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Half of the Equation
on April 26, 2013
When it comes to trading psychology, Mark Douglas' books are an essential resource. On the surface, this book initially appears repetitive and dry, but I can say now, seven years after reading it, the core message is profound. Douglas covers some key topics such as: process versus outcome, thinking like a casino, having an edge, and the impact of fear and other emotions on trading.
I ended up highlighting areas of this book, which I though were profoundly deep. For example:
-"In fact, the degree by which you think you know, assume you know, or in any way need to know what is going to happen next, is equal to the degree to which you will fail as a trader."
-"When you genuinely accept the risks, you will be at peace with any outcome. When you're at peace with any outcome, you will experience a carefree, objective state of mind, where you make yourself available to perceive and act upon what the market is offering you at any given "now moment"."
Now, in my opinion, a suggestion: It is not necessary to read both of Douglas' books. They are the same book re-packaged, so reading both is like reading one twice.
Lastly, this book, while essential, is not enough. You need to have an edge in order to trade successfully in the long term and this book does not actually teach you how to trade. For books that give you a concrete way to gain an edge in the market, please check out my other reviews.
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