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)
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.
This is helpful and is very good about pointing out certain internal dialogues and perceptions which get traders into trouble. It also offers some helpful advice in terms of introspective techniques. Sadly the author has a bafflingly poor understanding of basic neurobiology and economics, and I don't understand how he could be an actual formally credentialed psychologist. There is a lot of loosey goosey theorizing going on without any substantiating evidence. Nevertheless he does help in identifying what most traders do wrong in terms of patterns of behavior so on that alone it's probably worth the read.
following the book you should be able to develop consistency in your trades. I would listen to it a couple of times.
This is the best trading book of all time it's a must read -listen awesome outstanding great amazing all good discription
The book is way too metaphysical and esoteric. The message is important but can basically be summarized as: have a system, stick to it and don't be emotional.
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