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.”
The following 5 users say Thank You to Mtype for this post:
Many Traders Will Give up at this Point as they Realize Work is Involved
We get serious and start concentrating on learning a 'real' methodology.
We trade our methodology with some success, but realize that something is missing.
We begin to understand the need for having rules to apply our methodology.
We take a sabbatical from trading to develop and research our trading rules.
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.
We add, subtract and modify rules as we see a need to be more proficient with our rules.
We go back into the market and continue to donate. We go back into the market and continue to donate.
We start to take responsibility for our trading results as we understand that our success is in us, not the trade methodology.
We continue to trade and become more proficient with our methodology and our rules.
As we trade we still have a tendency to violate our rules and our results are erratic.
We know we are close.
We go back and research our rules.
We build the confidence in our rules and go back into the market and trade.
Our trading results are getting better, but we are still hesitating in executing our rules.
We now see the importance of following our rules as we see the results of our trades when we don't follow them.
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.
We continue to trade and the market teaches us more and more about ourselves.
We master our methodology and trading rules.
We begin to consistently make money. We begin to consistently make money.
We get a little overconfident and the market humbles us.
We continue to learn our lessons.
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.
We are making more money then we ever dreamed to be possible.
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.”
The following 11 users say Thank You to Mtype for this post:
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.”
The following 2 users say Thank You to Mtype for this post:
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.”
The following 3 users say Thank You to Mtype for this post:
