Trading in the Zone
Jan 07, 2021
Trading in the Zone, by Mark Douglas, is one of the classics for learning more about trader psychology. It's one of the few books I've read several times and continue to re-read.
Here's one quote:
(photo by Ebba on Unsplash)
The idea that Mark is trying to get across is this: treat each trade independently of your last trade. If your last trade was successful (or the last 10!), then you might get a bit cocky and overzealous in your confidence. If your last trade (or the last 10!) was a losing trade, then you might be a bit skittish and exit a good trade too quickly because you're nervous about holding a profit.
So, Mark suggests treating each one as a separate iteration of your trade set-up. If you follow a high-probability trade strategy, and you wait for the proper entry, then the rule of probabilities kicks in and you will be successful with that strategy.
Interested in Bob Joiner's day trading chat room?
At the following link, you'll find a 2-minute video overview and a link below that video to receive more information.
