This is a fantastic book and I enjoy it more on Audible. If you read, understand, and internalize what Mark Douglas is saying, YOU WILL BE CONSISTENTLY PROFITABLE. And I will explain why in this review. But first a little background, I read and reviewed this book about 12 years ago. It improved my trading when I followed what I learned. Looking back, I also lost money every time I strayed from this knowledge. Why did I stray from the rules that work? That's a good question, and this book helps to answer it.1. One of the first steps to being consistently successful at trading is to accept responsibility. That means knowing and accepting that you are the only one responsible for your actions. You have to know and understand the risk of each trade BEFORE you place the trade.2. You also need to understand and accept that ANYTHING CAN HAPPEN in the market. That needs to be factored into your risk assessment.3. You need to have an edge. An edge is nothing more than an indication of a higher probability of one thing happening over another.4. You need to think in probabilities. You cannot see the future; you cannot know what is going to happen next. If you think you know what is going to happen next, it will cloud your judgment and make you unable to see when things are not going as you "know" they should be. The result will be a larger loss. Your mind should be thinking "anything can happen but my edge tells me that there is a probability that this trade will go up(down)"5. You need to have hard and fast rules about your trading. Written rules.6. You need to trade every single signal that your edge gives you. You cannot pick and choose. You must be confident in your edge, the laws of probability, and your rules, to know that over a specific sample size you will be consistently profitable.Mark talks about how you "need to get your mind right", and supplies plenty of information on how to do that. He talks about trading in "the now", and how you need to be in the flow by not trying to get anything from the market, but rather sit there and wait until the market shows you what it is making available. Sounds kind of zen-ish, but it truly works. After all I am sure most of you understand that you need the proper attitude to trade. You cannot go into the market and seriously think you are going to inflict your will over the market. I know many people try to do that, and that's why there are so many losers in this game. Get your mind right, believe in your edge, and you will make money consistently. It really is that simple. Not easy, but simple.There are a few trading books that should be read every year or so to keep you from forgetting the valuable lessons they teach. This is definitely one of those books. I have removed it from my bookshelf and placed it on my desk. That way every time I see it I will be reminded to "get my mind right", before I place a trade. Because you cannot control your trading if you cannot control yourself and you must have unbreakable rules if you want to stay in the game.
The book is a God send for every trader, whether new or experienced. The author makes good analogies with real life experiences, and compares the emotional states between them and when trading. It is truly an eye opener.