I think I've got it!!

[brettus]

Sounds remarkably honest - care to name him?

David Jones

 

[0007]

David Jones

Thanks for that. In fact I have a copy of his book "Spread Betting the forex Markets" which was given out as a freebie by IG Index. Although I don't do forex much, it's an excellent little intro and has good stuff for trading in general.

I can rec the book and it's nice to know the author is down to earth and common sense.

 

[timsk]

Tim,

If you think that a knowledge of "Trading Psychology" is going to pay your mortgage, you are sadly mistaken.
ALL the "Trading Psychology" knowledge in the world will NOT make you a dime UNLESS you have A SYSTEM THAT WORKS.

Converseley, if you have a trading system that WORKS it is VERY EASY to manage your emotions and you will not have to spend a penny on "Trading Psychology" books.

The bottom line is this Tim, the ONLY thing that will make you CONSISTENT money year in and year out is having a method that works and if you do find this method "Trading Psychology" is irrelevant.

Unfortunately, Douglas and all those other "Trading Psychology" book writers are just snake-oil salesman trying to sucker the newbies.

I bought Douglas's book and it was the biggest piece of useless GARBAGE that I have ever read.

I still maintain that Douglas is a fraud in a two-piece suit who MOST PROBABLY could NOT trade his way out of a wet paper bag!!!

"Those who know don't tell and those who tell don't know"

Hi mrsoul,
I'm glad I posted my comments as your reply (quoted) is much more interesting, helpful and revealing than your previous post - IMO.

I agree with the principle at the heart of your argument that trading psychology isn't a substitute for a sound methodology. I also agree with the implication that the pendulum has swung a little too far in the direction of psychology, in as much as that there appears to be a belief in some quarters of the trading community that if the psychology is right - then everything else will fall into place. However, in defense of psychology - and Mr. Douglas in particular, I think there is also a strong argument to the contrary. In other words, a trader can have a sound understanding of the markets and how they function, backed by a well thought out trading methodology - but still fail - due to a poor mindset and a failure to adapt to their own strengths and weaknesses. Douglas's books will help to address this problem which is one that many traders have to contend with, IMO.

I stick by my previous post in response to your comments about Douglas's work being "garbage", peddled by a "snake oil salesman" who couldn't (probably) "trade his way out of a wet paper bag". Given what is promoted on the internet and elsewhere by people who more accurately fit this description, I think that Douglas is, by any yardstick, near the pinnacle of the best there is available for a relatively small investment. I know from my own experiences that having a sound methodology is one thing: trading it and sticking to it day in and day out is another matter entirely. Douglas and his books may not be helpful to you in this regard but, their popularity suggests that they are very helpful to others. They may not be perfect but, compared to the mountains of utter dross there is 'out there', they aren't any where near as bad as you suggest. All my opinion - of course!
Tim.