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Trading in the Zone: Master the Market with Confidence, Discipline, and a Winning Attitude Hardcover – Jan 1 2001
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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 also author of "The Disciplined Trader™:Developing Winning Attitudes" published in 1990 and considered an industry classic--and one of the first books to introduce the investment industry to the concept of trading psychology. Mark began coaching traders in 1982, and has continued to develop seminar and training programs on trading psychology for the investment industry, as well as individual traders. He has been a frequent speaker at seminars across the world, as well as in the U.S., teaching traders how to become consistently successful. He is currently working on his third book, and can be reached through his website markdouglas.com.
Top Customer Reviews
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.
--->Charting Trends Blog
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.Read more ›
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.
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.
Trading is said to be 80% attitude and 20% ability. Well Douglas attempts to outline ideas, that will improve your attitude.
Most recent customer reviews
Good book to help you understand the range of emotions you experience when you trade.Published 1 month ago by Client d'Amazon
This is a rare book that really seemed to be speaking directly to me. I have been investing primarily in stocks for close to 30 years, with occasional, usually less than... Read morePublished 4 months ago by IrwinB
I would Recommend this book especially for those who are just starting or already have experience but doesn't have a positive consistent portfolio . Read morePublished 6 months ago by Amazon Customer
Takes the trading game and breaks it down into what it really is.A game of probabilities.Published 9 months ago by MD Free
Amzingly awesome book, if you want to learn more about yourself and dig deep and eliminate your bad beliefs. Gives you another way of perceving your emotions. Read morePublished 10 months ago by Laughing
Great ideas, but repetitive and he takes a long time to make a point.Published 12 months ago by Martin J. Keogh
i bought this book at the right time, after a year or so of trading. i don't think i would have enjoyed it as much at the beginning when i was learning the mechanic of trading. Read morePublished 22 months ago by plume
This book will always remain a classic traders reference for the simple reason that human emotions will continue to be what they are. Read morePublished on June 23 2014 by GeraldM
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