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)
perfect compliment if you are well versed in technical analysis. Shows how much our thought process can effect our strategies for trading. Good stuff.
Beautifully written and directed towards understanding the biggest mystery of all. Knowing how your consciousness effects your behaviour, which is your path to success. Is one of the most powerful concepts and challenges humanity and society faces.
The author does a really good job of going into great detail the psychology of trading. Many of the principles and guidelines in this book can be applied to everyday life.
Anyone interested in trading I highly recommend this book.
I really feel this book with help my psychology when trading, and after doing the exercise at the end I will see how well I respond to what was taught to me.
As for the people who say this book is repetitious, I believe that that is why it works so well, we all learn best through repetition. Looking forward to using what I have learned.
I liked this book and would definitely recommend it. Good info about mindset and viewing each trade as an individual and not associated with past or future trades. I would have given 5 stars, but, at some points it became very repetitive and I found my mind wandering. All in all, good read.
this book has made a huge amount of sense. i almost feel as if it's an out of body experience, I truly believe if you trade the markets this book will be extremely helpful rethinking of jumping in and out. i play back certain parts in my mind before each trade.
This was one of the best books I have ever read. it's as if Mark lives inside your head. He explains everything so well. This book was the missing piece from my trading. No amount of studying or technical analysis can help you if you don't know what is taught in this book.
"Left me feeling inspried"
Several of my friends raved about this and I was pleased it was available in audio form so I went in, still I admit feeling sceptical. After all I've been trading 15 years, so I am already great right? Oh how wrong I was. Every example of a mistake I have repeatedly made was laid out clearly here with reasons why human psychology makes us repeat the same mistakes over and over again.
They say that 5% of poker players make money, the rest tick along or lose and yet millions still play. Same goes for trading, we are all there looking for the big winner. The book explains how trading is little to do with fundamentals and more to do with unhooking our deeply rooted beliefs instilled as we grow up. A child is told dozens of times a day what NOT to do, then they hit 18 become a trader, get a few lucky trades and there is nothing to stop them.
Mark Douglas doesn't offer you the get rich system you should use, it is assumed that anyone reading the book trades already using some technical analysis such as fibonacci retracements, MACD, RSI etc. But he does make you instantly realise that the market is not an enemy which always goes against you, it is there to be treated as a game of probability which you can play using your edge to in the long term to be a consitent winner, dare I say even a trader, rather then the gambler this book made me realise perhaps I am currently better categorised as.
The psychology insights were very interesting throughout. It could easily be viewed as a dull book, yet it kept me gripped throughout. A real revelation. I am really looking forward to trading with less stress, no emotion and paranoia free and buying that first yacht (ok dinghy)
"A Great Listen"
Works really well as an audiobook and obviously written by someone with extensive experience of trading. The book concentrates on the psychological aspects of trading and demonstrates that our greatest opponent is not the market but our own brain. The information contained in this audiobook, if followed, has the potential to save the novice trader many times its purchase price.
Even if you are not a TRADER this is a great book. It explains the mechanics of how a lot of things work in your mind and emotional structure. If you are a trader you will lose a lot less money following this guy's advice.
"Excellent book on the psychology of trading"
This is one of those books to read again and again. Probably the best book on the market focusing on the psychology of trading. Mark Douglas covers how to train your mind to become a consistent winner in the markets and teaches you a way to make this instinctive and effortless. This book is a must read for all levels of traders. (The book is aimed at traders with knowledge of technical analysis).
I had been told about this book and I am really glad I bought it... It has helped immensely in my trading, more so with my mind set... Well worth getting if you are serious about Trading full time.
"How to do backward somersaults on a tight rope."
I am a professional trader. This book is excellent, full of great insights and nice analogies. Whether an average person could accept this reality, or more importantly operate with the correct mind set is unlikely. Most lessons need to be learned first-hand. But any budding, failing or mediocre trader should listen to this work. If you find yourself, discounting the information or rationalising an alternative way of thinking; you will have at least identified the reasons, why you are probably doomed to failure.
"TRADERS MUST READ 2X"
As a trader I can relate to everything Douglas discusses. This is a must read in order to understand ones mental processes when trading.
"too much waffle"
the book started quite well. However, by mid chapter 5 I was lost! too much waffle, repetition and selling opinions as facts!
"Very good insight but too long winding"
Parts of this book are absolute gems when it comes to trading mentality.
But the book is 7 hours too long
"Seems so obvious.... Superb"
He highlighted many of the traits that I go through.... I will probably reread this straight away..... Must read for anyone wanting to make consistent money from trading
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