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, a trader, personal trading coach, and industry consultant since 1982, sends the message that "thinking strategy" will profoundly ...
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, a trader, personal trading coach, and industry consultant since 1982, sends the message that "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.
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New in New jacket. Blue paper over boards, quarter black paper spine, 8vo (9 inches tall), pp. xxii, 216, Index. "In Trading in the Zone, Douglas uncovers the underlying reasons for lack of consistently profitable trades and helps traders overcome the deep-rooted mental habits that cost them money." from the rear flap.
This book will make complete sense to any active trader. If you trade frequently and your results are an important part of your income, then this could be one of the most important books you ever read about the markets, investing or trading. If you trade infrequently or just trade for kicks, then this book may seem alien or confusing. Mr. Douglas goes to great lengths to expand and refine some of the issues that he raised in his prior book, from years back. It focuses on the psychology of trading and your attitude towards trading. He includes some very actionable tips as to how to approach trading. Focus on probabilities and your expected edge, not on "knowing" what the market will do next. Of all the books I've read on trading, this one is a keeper and the rest are going to Goodwill or HPBS.
Dec 17, 2008
Finally trading makes sence.
No psychology degrees or guru required. After reading this book things that would catch you off guard, costing you chunks of your capital, will rarely bite again.
Much has been said about market psychology and trends, but Mark Douglas' latest book, Trading in the Zone, gets it right, and in plain English no less. It is a worthwhile read for both "newby" and professional traders alike.
Bollinger Bands and Stochastics are good tools certainly, but the market is more than numbers. The market after all is people doing all the irrational things people do and now there is a book that shines a 120 watt bulb on that underbelly.
The idea behind trading psychology is two fold. Understanding your reactions to trading situations and understanding the invisible other people in the room with you aka - "the market". Armed with this knowledge making good decisions will be the path of least resistance.
Worth the price and your time if you're serious about making money.
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