Maximizing the trader's state of mind is the key to successful results. Conflicts, contradictions, and paradoxes in thinking can spell disaster for even a highly motivated, astute and well-grounded trader. Mark Douglas, an industry consultant since 1982, sends the message that a "thinking strategy" will profoundly influence a trader's success rate.
Douglas addresses five very specific issues to give traders the insight and understanding about themselves that will make them consistent winners in the market. Trading in the Zone offers specific solutions to the "people factor" of commodity price movement. It uncovers the true culprit for lack of consistency when it comes to stock picking: lack of focus and self-confidence. Through simple exercises, traders will learn how to think in terms of probabilities and adopt the specific beliefs necessary to developing a winner's mindset. Along the way, they'll gain valuable insights into their own entrenched misconceptions about the market.
Backed by compelling examples, Trading in the Zone adds a new dimension to getting an edge on the market. Through a better understanding of themselves, as well as of Wall Street's realities, traders will come to leverage the power of their psyche for unprecedented profitability.
©2000 Mark Douglas (P)2011 Gildan Media Corp
"[G]iven trading's risks, this book could assist experienced investors willing to engage in self-reflection." (Publisher's Weekly)
Well written and easy to understand. Very good use of examples from life that help explain his concepts. Much of what he discusses can be useful in other areas that need development. .
Even after trading for six years this book still reveals insights every time I listen to it. The performance got four stars out of five because even though it was read by the author overall energy level could have been higher.
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.
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