How do some traders amass millions of dollars in a year… or sometimes in weeks? Are they simply lucky or masters of a priceless witchcraft that allows only a few players to become fantastically wealthy?
There is no holy grail to trading success. The methodologies employed by the book Market Wizards cover the entire spectrum from purely technical to purely fundamental – and everything in between.
The amount of difficulty you have in completing this exercise will be in direct proportion to the degree to which these conflicts exist.
This 8-step exercise will determine you if you have what it takes to be a Master Trader.
It was originally explained in Mark Douglas’ excellent book Trading in the Zone. Unfortunately, the original was quite difficult to set up so we’ve made it a lot easier here.
If you want to know if you have the needed mindset environment to move into that rarified space called, “Consistently, successful trader” then do this exercise. It will make it as clear as the orange juice you drip on your new white shirt just as you’re walking out the door heading to church if you do or not.
I don’t follow the general market too much anymore, I find it just confuses me and has a tendency to influence my trading. However, I did take a look at a chart of the SPY the other day and the next thing I knew I was drawing trendlines on it – some habits die hard. […]
Mark Douglas’ book Trading in the Zone is an exhaustive examination of the trials that we face when we take up the challenge of becoming a successful trader. To the novice, the only concern appears to be to find a way to make money. Once reality sets in and this neophyte starts to understand the hard […]