Trading in the zone: master the market with confidence, discipline, and a winning attitude / by . Mark Douglas, in Trading in the Zone, has written a book that is. Mark Douglas - Trading in the medical-site.info - Download as PDF File .pdf) or view presentation slides online. lose all of their money within the first year of trading To make money as a trader you have to know Day Trading and Swing Trading the Currency - Trading.
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Read Trading in the Zone PDF - Master the Market with Confidence, Discipline and a Winning Attitude by Mark Douglas Prentice Hall Press. Douglas uncovers the underlying reasons for lack of consistency and helps traders overcome the ingrained mental habits that cost them money. He takes. Editorial Reviews. From Publishers Weekly. Douglas, president of the seminar firm Trading Trading in the Zone: Master the Market with Confidence, Discipline , and a Winning Attitude - Kindle edition by Mark Douglas. Download it once and .
Find out more about OverDrive accounts. We want your feedback! Click here. Subjects Business Nonfiction. 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 , sends the message that "thinking strategy" will profoundly influence a trader's success rate.
The point Mark Douglas makes is this: if you have ever found yourself blaming the market or feeling betrayed, then you have not given enough consideration to the implications of what it means to play a zero-sum game. Any degree of blaming means that you have not fully accepted the reality that the market owes you nothing, regardless of what you want or think or how much effort you put into trading. So, taking responsibility means believing that all of your outcomes are self-generated; that your results are based on your interpretations of market information, the decisions you make and the actions you take as a result.
Taking anything less than complete responsibility sets up two major psychological obstacles that will block your success. First, you will establish an adversarial relationship with the market that takes you out of the constant flow of opportunities.
Second, you will mislead yourself into believing that your trading problems and lack of success can be rectified through market analysis. The market is full of opportunities. You are not fighting the market but fighting you. Developing a winning attitude is the key to your success. As reasonable as this may sound, it has been the experience of Mark that traders with losing attitudes pick the wrong trades regardless of how much they know about the markets.
In any case, the results are the same — they lose.
On the other hand, traders with winning attitudes who know virtually nothing about the markets can pick winners, and if they know a lot about the markets, they can pick even more winners. If your goal is to trade like a pro and be a consistent winner, then you must start from the premise that the solutions are in your mind and not in the market.
Winning and consistency are states of mind in the same way that happiness, having fun, and satisfaction are states of mind.
How do I get into such a mental state? Learn to really accept the risk of trading which means to accept the consequences of all your trades without emotional discomfort or fear. A prerequisite for thinking in probabilities is that you accept the risk.
In fact, according to Douglas, the degree by which you think you know, assume you know, or in any way need to know what is going to happen next, is equal to the degree to which you will fail as a trader.
They have stopped trying to predict outcomes.
They have found that by taking every edge, they correspondingly increase their sample size of trades, which in turn gives whatever edge they use ample opportunity to play itself out in their favor. 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 simply does not exist. When you achieve complete acceptance of the uncertainty of each edge and the uniqueness of each moment, your frustration with trading will end. At the point where he is convinced the trade will be a winner, it is no longer necessary to define a risk. He is right, so there is no risk. Typical traders go through the exercise of convincing themselves that they are right before they get into a trade, because the alternative being wrong is simply unacceptable to them.
For traders that have learned to think in probabilities, there is no such dilemma. Now, according to Douglas, we are getting down to the very core of what ails the typical trader. Here is where we run into problems. Because our expectations come from what we know, when we decide or believe we know something, we naturally expect to be right. At that point, we are no longer in a neutral or open state of mind, and it is not difficult to understand why.
Our minds are simply designed to help us avoid pain, both physical and emotional. These pain-avoidance mechanisms exist at both conscious and subconscious levels.
To avoid pain, we narrow our focus of attention and concentrate on information that keeps us out of pain. In the meantime, the information that clearly indicates the presence of a trend and opportunity to trade in the direction of that trend becomes invisible.
So, our pain-avoidance mechanisms block our ability to define and interpret what the market is doing as a trend or which opportunities it presents to us. Only when we are out of the trade, we can see the market in clarity again. How to Eliminate the Emotional Risk?
To eliminate the emotional risk of trading, you have to neutralise your expectations about what the market will or will not do at any given moment or in any given situation. About Trading in the Zone Douglas uncovers the underlying reasons for lack of consistency and helps traders overcome the ingrained mental habits that cost them money.
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