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 ZoneTM 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 ZoneTM 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)
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)
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.
This is one of those books to read again and again. Probably the best book on the market focusing on the psychology of trading. Mark Douglas covers how to train your mind to become a consistent winner in the markets and teaches you a way to make this instinctive and effortless. This book is a must read for all levels of traders. (The book is aimed at traders with knowledge of technical analysis).
I don't do reading I'm an audio girl all the way...
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.
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.
Too much waffle and padding throughout. Simply stay objective and trade without your emotions interfering - that's the book in a nutshell!
this is a very useful book that focuses on the pitfalls and necessary focus required by traders. anyone who is interested in becoming a retail trader should read-listen to this book first
This is something every trader and not only trader should read and reread! Profound truth and implications!
"Awesome Book & Narration"
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.
"Great a second time"
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
"not succeeding in your trading this is a must read"
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
"Fantastic book for Forex newcomers"
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.
"Your Edge and Consitency - The determining factors"
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.
"If you are a trader, then listen and read it!"
It's all about your attitude, and Mark will show you the way
No - listen twice
This is more of a psychological read. Very focused on accountability and the mindset required for trading and other things. I found it useful. Pretty redundant in some places.
"Must Read for any trader"
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.
"You need it"
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
"The missing piece, a must for all traders"
This one you cannot mis, Mark presents the cold hard facts that are contained within all traders.
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