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Hi
I have received quite a lot of private mail and some
of the public comments need a considered reply.
Rather than send individual e-mails I felt one response would be
appropriate.
Whether or not reading is all we need to do:
RB: I agree with all comments that passive reading is insufficient:
at some stage to improve we need to ACT. This is true of all
aspects of life.
Whether or not Mark's work will deliver the mental mindset:
RB: NO work can do that; at best it can give us a suggestion.
We have to have the courage to face and battle our own demons;
we need to have the perseverance not to quit as the road to
self awareness becomes increasingly painful; and finally we need
to enjoy the fruits of our success as we achieve each summit -
this we achieve by our actions and only our actions.
Whether or not the book is expensive:
RB: Let me put my view this way. If I lost $200.00 per contract on a
trade, I'd consider that a relatively small loss.
Most of the members on this list would spend $200.00, on some piece of
software or some trading manual, without a second thought. Yet we
balk at the thought of spending $200.00 on "a psychological book".
A trader will be unsuccessful until he accepts, with every fiber
of his being, this truth,
on any individual trade the mkt can and often does do anything;
yet in the long run a trader can be successful to the extent his plan
has an edge.
Works on psychology may give us a new insight and/or distinction that
enable us to integrate that truth.
At this stage of my career, I may think twice about spending $200.00 on
some trading system; I am unlikely to think twice on a psychological work.
Whether or not a trading plan, money management, and discipline are
important.
RB: They are not only important, they are essential. The point is, however
a trading plan and money management on their own will not lead to success;
a plan has to be executed as flawlessly as possible.
The most elegant approach to flawless execution (discipline) is found
within the thesis of Mark's book. Discipline through will power is
possible but I
it found exhausting and more likely to contain stumbling blocks.
Gwenn Ael Gautier has posted some excellent comments on this subject.
all the best with everyone's trading
ray
R Barros
101/25 Market Street
Sydney NSW 2000
Australia
Voice: 61 2 92673470
Fax: 61 2 92673478
E-Mail: rbarros@xxxxxxxxxxxxxxxxxx
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