"Master the market with confidence, discipline, and a winning attitude."
Trading In The Zone by Mark Douglas examines the mentality and psychology of successful and unsuccessful traders, understanding our trading actions, and shows us how to strengthen the psychological aspect of trading. "In Trading In The Zone", Mark Douglas shows you how to analyze your mental strengths and weaknesses when you make trading decisions. He then shows you how you can correct flaws in your trading mentality and habits. The ultimate goal of Trading In The Zone is to eliminate trading based on emotions.
About Mark Douglas
Here’s a snippet from the Mark Douglas web site:
Mark Douglas, author of “Trading in the Zone” as well as the industry classic “The Disciplined Trader” ~ has developed products to help futures and stock traders ~ master the unique psychological trading discipline necessary to trade consistently and successfully.
Mark will help you discover what the most successful traders have learned to understand, and how to implement these specific psychological trading attributes and skills ~ attributes and skills which allow them to transcend the most common of trading errors that confine everyone else.
My Thoughts
Mark Douglas points out a major flaw many traders have: most traders are not consistent with their trading strategies and styles. To be a long term successful trader, you need to be consistent in your approach to Due Diligence, analysis, buying, selling and holding your stocks, and your approach to risk or risk management. Emotions are the reason for this inconsistency. I think he is exactly right about inconsistent traders and our emotions clouding our decisions and strategies. We need to develop our strategies and stick with them, and eliminate our emotions when we trade.
I am still developing my trading strategies and my own trading style. Like most traders, I have trouble sticking to my trading plan on a consistent, regular basis. One problem I have is not selling when I need to – when the stock is up or down. There have been many times when I have missed out on gains by not selling at or near my target price area, and then the stock falls, giving me less profits. There have also been a few times when I have not sold a stock that is down, leaving me to sell at a lower price. My problem of not selling at the correct time is not due to my strategy, it is due to my emotions. Trading In The Zone has helped me pin-point my own mental weaknesses when I trade.
Eliminate Emotions
Douglas constantly reinforces the necessity of eliminating emotions from trading, which I believe to be the single greatest obstacle of successful trading. Douglas provides numerous examples of trading weaknesses and emotional flaws, but offers advice on how to overcome them. With the help of Trading In The Zone, I am hoping to take my stock trading to the next level of success.
Winning Attitude
I highly recommend Trading In The Zone by Mark Douglas to any trader, from beginner to pro. The mental or psychological side of trading can be frustrating at times, and can lead to emotional based trading. We are – potentially – losing money when emotions cloud our logical reasoning and planned strategies. We can overcome our emotions and frustration with a winning attitude and strong mental state of mind (or peace of mind). Trading In The Zone has helped me trade more successfully and consistently. I believe "Trading In The Zone" by Mark Douglas can benefit you, too.
Amazon
Related Links:
- MarkDouglas.com – Mark Douglas’ web site.
Douglas rocks, he’s one of the very few trading writers to tackle the question of psychology head on. The world is awash with ‘strategy’ books, but I can’t help thinking if there were a few more that dealt with the essential aspects of self-control in the market, there might be a few more profitable traders around. Nice review by tje way.
I like the book, having the book is like having your own personal trading coach.
However with all the trading wisdom that Mark Douglas has, I wonder if he does trade himself and if he applies his wisdom into making him even more money than writing books and conducting speeches and seminars.
To all the guys running trading courses I have one question. If you are so good at this business why are you wasting so much time and resources marketing a course when you could be using these resource trading?