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| by Mark Douglas
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Douglas uncovers the underlying reasons for lack of consistency and helps traders overcome the ingrained mental habits that cost them money. He takes on the myths of the market and exposes them one by one teaching traders to look beyond random outcomes, to understand the true realities of risk, and to be comfortable with the 'probabilities' of market movement that governs...more
Published January 1st 2001 by Prentice Hall Press (first published April 1st 2000)
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Must-Read Books for Gamblers 28 books — 13 voters
Essential Business Books 102 books — 3 voters
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Apr 30, 2010Duffy Pratt rated it really liked it
The author repeats himself. The book is full of pop psychology and bad science to illustrate or prove his points. If cut down to the core, the book could probably make a very nice five page magazine article. And yet, for traders, I think this book is invaluable. Most could benefit from reading it again and again.
If you trade, and cannot make yourself consistently successful, then the chances are that you harbor some beliefs that work against your success as a trader. The trick is to find, and ne...more
If you trade, and cannot make yourself consistently successful, then the chances are that you harbor some beliefs that work against your success as a trader. The trick is to find, and ne...more
Apr 10, 2015Marcelo Bahia rated it did not like it
Put a self-help approach on a trading book and you get this. It’s cheesy psychology all the way, full of superficial and predictable clichés such as 'don’t put blame on the markets', 'develop a winning attitude', 'fear is the source of 95% of trading mistakes so learn to accept risks', among others. Almost halfway into it, when a section about mental framework turned into an explanation about how thoughts and dreams are a form of energy, I noticed I was about to vomit. I stopped reading and retu...more
Top practical trading book read-to-date.
The book covers the psychological aspect within one-self that prevents him/her from reaching consistency. The most common logic for new traders is to try to learn every method available to them. If they fall short of success, they attend more webinars, seminaries, and read more books, only to confuse themselves further. They've succeeded at 'step 1' but continue to fall back into trying to find new/more trading methods/tools (indicators, charting systems...more
The book covers the psychological aspect within one-self that prevents him/her from reaching consistency. The most common logic for new traders is to try to learn every method available to them. If they fall short of success, they attend more webinars, seminaries, and read more books, only to confuse themselves further. They've succeeded at 'step 1' but continue to fall back into trying to find new/more trading methods/tools (indicators, charting systems...more
Apr 24, 2016erjan avid reader rated it it was amazing
this book totally blown my mind! It must be number 1,2,3,4....20 book in the list, seriously!
Because it unveils the nature of trading to the core! It exploded my mind...
No other book on psychology comes close to this.
I have only read 30 /143 pages and this was enough to get deeply impressed!
the author just opened my own mind and pointed to me the distinction: trading is total freedom without rules, where rules have to be set by me AND followed,abide by me as well!
trading offers complete freedom...more
Jun 02, 2011Zack rated it it was okBecause it unveils the nature of trading to the core! It exploded my mind...
No other book on psychology comes close to this.
I have only read 30 /143 pages and this was enough to get deeply impressed!
the author just opened my own mind and pointed to me the distinction: trading is total freedom without rules, where rules have to be set by me AND followed,abide by me as well!
trading offers complete freedom...more
Recommended to Zack by: Everyone and their mother.
Considering how highly and oft mentioned this book is, I was rather unimpressed. The authors main points are fine and good. But boy does he ramble and bullshit. There is so much bad science and pop psychology in this book. And many times he says things like, 'I wont go into depth about this,' but then he rambles about that or another subject.
For instance about 3/4th of the way into the book he spends time talking about what a trend is and how to identify it. Seriously? Not only should the reader...more
For instance about 3/4th of the way into the book he spends time talking about what a trend is and how to identify it. Seriously? Not only should the reader...more
This book is one of the favourites for traders. I have heard enough stories about how this book has helped traders make the necessary mental shift to become profitable traders. Instead of believing in what others said, I read the book and judged it for myself. I will not say that it had such a fundamental impact to me but I cannot deny the book did helped me figure out certain things in trading. Not everyone can pick up the same amount of useful ideas from the same book. Different people have di...more
![Trading Atitude Mental Do Trader De Sucesso Trading Atitude Mental Do Trader De Sucesso](/uploads/1/2/5/3/125356597/857781335.jpg)
This is a watershed text on investing and trading psychology. Too often we underestimate the importance of individual mindset, psychology and particularly emotion on the effectiveness of our investing or trading systems. If we can our understand traits, strengths and weaknesses, then we can personalise a system which will improve returns. Douglas articulates the common dangers of trading, such as failing to take responsibility, and then gives us principles and tools to overcome them. Thinking in...more
This book is so well written - it goes through in detail the psychological reasoning behind consistency with trading. I got a lot from it- and its changing the way i trade. Stick with it though, there are quite a few 'in-depth' chapters but through explaining these with repetition and associating them with an analogy, Mark taps into our learning and gets the info required through to us! You needs to study psychology? I learnt so much and am so grateful that this book was writtten as it address t...more
Rare book about the stock market that talks about the psychology of trading. A bit rambling but the insights of the author are refreshing and gives perspective to what the stock market really is: an unpredictable and unfeeling mechanism that nevertheless provides opportunities for profit if we have the correct mentality. It is not about knowing what will happen, but working on the fact that we do not know what will happen.
Must read for anyone who is in trading. It wont teach you how to trade, but It may enlighten you as to what real trading is about (hint: is NOT about KNOWING what the market is going to do).
If you have been trading for some time, it probably wont be as revealing as if you are new to the discipline... but it still can give you one or two pointers/reminders to keep you on the right track.
Hope this review helps!...more
If you have been trading for some time, it probably wont be as revealing as if you are new to the discipline... but it still can give you one or two pointers/reminders to keep you on the right track.
Hope this review helps!...more
If you're playing in the stock market, this book is worth a read. It's not about the technicalities of the market, it's about bringing your own consciousness to bear on your trading. I found it refreshing and fun.
And very inspiring. (I'm learning to trade stock options, and it's useful for that too.) In fact, you could apply it to your life. Dealing with beliefs and de-energizing them. Not bad ideas!
And very inspiring. (I'm learning to trade stock options, and it's useful for that too.) In fact, you could apply it to your life. Dealing with beliefs and de-energizing them. Not bad ideas!
Aug 22, 2014Leo Bharata rated it really liked it
It is not a technical or fundamental analysis book, but what being written here is a very important concept or mind set. It is not a book for those just began trading as it might be quite hard too understand. The most important pages are on the last chapter. The book will be great if the earlier pages told in a way that is more easy to understand.
I was surprised that I was actually gonna get something that I didnt know yet. When I read this book, it changed my perspective and mindset as to how I should deal with market trading. Since then, Id say Ive become more mature and profitable as a trader, whether that's in the stock market or in forex trading. I'd say this: you really have to unlearn what you've already learned.
This book literally changed my trading over night. People think that trading is about set-ups , technical analysis, pattern recognition, ect. These things are obviously part of trading. But in my opinion , far from the most important. Discipline , control, and lack of a better word....zen. These are the things that will make you rich in the markets.
This book was nothing like I thought it would be. It was a little too heavy on the psychological mumbo jumbo, and much too thin on content in my opinion. Since this is my review, it's my opinion that counts! Venture at your own risk, only if it's a FREE library book.
Wish I had read this book when I first started trading. Would have saved me a lot!
Jan 24, 2016Fernando Luchesi rated it it was amazing
A 'must read' book if you want to be a consistent trader in the stock markets.
Leitura obrigatório se você quer ser um trader consistente na bolsa.
Leitura obrigatório se você quer ser um trader consistente na bolsa.
Very good book, good message for all that people who would like to be consistent in trading, however it can be more straight forward.
Jan 18, 2015Elizabeth Tan-ong rated it it was amazing
Feb 03, 2015Harry Naing rated it it was amazing
If I were to choose one book on trading, this is it! Definitely a 'must-read'.
Aug 27, 2014Amit Srivastava rated it really liked it
An indispensable book on trading psychology. However, it could have been as effective even if the volume of content was reduced to 50%. Except for the excessive narratives, it is 5 stars!
Apr 07, 2015Arek Piwowarczyk rated it it was amazing
Personally this is the bests book I've read on psychology of trading - a must read for any trader!
Jan 23, 2019Ming Wei rated it really liked it
A good book to read if you are trying to develop you mindset, and remove emotion from your trading. I found this book very beneficial, but it is more useful to newbie traders, rather than experienced traders that have been trading for 3+ years. The problem for most traders is human emotion, and maybe reading this book, will help potential traders reducing their emotion levels. It is one of the better trading related books that I have read. Well written, easy to follow and understand. I enjoyed r...more
A very useful book for the beginners , i enjoyed it thanks to Mark Douglas ,
[3.5 stars] If you've explored stock trading to any serious degree, you've undoubtedly realized that it's an endeavor that doesn't always align well with human emotional programming. To be successful, you have to accept that no trade, no matter how good the setup, is guaranteed to work out. You have to have the resolve to open a position when you're getting the right signals, the resolve to stay in as long as the trade is working, and the resolve to close it when the signals are telling you that...more
Trading in the zone is not only in my top 10 trading books but probably number 1! Still can't believe that Mark Douglas died in 2015. This was my the second time I was going through this book and still found a lot of value in it. It is hard to implement the professionals trader mindset. Even if you understand it intellectually there is a long way in order to function from a probabilistic mindset.
Most of the traders loose money because they focus on a single trade. However, it is impossible to kn...more
Most of the traders loose money because they focus on a single trade. However, it is impossible to kn...more
May 02, 2019OCTAVIO FRANCISCO rated it it was amazing
Before you start learning any trading strategy or methodology, read this book first!
I sincerely wish I had read this book five years ago when I started my trading journey; it would have saved me from a lot of heartaches, and dead-end roads.
As a novice trader, I was always chasing the new methodology, the new system, something that helped me to win my trades.
The answer to my quest for winning my trades was not in the system, strategy, or methodology, because any one of them will give you the edge...more
I sincerely wish I had read this book five years ago when I started my trading journey; it would have saved me from a lot of heartaches, and dead-end roads.
As a novice trader, I was always chasing the new methodology, the new system, something that helped me to win my trades.
The answer to my quest for winning my trades was not in the system, strategy, or methodology, because any one of them will give you the edge...more
This book has a clear path for those who may be interested in the crazy world of stocks/futures/crypto/anything-trading (especially day trading). I have been studying this field for the last 4/5 years, I made it as my main income source and that has been a journey of knowledge.
From Price Action to Tape Reading, you will find out very early that the technical part is easy to learn (at least the basics/enough) but it is very hard to keep your mind stable to trade efficiently and put your knowledge...more
From Price Action to Tape Reading, you will find out very early that the technical part is easy to learn (at least the basics/enough) but it is very hard to keep your mind stable to trade efficiently and put your knowledge...more
Feb 05, 2019Lionkhan-sama rated it it was amazing · review of another edition
I was recommended this book by an experienced trader, to help me become a better trader myself.
I am so very grateful he told me about this book. It is an incredible asset. I learned so much things about the trading game that would have probably otherwise taken me a lifetime to learn.
The really cool thing about this book is that the lessons learned are actually quite general, and you could very well improve your other aspects of life if you apply them. They are not purely focused on trading itse...more
I am so very grateful he told me about this book. It is an incredible asset. I learned so much things about the trading game that would have probably otherwise taken me a lifetime to learn.
The really cool thing about this book is that the lessons learned are actually quite general, and you could very well improve your other aspects of life if you apply them. They are not purely focused on trading itse...more
I found only a small part of this book useful, specifically, the exercise at the very end which went over in a simple step-by-step way to set up a trade following all of the principles discussed in this book. I skipped the examples he used throughout the book to explain the concepts behind the trading principles, like a kid being bitten by a dog and thereafter always being scared of dogs. He went over them far too much and far too long to reinforce his point, where even a single, short story wou...more
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“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 susceptibility for making errors. 7. I understand the absolute necessity of these principles of consistent success and, therefore, I never violate them.” — 1 likes
“a greater probability of one thing happening over another. In a sense, technical analysis allows you” — 0 likes
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