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Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude (Hardcover)
by Mark Douglas
| Category:
Trading, Finance, Financial markets |
| Market price: ¥ 490.00
MSL price:
¥ 418.00
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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 |
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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: BA01191
Other information: ISBN-13: 978-0735201446
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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)
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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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Publishers Weekly (MSL quote), USA
<2008-02-29 00:00>
Douglas, president of the seminar firm Trading Behavior Dynamics, focuses on the psychology of successful traders. Instead of offering specific strategies, he advises readers, "The first step on the road...is to understand and completely accept the psychological realities of trading." It may be too abstract for some, but given trading's risks, this book could assist experienced investors willing to engage in self-reflection. (Jan.)
Copyright 2000 Reed Business Information, Inc.
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Azary Tamarov (MSL quote), USA
<2008-02-29 00:00>
This is the most awesome trading book, definitely one every trader should have part of his library, helps you understand yourself better and as a result you learn the market better, which helps you make more money and cut down on your losses. I wish I read this book when i first began trading, anyway I give this book two thumbs up and will recomend it to all. |
Robert L. Crivelli (MSL quote), USA
<2008-02-29 00:00>
Not being a professional Trader but just a novice looking to understand how the market works along with the methodology for Trading S&P e-mini 500 contracts, I fully recommend reading this book.
The author was able to bring into view another most important avenue of trading and that is your mental attitude about Trading and about yourself.
The author shows excellent examples how attitude of individual Traders can move the market and also how your attitude can cause a Trader to lose their money unnecessarily.
Trading must become 2nd nature to the novice in order to not leave money in the market.
I fully recommend that everyone interested in Trading the Market read this valuable book.
I'm on my third read of this book and getting in the 'Zone'.
This book works!
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