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.
"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.
"great book for starting out in trading!"
also good for other aspects of one's life. changing your beliefs has never been clearer to me!
"Too much waffle and padding!"
Too much waffle and padding throughout. Simply stay objective and trade without your emotions interfering - that's the book in a nutshell!
"very useful book and a necessary read"
this is a very useful book that focuses on the pitfalls and necessary focus required by traders. anyone who is interested in becoming a retail trader should read-listen to this book first
A must read. I've read so many rubbish books about trading. this is the only one that make sense and is helping me with my trading.
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