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PATS Trading Psychology Or Mack's Soapbox


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PATS Trading Psychology Or Mack's Soapbox

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  #1 (permalink)
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Hello Traders,

This thread will be dedicated to Mack's trading psychology speeches or what he calls soapbox rants. I like his no bs simplistic style and attitude.

Resources:
What this thread is:

This thread is a collective approach to organize Mack's psychology related pieces into one place to help willing traders grow.

What this thread is not:

This thread is not a place for discussion on the Price Action Trading System Technique itself or any other day trading issues.
This thread is not a place for ego inflation. If you have personal experiences with trading psychology closely related to PATS or Mack's work and you feel it is helpful to others then by all means share it.

I do like to keep things organized.

“Happiness is the meaning and the purpose of life, the whole aim and end of human existence.” Δ

“There is no path, but only a fool wouldn’t follow it.”
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  #3 (permalink)
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Price Action Trading With Mack 3-31-2016

This was the motivational piece for this thread.

https://www.youtube.com/watch?v=x1VPbNQqvrQ&feature=youtu.be&t=25m38s

“Happiness is the meaning and the purpose of life, the whole aim and end of human existence.” Δ

“There is no path, but only a fool wouldn’t follow it.”
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  #4 (permalink)
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This one is an exceptional piece. One of my favourites! I have a part of it on my phone and listen to it from time to time.

Price Action Trading With Mack 8-6-2014

Speech begins at: 25:27
The best part about what it takes to become a trader begins at: 30:40





The 38 steps to becoming a successful trader that he mentions:
  1. We accumulate trading information - buying books, going to seminars and researching.
  2. We begin to trade with our 'new' knowledge.
  3. We consistently 'donate' and then realize we may need more knowledge or information.
  4. We accumulate more information.
  5. We switch the commodities we are currently following.
  6. We go back into the market and trade with our 'updated' knowledge.
  7. We get 'beat up' again and begin to lose some of our confidence. Fear starts setting in.
  8. We start to listen to 'outside news' & other traders.
  9. We go back into the market and continue to donate.
  10. We switch commodities again.
  11. We search for more trading information.
  12. We go back into the market and continue to donate.
  13. We get 'overconfident' & market humbles us.
  14. We start to understand that trading success fully is going to take more time and more knowledge then we anticipated.


    --------------------------------------------------------------------------------


    Many Traders Will Give up at this Point as they Realize Work is Involved


  15. We get serious and start concentrating on learning a 'real' methodology.
  16. We trade our methodology with some success, but realize that something is missing.
  17. We begin to understand the need for having rules to apply our methodology.
  18. We take a sabbatical from trading to develop and research our trading rules.
  19. We start trading again, this time with rules and find some success, but overall we still hesitate when it comes time to execute. We start trading again, this time with rules and find some success, but overall we still hesitate when it comes time to execute.
  20. We add, subtract and modify rules as we see a need to be more proficient with our rules.
  21. We go back into the market and continue to donate. We go back into the market and continue to donate.
  22. We start to take responsibility for our trading results as we understand that our success is in us, not the trade methodology.
  23. We continue to trade and become more proficient with our methodology and our rules.
  24. As we trade we still have a tendency to violate our rules and our results are erratic.
  25. We know we are close.
  26. We go back and research our rules.
  27. We build the confidence in our rules and go back into the market and trade.
  28. Our trading results are getting better, but we are still hesitating in executing our rules.
  29. We now see the importance of following our rules as we see the results of our trades when we don't follow them.
  30. We begin to see that our lack of success is within us (a lack of discipline in following the rules because of some kind of fear) and we begin to work on knowing ourselves better.
  31. We continue to trade and the market teaches us more and more about ourselves.
  32. We master our methodology and trading rules.
  33. We begin to consistently make money. We begin to consistently make money.
  34. We get a little overconfident and the market humbles us.
  35. We continue to learn our lessons.
  36. We stop thinking and allow our rules to trade for us (trading becomes boring, but successful) and our trading account continues to grow as we increase our contract size.
  37. We are making more money then we ever dreamed to be possible.
  38. We go on with our lives and accomplish many of the goals we had always dreamed of.

Source: Steps to Successful Commodities Futures Trading as published in Commodity Futures Trading Club News and in Traders Organization's Real Success Daytrading Course

This stuff is gold!

“Happiness is the meaning and the purpose of life, the whole aim and end of human existence.” Δ

“There is no path, but only a fool wouldn’t follow it.”
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  #5 (permalink)
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This week's episode!

https://www.youtube.com/watch?v=4KEVeBWWT9g&feature=youtu.be&t=13m52s

Listen and learn!

“Happiness is the meaning and the purpose of life, the whole aim and end of human existence.” Δ

“There is no path, but only a fool wouldn’t follow it.”
Visit my futures io Trade Journal Reply With Quote
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  #6 (permalink)
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Posts: 22 since Mar 2012
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Mtype View Post
Hello Traders,

This thread will be dedicated to Mack's trading psychology speeches or what he calls soapbox rants. I like his no bs simplistic style and attitude.

Resources:
What this thread is:

This thread is a collective approach to organize Mack's psychology related pieces into one place to help willing traders grow.

What this thread is not:

This thread is not a place for discussion on the Price Action Trading System Technique itself or any other day trading issues.
This thread is not a place for ego inflation. If you have personal experiences with trading psychology closely related to PATS or Mack's work and you feel it is helpful to others then by all means share it.

I do like to keep things organized.

Thanks Mtype for starting this. I love Mack's trading psychology talks, as I'm still struggling with the mental/emotional obstacle.

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  #7 (permalink)
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@Mtype do you plan to trade the method and show your trades or just repost his videos from Youtube?

Rejoice in the Thunderstorms of Life . . .
Knowing it's not about Clouds or Wind. . .
But Learning to Dance in the Rain ! ! !
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man, i wish i heard some of this when i first started

"It does not matter how slowly you go, as long as you do not stop." Confucius
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DavidHP View Post
@Mtype do you plan to trade the method and show your trades or just repost his videos from Youtube?

Hey David,

Yes I do trade his method, combined with a big picture context read and I agree with him 100% that It takes time, practice and dedication with a good bit of self-understanding but it can be very very rewarding.

If you interested you can find my journal in my profile but this actual thread is dedicated to his psychology talks. I will be adding to it every week if I can.

“Happiness is the meaning and the purpose of life, the whole aim and end of human existence.” Δ

“There is no path, but only a fool wouldn’t follow it.”
Visit my futures io Trade Journal Reply With Quote
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  #10 (permalink)
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Posts: 1,260 since Oct 2012
Thanks: 1,331 given, 1,613 received


This week on the soapbox:

Starts @16:57

https://www.youtube.com/watch?v=Kervy1BmvFs&feature=youtu.be&t=16m57s

By the way guys this applies to any endeavour. The days of digging are long and hard but the fountain is there waiting for the one who goes all the way. Keep on digging!

“Happiness is the meaning and the purpose of life, the whole aim and end of human existence.” Δ

“There is no path, but only a fool wouldn’t follow it.”
Visit my futures io Trade Journal Reply With Quote
The following 3 users say Thank You to Mtype for this post:


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