Trading in the Zone: Master the Market with Confidence, Discipline, and a Winning Attitude
Penguin, Jan 1, 2001 - 240 pages
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.
traders make this assumption, but most traders take pride in thinking of
themselves as risk-takers. The problem is that this assumption couldn't be further
from the truth. Of course, any trader is taking a risk when you put on a trade, but
that doesn't mean that you are correspondingly accepting that risk. In other words
, all trades are risky because the outcomes are probable—not guaranteed. But do
most traders really believe they are taking a risk when they put on a trade? Have
they really ...
Learning how to redefine your trading activities in a way that allows you to
completely accept the risk is the key to thinking like a successful trader. Learning
to accept the risk is a trading skill—the most important skill you can learn. Yet it's
rare that developing traders focus any attention or expend any effort to learn it.
When you learn the trading skill of risk acceptance, the market will not be able to
generate information that you define or interpret as painful. If the information the
Unless you learn to completely accept the possibility of an uncertain outcome,
you will try either consciously or unconsciously to avoid any possibility you define
as painful. In the process, you will subject yourself to any number of self-
generated, costly errors. Now ... To be confident, functioning in an environment
where you can easily lose more than you intend to risk, requires absolute trust in
yourself. However, you won't be able to achieve that trust until you have trained
your mind to ...
You have two choices: You can try to eliminate risk by learning about as many
market variables as possible. (I call this the black hole of analysis, because it is
the path of ultimate frustration.) Or you can learn how to redefine your trading
activities in such a way that you truly accept the risk, and you're no longer afraid.
When you've achieved a state of mind where you truly accept the risk, you won't
have the potential to define and interpret market information in painful ways.
When you ...
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In the ZoneUser Review - joyce f. - Overstock.com
I bought this to get information on trading. I then changed my mind and didnt read it. However it was selling faster than fast on *** so I listed it there for a resell. It sold within 15 minutes of listing. This book must be in high demand if it sold that fast. Read full review
Review: Trading in the Zone: Master the Market with Confidence, Discipline, and a Winning AttitudeUser Review - Valerie - Goodreads
This is a must read for traders! I am relatively new to trading, and there were so many "nuggets" that I took from the book. This book is likely one that I will read again every year! Definitely recommend it! Read full review