Trading in the Zone

Trading in the Zone

Mark Douglas
Jan 1, 2001
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.
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4.44 star(s) 16 ratings

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Very bad book and confusing. Controlling your emotions will not give you freedom to Trade In The Zone. You don't have to be in the zone to have good trades, and while being in the zone (my experience), you can have bad trades constantly. If you see so many good reviews like "must read" comments, it's probably not for those who are 1% and trade successfully. Good knowledge is not catchphrases based like in this book "Trade In The Zone".
Interesting book

Very interesting and clever book. I learned a lot of useful things for myself. I recommend to read it.
Great read - New and Old Traders

One of two essential reads when either entering the world of trading or as an old hand. In my view traders spend 90% of their time crafting their strategy and next to nothing on the psychology side . Without a steady mindset even the best strategy is certain to fail. The other great read is Reminiscences of a Stock Operator. Great story , ultimately could have done with reading Trading in the Zone I think !
A masterpiece

THE COMMENT : 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. Hiranjgarbh K K Missier
Great book. Ranked among my top 5.

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

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

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.
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.