Mark Douglas is also author of The Disciplined Trader(TM) Developing Winning Attitudes published in 1990 and considered an industry classic--and one 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. He is currently working on his third book, and can be reached through his website markdouglas.com.
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1.0 out of 5 starsA Waste of Time and Money
24 September 2018 - Published on Amazon.com
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This is a poor piece of work. The author seems to know nothing of the psychology of decision making, and not that much about the markets. His writing is graceless and repetitious, with pointless asides. The essence of Douglas's message is this: Develop a "winning attitude." And be disciplined. Don't have a neurotic relationship to the market. This is obvious stuff, and the author communicates it poorly. Some of the content is seriously misguided. For example, Douglas asserts, on no authority except his own say so, that the "true attraction of trading" is . . . self-expression. (At p. 18.) This is wrong: the true attraction of trading is . . . making money. Another example: Douglas claims that traders who think that the best way to get better at trading is to learn more about the financial markets are falling into "a trap" because "the market simply offers too many often conflicting variables to consider." (At p. 13.) Douglas repeatedly, and egregiously, devalues knowledge of the markets. I am tempted to make an unkind remark, but will refrain, and just say caveat emptor!
**** Please read this one**** Well, after reading over 100 books..I think "THIS ONE IS NUMBER ONE"... Its Not Just a Good Book.. But the Way He Explains it... Is Special... I am a Retired Race Car Driver/Instructor.... and Being in The ZONE... is the Same for Anything... You Do Mentally... Pool, Chess, Boxing, Snow Skying, or DAY TRADING.. As am Example.. ( Today is Sunday).. but.. Last Friday... I Made a New Yearly Record.. I did Eight Trades.. Making Money ON ALL of Them.. and Ended up with a 10.7% Profit In ONE DAY... Yes.. alone 11% in One Day.... But I was.. Totally In the ZONE.... and I feel I owe Much of it to Reading This Book.... Good Luck.. and Have a GREAT DAY.... JohnofSJ...
1.0 out of 5 starsjust a Psychology book in general, but it will not make you a successful trader !
31 March 2019 - Published on Amazon.com
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A lot of traders read this book and yet the majority of them are those 90% who still fail to make profit. The book says things in general with lots of cool quotes. This is a good foundation for start trading, but your future has nothing to do with this book. This book will not make you successful in trading.
For me it's a waste of time and money. This book was written by a guy who FAILED and LOSS at TRADING. The author did not succeed in trading at all.
I wasted a whole afternoon slogging through this book, and there never was a payoff.
First, the book is FULL of a bunch of pseudoscience, magical thinking and other nonsense. The author speaks of topics of psychology, neuroscience and physics with clearly no real understanding of any of them. He seems to half-understand concepts from these fields, and then fills in the vast gaps in his understanding with pseudoscience and magical thinking. As just an example of this, at one point he mentions that tears contain negative ions (I don't know if this is true or not) and equates that with the body being rid of "negative emotions" and "negative energy". The book is filled with stuff like that.
There are no references whatsoever to all of the various "scientific" claims he makes. Luckily, I'm well-versed in modern psychology, neuroscience and physics myself to spot it for the almost complete nonsense it was.
Even that I could stomach if the book made some good points and had actionable things I could use as a trader. Unfortunately, that isn't the case. The book is filled with anecdotal stories (most of which have nothing to do with trading, and many of which are clearly made up by the author to make a point), metaphors, analogies, etc. By the time he finally gets around to making his points (about halfway into the book), they basically come down to:
-Realize anything can happen in the market -Predefine (and know) your risk -Cut losses short -Let profits run
Even if you need to learn these things, there are far better books to teach these truly obvious and universally known basics without wasting your time with a bunch of non-relevant fictional stories. The book could've made it's points in a quarter of the pages.
So, if you believe in magic, psychic energy, positive and negative "energy", AND you've never read anything on trading before, you might get a small amount of value from this book. But if you know ANYthing about trading, there's nothing new here, and even if there were, it wouldn't be worth sifting through all the unsubstantiated nonsense to find it.
Freaking fire emojis all day π₯π₯π₯π₯π₯π₯π₯π₯π₯π₯π₯π₯π₯ i saw some Bad reviews Before receiving the book so I was a little iffy about it. Iβm finishing up chapter 3 now but right from chapter 1 itβs packed with information that blew my mind. Idk what the rest of the book is about but so far its taught me that Iβve been asking the wrong questions to myself either consciously or subconsciously I would ask myself things like how can I read the markets better, what new technical analysis can I use And implement etc. vs asking a deeper question which is..... how do I think like a consistent successful trader??? π€―π€―π€―π€―π€― that question alone can help you breakthrough in your trading.