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Trading in the Zone: Master the Market with Confidence, Discipline, and a Winning Attitude Hardcover – Jan 30 2003


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Product Details

  • Hardcover: 240 pages
  • Publisher: Prentice Hall Press; First Edition, Later Printing edition (Jan. 30 2003)
  • Language: English
  • ISBN-10: 0735201447
  • ISBN-13: 978-0735201446
  • Product Dimensions: 16.2 x 2.4 x 23.7 cm
  • Shipping Weight: 590 g
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (70 customer reviews)
  • Amazon Bestsellers Rank: #34,672 in Books (See Top 100 in Books)

Product Description

From Publishers Weekly

Douglas, president of the seminar firm Trading Behavior Dynamics, focuses on the psychology of successful traders. Instead of offering specific strategies, he advises readers, "The first step on the road...is to understand and completely accept the psychological realities of trading." It may be too abstract for some, but given trading's risks, this book could assist experienced investors willing to engage in self-reflection. (Jan.)
Copyright 2000 Reed Business Information, Inc.

About the Author

Mark Douglas is the author of NYIF's The Disciplined Trader. He is president of Trading Behavior Dynamics, which develops seminars on trading psychology for brokerage houses, clearing firms, and banks, among a wide range of professional organizations. He lives in Scottsdale, Arizona.

Thom Hartle wrote the foreward for Trading in the Zone. He is vice president of Wizard on Wall Street, Inc., publishers of professional level study courses for traders, and editor of eCharts.com, an educational website for traders and investors interested in technical analysis. For nine years, he was the editor of Technical Analysis of Stocks and Commodities.

Customer Reviews

4.5 out of 5 stars

Most helpful customer reviews

11 of 12 people found the following review helpful By P. Matt Blackman on Jan. 8 2004
Format: Hardcover
The process of becoming a successful traders is not just about learning about markets and developing a trading system that works, there is so much more to it than that. Most people get wrapped up in practical nuts and bolts of trading or investing but miss the most important step. Developing the proper mental and psychological skills.
To become consistent, it is essential that one spend some time getting to know what the market really is as opposed to what the trader would like it to be. The market is not your enemy, does not owe you anything and does not care whether you win or lose. It just is. The sooner one accepts that, the faster he/she progresses. This means performing a careful self-assessment, identifying beliefs that will short circuit consistency and getting them out of the way. As Douglas describes it, 95% of the trading errors all traders make are due to his or her attitudes (fears) about four things. 1) being wrong, 2) losing money, 3) missing out and 4 ) leaving money on the table. Getting over them may seem daunting in the beginning but that is where the book comes in.
Douglas also describes the process that all successful traders must go through and that is developing a probabilistic mindset. All great traders have learned to think in probabilities. This means that every market decision is only made once a risk/reward ratio has been determined, stop losses and profit goals established and pre-determined conditions for taking the trade known. By removing the extraneous "noise" that causes undue emotional and psychological stress, decisions become easier to make.
As is true of most things in life, sounds easier to do than it is but the good news is that with a little practice and with help of an exercise outlined in the book, it is very doable.
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10 of 11 people found the following review helpful By DV on July 6 2004
Format: Hardcover
I thought this was a well written book by Douglas. He constantly hammers the point of getting your emotions in check before trading. He says this in every single chapter in one form or another. Learn through repetition.
Wished I had read this book first many, many years ago before I lost bucoo $$$$, but now I've learned the hard way. The book is also easy to read and hits home on many things regarding one's emotions. They do NOT belong in trading (unless you want to lose money).
Found that greed and fear were my 2 biggest enemies. I don't have specific examples to give you of what he talks about since I read the book awhile back, but this book is definitely worth reading again and again, just to remind yourself the market plays no favorites and doesn't care who you are.
Learning to get your emotions under control as a stock trader or investor is of greatest importance, if you want to make money.
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16 of 18 people found the following review helpful By Michael Levin on Aug. 20 2002
Format: Hardcover
I have to say something VERY strong about this book. It made me STOP trading. I realized about a quarter of the way through this book that I was NOT on my game and that I was open fodder for the real Pro's that have the skills and abilities that he speaks of. I am a professional trader and I even help run a very successful trading firm, but I've been trading by feel and emotion for too long now and have lost about 200,000 the past 3 years in the market and I just couldn't take it anymore.
By reading this book, by stopping trading and re grouping, I know my trading will be much better and that every trader that trades my money or my firms money, will be required to not only read this book, but to recant the most important parts.
Dont just buy this book, learn it and trade by its valuable tenets.
Mike Levin
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3 of 3 people found the following review helpful By Patrick Sullivan TOP 500 REVIEWER on Oct. 1 2010
Format: Hardcover
This is Douglas`s second trading book. Both are in regards to trading psychology. I consider both of these books to be part of set. He outlines important aspects of the mental game of trading. The importance of thinking in probabilities, knowing your own emotions, developing a care free attitude, maintaining an objective attitude, and living in the now moment, are just a few examples.
Trading is said to be 80% attitude and 20% ability. Well Douglas attempts to outline ideas, that will improve your attitude.
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2 of 2 people found the following review helpful By Danny Merkel on April 26 2013
Format: Hardcover
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.

--->Danny Merkel
--->Charting Trends Blog
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