Best of Mark Douglas trading psychology - 1 hour review + highlights
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- เผยแพร่เมื่อ 8 ก.ค. 2024
- Mark Douglas on trading psychology from his workshop, "How to Think like a Professional Trader."
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Risk disclosure: Futures and forex trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones’ financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.
After you started this series, I started listening to Trading In The Zone audio book when I do my running. Thanks for breaking down some of Mark's concepts for us.
That’s awesome!
@@ImanTrading hey, im not sure how to tag you in a comment so idk if it worked when I did. But please see my other comment, I have an interesting question about this video.
I now came.to realization that I have overloaded my brain with things like technical analysis. Trading is a continuous learning process and I appreciate you put this up.
Mark helped me so much when i was learning and pratice. Now as consistent proftible futures trader hard work did pay off. I think one of big things want changed for me is getting to ur hearth u dont need to know what is going to happend next. Trade ut setup mange ur risk and keep going let randomness pays u
I keep rewatching these shorts over and over good moves bro bless up
I just discovered your channel 3 days ago. I’m loving the psychology slant on what you are trying to drive home. I’d be lying if it said “I’ve got it!” But I am realizing more and more that humans have WAY more bias in way more areas than even I thought. It’s like saying “I had a normal childhood growing up”
What! What is normal!?
What I do is I enter a trade, and I leave the decision to my algo. There are 3 possible outcomes 1) Take profit 2) Stop loss (worst scenario) 3) Exit indicator (best scenario).
So, basically I set up a spider trap and not worry about spiders. Works for me.
How many times do u hit the stop loss. 50%? What do u do after u hit stop loss. do you take the other side of the trade
Do you look at any thing before placing a trade. How successful are you with the above approach
@@cosmo1kramer win rate, Risk-to-reward ratio and trading frequency are the most important metrics of a trading system, one person could have a 25-30% win rate and still be profitable because of the Risk-to-reward ratio
Great content bro! You helped me piece all the different parts together so i can see the bigger picture of trading. Thanks and keep it up
Very happy to hear that, and thank you!
I never comment but your channel is so valuable. I appreciate all the work you put in. Wish u all the best.
Love these types of videos, keep ‘em up 💯
Thanks D 😁
Coming back to this 😊
Wow.... I've been waiting for this video!!....♥️
Happy to hear that! ❤️
I love this channel! I learnt a lot from your videos last year, 2021. Cheers Iman🥂 blessings from Above!
Thank you so much! I appreciate it :)
This is gold.Especially the part of how can you predict the outcome of individual flips?
Thanks for the time you are putting into this. I am rethinking a lot of what I have learned to this point which is good. It is part of becoming intuitive. Even though retail traders make up more of the market they are trained to follow the market. You know, the trend is your friend, buy the dips/breakouts, put your stops here. If majority of retail is trading in this manner they, in effect, become one mind/herd that is easily led. This is why "The CO" has algos to take advantage of the behavior of retail traders. In the end, the biggest pot of money can take the most pain, and weather the biggest storm, or be the biggest storm that washes everyone else out.
Absolutely!
Your videos are so great man it makes me wanna give you a hug
Haha thank you!
I love how the end of this video is the complete opposite of what all the TH-camr traders say. crazzyyyyy
What goes up must come down. What goes down sometimes goes up. Moral of the story take ur profits and sell into the spikes. I love you Iman ur the best teacher by far. If you start a discord I would love to join you and other like minded traders I think it would be great. I know ur not a big fan of discord youtubers but I love discord.
Love your videos so far, found your channel today. I've read trading in the zone but haven't gotten to see him speak.
Great videos. Great job
Good on you for questioning things and not just regurgitating all that's out there already. I clicked on one of your videos to roast you because of the thumbnail honestly, and quickly realized its apart of the bit. I love it! I've watched every video since. Easy to see you have a bright future and very brandable style, keep at it you have a fan in me. P.S. Would love your take on the teachings of Rande Howell, his work helped me get over the break-even stage into profitable stage and a different perspective of what he teaches may help other traders out there. 🤙🏽
Haha thank you so much! That’s very kind. I will definitely add his name to the list. I would love to know which video it was lol, I am really bad at making good thumbnails and video titles. It’s just not in me to clickbait (intentionally)
@@ImanTrading Lol no worries you're doing great, clearly getting peoples attention and the algo must have picked up your channel up along the way so its working. It was the Clay trader video that came up for me " curb your risk management" or something like that. Had me rolling after I clicked. I am a trading junking and have been following Clay for a while was even in his community, so I'm biased, maybe that's why I found it so funny. However, its so nessecarry to show that you can be profitable and consistent without being perfect.
@@SmoothAF thank you, and yeah it’s been pretty crazy. Oh lol yeah that one was a tough decision on whether or not to upload. If he ever saw it I would hope he finds some humor in it. Can’t take ourselves too seriously and we all have imperfections. Some of my old trading videos show some pretty bad plays from me lol
L
Thank you so much ❤❤❤
Please make the rest of this series, I've watched this video 3 times very helpful. Subed and Liked
It's all finished, here is the playlist :) th-cam.com/play/PL030LJ89axRyrUK5wZVn_oOdq00rFpv3I.html
great content bro, keep it up
Thank you :)
great vid Iman ...mucho gratitude bro.....
Thank you :)
I'm never using a limit order ever again.
You are the best iman ❤️
😄 thank you!
@@ImanTradingthank
true genious!
06:24 killed me bro that was so nice
Thanks!
Thank you so much!
Legend
lmao the editing 😆 great vid though, subscribed
😁 thank you!
You should do more of this
I will eventually :)
I like your editing lmao
"me at social gatherings"🤣🤣🤣🤣
That imbalance line explained why supply and demand is important. It tells you where those price imbalances are and you can make a probabilistic guess on what the price will do. I'm trying to understand what he means by reasons though
You got it! If you give me a timestamp I'll try to reword what he's saying
@@ImanTrading From 9:50 onwards
@@CyberDyneSystems77 Ah, yes.
What he is trying to do here is to get us out of the perspective of focusing heavily on each trade and trying to analyze every losing trade to figure out what to do differently next time in order to avoid losses. In life, everything we do always has a reason. We want to have reasons for taking or for not taking a trade, just like we have reasons for things we do in life. He is talking about how we don't know which trade is going to win or lose. All that we know is that over a period of 100 trades, xx% of them should be winners. He wants us to disconnect thinking that our reason for taking the trade was the reason why it moved. He is saying this because we don't actually know why the big money movers entered or exited a position. We don't know the motives and the agendas of institutional traders, so we shouldn't correlate a winning trade with a reason. There is too much randomness and we don't know why other people made price move. As small retail traders, we don't make anything move ourselves, so we can never truly know why price moved the way it did. Part of his point is also about how just because a setup worked once, it doesn't mean it will work again. There are too many variables for there to ever be a true correlation. We don't need to know the reason for why price moved to be successful. A setup might work, but we don't truly understand why it does unless the people who actually move the markets tell us why.
@@ImanTrading Hey if you haven't read What i learned losing a million dollars by Jim paul, He talks a lot about the psychological effects of trading. That book changed how i view the entire market.
@@CyberDyneSystems77 thank you, I’ll check it out!
'What is this guy drawing?" lmao
the last part, with the personal reason to put a trade, vs the reason market made the move
that was the most interesting for me.
statistically, it's best to make the disconnection between personal reasons and market reasons,
simply because we are individual points of view, parts in the system,
and the system is the whole (or bigger at least)
so, statistically, it's almost impossible for the individual to know the market's reason to move at some point.
but in the same time, there must be few individuals, who have a good point of view, from where they can see, easier, the market's reason (like the center of a sphere, say)
but these individuals, are statistically irrelevant => for the majority of people, disconnection is best (if people can actually do it, but that's another story)
in a way, thinking deeper about this, it seems to me very selfish or egotistical, to expect the market to make the same thing, just because you see the same reason now as the last time it happened and it worked.
it seems to be that deep desire in all people to control the environment, the system, the dictator within.
it seems all avenues of life, including trading, are lessons about creation itself
Completely agree with you. I’ve been thinking about that every day, about how we don’t actually know the reason for price moving and all of that. Super impactful
@@ImanTrading In the same time, I believe that the more the person develops and gains more consciousness, or detaches Herself from the ego, the clearer it becomes, and the Person gets a persistent connection with the whole (hence, the intuition level Mark talks about)
Then, the right knowledge will also come, to facilitate the process of transformation from human to superhuman :D
Personally, I believe it's very easy to predict the market, with the right knowledge, or, I still believe that :))
From my experience, the "einstein" method always worked, that is, all opinions are true, in some degree at least, there is no falsehood, only weights.
Thinking along this line, given that all people believe naturally there's a holy grail in trading, this holy grail must be there (not 100% accuracy, but 95% accuracy is achievable by a human, as I see it)
The problem, or the big problem is the price the universe requires for this holy grail to be revealed to the individual, for the right knowledge to be understood (which is a big price to pay, so big that majority will never accept it :D)
Just one Word describe this movie GOLD
😁
You can master coin flipping
When he talks about not knowing the “reason” behind a winning or losing trade, I’m assuming he means that we don’t “definitively” know.
Because to adopt a strategy there has to be a reason why the strategy works in the first place, assuming backrests were performed, and why individual components of that strategy come together to make something that works cohesively and successfully.
Now the difference in my definition of reasoning vs his, is that I believe in probabilistic reasoning. We want high-probability reasoning vs definitive reasoning.
At the end of the day, we take trades based on high-probability setups right?
There’s a difference between having an edge and actually *knowing* what will happen next. You can have a system that works more often than not, but you will never actually know why price moved unless the traders moving the market tell you. That’s what Mark’s point is.
@@ImanTrading Right. But reasoning has to be at the heart of everything we do.
So what I meant to say that it isn't that reasoning is wrong, it is claiming to *know* why something is happening when in fact, you don't really know the true intention at all.
@@TheAscent_You are absolutely right
Have you thought about researching DOM trading? I know a lot of people do that
Definitely something I’ll keep an eye on for the future. For now, I’m just trying to become as familiar with pure price action as possible
High rr at any market open will be profitable long term
Lmao backtest it
💙
Good points. Context for TA has to be understood, it's not a stand alone system.
Can you explain why you moved over the futures?
Smaller spread, extremely liquid, preferential tax treatment, and access to the best trading software (NinjaTrader) :)
I need help to understand the last part.
If you give me the time span for the clip you’re referring to, I’ll try and reword what he is saying :)
Watching all your old videos again and seeing all the mentions of day trader next door is sad. So many conmen in this industry.
Me at social gatherings😂
Lol
6:24
Do a review on AHMAD DANIAL FOREX trading savage
I’ll add it to the list :)
Make a video about ICT. But not like other TH-camrs, make a very detailed long video. Merry Christmas
I’ll add it to the list :)
Ict = marketing
7:20
Hey bro ..
This is MB
Please let me know how can i contact with you ....
Hey there, I’ve got an instagram (imantradingfutures), a discord server with the link in the description, and my email imanktrading@gmail.com
I take a massive issue with Mark approaching the market the same way as a coin flip or a slot machine. He ignores the human aspect of markets. Markets are not an equally probabilistic game due to the very nature of how markets move: people buying and selling! Institutions are made of people. Algorithms are programmed by people. People can be influenced and predicted.
The act of trading itself only has 2 outcomes - you are either right or wrong - but you CAN predict, through several ways, where other people or algos are looking to buy and sell, shifting your probability of being right higher than what a binary-outcome system would imply.
@Steven T I think youre missing Mark's point. Even if you knew the out come was 60:40 in your favour you can not predict the outcome of the next "bet". Thats what h'es trying to stress. But over the next 1000 bets you know that you will win 600 and lose 400. Knowing that long game, you act accordingly.
@@44beebe fair enough! I forget that beginner traders don't even fully grasp what FOMO, hindsight bias, or the gambler's fallacy are.
I feel like I'm at a point now where I can read the markets as a story or a song, noticing little patterns and nuances here and there that give directional hints. But, you've got to learn sentence structure before you can understand tone, meter, and inflection.
And people say that ICT created the word "imbalance"... of course he did😂
Hahaha 240p
Good, would have been great without your commentary
That’s called stealing and copyright infringement
@@ImanTrading use a different voice then
@@swirlandsniff2335 are you telling me that I should've voiced over every word from Mark Douglas as if it were me talking? Or, are you saying I should go to the voice store and buy a different voice to switch my old voice out for the new voice
I have one issue... he says that there is no reason what we do works. But then provides the reason for why what we do works... Its sort of an oxymoron or whatever you call it.
He is saying that the reason why technical analysis works is because we are tracking patterns in the imbalances. This is effective because when a bigger player makes a move, it almost always creates an imbalance due to their much larger position size than other people.
Following those imbalances allows us to play the game of probabilities and create our "edge"
That sounds alot like a clear reason for why my trades work... so I dont understand why I am supposed to act like it happens for no reason. Curious what you have to say on this. @imantrading
Surly makes you question technical analysis lol.....Its almost like your system doenst matter so much as risk management. I dunno i wanna learn about futures, never know if id even step out of paper trading lol. Maybe this is my version of a video game at a boring job.