Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: MKT_entropy who wrote (14439)	10/13/2001 2:49:03 PM
From: KymarFye	Read Replies (1) \| Respond to of 18137

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.

To: MKT_entropy who wrote (14439)	10/14/2001 3:49:36 AM
From: hypostomus	Read Replies (2) \| Respond to of 18137

Dear MKT_entropy - To fully appreciate Mark Douglas' understanding of the psychology of trading, it is necessary first to read his first book, The Disciplined Trader. The two form a seamless whole. Keep in mind that he may not be writing for you. His work is not directed at consistently successful traders, but at failing or erratic ones, or at wannabees becoming gonnabees. My belief is that many people who want to be traders are marginally successful at other pursuits and/or social misfits who seek a solitary independent livelihood. Gary Smith ("How I Trade For A Living"), with all due respect, is an example, by his autobiographical introduction. They have serious psychological impediments to success, notably self-sabotage. What Douglas offers is an approach to trading (read "life") which enhances self worth. Count your blessings if Douglas makes no sense to you. Best regards. - Mike

To: MKT_entropy who wrote (14439)	10/15/2001 11:43:38 PM
From: ig	Read Replies (1) \| Respond to of 18137

...crying will expel the negatively charged energy in our minds and bring us back to a state of balance..." posed to me a true dilemma: is it worth my time to read further such BS? I had the same impression. After receiving the book for Christmas, I think I read two pages, closed it, and traded it in for a nice little book by Nicholas Darvas, How I Made $2,000,000 in the Stock Market, and a replacement copy of my trusty old Science of Success and Art of Prudence by Baltazar Gracian. (Be sure to get the translation by Lawrence C. Lockley, University of Santa Clara Press, which is out of print but can sometimes be found using one of the search services that specialize in rare or hard-to-find books, such as alibris.com.) However, it looks like maybe I missed something in the Douglas book. Maybe next time I'm at Powell's I'll take another look at it. ig