Agreed: There are aspects of Douglas' work (btw-I also have been making the mistake of calling him "Davis," not sure where it started) that, as I suggested in an earlier post, come across as rather silly. I believe that Oz, the first contributor to the thread to recommend the author, has repeatedly conceded the point, but remains all the same a proponent of Douglas' overall approach. It's also a little surprising and disappointing that, considering Douglas' evident interest in the nature of cognition, that he hasn't done more research into cognitive science, as I believe that he might find material there that would support some of his ideas on a more sophisticated level.
Whatever the weaknesses in Douglas' writing and theorizing, the main issues for any of us are practical, I think. In short, after setting aside negative ion-producing tears and "structured energy" and other fanciful, '70s-ish notions, the question is whether there is value for us as traders in applying his prescriptions to our vocation. Having now finished his book, I'm willing to accept that there is value in his approach, especially in his emphases on banishing inappropriate emotional reactions from trading, on using market analysis to establish and enhance probabilistic "edges" rather than to seek a false sense of security or certainty, and on developing a soundly conditioned positive overall attitude. Those of his observations that appear to be based more on experience and logic rather than on ill-considered theoretical preregrinations also ring true to me. |
