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Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude (Hardcover)
by Mark Douglas
| Category:
Trading, Forex trading, Tradining psychology, Investing |
| Market price: ¥ 508.00
MSL price:
¥ 448.00
[ Shop incentives ]
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| Stock:
Pre-order item, lead time 3-7 weeks upon payment [ COD term does not apply to pre-order items ] |
MSL rating:
 Good for Gifts |
| MSL Pointer Review:
The author takes you step by step showing you how to de-activate your negative energy which conflicting with the Trading Fundamental Truths and how to be a consistent winner in the market. Don't trade without it! |
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Author: Mark Douglas
Publisher: Prentice Hall Press
Pub. in: January, 2001
ISBN: 0735201447
Pages: 240
Measurements: 9.1 x 6.3 x 1.1 inches
Origin of product: USA
Order code: BA01094
Other information: ISBN-13: 978-0735201446
Language: American English
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Rate this product:
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- Awards & Credential -
An essential read for anyone who is serious about becoming a trader. |
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- MSL Picks -
What this book sets out to do is teach how to change from reactive, ego driven trading to trading in "The Zone" by using a preset system as opposed to trading based on your emotions and ego, which is very destructive to new traders. The book was a great complement to the other 20 trading books I have read. This one really drove home the importance of finding a system that works and then mechanically staying with it and not getting greedy or fearful and just start gambling. Your system should include stop losses to keep losses limited, when to take profits, and what indicators will give you entry and exit signals. This book is for traders that already understand the technical aspects of trading. The book focuses almost entirely on the beliefs and desires of traders that make them unsuccesful. The book recommends executing 20 trades using your system of choice in a purely mechanical fashion. This teaches discipline and takes out the guessing game. This gives you consistent casino odds as opposed to the odds of a gambler jumping randomly in and out of the market.The importance of working a consistent system is supported in almost all trading books.
The 5 principles of thinking in probabilities:
1. Anything can happen
2. You don't have to know what is going to happen next in order to make money.
3. There is a random distribution between wins and losses for any given set of variables that define an edge.
4. An edge is nothing more than an indication of a higher probability of one thing happening over another.
5. Every moment in the market is unique.
I am a consistent winner because:
1. I objectively identify my edges.
2.I predefine the risk of every trade.
3. I completely accept the risk or I am willing to let go of the trade.
4. I act on my edges without reservation or hesitation.
5. I pay myself as the market makes money available to me.
6. I continually monitor my susceptability for making errors.
7. I understand the absolute necessity of these principles of consistent success and, therefore, I never violate them.
This review can not do enough justice to this book, buy it, read it.
(From quoting Steve Burns, USA)
Target readers:
For anyone seeking to become a serious trader, Douglas' Trading In The Zone will prove to be an invaluable, highly recommended introduction enabling them to see beyond random outcomes and achieve a comfortable acceptance of the "uncertainty principle" that governs the stock market despite exhaustive analysis and investment stratagems.
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Mark Douglas is the author of NYIF's The Disciplined Trader. He is president of Trading Behavior Dynamics, which develops seminars on trading psychology for brokerage houses, clearing firms, and banks, among a wide range of professional organizations. He lives in Scottsdale, Arizona.
Thom Hartle wrote the foreward for Trading in the Zone. He is vice president of Wizard on Wall Street, Inc., publishers of professional level study courses for traders, and editor of eCharts.com, an educational website for traders and investors interested in technical analysis. For nine years, he was the editor of Technical Analysis of Stocks and Commodities.
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From Publisher
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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| View all 8 comments |
Alexander Everhart (MSL quote), USA
<2007-11-26 00:00>
The first time I read this book I had a tough time with it. I found it to be very boring and long. I was looking for more "meat" but I finished the book anyway really enjoying the last couple of chapters. This was over a year and a half ago and I still lost money.
I took a little time out from trading and worked on myself and my difficulties and then got back into trading currencies again. I picked the book up again recently and re-read it and the book was exceptional. What I find very interesting is that it made much more sense to me the second time around and here is a very important point...
When I was caught up in the negative emotions I thought the book was "empty" and to a large degree worthless, and I was still loosing money. When I started to temper the emotions and took the book from my shelf and re-read it my emotions were on an even keel and the book made much more sense. Surprise, surprise I am consitently earning profit now with my trading. No boom and then bust, just a nice solid momentum forward.
Emotions are a very funny thing when trading. You can obtain a large amount of fear causing hesitations, etc, or you can become very confident and cocky! But when the emotions to a large degree are gone, things become much more clear as do the profits. I am glad I read this book because...
I can see clearly now! I hope you will read the book and see clearly now also. Best wishes on your journey. |
G. Anderson (MSL quote), Australia
<2007-11-26 00:00>
If you are serious about getting yourself right to enter the world of trading in the markets, this book is a must. If you are just looking for more technical information on market analysis, this is not the place. This is the place for the person who really wants to be consistent with their approach to trading and is ready to realise that it all begins with what is going on inside each of us as individuals. The author breaks down much of the psychobabble around motivation and gives some tangible and useful information that can be implemented by anyone who chooses to improve their trading regime. Definitely on the recommended list. |
A customer (MSL quote), USA
<2007-11-26 00:00>
This book is a textbook on market psychology, you should not read this book at a beach, if you do - then you will give it a one star rating like some guy just gave. This book will open your eyes to see the market from a totally new view. It is a priceless book. You must work harder in the right way to make money in the market - but which way? more TA, more anaylsis of P/L, balance sheet OR renewing your beliefs in yourself and your system every day? read it, study it, enjoy it! |
A reader (MSL quote), USA
<2007-11-26 00:00>
This book is a textbook on market psychology, you should not read this book at a beach, if you do - then you will give it a one star rating like some guy just gave. This book will open your eyes to see the market from a totally new view. It is a priceless book. You must work harder in the right way to make money in the market - but which way? more TA, more anaylsis of P/L, balance sheet OR renewing your beliefs in yourself and your system every day? read it, study it, enjoy it! |
View all 8 comments |
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