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The Disciplined Trader: Developing Winning Attitudes Hardcover – April 1, 1990
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A groundbreaking work published in 1990 examining as to why most traders cannot raise their equity on a consistent basis, bringing the reader to practical conclusions to go about changing any limiting mindset.
--Larry Pesavento - TradingTutor.com
Douglas helps traders neutralize the fear of losing into a mindset of winning ~ through this systematic approach to creating, instilling, and maintaining the mindset of a consistently successful trader. --- Beliefs Management Institute inc.
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Top Customer Reviews
Douglas starts the book out from a perspective that many traders can identify with-crushing defeat. Humbling himself to the higher power that the market is and analyzing the formula for defeat, Douglas shows how he was able to reverse-engineer it to find the formula for success that many of the book's readers over the years have found useful in exorcising their own psychological demons.
Central to Douglas' thesis is that the elements of character that produce success in most of life's endeavors are completely different from those that will make you successful as a trader. To thrive in business or some professional career, you have to work hard to develop the skills that will allow you to be in control of your environment. To build a business empire, you have to be a great leader of people. To become a heart surgeon, you have to learn how to control your scalpel. To be a good mother, you have to know how to discipline your children.
But successful trading, says Douglas, is the process of yielding to the market and being in control only of yourself and the way you respond to changing market conditions.Read more ›
"Our committed expectations about the future will act as a force on our perception of market information to control its flow into our mental system in such a way as to avoid a confrontation with anything that doesn't conform with what we already believe is possible." Got that? Then this book is for you.
You don't have to worry about picking between The Disciplined Trader, and Trading in the Zone - Mr. Douglas is so repetitive that he essentially wrote the same book twice. Material from each book is either reprinted verbatim or repeated in a slightly different way in the other.
In fairness, Douglas is struggling to convey some very complex psychological concepts which don't easily distill down to catchy one-liners. Still, for all of his good things to say, Mr. Douglas would only benefit from a good editor.
Stick with it though - the keys to success are buried within. And then re-encrypted over and over.
Once these three conditions are satisfied, I'm sure you'll just LOVE this one.
Generally I'm open to new ideas, even those which are contrary to my firm beliefs and convictions. I have to admit I didn't understand right away what this book was about after having read it only once. This is the kind of book you have to read over and over again to fully understand and appreciate its lessons, the discipline and psychological preparation for trading. Mr Douglas's work won't present you a clear trading plan, technical analysis wizardries and the like. It will rather help you master your fears and wrong beliefs and fight your negative emotions. Greed and fear have been for long my worst trading enemies (especially the first) and reading Mr Douglas's lessons has helped me a lot in fighting my negative psychological aspects.
I don't think one can quickly become an excellent trader after having read only one book, whether it's this or another one. I believe that one can get better and better in trading only step by step, and I firmly believe that reading this book more than once is one of the steps.
Most Recent Customer Reviews
Shipping time from this seller was much better than the last seller I bought from. I'm still finishing another book so I haven't read it yet, but based on some Mark Douglas videos... Read morePublished 1 month ago by Len56
As a full time trader this book is worth the read for any one looking at trading for a living.Published 1 month ago by Amazon Customer
I thought this book was freakin awsome! It gave me some fantastic ideas
to correct my thinking while trading. I'm going to read the Trading in the Zone, next!
Most traders concentrate only on setups, never seeing the mental game that the professionals have already mastered.
Great BOOK AND GOOD READ.
Trading is 80% psychology , 20% fundamental and technical analysis. Mr Douglas has done a great job of pointing the way through that 80%. Read morePublished 7 months ago by Otis
It's pretty good. I love his analysis of the mental aspects of trading.Published 7 months ago by Kachil