Out of the SKILL(let) into the Fire
Michelle B submits: The Disciplined Trader by Mark Douglas sits near my trading turret in a place of honor. Following rules is very problematical for traders. Having rules, and some traders have many, is not the same as being disciplined. A disciplined trader follows his rules, while a trader who has rules may not necessarily be disciplined enough to follow them. Trading without controlling emotions often takes the form of a vicious circle–the trader becomes ensnared in a trap of his own making, and it can be nearly impossible to break this viciousness. Sometimes, in extreme cases, the only solution is to take an extended sabbatical from trading. It can take a long time to heal the psychological damage resulting from trading without discipline, so it is much better to try to prevent this damage from happening in the first place.
tagged: Discipline, Mark-Douglas, psychology, The-Disciplined-Trader and Trading_Rules
