Best of Mark Douglas trading psychology, "How to Think like a Professional Trader" workshop - FINAL
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- เผยแพร่เมื่อ 6 ต.ค. 2024
- The best of Mark Douglas from his Think like a Professional Trader Workshop on trading psychology.
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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.
Dude, you've earned my respect throughout videos I saw.I'm a newbie trader who's starting to realize some truth about the market, which I think is a sign of entering a new stage of trading education 😀.
I really wished I could join your patreon, but coming from a country with a currency of little worth, I'm unable to, so I wanted to show my support with a warm "Thanks !"
I hope you will continue your channel because it needs to be heard.
I appreciate that very much :). You’ve definitely entered a new stage! Thank you for the kind words.
It's been 2 years dude how are you doing in life/trading?)
This is powerful as it illustrates the essence of why we fail and the simplicity of success.
Repetitive exposure to the markets not only make us familiar with the market, but it also desensitizes us to outcome.
I think of it like this; if you could guarantee you would win 50.1% of the time, how many trades would you take? Millions!!
actually its not about winning its about profitablity lets assume you win 60% of trades but your risk management is so bad that you lose more on losing trades and you win less on winning trades you still be losing or not having a good profit
Mark Douglas yelling! “Stop Thinking” lol 😂 now I realize why smartest traders fail more than the non-thinking consistent rule following traders.
Hmm, idk if that's true. You definitely should follow rules for risk management. But idk if having concrete rules for how to get in and out of positions is better than intuition after trading for years. Many do say always stick to rules. But I've heard some say that they build intuition that improves their trading. And they use it.
Mark Douglas R.I.P. the one and the only . Thanks for posting him. Amazing info..
He was brilliant :)
@@ImanTrading WHY R.I.P , did he passed away?
@@floriniures8301 unfortunately, yes
@@ImanTrading NO WAY, I didn't know...my opinion he was the best educator in trading.
Bloody hell! I just realized last week that all my trading system really cares about is "how" not "why", and I kept reminding myself to see "how price moves" not "why price moves" and here I am now hearing you say this! (About 5:55). That's pretty encouraging man!
(I came up with that understanding because everyone says supply and demand or "smart money concepts" say why price moves and while I understand them in theory, i could never get satisfying results in practice, so i decided to go with whatever worked for me and concluded i didn't need to know why, just how)... Mind u, I've seen people get amazing results with snd, but i guess i just can't wrap my head around the subjectivity of it
Right on! Happy to hear that
Seems like I found me from the past 😂😂😂
I also can't figure out why shit happens so I decided I'll just focus on how I can be profitable with whatever or when certain things happen.
Yo Net. SnDemand are important areas on a chart. They can be great indicators and confluence. Not the only confluence. I find trading a strongly trending market like S$P 500 or Nasdaq on a pullback to be very powerful and high probability. Combine with important levels and candlestick patterns and wowze! Take what u need and leave the rest. Risk management the icing on the cake. Gud luck. ty 4 vid kid
@@TheBlueskyson I agree (me from 2 years later, that is) .. SnD is one way to catch pullbacks, although it's not magical (and I don't currently use anything that could explicitly be called SnD). I like that you pointed out the strongly trending markets, maybe that's a key factor in SnD working at its best
I'm mostly a beginner but have watched a lot of videos about day trading and the one thing that seems to be highlighted as probably the most important thing is to avoid catastrophic loss, that seems to be at the base of most traders strategies
can you make more videos like this please
Excellent stuff. Thanks for posting.
Can you do more breakdowns of both Disciplined trader and Trading in the zone? It would be great. Also, the volume was really low on this video. Tested others to see if it was my computer but no. This one and the other Mark Douglas one. Great stuff. Thanks @ImanTrading
I will definitely get to those at some point. And yes, I’ve just now got my audio stuff figured out, sorry about that lol. Thanks for the kind words :)
So far this is the best video in this channel 😂, no offence. Mark Douglas, I’m thank you
Boom!!! Nuggets of wisdom...Let outcomes take care of themselves
You are becoming my favorite source of info with every video I watch. Love how you help separate the BS'ers from the people who are actually trying to help. Keep up the great work. May god bless you and your portfolio.
Masterpiece, i am a fan of Mark Douglas, have gone through 03 times his book named "Trading in the Zone". Iman.. is it your name ? where do you belong to bro ?... you are doing great job. keep it continue. there are very less who are doing it.
I'm getting on that Patreon list next month for sure! (Avoid double-billing by signing up at the start of a month)
Thank you so much :), I really appreciate that
For sure, theres a book called trading in the zone which i red last months it really helps a lot, you feel like all your emotion are vanished. I reccomend that book 😁
Loved this bro. Keep up the videos
Thank you very much :)
I really love this ep
I love your videos!! thank you for posting this!!
Thank you so much! Glad you enjoyed this 😄
I don’t like what he says. I’m not saying he’s wrong, I’m just saying it’s really hard to swallow his philosophy. I like being aggressive and confident in my trades. I welcome feedback. Still learning and working on being a consistently profitable trader. Love SMB
The main problem in what Mr Douglas saying is that as long as if you think that every moment is unique and anything can happen in the market so How you can rely on so-called %65 winning rates that the calculation comes from the past .
I mean What gives the quarentee that %65 winning rates will work in future. Anything can happen , Remember ?
You have to back test your strategy. Mark states in other videos and seminars that you don't even need 65%, you could have a less than 50% win-loss ratio, IF you don't make any trading ERRORS, you'll still make money.
can u make video where just short clips of his important point are shown from the whole workshop, like 20 30 min.. put it in this playlist
Thank you
love your content.
Hey, you. Yeah, you. Watch the full 5 hour seminar yourself.
No
thank you I enjoyed your videos!
Thank you!
Loved it 🫰👍
I don’t trade using setups (sounds stupid, right). The market is random, with just seconds of possible better odds. Trade the trade.
Thank you so much!! 🙏
Next time I'm 40 pips offside I'll be thinking - "Squirrel...ha"!
Haha
Mark was legend for sure , from r sure ,it's so true that I have been trader Ng for one full year and my problem being not t profitable is my mentality or psychology which mark is all about it's that strong that I acomplish everything in my trading but still not profitable becpuse that one reason my fear and psychology
How's it going now?
They call NG the widowmaker, I hope you're just daytrading natty gas and not swing-trading it :P Lots of gaps!
I still can't figure NG. The daily graph looks different on different charts! Even TOS vs. tastytrade!
I'm sorry to break it to you but there is a way of knowing where price will go next. The market leaves footprint that indicate where and when and by how much it will change. I completely agree with what Douglas says, but those words are for the novice.
There's 3 stages of development, and Mark was very aware of what you're saying. A fully developed, advanced trader will trade "intuitively" and receive information from the "flow".
Love this video and all others.. Do you advise I keep trading boom and crash?. I am suffering from profit taking. Plz can you do a video on a proper physchology of profit taking.. Love from Nigeria.. 😍😍
Thank you very much :). I’m not sure what you mean by boom and crash. I will add the profit taking psychology to the list of videos, but here’s something that should help. You set your stop loss and profit taking as rationally as you can before the trade. You do that so there aren’t as many emotions involved. Once you start the trade, you shouldn’t even look at the screen until the trade either stops you out from the loss or from the profit. The only direction you should move a stop loss is towards break even or to lock in profits. We are way too emotional while a trade is happening to logically decide what to do about when to take profits or to stop out. Risk should be assessed before the trade happens, not during it. That’s something Mark talked a lot about.
@@ImanTrading thanks alot. By boom and crash I meant the indecies (index) market . OK. I will work on that. However still anticipating the video. Thanks man.. Allah bless you
Excellent
sir what is the answer to the last part of of fundamental truths
the question is we dont need to know what is going to happen next to produce a consistent income???/
is that is yes? or no?
You make getting profitable feel like watching a funny TH-cam vid.
Hey I had a question about 5:16. Can institutions move futures prices too? Or only stock prices. The reason why I'm confused is because the S&P 500 (/ES) for example.. isn't that just an average of what individual stock market caps are? How can a dynamic trader move that? Am I wrong though lol? Not sure
Dang, I was hoping for an easy question haha. So, ES is the futures for the S&P 500. It’s an agreement to buy or sell 1 unit of the entire S&P 500. This is different from SPY or VOO, which are just ETFs that proportionally include the S&P 500 stocks by their market cap. It’s really hard to get information on how they influence the price movements of each other, so that’s the best I’ve got. It’s a really good question, lol. I wondered the same thing and still am not even 60% sure on the specifics
As for institutions, they trade futures too. They just slowly build up very large positions, because futures aren’t as liquid as stocks are. If you tried to buy too many futures contracts at once, you’d get a bunch of slippage.
@@ImanTrading Haha ok thank you that's still helpful! I'll keep asking around and if I get an answer I'll attach it to this thread 👍
Since the outcomes are random so should we also enter the trades randomly without analyzing anything 🤔
No, you should have an edge and only enter once your edge is present.
Douglas emphasizes on this on other videos.
Thanks for your knowledge and experience. Please share your experiences about stop-loss hunting 🙏
Thank you :), I will look into it. It’s a very interesting topic
@@ImanTrading 🙏
Thanks! All the key moments summed up
Thanks for you work bro, tilting and revange trading is my biggest problem. Do you have a drill or exercise to suggest me ?
Thanks! For those problems, which all of us experience at one time, hard rules are just the best solution. As traders, rules are all we have. The best way to deal with being tilted is by taking a break. There’s no way to just shut down emotionally, so you have to give yourself some time to process and reflect on trades that make us feel vengeful. Forcing a 10 minute break after a trade ends is a great way to deal with it.
@@ImanTrading Thank you for your advice , i understand what you mean and I agree with you, the problem is that in the heat of the moment it's hard to realize it and take a break. Well i got a bit better, last month i felt like i was going to tilt and i went out for 30 mins....to come back and blow my 150k account with Apex. I think i should have just came back the day after. I know the best loser wins as Tom Hougaard says, but I have a hard time accepting a losing day even though rationally I know it's no big deal and I can come back tomorrow and make it back easily if i respect my dailyloss rule. Well I imagine that I still have a lot of work to do on my mind and to become a good loser. Thank you for your channel that I have just discovered I will watch all your videos, it is rare to see a dedicated channel to the mind of trading when that is what is most important. 🙏
You're completely right. Advice is one thing, but implementing it is another. In the moment, it's really difficult to stay level-minded. I believe you'll get there over time. I think it's just part of the learning curve :). And thank you very much!
8:20 Yes, Mr. Douglas! lol
Right 😂😂
“Yez” lol
lol, love the background comments you making.
This is very helpful video and how do i connect you sir ? thanks !
Glad to hear that! I have the links in the description :)
I’m still super confused on how you don’t need to know what’s going to happen next to make money?
You need to create a plan and follow it with perfection. You should have predetermined stops and profit targets and entry criteria for (simplicity's sake). Once you collect 100 trades from that strategy with perfect discipline you will know if you have an edge or not. If so, then you can continue trading that strategy like you have been and expect a similar edge in the future. Knowing you have an edge you don't need the next trade to win because you're playing a game of large numbers and 1 outcome in the span of 100 or 500 is not significant. You have to trust your process. Also set daily goals that you can control like following your plan.
@@Tr1Hard777 Excellent advice.
*,Footprint charts have entered the chat"
YEA!!!!!
Is he related to the Baldwin brothers somehow?
YEAAAAA
Blind leading the blind...Have you made a profit YET? Have you took a trade yet?
Refer to his live trading channel. Yes, he just made profit haha
🤣
I am sorry, but I came here to hear Mark speak.
If I did that without adding my own input, then that would be called stealing. The original videos are on TH-cam if you want to watch them.
He explains better than you , we don't need your interpretation,
Then stop watching his video on his channel?