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Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude Hardcover – January 1, 2001
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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.
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 Publishing House
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 notethat 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 investmentindustry. This is a distinction that maymake a difference in your listening experience.
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Top Customer Reviews
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.
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.
In addition to the five fundamental truths, Douglas also provides in the last chapter seven complementary principles of consistency which he calls "sub-beliefs" to, or reasons for, the primary objective of believing one is a consistent winner at trading. He also introduces and explains the trader's three stages of development: the mechanical, the subjective, and the intuitive. The first ten chapters of the book contain a lot of general information related to beliefs and expectations that is beneficial to self-understanding outside of trading but is specifically applied to trading as preparation for the essential and culminating last chapter, Thinking Like a Trader, which includes the trading exercise. For experienced traders, I recommend completing the survey at the beginning of the book and then, after one has studied the text, complete it again to see how the book's content impacted one's trading beliefs and practice. As a novice to the field of trading, I consider this book essential reading for both newcomers and professionals although the latter will probably appreciate it more.
I had set-ups, technicals and fundamental theories I had been using in the market, but had only losses and torn out hair to report. I could indicate where I went wrong in each trade, but still no consistency. After reading this book, I made some adjustments on my strategy and my approach. It has made all the difference. Thank you Mark for sharing your knowledge this is definitely a top 10 book of all time for me!
If you are looking for a fresh perspective because for some reason all the set ups and technicals aren't working....check this book out it might be the missing piece to the puzzle.