This is more of a psychological read. Very focused on accountability and the mindset required for trading and other things. I found it useful. Pretty redundant in some places.
I am a plastic surgeon by profession A father by heart A trader by choice A teacher by passion A child by curiosity
not sure really as most of the book was trying to get to that basic concept that you really cant predict the market direction but have some system of entry and and exit plan win or loose and let your winnings run and cut losses short
Do the work by Steve Pressfield
it only brings one idea as i said the market is a gambling game , try to be the house by picking a strategy that gives you an edge then play the numbers game
This book was recommended reading by my mentor 3yrs ago and I started trading with not success prior to reading it. Since reading it I now has identified my failures and feel confident I will succeed in my next period of trading.
I am new to trading. But all of the experience traders that I am learning from, have recommended and wished they would have read this book so much sooner in their career. The psychology that he goes over in this book makes complete sense. I will definitely be listening to this multiple times just to make sure its all ingrained.
An excellent presentation of dense material. The written book is tough-going.
This audiobook presentation takes a subject which is critical for traders, less so for investors, and renders it palatable. Most traders with some market experience rate Douglas' book highly but find that it requires several readings. I have approached this book both ways and can state unequivocally that the audiobook is a must to wade through this topic. After listening to the audiobook, one can use the written text (if desired) to greater advantage. There are only a few lessons in this book but they are all-important to trading success. Not many people can trade* successfully as their emotional investment in being "right" and the uncomfortable and euphoric feelings which money can activate interfere with the process.
*I use the term trading vs. investing to refer to "short" time frame buying and selling, typically minutes to weeks.
Not to my knowledge
I was suggested to read this book. As a non english speaker, listening to it was a great way to deeply understand what you need to become a good trader.
One of the most important books I've read on almost any subject.
I am a boom/bust trader. I've gone months at a time where I had over 90% of my trades go my way, I would then lose everything. I didn't realize I was the problem, my mindset, my habit of not being responsible and honest with myself, and the fact that I wasn't thinking in probabilities.
It will take a great deal of change for me to really change my mindset, but this is an important first step. My trading has already taken on a less stressful more open paradigm. I'm starting to be open to market data as just that - data. I leave my interpretation out of my decision process as much as possible.
This is a must read if you are looking to become a successful trader.
This is non-fiction.
This is a classic, special-interest book written to enlighten and educate traders in the securities markets (like stocks, bonds, options, commodities, etc., including day traders) about the most important influence on their success or failure: their psychology. While many others mention this aspect in passing, Douglas describes the thinking, preconceptions, illusions, desires, fears, and decision-making influences that sabotage most traders, in detail.
The voice narration is good. Plenty of examples are given, with true-to-life stories, common scenarios, and hypothetical examples all used to good advantage. It is all business, but written deliberately, and is about as interesting as the subject will allow. Recommended for all serious traders before they put any cash on the line.