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Based on my experience I believe Lawrence's comments were right on the mark.
Trading is first and foremost a MENTAL game, it is not a "system or code"
game. So many aspiring traders seem to think that if they can only find the
right "system" that somehow they will be magically turned into a trader and
all their worries will come to an end. Unfortunately this is just one of
the many myths associated with trading.
Fear of losing is something that we all possess to some degree and ranges
from moderate to crippling. But you will never learn how to trade
successfully until you can deal with this psychological hurdle (one of many)
and learn how to handle losses. And like everything else in life, the only
way to learn how to deal with them is through experience.
There is one book that I personally found excellent on the psychology of
trading which has not been mentioned in this thread, so I thought I would
post it. The author is Dr. Richard McCall and the title is "The Way of the
Warrior-Trader".
Have a great weekend,
Bob Heisler
www.rjhtrading.com
----- Original Message -----
From: "John Lynch" <john.lynch@xxxxxxxxx>
To: <omega-list@xxxxxxxxxx>
Cc: "Sean O'Toole" <sean@xxxxxxxxxxxxxxxxxxxx>; "Lawrence Chan"
<stnahc@xxxxxxxx>; <mbailey@xxxxxxxxxxxxxxxxxx>
Sent: Saturday, January 27, 2001 4:06 PM
Subject: Re: REALITY CHECK
> Sean,
>
> I didn't read the first one but this one is a quite difficult to read ...
> less painful than the dentist but slower :-) I understand from comments I
> saw on Amazon that Disciplined Trader may not have clearly provided a
> solution. In that case Trading in the Zone is an advance as it provides a
> process that will work if you make the effort. It is worth the effort.
>
> I think that you're right about when in your trading career you read a
> book... sometimes I wish I'd got onto something earlier but then I realise
I
> wasn't ready (only 100 hours into my 2000). In this I agree with Lawrence
> that you have to get burned to see and feel what you need ... then you can
> struggle through Marks writing but recognise yourself at various times.
> Only then can you set about fixing yourself.
>
>
>
>
> I'd like to thank Lawrence for his comments and also agree with lazar223
> that they were a bit negative. I think that both systems books will give
> you the basis for profitable trading if you get your psychology right.
The
> challenge then is to do better than the basics so I'd be curious about
> Lawrence's recommendations for material that takes you in that direction
:-)
>
>
> Regards, John
>
>
> ----- Original Message -----
> From: "Sean O'Toole" <sean@xxxxxxxxxxxxxxxxxxxx>
> To: <omega-list@xxxxxxxxxx>
> Sent: Saturday, January 27, 2001 3:10 PM
> Subject: RE: REALITY CHECK
>
>
> John,
>
> I read Mark Douglas' *Disciplined Trader* when it first came out which was
> way too early in my trading career to benefit me (I needed to lose and be
> humbled first;)). Is *Trading in the Zone* any more readable than his
first
> effort? I should probably go back and re-read DT but the thought of
> enduring it makes trips to the dentist seem appealing.
>
>
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