Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude
Maximizing the trader’s state of mind is the key to successful results. Conflicts, contradictions and paradoxes in thinking can spell disaster for even a highly motivated, astute and well grounded trader. Mark Douglas, a trader, personal trading coach, and industry consultant since 1982, sends the message that "thinking strategy" will profoundly influence a trader’s success rate. Douglas addresses five very specific issues to give traders the insight and understanding about themselves that will make them consistent winners in the market.Trading In The Zone offers specific solutions to the “people factor” of commodity price movement. It uncovers the true culprit for lack of consistency when it comes to stock picking: lack of focus and self-confidence. Through simple exercises, traders will learn how to think in terms of probabilities, and adopt the specific beliefs necessary to developing a winner’s mindset. Along the way, they’ll gain valuable insights into their own entrenched misconceptions about the market.
Backed by compelling examples, Trading In The Zone adds a new dimension to getting an edge on the market. Through a better understanding of themselves, as well as of Wall Street’s realities, traders will come to leverage the power of their psyche for unprecedented profitability. From Publishers Weekly About the Author Thom Hartle wrote the foreward 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. Trading success comes only with your winning trading system Steenbarger's book is better if you have an analytical mind I recommend this bookProduct Details
Editorial Reviews
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.
Mark Douglas is the author of NYIF's The Disciplined Trader. He is president of Trading Behavior Dynamics, which develops seminars on trading psychology for brokerage houses, clearing firms, and banks, among a wide range of professional organizations. He lives in Scottsdale, Arizona. Customer Reviews
Although I am in agreement with most of the statements that define the problems a trader faces such as:
"You need to develop a winning attitude and not expect the market to give you what you want. Your success as a trader depends on you and not the market."
"If there is a thing as a secret to the nature of trading, it is:
(1) Trade without fear or overconfidence
(2) Perceive what the market is offering from its perspective
(3) Stay focused on the now market open flow
(4) Spontaneously enter the "zone" which is an unshakable belief in an uncertain outcome with an edge in your favor."
I disagree with the author on the solution as I will discuss below.
Furthermore the author says that when you ask successful traders what their secret is, they give you generic answers like "cut your losses" etc.
The author postulates that all this points to that successful trading is a mindset and a winning attitude rather than a " Trading System".
My experience in moving from being a boom and bust trader to a consistently profitable trader with a growing equity curve, has convinced me that to have the winning mindset needed to be successful and a winning attitude you must have YOUR winning trading system first.
Each trader has a different background and one trader's winning system may not work for another. I am convinced of this since before moving to my current location I belonged to a trade group run by a successful trader in the Midwest. His goal was to help participants develop their own trading systems. Although these systems were different they had several common themes: (1) Clear entry signals. (2) Clear exit signals. (3) Complexity of the system should match the traders background, a computer scientist or math expert are likely to have a more complex system than an art or science background trader.
Once you have a winning trading system with losses factored in, your mindset will change since you will have many more winners than losers, you will trade without fear or overconfidence. Your system will make your actions automatic and allow you to stay focused on the market and it will be easy to get out when your exit signals say so.
This will turn you from a struggling trader to a winner while no amount of psychology will.
In my opinion trading psychology books remind me of options. Amateurs buy hope (options) while professionals are happy to sell it to them. Buying such books is like buying hope and the author and publisher are happy to sell it to you. 
The basic message in this book is very sound and important. However, I find myself disliking the author's style. You get things like: Winning is a by-product of your beliefs. Experts don't have to try to be consistent; they are consistent. Successful traders think differently. Personally I get nothing out of statements like that. In fact, I get irritated because the author writes in a very fluffy manner and sprinkles these kind of statements around.
A lot of the advice is along the lines "You need to understand risk". If you think you do understand risk but still have trading problems the advice become "You need to really understand risk". So the author defines risk in his own way and you have a problem until you accept the author's point of view. Again this kind of writing irritates me.
If you read the above and don't think the style would irritate you, please go ahead and buy the book. The key message in the book is solid. If you would like a somewhat research-based approach and an author, who uses more direct, less authoritarian language, I would recommend Steenbarger's two books on trading psychology. The more analytical your mind the more you'll love Steenbarger and the less you'll like Douglas.
I will give the book two stars because I don't think I gained much from reading it. Having said this, it is good to read about trading psychology because reading forces you to think.
I have written several short reviews on trading books. The best way is to compare the score on the books I've read. Many reviews on amazon.com are just glorious 5 star reviews. I use all five categories; sorry but everything isn't "great". Books rated 5 are very good. Books rated 4 are good solid books well worth reading. Books rated 3 can be bought by some people who read a lot or have very specific needs. Books rated 1 or 2 I would not recommend buying or reading. Naturally all in my humble opinion. 
If your heart begins to race and palms begin to sweat once you have entered a trade, then you should read Trading In The Zone.
This is a must read for all traders. This book should be read after your strategies and methodologies have been established. This book will allow you to enter and exit your trades with confidence and help to dissolve the mental confusion and uncertainty that inherently enters the mind just after entering a trade.
Related Links : Product by Amazon or shopping-lifestyle-20 Store
ไม่มีความคิดเห็น:
แสดงความคิดเห็น