Trading In The Zone Review – Mark Douglas

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    Trading In The Zone – Mark Douglas

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    Trading In The Zone

    About The Author

    Mark Douglas is the author of NYIF’s The Disciplined Trader: Developing Winning Attitudes. He is an active trader and president of Trading Behavior Dynamics, which develops seminars and training programs on trading psychology for brokerage firms, banks, and money managers, among a wide range of professional organizations. He has been a frequent speaker for Dow Jones Seminars in Europe and the Far East as well as at other investment conferences in the United States. He currently lives in Scottsdale, Arizona.

    Thom Hartle wrote the foreword for Trading in the Zone. He is vice president of Wizard on Wall Street, Inc., publishers of professional level study courses for traders, and editor of eCharts.com, an educational website for traders and investors interested in technical analysis. For nine years, he was the editor of Technical Analysis of Stocks and Commodities.

    On The Cover

    You may know a lot about the markets. You may even know the major players, when to buy, when to sell and which stocks have the potential to move.

    But how well do you know yourself.

    Even the most astute highly motivated well-grounded traders can be crippled by counter-productive thinking that leads to poor decisions and trading errors. They suffer from an inability to stay objectively focused or lack the necessary confidence to execute their trades properly. Or they let deeply ingrained mental contradictions and misconceptions about trading or the nature of the market rule their stock picking.

    The result: An extremely high percentage of traders lose all or most of their money within the first year of trading.

    Mark Douglas, President of Trading Behaviour Dynamics and a widely respected trading coach to some of the biggest names and firms on Wall Street has devoted the last twenty years to helping traders develop the confidence, discipline and winning attitude that it takes to master the market.

    For Douglas maximising the trader’s state of mind is the key to successful results. Not exhaustive market analysis or the latest fad “system”. He teaches traders to think in terms of probabilities and to adopt the core beliefs necessary to assuming a “winners mindset”. Traders in the “zone” don’t need to know and don’t care what the market is going to do next. They know what they are going to do next. And that makes all the difference.

    In Trading in the Zone, Douglas uncovers the underlying reasons for lack of consistently profitable trades and helps traders overcome the deep-routed mental habits that cost them money. Douglas 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 guided by and be comfortable with the uncertainty principle that governs all stock speculation.

    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.

    Review

    This is my favourite trading book amongst all of the titles I have and I was lucky enough to read it quite early in my trading career. When I first read it many of the concepts contained in it were new to me so it had MAXIMUM impact. I can remember being spellbound from the first page and would describe it to anyone who asked me as “mind-blowing”.

    This book covers some of the most basic and fundamental truths about trading and the markets. It is not going to teach you a trading method, but a framework that you can apply to your own methodology that will then help you to further develop as a trader.

    The early chapters cover “The Road to Success” and the “Lure and Dangers of Trading” and move on to “Taking Responsibility” and trading “Consistency”.

    Chapter 5 “The Dynamics of Perception” is where I thought it started getting really interesting. It soon became apparent that previously I had no idea how my training and associations were impacting upon my individual view of the market, and how this differs from everyone else’s views. Gaining an understanding of this issue is crucial for all traders.

    Chapter 6 “The Markets Perspective” contains information about the underlying nature of the market. To my naive newbie trader mind I was absolutely amazed. For me the book was worth the price just for this chapter alone, and any repeat of the content here will spoil the story for the eventual reader.

    Now that we have uncovered the fundamental truths the remainder of the book guides the reader how to think in terms of probabilities (how to get an edge) and explore, and if necessary change our beliefs to move towards trading in “the zone”.

    The final chapter “Thinking Like A Trader” will be of interest to all users of the SFT website as it outlines an exercise that as well as bringing together all of the lessons of the book can help you immensely with your systems trading.

    I have read this book five times now and it gets better with each read. Unfortunately one cannot implement the lessons overnight but have to continuously work towards that goal. I cannot recommend this book more highly and can’t think what it would be like trying to trade without having explored many of the concepts outlined in this book. If you are having problems with your trading and have not read this book it may well be that you can start to find some of the answers to your issues between these covers. I can only say read this book now…..

    You can buy this and many other Trading related books at the Systems For Traders Bookshop

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