3 min read ⌚
Developing Winning Attitudes
Human history carved a new mentality that is driven by a hunger for either food, success, love or motivation.
“The Disciplined Trader” gives a few thoughts on improving your trading skills and reducing the chances of a potential loss.
About Mark Douglas
Mark Douglas is a trade expert, who gained a lot of experience while traveling the world.
“The Disciplined Trader Summary”
Trade is an ancient way of satisfying the needs by exchanging the goods you possess for either money or other pleasures. The world instigates a new mindset that is no longer based on routine and superficial beliefs. Successful trading requires more than just know-how and communication skills.
The capitalist regime and democratic rule stimulate free markets that influence the world economy. Acting in a specific way is no longer regulated, the banks and international funding organizations insist on enforcing a fair competition. Trading has been a part of the modern civilization and continued to support the prosperity.
Traders are independent masters of their own little world. As a trader, you must be self-sufficient and a smooth talker who is not afraid of making mistakes.
The market price varies according to the external reality. The ability to make compromise distinguishes prominent from mediocre traders. In truth, the market price is defined by neither traders nor banks. It’s merely an outcome of the supply-demand ratio. To confront monopoly, we must allow the market to regulate the price and consequently improve the economy.
Aversiveness to risk is only natural because the threat of potential losses is overwhelming in every trade. For instance, gamblers can much more easily calculate their chances of winning than traders. Their knowledge about each transaction or exchange is often based on intuition.
After the transaction is being completed, traders unlike others, analyze their “shrewdness” and the outcome deriving from it. Losers hope for a quick turn of events to compensate for the loses. Winners are always on the lookout for new possibilities in the open market.
- Traders must not be driven by emotions because in such regards the decision-making ability is affected.
- Trading blindness occurs when a merchant refuses to acknowledge bad decision-making and accept loses.
- Don’t rely on past strategies, whatever worked yesterday may not be suitable tomorrow.
- The market has nothing to do with right and wrong – The market is a force, that’s it.
- Your beliefs and thinking patterns create your reality. Don’t allow superficial occurrences to destroy your chances of winning.
- Memories are a subtle form of energy that can affect anyone’s behavior.
Key Lessons from “The Disciplined Trader”
1. The mind affects your decision-making
2. Memories can be dangerous
3. No one is responsible for neither your failures nor successes
The mind affects your decision-making
It’s evident that we live in one world, shaped in billions of ways. Our minds create a new sense of reality that forms an inner environment and develops a mental shield against any potential threats.
Don’t forget that you are not supposed to become a slave, but the master of the house.
Memories can be dangerous
Often, we come to a conclusion based on some previous events. It’s not advisable to rely too much on what has happened; it’s best to use current assets to control the situation.
Beware of all hidden dangers that may generate severe financial loses.
No one is responsible for neither your failures nor successes
It is you who is accountable for designed a strategy under which you will operate on the market.
Make sure you invest in expanding your knowledge, but never neglect your intuition when it comes to making the final decision.
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“The Disciplined Trader” QuotesMuch of what we experience of the outside environment is shaped from the inside. Click To Tweet Any new knowledge comes from those who question the status quo and have a willingness to go beyond it and a willingness to accept the next answer. Click To Tweet Once you know what traders believe about the future, it’s not that difficult to anticipate what they are likely to do next, under certain circumstances and conditions. Click To Tweet Losing all my possessions was a complete life-altering experience, an experience that taught me a lot about the nature of fear and the debilitating effects it has on a person’s ability to trade effectively. Click To Tweet Furthermore, I discovered that my mental framework was structured to avoid losses at all costs and in my desperate attempts to do so, I actually created them. Click To Tweet
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