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Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude
 
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Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude [Hardcover]

Mark Douglas (Author)
4.4 out of 5 stars  See all reviews (245 customer reviews)

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Book Description

January 1, 2001
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 all market speculation.

Editorial Reviews

From Publishers Weekly

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.

Review

Douglas explains to the trader just what type of mental mindset is needed to be a winner in the markets ~ and guides the reader along a path of self-discovery leading them to higher and sustained trading results.  Global Network Publishers inc.

Trading in the Zone introduces a whole new mental dimension to getting an edge on the market.  Use it to leverage the power of the "zone" for unprecedented profit. --New York Institute of Finance/Penguin Publishers

Please note that the audio version of Trading in The Zone is not read by Douglas.  This version is read by a professional reader, most importantly, someone who is not a trader or in the investment industry.  This is a distinction that may make a difference in your listening experience.

(This review applies to the AUDIO version only.)  Please note that the audio version of Trading in The Zone is NOT read by Douglas. 


This version is read by a professional reader, most importantly, someone who is NOT a trader or in the investment industry.  This is a distinction that may make a difference in your listening experience.

Product Details

  • Reading level: Ages 18 and up
  • Hardcover: 240 pages
  • Publisher: Prentice Hall Press; First Edition edition (January 1, 2001)
  • Language: English
  • ISBN-10: 0735201447
  • ISBN-13: 978-0735201446
  • Product Dimensions: 9.3 x 6.2 x 0.9 inches
  • Shipping Weight: 1.3 pounds (View shipping rates and policies)
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (245 customer reviews)
  • Amazon Best Sellers Rank: #6,883 in Books (See Top 100 in Books)

More About the Author

Mark Douglas' book, The Disciplined Trader™, was published in 1990 and is considered an industry classic. Along with Trading in the Zone™, published in 2000, his books are considered some of the first books to introduce the investment industry to the concept of trading psychology.

Mark began coaching traders in 1982, and has continued to develop seminar and training programs on trading psychology for the investment industry, as well as individual traders. He has been a frequent speaker at seminars across the world, as well as in the U.S., teaching traders how to become consistently successful.

In May of 2010, select quotes from his work on trading psychology were included in the book, Inner Wisdom Trading Prosperity Affirmations, the latest book by author and Performance Coach, Paula T. Webb. These quotes from Mark enhance the original trading affirmations by author Webb, and lead the trader to a higher understanding of what it means to think prosperously ~ one day at a time.

Mark is currently working on his third book, and can be reached through his website www.markdouglas.com.

Customer Reviews

Most Helpful Customer Reviews
344 of 354 people found the following review helpful
Format:Hardcover
     If you are like most people, after your first few losing trades you set about to learn better market analysis. After your next string of losers you learned about risk management. But there's still one more challenge to conquer; yourself.
     That is the major premise of this book. If it sounds like wishy-washy psycho-babble to you, I'll only say that I would have agreed -- four months ago, before I quit my 20-year technology career, obtained a Series/7 license and joined a professional day-trading firm. I now believe most people would lose money if you gave them 50/50 odds on whether or not it was going to rain tomorrow.
     In other words, successfully forecasting the market is not enough. Why not? Well, this book explains why not. It has to do with one's sense of self-worth, one's moral judgment of money, one's work-ethic, one's tendency to focus on good news while ignoring bad, and other things.
     "Zone" was recommended to a friend of mine by a professional floor trader who told him, "I wish I had read it before starting two years ago. Don't place another trade until you do." Well said. Does this apply to investors as well as traders? Oh, absolutely! If you have ever said to yourself, "I'm not selling that stock while it's down, I'll wait until I have a profit in it," then for the love of money, read this book.
     Finally, read "Zone" before Douglas' earlier work. If you still want more then read "Disciplined Trader" for a general review plus a deeper exploration into the author's philosophical and meta-physical theories.
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98 of 98 people found the following review helpful
By Ricardo
Format:Hardcover
If you want to fulfill your expectations of a perfect trading system this is not your book. This book is about you and the market; is about how to set up your mind to become a consistent winner.

Chapter 1 describes the necessary mental framework for trading properly.
Chapter 2 shows the psychological challenges a trader must face up to.
Chapters 3 to 5 define the mental framework for trading and what will happen if you lack it.
Chapters 6 and 7 tell us how to get that mental framework from a personal point of view ( opportunity flow and thinking in probabilities).
Chapters 8 to 10 describe how to achieve that mental framework from the market's point of view.
Chapter 11 is an exercise to put it all together.

Although Mr. Douglas knows what he's talking about, his book requires more market examples. Furthermore he loses the thread of his arguments at times and request to be reviewed several times to make the most of it.
In spite of this shortcomings it is correct a approach and worth reading.
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286 of 302 people found the following review helpful
Format:Hardcover
Because the core of the book - the emphasis on 'thinking probabilistically', and on banishing both fear and euphoria: on the system rather than on individual trades - is excellent and worth the cover price alone.

However there is a wearying amount of padding - most of it in the 'obviousness' category. The author spends pages at a time, for example, telling us that:

1. We have beliefs

2. Those beliefs cause us to act certain ways

3. We can change those beliefs

4. Therefore causing us to act in different ways.

(etc etc etc)

We knew all this.

Chief problem is that Douglas isn't a writer: doesn't know how to pare and refine material; reduce to essence; delete the unnecessary. Likes the sound of his own voice.

This also shows in the frequent spelling and grammatical mistakes, and the poor punctuation - which tends to throw one's attention all over the page, trying to discern a meaning. I'd have hoped the publisher - Prentice Hall - could have afforded an editor.

Douglas also affects, at times, knowledge of things he knows nothing about. E.g. equating negative ions with negative emotions - i.e. an electrical charge with a metaphor (!) Even a bit of school science would have prevented this one.

Hard to know whether to recommend this book or not, as reading it will waste much of your time: as you proceed from gem to gem (and there are many) via a wilderness of excess, often meaningless, verbiage.

Advice to wealthy readers: Pay someone to rip out the time-wasting pages, and chapters, and salvage for you the worthwhile bits - most of them in the first half.

Advice to Prentice Hall: Employ editors; you'll find it cost-effective in the long run. For example, people will recommend more of your books to other people.

Advice to Mark Douglas: cut this book in half, or less.

John Macgregor
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Most Recent Customer Reviews
Has very important messages about trading but...
I agree with John Macgregor's criticisms. This is a good book and one that should be bought. The last four chapters are the most important. Read more
Published 5 days ago by P. Lee
BEST book for becoming a successful trader!
This book is hands down the best on becoming a successful trader and is among the best self-help books I have read on any subject. Read more
Published 1 month ago by J. D. Howard
Good for the inside game
Good book to help deal with the mental game. You really need to read this book with attention to the details, and then apply what is being taught. Read more
Published 2 months ago by pejoly
My favorite trading book
99% of the investing public is not born with proper psychology to succeed in the financial markets. This book gives one the tools on changing one's perception of risk and how to... Read more
Published 4 months ago by Andrew J. Kunian
I would give less than one star, but they won't let me.............
Psycho babble...... meaningless drivel.
I have read 40 or 50 books on investing (including all the classics) and this is the worst. Read more
Published 5 months ago by J. GRICE
This Book Will Open a New Trading World
I have never taken the time to write a review before, but I felt I must add my endorsement to this book. Read more
Published 5 months ago by Michael C. Johnson
Trading in the Zone
Came as advertised and in great condition. Loved, absolutely loved, the message - you just have to change how you think and success will follow. That says it all. Read more
Published 6 months ago by lovelylady
Best Book
This book helped me not only with trading but in the business world. It allow you to improve your weakness and make better business decision and learning from your own mistakes. Read more
Published 6 months ago by Melvin Perez
Awesome
I was a newb when I read this book and it was easily the most helpful. It really takes a while to learn that the difference between pros and newbs is not analysis techniques -... Read more
Published 7 months ago by uno_mas
only for loser traders
First the cover looks amazing. The reviews makes it sound amazing.. I read it and completely dissapointed. Read more
Published 7 months ago by HeavensKrow
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