would be 6months of daily learning and 6mo of daily demo trading. Remember, learning forex is like learning a new language, the information is vast and hard to grasp.Ignored
DislikedThere are words such as "God" in the book, but not in the context of religious “faith” as you believe.
I think you’re confusing the content with the context.Ignored
DislikedIMO, there are 2 big problems in forex trading by newer users.
Problem 1: Emotions: once emotions come into play, losses are right behind them - emotional trading almost always leads to a loss.
Problem 2: Lack of Education: proper beginner trading in forex requires a minimum of a year of study. That would be 6months of daily learning and 6mo of daily demo trading. Remember, learning forex is like learning a new language, the information is vast and hard to grasp.Ignored
DislikedI don't think it's either one of these. A trade gets through with a bit of understanding and a bit of luck. Emotions are a symptom of this, not a cause; and, education merely produces a better edge.
Aggression and passivity are the cause.
If one is sympathetic with the market, one initiates the fight-or-flight response, with which the market is a natural fit. One may or may not also ride the market wave with one's emotions, that is, with the market emotion cycle.
If, instead, one is parasympathetic with the market, one initiates the relaxation...Ignored
DislikedIn Western culture, god has a very straight-forward meaning and it is not generally up to interpretation, especially not in the US where Tharp is from (and where most of his audience lives). In any case, whatever interpretation someone gives it, I still think that pleasing a supernatural being is plain stupid and ignores the scientific revolution man has witnessed over the last couple hundred years. One needs to work on oneself and one's emotional and psychological responses, not pray that they suddenly get 'fixed' one day.
I guess we'll have...Ignored
DislikedGreat posts and great discussion by all.
I have a problem with the following statement-
Don't get me wrong I like Trading in the Zone as well... it is a rare work.
Read his Preface again...
Quick Summary
(from Preface, Trading in the Zone)
1978, started trading, unsuccessful
1981, got a job as broker for Merrill at CBOT, "within 9 months, lost nearly everything I owned"
1982, started working on his first book "The Disciplined Trader..."
1983, left Merrill to start a consulting firm, "where I presently...Ignored