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)
I read this book (hard copy) years ago and was surprised how much extra I got out of this audible version. Is it a different version or am I in a different mindset or am I now in the zone? It is worth the credit. If you are into this topic I recommend "The Little Book of Behavioral Investing (Unabridged)" by James Montier
How true it is that Forex is 80% psychological and 20% fundamental. There have been times when I could kick myself for nurturing my losses thinking that the market will retrace. There needs to be no emotion when trading. This book helps me to recognize this very important factor. Great book that I will listen to over and over. It is very hard to trade without emotion when cold hard cash is on the line. Mark covers this topic well and goes through the normal barriers which people face.
Really great book that opens your eyes to how people (including me) think when we start to dabble in the stock markets. The contents are great, are written in a style and view to impart coaching, answer questions and set out a game plan. The narration is brilliant and clear. Walter Dixon did a great job. Only flip side (if you can call it that) is the narration is 8 hours long! But all the contents are worth it. You need to make the time to listen to the whole narration in chunks at least. Good luck.
yes, probabilities in succeeding in trading are found in this audio book, stop wasting time, this is the read your after !
understanding that success in trading is in the probabilities
have a plan, test it, and stick to it, simple
Being able to "read" while driving in my car is a big bonus. I finish the audio books quicker than when I read the book myself.
Trading in the Zone should be read at least once a year as it is a great reminder of what is required to be successful as a trader.
As a former Futures trader, I would recommend this to anyone thinking about entering trading, currently trading, or seeking to get back into trading. It will help to set your psychological foundation.
You don't need to know what's going to happen to make money in the market.
The author has an interesting theory that he calls, "The five fundamental truths".
probabilities - consistency - an "Edge"...just read/listen to the book. I have, twice.
This is a must for every trader or wanna-be-traders. Helped me a lot to build confidence. I haven't started trading yet, still read a bit in the subject, but this book is very very book. It was my first book in trading and basically changed my whole view about things.
yes , essential mind set for successful trading
clarity on what we do during trades
the whole book was an ahhh! moment
If you trade and want to be better this book willl help
It's all about your attitude, and Mark will show you the way
No - listen twice
This one you cannot mis, Mark presents the cold hard facts that are contained within all traders.
"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.
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.
"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
"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.
"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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