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)
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.
It rank 2 out of 5.
I like it because it is different from any other trading book out there. It mainly focus on the mindset of a trader instead of the technical side.
He brings realism and enthusiasm.
No, not really. It just made me think differently about trading.
It is a really book that could benefit the rookie and also the veteran. But, I have to say I am very happy I read it as a rookie because now I feel more prepare for whats coming.
This book was very informative as to what mind set a person must have to develop into a consistent "winner". It dives into the psychology every trader experience at every level of their career, throughly explaining what to do and how to think in order for the reader to take advantage of an opportunity. The narrator uses everyday examples to get his point across and to make his point easier for the reader to familiarize with. At points the narrator does seem to ramble but with good cause, he uses that opportunity to really embed his idea into your mind. Overall the book was great. I would recommend to anyone who is just starting out or who has had trouble being consistent in their trading.
On a subconscious level our biases let us make decisions carelessly sometimes. As if in fight, flight or maybe freeze; it can be a good thing but then the market is far from that. Anyone can place a winning trade but having a professional psychological homeostasis is what this book is about. I really enjoyed it. The principles will take place and evolve on a functional level.
trading in the zone is the kind of book that takes simple to understand situations and by slowly taking the listener through them reveals truth and grows the listener. this is quite a phenomenal book in that what it can do for you as a trader and for your personal growth. Many of the topics covered in this book not only apply to the trading arena, but can be extended to other areas of your life, such as building your network marketing business.
The main point/s I received was believe in my system, losses are expenses and are a part of the business. This book is a critical addition to any trader's library.
As a disciplined trader myself I find the audio book rather boring as it speaks what I have already learned from years of experience. But! But I do feel that this is a very essential skill that all traders should develop and in that sense, this is an essential book.
This book is necessary for all financial traders. It tackles the fundamental problems that hampers trading success. A big thank you to Mark Douglas. R.I.P.
I enjoyed every moment listening to this audio book.
"psychology of the trader"
Very good, however the narrator has got a bit dull voice
Really interesting behaviour patterns
Good book for all those who are looking into understanding the behaviours that novice trader follow.
"Essential for success... Excellent!"
I think I will find this book to be an invaluable resource to keep me profitable.
Although some chapters are on general psychology and not specific to trading, this helps the overall message of understanding why you make certain decisions with your trading.
Simply buy it as you'll save many times this investment if you implement the lessons.
"the best book on trading psychology."
I read it and revise it after a year. I recommend it on my blog to everyone. www.itradeaims.com
"This book drags on and on and on"
There should be an abridged version with about 60% of the book cut out
The last two chapters were worth listening to - I suggest you jump to the last two chapters and ignore the rest
This was not a novel, though author seemed to want to write one.
No, but an abridged version would be.
There is some good guidance at the end of the book about understanding probability, having a strategy, being clear about your edge, calculating your risks, deciding on your stop losses and exits points beforehand and then execute your trade and stick to your original plan without fail. If you do this then you should not worry or lose confidence. If you fail to do this you will lose confidence. You'll have to listen to 8 hours of audio with some pseudo science about "positive energy" and vague phrases such as "if you truly believe..." to get this advice.
not sure if this was an exercise in waffle - won't say it's a bad thing but won't say it's good either. Want to hedge my bets so to speak. Or did it really take eight and a half hours for some one to tell me that trading futures carries a certain amount of uncertainty?
got a bit sick of it in the end
"very slow going"
just very slow going never got my interest some do some dont well never mind better look next time
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