Trading in the Zone

by Mark Douglas

in Books / Market Psychology, Trading

In Trading in the Zone, Douglas uncovers the underlying reasons for lack of consistently profitable trades and helps traders overcome the deep-rooted mental habits that cost money. Douglas 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 guided by and be comfortable with the 'uncertainty principle' that governs all stock speculation.

Trading in the Zone introduces a whole new mental dimension to getting an edge on the market. Use it to leverage the power of the 'zone' for unprecedented profit.


Publisher: NYIF

Publish date: 2001

Edition: 1st

Format: Hb

Pages: 216

Isbn: 0735201447

Ranked #4 of 172 Books

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Feb 18, 2014

Great book. Ranked among my top 5.

A must. Don't miss it. The reference in terms of trading.

Member (2 reviews, 0 posts)

0 of 0 members found this review helpful.

Oct 01, 2011

Absolutely essential reading

Buy it. Read it. Read it again. Cogitate over it. Memorise it. Apply it.

Member (9 reviews, 42 posts)

0 of 0 members found this review helpful.

Aug 25, 2011

Picks up where other books leaves off

If you are like most people, after your first few losing trades you set about to learn better market analysis. After your next string of losers you learned about risk management. But there's still one more challenge to conquer; yourself.
That is the major premise of this book. If it sounds like wishy-washy psycho-babble to you, I'll only say that I would have agreed -- four months ago, before I quit my 20-year technology career, obtained a Series/7 license and joined a professional day-trading firm. I now believe most people would lose money if you gave them 50/50 odds on whether or not it was going to rain tomorrow.
In other words, successfully forecasting the market is not enough. Why not? Well, this book explains why not. It has to do with one's sense of self-worth, one's moral judgment of money, one's work-ethic, one's tendency to focus on good news while ignoring bad, and other things.
"Zone" was recommended to a friend of mine by a professional floor trader who told him, "I wish I had read it before starting two years ago. Don't place another trade until you do." Well said. Does this apply to investors as well as traders? Oh, absolutely! If you have ever said to yourself, "I'm not selling that stock while it's down, I'll wait until I have a profit in it," then for the love of money, read this book.
Finally, read "Zone" before Douglas' earlier work. If you still want more then read "Disciplined Trader" for a general review plus a deeper exploration into the author's philosophical and meta-physical theories

Rookie Member (9 reviews, 1 post)

2 of 2 members found this review helpful.

May 24, 2011

Must Read For All Traders

This is a book I highly recommend everyone reads. Even though at times it seems redudant some some would say, I still think that reading it briefly once a year really helps you to remember the big picture in trading which is to be disciplined and to only trade when you know what your "edge" is.

New Member (1 review, 2 posts)

0 of 0 members found this review helpful.

Jan 20, 2011

Good but redundant

What is it about?
Trading in the Zone (TITZ) is about the psychology of trading. It is widely considered as one of the "must reads".

The Good bits:
The salient points in TITZ are wholly relevant to anyone embarking upon, or intent on maintaining, a succesful career in the role of speculator. The author succesfully described the various flaws in thinking that can work against a trader and cause him to act in a manner at odds with his objective.

The Bad bits:
TITZ contains one or two key points. The delivery of these two points, however, is pretty dreadful. The important points that he does make are repeated again and again and again. It beggars belief.

At one point, Mr. Douglass draws a parallel between human tears, negative emotion... and Mr Douglas argues that tears are made of negative ions. I kid you not.

Review:
Do not get me wrong: TITZ is worth buying and reading. There are legitimate points and suggestions that any trader would do well to consider.

On the other hand, the arena for this type of trading book has changed since its publication. Other books exist that address the issues contained within TITZ: not only are they more comprehensive, but the better ones suggest action plans and techniques that are immediately applicable.

TITZ is not a panacea. Read it for good measure, but other books are better.

Member (9 reviews, 1650 posts)

0 of 0 members found this review helpful.

Jan 20, 2011

The book you need as a private investor or retail trader!

A beginner trader will be eagerly looking for that book or website that reveals the secrets of the stock market or that money-making strategy that will make them rich beyond their wildest dreams. What they don't realise is that until you have mastered and can really understand yourself, you will find it very, very difficult to do well on your own and not wipe out several accounts in the blink of an eye.

Strangely, Trading In The Zone is the book that you don't want but, ironically, it is the book you that you need! There are no money-making strategies, no secrets about what data releases will result in massive movements to make you ultra profitable, no tips about which markets lead others. It is about understanding yourself so that you take responsibility for every trade and behave in a rational manner when dealing with an often irrational market.

If you only ever read one book, then this must be the title to read.

Member (1 review, 5514 posts)

1 of 1 members found this review helpful.

Dec 02, 2010

A second book from the Author.

A better read than the much older book from the Author. It flows better and is easier to understand. Same sort of talk about getting you mind into gear and watching your emotion when trading....

Veteran Member (16 reviews, 954 posts)

0 of 0 members found this review helpful.

Feb 03, 2010

Excellent

Trading is about your ability to deal with your own emotions and keep them under control, this is a great book to help you understand and prepare to do exactly that.

Rookie (1 review, 23 posts)

0 of 0 members found this review helpful.

Jan 23, 2010

This is the best trading book you could ever apply to trading, and to life!

This will change the way to see the world, and yourself!

Senior Member (2 reviews, 291 posts)

0 of 0 members found this review helpful.

Oct 02, 2005

The nature of reality

How many times have you gotten to the end of the day and realized that many of your trades were against the prevailing action? (You consistently entered long on a down day or vice versa...) This is the first book I've read that discusses how we perceive price reality, -about why it is nearly impossible to see that the price is going against you if you've got your heart set on the idea that the market is 'just about to turn' - and how trying to predict what will happen next regarding the position you have just entered is bound to cause you heartache, humiliation, and a smaller bank account.

There are no charts in this book, no indicators, no discussion of setups, edges, or lowest risk entries. This is a book about becoming the house, the casino, about playing the probabilities, about letting go of the need to be 'right' in any given moment. It's about learning to think about market action in a way that can bring consistent results and learning how to trust yourself.

If you've spent some screen time, and studied fundamental and/or technical analysis, and still can't get above break even, this book might be the one that get's you over the hump.

I think the writing could be tighter, smoother, and less repetitive, but I still rate the book 5 stars overall. It's worth twice the price, and my only wish is that I had bought it earlier. This is one of the few books that has already found its way into my 'keeper' shelf.
JO

Legendary Member (1 review, 702 posts)

0 of 0 members found this review helpful.

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