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

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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 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.


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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 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.

30 review for Trading in the Zone: Master the Market with Confidence, Discipline, and a Winning Attitude

  1. 4 out of 5

    Duffy Pratt

    The author repeats himself. The book is full of pop psychology and bad science to illustrate or prove his points. If cut down to the core, the book could probably make a very nice five page magazine article. And yet, for traders, I think this book is invaluable. Most could benefit from reading it again and again. If you trade, and cannot make yourself consistently successful, then the chances are that you harbor some beliefs that work against your success as a trader. The trick is to find, and ne The author repeats himself. The book is full of pop psychology and bad science to illustrate or prove his points. If cut down to the core, the book could probably make a very nice five page magazine article. And yet, for traders, I think this book is invaluable. Most could benefit from reading it again and again. If you trade, and cannot make yourself consistently successful, then the chances are that you harbor some beliefs that work against your success as a trader. The trick is to find, and neutralize, these beliefs. The goal is to eliminate fear and greed as operative emotions. It seems pretty easy to explain and to understand. It's much harder to put into effect. So what does a trader need to believe: 1) Anything can happen. 2) You can make money without knowing what will happen next. 3) An edge defines a random distribution of wins or losses for a given set of variables. 4) An edge says nothing more than that, over a large enough sample, one thing will happen more than another. 5) Every moment in the market is unique. Basically, the trader's goal is to think like the casino. Keep the size of the bets is small enough in relation to overall capital to reduce the chance of a ruinous event. And find an edge and simply trade it. That's all it takes to be successful. And yet, 95% of traders fail, and they fail because they let their emotions (fear and greed) or other beliefs (the ego's need to be right) get in the way. The lesson is simple to understand, but very hard to learn. That's why it bears repeating over and over again.

  2. 5 out of 5

    Marcelo Bahia

    Put a self-help approach on a trading book and you get this. It’s cheesy psychology all the way, full of superficial and predictable clichés such as "don’t put blame on the markets", "develop a winning attitude", "fear is the source of 95% of trading mistakes so learn to accept risks", among others. Almost halfway into it, when a section about mental framework turned into an explanation about how thoughts and dreams are a form of energy, I noticed I was about to vomit. I stopped reading and retu Put a self-help approach on a trading book and you get this. It’s cheesy psychology all the way, full of superficial and predictable clichés such as "don’t put blame on the markets", "develop a winning attitude", "fear is the source of 95% of trading mistakes so learn to accept risks", among others. Almost halfway into it, when a section about mental framework turned into an explanation about how thoughts and dreams are a form of energy, I noticed I was about to vomit. I stopped reading and returned the book to Amazon. If you want a good read on trading, go for the Market Wizards series. It has much more practical and substantiated advice for both novice and seasoned traders.

  3. 5 out of 5

    Rosa Ramôa

    Um livro muito chatinho por causa das merdas da psicologia ahahah...um gajo até adormece! Não dava estrela nenhuma mas como isso não é possível,então o mínimo. Um trader (?) de sucesso deve ler!Então,porque as coisas não surgem por acaso...Fica aqui o registo de um empresário de sucesso (o meu mano)*

  4. 5 out of 5

    Alexander Lee

    Top practical trading book read-to-date. The book covers the psychological aspect within one-self that prevents him/her from reaching consistency. The most common logic for new traders is to try to learn every method available to them. If they fall short of success, they attend more webinars, seminaries, and read more books, only to confuse themselves further. They've succeeded at 'step 1' but continue to fall back into trying to find new/more trading methods/tools (indicators, charting systems Top practical trading book read-to-date. The book covers the psychological aspect within one-self that prevents him/her from reaching consistency. The most common logic for new traders is to try to learn every method available to them. If they fall short of success, they attend more webinars, seminaries, and read more books, only to confuse themselves further. They've succeeded at 'step 1' but continue to fall back into trying to find new/more trading methods/tools (indicators, charting systems etc...). How do we get to 'step 2'? Have you ever hesitated on putting on a trade? Did you get pissed off when a stock did exactly what you thought it would but you just couldn't pull the trigger? This is why we have analysts as talking heads on T.V. today. They have an "edge" in the markets because they're able to perceive the markets from an objective standpoint (from the markets perspective) but as soon as they put their own money on the line, they start to perceive the markets in a threatening way; essentially, the trader's own beliefs, ingrained in their mind, cause them to perceive the market in a threatening way. And that is why most traders fail in this business. So 'step 2': re-wire our thinking about the markets and learn to think in probabilities. Trading successfully is a paradox. What makes people successful in today's society, will not make one successful in the trading world. And it all comes down to our beliefs. I encourage anyone trying to reach the next step in their trading to read this book, its the most practical book you'll ever read. One truth mentioned in this book: we need to be completely reconciled with the risk put on a trade. If we don't genuinely accept the risk, then we'll cut our winners short, we'll cut a trade flat only to see it work in the direction once you exit, and the list goes on. We start to narrow our focus on the pain that we try to avoid! We put over-emphasis on every down-tick or up-tick... we no longer watch the price action in an neutral state of mind, instead we start to trade our core beliefs that make us unsuccessful. And remember, our core beliefs (things we've learned in our upbringing) DON'T make us successful as traders. Just read the book if you want to reach the next level. It doesn't matter if you have a wealth of knowledge if you don't have the wisdom to apply that knowledge.

  5. 4 out of 5

    Zack

    Considering how highly and oft mentioned this book is, I was rather unimpressed. The authors main points are fine and good. But boy does he ramble and bullshit. There is so much bad science and pop psychology in this book. And many times he says things like, "I wont go into depth about this," but then he rambles about that or another subject. For instance about 3/4th of the way into the book he spends time talking about what a trend is and how to identify it. Seriously? Not only should the reader Considering how highly and oft mentioned this book is, I was rather unimpressed. The authors main points are fine and good. But boy does he ramble and bullshit. There is so much bad science and pop psychology in this book. And many times he says things like, "I wont go into depth about this," but then he rambles about that or another subject. For instance about 3/4th of the way into the book he spends time talking about what a trend is and how to identify it. Seriously? Not only should the reader already have such elementary knowledge before reading this book, he contradicts himself by giving any time to such matters. The bottom line is that there is nearly too much hot air in this book to make it worth it. You could read it and not be worse off, and you can always skim (and not miss a thing), as I resulted too, but if you're serous about trading and education you'll probably learn the same in a better manner elsewhere. (Here's another fine review of the book: http://www.amazon.com/review/R1SJWX52...)

  6. 5 out of 5

    erjan avid reader

    this book totally blown my mind! It must be number 1,2,3,4....20 book in the list, seriously! Because it unveils the nature of trading to the core! It exploded my mind... No other book on psychology comes close to this. I have only read 30 /143 pages and this was enough to get deeply impressed! the author just opened my own mind and pointed to me the distinction: trading is total freedom without rules, where rules have to be set by me AND followed,abide by me as well! trading offers complete freedom this book totally blown my mind! It must be number 1,2,3,4....20 book in the list, seriously! Because it unveils the nature of trading to the core! It exploded my mind... No other book on psychology comes close to this. I have only read 30 /143 pages and this was enough to get deeply impressed! the author just opened my own mind and pointed to me the distinction: trading is total freedom without rules, where rules have to be set by me AND followed,abide by me as well! trading offers complete freedom to analyse market,enter,exit whenver i like,but only very few people are ready to this freedom! --------------------------------- so i m done with this book and i must say this is number one for all newbies, i m glad i read it after "insider buy superstocks". traders with few years of trading will call the content of this book obvious & self-evident, however I find it extremely useful for newbie traders! SOLID MUST READ IF you are newbie and have false hopes, illusions about this numbers game.. just so grateful i read it in the beginning...

  7. 4 out of 5

    Armilat

    This book is one of the favourites for traders. I have heard enough stories about how this book has helped traders make the necessary mental shift to become profitable traders. Instead of believing in what others said, I read the book and judged it for myself. I will not say that it had such a fundamental impact to me but I cannot deny the book did helped me figure out certain things in trading. Not everyone can pick up the same amount of useful ideas from the same book. Different people have di This book is one of the favourites for traders. I have heard enough stories about how this book has helped traders make the necessary mental shift to become profitable traders. Instead of believing in what others said, I read the book and judged it for myself. I will not say that it had such a fundamental impact to me but I cannot deny the book did helped me figure out certain things in trading. Not everyone can pick up the same amount of useful ideas from the same book. Different people have different background, experience and objectives, and are triggered by different thoughts. Although I may not have gotten a lot from it, it does not mean you would not. Nonetheless, I enjoyed the book and being able to get a few perspectives from it still makes it a good book. More Knowledge Does Not Prevent Losses I was guilty about a mistake that Mark pointed out in the book – I lose money because I lack market knowledge. To him, it is not true. “This means that no matter how much you learn about the market’s behavior, no matter how brilliant an analyst you become, you will never learn enough to anticipate every possible way that the market can make you wrong or cause you to lose money.” He said that losses are not a result of your reading of the market. No one can learn enough to score 100% wins in all his trades. Hence, it is never about being the super analyst who never make any mistake. This person does not exist. “Why do you think unsuccessful traders are obsessed with market analysis. They crave the sense of certainty that analysis appears to give them. Although few would admit it, the truth is that the typical trader wants to be right on every single trade. He is desperately trying to create certainty where it just doesn’t exist.” “The consistency you seek is in your mind, not in the markets. It’s attitudes and beliefs about being wrong, losing money, and the tendency to become reckless, when you’re feeling good, that cause most losses – not technique or market knowledge.” Hence, do not expect your methods or the market to perform consistently. Do not be disappointed when you are wrong, or become overconfident when you are right. It is about implementing your method consistently regardless of wins and losses. Because wins and losses will stir your feelings and cause you to act irrationally, and result in self-sabotage. “To be consistent, you have to learn to think about trading in such a way that you’re no longer susceptible to conscious or subconscious mental processes that cause you to obscure, block, or pick and choose information on the basis of what will make you happy, give you what you want, or avoid pain.” I think the above quote is true – we see what we want to see. We filter information every second and we do that in trading too. We will filter out the information that will cause us pain and select information that gives us pleasure. And doing these seldom lead us to profits. Why People Love Trading? I love the way Mark explained why people love trading, and I think to some extent I felt it is true for me. “Trading is an activity that offers the individual unlimited freedom of creative expression, a freedom of expression that has been denied most of us for most of our lives.” However, he cautioned that many of us do not have the necessary psychological makeup to survive the market when we have no rules to govern our trading in the boundless market. “The freedom is great. All of us seem to naturally want it, strive for it, even crave it. But that doesn’t mean that we have the appropriate psychological resources to operate effectively in an environment that has few, if any, boundaries and where the potential to do enormous damage to ourselves exists. Almost everyone needs to make some mental adjustments, regardless of their educational background, intelligence or how successful they’ve been in other endeavors.”

  8. 5 out of 5

    Lee Spano

    This is a watershed text on investing and trading psychology. Too often we underestimate the importance of individual mindset, psychology and particularly emotion on the effectiveness of our investing or trading systems. If we can our understand traits, strengths and weaknesses, then we can personalise a system which will improve returns. Douglas articulates the common dangers of trading, such as failing to take responsibility, and then gives us principles and tools to overcome them. Thinking in This is a watershed text on investing and trading psychology. Too often we underestimate the importance of individual mindset, psychology and particularly emotion on the effectiveness of our investing or trading systems. If we can our understand traits, strengths and weaknesses, then we can personalise a system which will improve returns. Douglas articulates the common dangers of trading, such as failing to take responsibility, and then gives us principles and tools to overcome them. Thinking in terms of probabilities and not ‘right and wrong’ is perhaps the most important single understanding. When we shift our thinking in this regard, and then devise objective rules in an effective trading or investing system, then we can be more objective and consistent. This book is a must anyone’s library. More> http://amzn.to/1pLJqyA Regards, Lee M. Spano, Investor & Creatness International CEO www.creatness.com

  9. 4 out of 5

    Katie Eddings

    This book is so well written - it goes through in detail the psychological reasoning behind consistency with trading. I got a lot from it- and its changing the way i trade. Stick with it though, there are quite a few "in-depth" chapters but through explaining these with repetition and associating them with an analogy, Mark taps into our learning and gets the info required through to us! You needs to study psychology? I learnt so much and am so grateful that this book was writtten as it address t This book is so well written - it goes through in detail the psychological reasoning behind consistency with trading. I got a lot from it- and its changing the way i trade. Stick with it though, there are quite a few "in-depth" chapters but through explaining these with repetition and associating them with an analogy, Mark taps into our learning and gets the info required through to us! You needs to study psychology? I learnt so much and am so grateful that this book was writtten as it address the REAL challenge with trading - our brain!

  10. 5 out of 5

    Peter

    Must read for anyone who is in trading. It wont teach you how to trade, but It may enlighten you as to what real trading is about (hint: is NOT about KNOWING what the market is going to do). If you have been trading for some time, it probably wont be as revealing as if you are new to the discipline... but it still can give you one or two pointers/reminders to keep you on the right track. Hope this review helps! Must read for anyone who is in trading. It won´t teach you how to trade, but It may enlighten you as to what real trading is about (hint: is NOT about KNOWING what the market is going to do). If you have been trading for some time, it probably won´t be as revealing as if you are new to the discipline... but it still can give you one or two pointers/reminders to keep you on the right track. Hope this review helps!

  11. 4 out of 5

    Joma Palana

    Rare book about the stock market that talks about the psychology of trading. A bit rambling but the insights of the author are refreshing and gives perspective to what the stock market really is: an unpredictable and unfeeling mechanism that nevertheless provides opportunities for profit if we have the correct mentality. It is not about knowing what will happen, but working on the fact that we do not know what will happen.

  12. 5 out of 5

    Beverly

    If you're playing in the stock market, this book is worth a read. It's not about the technicalities of the market, it's about bringing your own consciousness to bear on your trading. I found it refreshing and fun. And very inspiring. (I'm learning to trade stock options, and it's useful for that too.) In fact, you could apply it to your life. Dealing with beliefs and de-energizing them. Not bad ideas!

  13. 5 out of 5

    Eric Elegado

    I was surprised that I was actually gonna get something that I didnt know yet. When I read this book, it changed my perspective and mindset as to how I should deal with market trading. Since then, Id say Ive become more mature and profitable as a trader, whether that's in the stock market or in forex trading. I'd say this: you really have to unlearn what you've already learned.

  14. 4 out of 5

    Shane White

    This book literally changed my trading over night. People think that trading is about set-ups , technical analysis, pattern recognition, ect. These things are obviously part of trading. But in my opinion , far from the most important. Discipline , control, and lack of a better word....zen. These are the things that will make you rich in the markets.

  15. 4 out of 5

    Leo Bharata

    It is not a technical or fundamental analysis book, but what being written here is a very important concept or mind set. It is not a book for those just began trading as it might be quite hard too understand. The most important pages are on the last chapter. The book will be great if the earlier pages told in a way that is more easy to understand.

  16. 4 out of 5

    Vincent

    This book was nothing like I thought it would be. It was a little too heavy on the psychological mumbo jumbo, and much too thin on content in my opinion. Since this is my review, it's my opinion that counts! Venture at your own risk, only if it's a FREE library book.

  17. 5 out of 5

    Arek Piwowarczyk

    Personally this is the bests book I've read on psychology of trading - a must read for any trader!

  18. 4 out of 5

    Harry Naing

    If I were to choose one book on trading, this is it! Definitely a "must-read".

  19. 5 out of 5

    Enrique

    Very good book, good message for all that people who would like to be consistent in trading, however it can be more straight forward.

  20. 5 out of 5

    Elizabeth Tan-ong

    Most important book for traders.

  21. 5 out of 5

    Nizar Afailal

    كتاب رااائع يعلمك كيف تفصل عواطفك عن التداول ،

  22. 4 out of 5

    Fernando Luchesi

    A "must read" book if you want to be a consistent trader in the stock markets. Leitura obrigatório se você quer ser um trader consistente na bolsa.

  23. 4 out of 5

    Mark

    Wish I had read this book when I first started trading. Would have saved me a lot!

  24. 4 out of 5

    Amit Srivastava

    An indispensable book on trading psychology. However, it could have been as effective even if the volume of content was reduced to 50%. Except for the excessive narratives, it is 5 stars!

  25. 4 out of 5

    Azhar Gunawan

    Buku yg luar biasa. Buku yg paling recommended bagi para pencari ilmu trading. Bagi yang telah lelah mencari strategi2 yg hold grail.

  26. 5 out of 5

    Raed Khazeem

    A very useful book for the beginners , i enjoyed it thanks to Mark Douglas ,

  27. 4 out of 5

    Кирил А.

    Trading in the zone is not only in my top 10 trading books but probably number 1! Still can't believe that Mark Douglas died in 2015. This was my the second time I was going through this book and still found a lot of value in it. It is hard to implement the professionals trader mindset. Even if you understand it intellectually there is a long way in order to function from a probabilistic mindset. Most of the traders loose money because they focus on a single trade. However, it is impossible to kn Trading in the zone is not only in my top 10 trading books but probably number 1! Still can't believe that Mark Douglas died in 2015. This was my the second time I was going through this book and still found a lot of value in it. It is hard to implement the professionals trader mindset. Even if you understand it intellectually there is a long way in order to function from a probabilistic mindset. Most of the traders loose money because they focus on a single trade. However, it is impossible to know the result of a single trade and when you put too big a position size eventually you get blown out. That is way you should focus on a sequence of trades. For example if you make a 100 trades you should have 65 of those trades winners but you do not know the sequence of the winning and the loosing trades. This concept alone is quite major: Do not concentrate on single trades but on a number of trades! Emotions are another huge aspect of trading. There are two major types of emotions in trading and the first one is the fear. If you operate in a state of mind of fear you can be missing out a signal to enter into a trade because you are afraid to loose. Or you may be getting to early in the position because you are afraid of not participating in the market. The other major emotion is euphoria. This happens when you have crossed the normal threshold of normal confidence into super confidence. As a result you start to get into more trades and with bigger positions. Eventually you will get blown out and of matter of second you will get from 'heaven' to 'hell'. Using sample sizes of 25 trades to find out if you edge is working. This approach allow you to build confidence in your trading methodology and find out how good results you can accomplish. However, when you start trading real account usually there is a profit gap between what your methodology allows to get from the market and what you are actually getting. Finally, I have gone through most of Mark's materials and the DVD series 'Thinking like a professional trader' is my favorite. This book is a must for any trader that would like to achieve consistency in his results.

  28. 5 out of 5

    Ivette Sánchez gallegos

    Have you ever written an essay and stretched every sentence as much as possible? That's how this book reads. Mind numbingly repetitive and fluffed up to no end. There is little to no substance besides some hocus pocus about the universe, the physical attributes of a rock described in detail, atoms, and energy. Throw in some pop psychology that isn't even given the correct terminology (discusses projection and self fulfilling prophecy in many repeated and drawn out examples without actually using Have you ever written an essay and stretched every sentence as much as possible? That's how this book reads. Mind numbingly repetitive and fluffed up to no end. There is little to no substance besides some hocus pocus about the universe, the physical attributes of a rock described in detail, atoms, and energy. Throw in some pop psychology that isn't even given the correct terminology (discusses projection and self fulfilling prophecy in many repeated and drawn out examples without actually using the terms), claim technical analysis is usless in trading, and voila you have an edgy book about the markets. The author frequently says, "My best guess," or "If I had to guess," which leaves the reader wondering if he actually knows anything concrete.

  29. 5 out of 5

    Nathan Borg

    I found only a small part of this book useful, specifically, the exercise at the very end which went over in a simple step-by-step way to set up a trade following all of the principles discussed in this book. I skipped the examples he used throughout the book to explain the concepts behind the trading principles, like a kid being bitten by a dog and thereafter always being scared of dogs. He went over them far too much and far too long to reinforce his point, where even a single, short story wou I found only a small part of this book useful, specifically, the exercise at the very end which went over in a simple step-by-step way to set up a trade following all of the principles discussed in this book. I skipped the examples he used throughout the book to explain the concepts behind the trading principles, like a kid being bitten by a dog and thereafter always being scared of dogs. He went over them far too much and far too long to reinforce his point, where even a single, short story would have sufficed. However, there were a few interesting things throughout this book that have definitely helped me be conscious of before and when I start to trade.

  30. 5 out of 5

    Vinoth Kumar Kannan

    Repetitive at most parts - the real point could've been conveyed in less than half the book. The section about engery flow in the middle was so bad that I started hating the book, but I'm not someone who'd stop at the middle (of a book or a movie.. unless it is way too bad) and yes, I did go until the end. The good thing is, I did feel really positive and clear after finishing this book. I used to blame the markets and my luck before; now I dont. The initial & final attitude survey definitely Repetitive at most parts - the real point could've been conveyed in less than half the book. The section about engery flow in the middle was so bad that I started hating the book, but I'm not someone who'd stop at the middle (of a book or a movie.. unless it is way too bad) and yes, I did go until the end. The good thing is, I did feel really positive and clear after finishing this book. I used to blame the markets and my luck before; now I dont. The initial & final attitude survey definitely helps to see what has changed in our mindset. I'm going to try to keep my emotions under check and practice more; we'll see.

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