Acting in a specific way is no longer regulated, the banks and international funding organizations insist on enforcing a fair competition. Trading has been a part of the modern civilization and continued to support the prosperity. Traders are independent masters of their own little world.
As a trader, you must be self-sufficient and a smooth talker who is not afraid of making mistakes. The market price varies according to the external reality.
The ability to make compromise distinguishes prominent from mediocre traders. In truth, the market price is defined by neither traders nor banks. To confront monopoly, we must allow the market to regulate the price and consequently improve the economy. Aversiveness to risk is only natural because the threat of potential losses is overwhelming in every trade.
For instance, gamblers can much more easily calculate their chances of winning than traders. Their knowledge about each transaction or exchange is often based on intuition. A must read. Mar 07, Sonam rated it it was ok. Go to Chapter 16 and thank me later.. View 1 comment. Jan 01, Brent McCulley rated it it was amazing. Should have read this before I blew up my account lol. Dec 08, Avishay Kadouri rated it it was amazing Shelves: kindle , reads , trading. Very nice book. It talks about how to behave in trading environment.
Trading environment is different from other environments and you should be aware of it if you want to trade successfully. The author gave tips and increased my awareness to the obstacles that may be to a trader in the trading environment. Feb 14, Gurmukh Sandhu rated it really liked it. Trust yourself to always act in your best interest.. Mar 24, Steve rated it it was amazing Recommends it for: forex traders.
Shelves: financial-markets. If you are considering trading financial markets, consider reading this. Trading takes discipline and self knowledge. Nothing you can 'learn', because you have it; you have to adjust you r belief system to realize it. The brokers and other vultures see them coming. It is the biggest scam known to man. But you can 'beat the system'; it all depends on your perspective of success.
Jun 06, Brian Yan rated it liked it. Could had been a 50 page book. Mar 25, Vasco rated it liked it. Good book on psychology and being objective when handling markets but it quickly degenerates into beliefs, life experiences, traumas, and other random stuff. Jan 21, David Wilusz rated it it was amazing. Turns out the same is true of trading.
Heck maybe it's true for everything. This book was way ahead of its time when it first came out in - well before trading coaches were a thing. Mark lays out the psychology of a successful trader in very clear fashion, drawing from a deep understanding of both fairly advanced psychology and trading. The older I get, the more I realize just how much our thoughts influence our life and outcomes in all things.
As such, they must be paid attention to, and directed intelligently. Sadly, Mark passed away in He left behind quite a legacy in his writings.
Highly recommended for anyone who wants to become a better trader. Review of the book The disciplined trader. For me it has a lot of "mumbo jumbo", it start to tell something usefull for me at chapter 8 and still is a bit fuzzy.
Maybe in the late 80's when it was written was a revelation, nowadays I don't think so or at least isn't for me. Althought I think is too wordly, with some auto-help vibes, some "energy" explanations that makes me look again the title to reassure myself what I'm reading, I give it three stars because I think it has some usefull things Review of the book The disciplined trader. Althought I think is too wordly, with some auto-help vibes, some "energy" explanations that makes me look again the title to reassure myself what I'm reading, I give it three stars because I think it has some usefull things, starting at chapter 14 and forward, besides it makes me thinks some ideas what are worth a study.
I purchased this book hoping to learn developing attitude for trading on the basis of technical structures or their importance. I hoped to learn how should I stay focused and composed after initiating a trade until it reaches conclusion. However, this book does not teach anything as such. This book is actually more philosophical and I revised and learnt many things about life, our perception of life and underlying reasons for having that perception.
I am thankful for that however, the title and o I purchased this book hoping to learn developing attitude for trading on the basis of technical structures or their importance. I am thankful for that however, the title and objective of the book is then misleading. Aug 24, Richard rated it it was amazing. I read Douglas' other book: Trading in the Zone some years ago and know how many times it is cited as the best trading psychology book around.
I found this book to be incredibly insightful. It is a difficult read. I sat there with a pencil and ruler, underlining sections and found Part III to be the most challenging.
Some of it actually went over my head. However, overall I would say that the book went a long way to shaping the way I think about the market. We are our own worst enemies in the ma I read Douglas' other book: Trading in the Zone some years ago and know how many times it is cited as the best trading psychology book around.
We are our own worst enemies in the market and there are deep psychological reasons for that. Oct 24, Murilo Forte rated it liked it Shelves: trader. As a trader, you have to decide what is more important—being right or making money—because the two are not always compatible or consistent with one "The market is never wrong in what it does; it just is.
As a trader, you have to decide what is more important—being right or making money—because the two are not always compatible or consistent with one another…" Jul 22, Sagar Rao rated it it was amazing. Being a budding trader, this book was an eye-opener in many ways. Stressing the importance of Psychology, the contents included in the book compelled me to think what goes on in the mind of the traders while trading and how they as a group influence the market trend.
Also, many concepts have been defined with in-depth details which could digress your attention but are the essentials nonetheless. Wish I had read it few years! Nov 12, Shriraj Nayak rated it liked it. Book talks about the trading concept in detail, trader mindset, and approach. Although I found this book a bit lengthy, the structure and the contents of the book are worth an applaud. It's not easy to put forward the trading concepts so easily, especially the mindset and thinking required for trading.
Jul 04, Chris W added it. I think it is a good read for any trader who needs a bit of a boost. The principles are important. Learning about what Mark Douglas teaches can really help any struggling trader to become consistent. Nov 20, Dimuthu Edirisinghe rated it it was ok. The writting is as bad as it can get. The content is good, but it takes time to read through all the "fillers", repeating paragraphs with the same underlying meanings.
In futures trading for every dollar of profit gained by one trader, there has to be an equivalent dollar lost by another trader. If a few traders are consistently making money on a grand scale, then their profits have to be coming directly out of the pockets of the thousands of other traders who very faithfully contribute to their daily winnings.
Some of these very successful traders are public figures, but most are only known in the Chicago or New York areas. Needless to say, everyone wants to know what they do and how they do it. There must be a difference between these two groups of traders — the small minority of winners and the vast majority of losers who want to know what the winners know. The difference is that the traders who can make money consistently on a weekly, monthly, and yearly basis approach trading from the perspective of a mental discipline.
Second, from my trading experiences, observations, and research, I have discovered that all traders — both winners and losers — seem to share some very common experiences. Either in the beginning or at some point early in their trading career, all traders experience confusion, frustration, anxiety, and the pain of failure.
The few-traders who pass through this phase to accumulate wealth are those who eventually confront and work through some very difficult psychological issues about what it means to be a trader. And this process of realization and change normally takes several years, even for the best of them. I was fortunate enough to be able to keep on trading although not with my own money while these major psychological changes were taking place, putting me in a unique position.
To examine and study the various ways in which the condition of my inner psychological environment affected what I experienced in the outer physical environment. I learned that the markets offer the trader an opportunity to profit from price movement, and these opportunities are basically in perpetual motion. It is an environment where the individual has the freedom to create his own results, unimpeded by many of the constraints that exist in everyday social life.
What the trader sees in that movement and what he can do about it the markets have no control over. All the choices and all the power to turn these choices into experience reside in the mind of each trader. It became very apparent to me that my fear was a result of my inability to anticipate events or act in a way that most appropriately served my best interests. It was only the lack of trust I had in myself to do what needed to be done that I was really afraid of.
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