ESSENTIAL READING FOR NEWBIES ~ This author is a must

[nkruger]

Although this thread should be in the books /physcology section I suppose, I felt it important enough to have some exposure in the 'First Steps' section as
I believe reading Mark Douglas' TRADING IN THE ZONE and THE DISCILPINED TRADER is a must for new traders ~ and having it here will make it more noticeable (hopefully)

I can categorically say that my trading took and enormous leap forward after reading Trading in the Zone one weekend (I actually read it 3 times over 2 days). I had just had one of my worst weeks trading (even with an edge) and I needed some reading to get my mind straight. This provided it in heaps.

Have any other experienced members on T2W any encouraging words to add for new traders about the content of the 2 books mentioned above ?

Nick

 

[nkruger]

Attached is an interview with Mark Douglas that will give an insight to those who have not read any of his books yet

(My thanks to Rathcoole Exile ~ Cheers old chum)

 

[Directional]

Douglas' books are the defacto standard reading for someone who wants to develop and improve their discipline and psychology towards trading.

I've got, and read, the Disciplined Trader. Its not "easy reading" and there is a fair bit of psychobabble in there, but the overall content is excellent. I dont own Trading In the Zone, although I understand the content is similar.

Nick, is it necessary to own both, or does one or the other suffice?

 

[nkruger]

I dont own Trading In the Zone, although I understand the content is similar.

Nick, is it necessary to own both, or does one or the other suffice?

I felt TITZ was more 'readable' than DT. I must admit it took me a couple of weeks (many years ago) to get through the latter.

You could I suppose miss out DT without sacrificing too much, but I find we're quite time rich in this game, so if you can, have a go at both.

 

[rathcoole_exile]

I also like Mastering the Trade by John Carter - he goes more into crowd psychology as well - explaining how, when and why to fade moves as the majority start to start feeling pain etc

 

[TheBramble]

Douglas' books are the defacto standard reading for someone who wants to develop and improve their discipline and psychology towards trading.

I've got, and read, the Disciplined Trader. Its not "easy reading" and there is a fair bit of psychobabble in there, but the overall content is excellent. I dont own Trading In the Zone, although I understand the content is similar.

Nick, is it necessary to own both, or does one or the other suffice?

For anyone who believes psychology is a component of trading, I'd recommend both books.

For anyone who believes psychology is not a component of trading, I'd recommend both books. For the simple reasons those that do, will have read both.

 

[nkruger]

For anyone who believes psychology is a component of trading, I'd recommend both books.

For anyone who believes psychology is not a component of trading, I'd recommend both books. For the simple reasons those that do, will have read both.

NEW TRADERS TAKE NOTE

 

[black bear]

Good Book ............The Zone one

Zone Book very good..............still absorbing content and its implications so not prepared to comment except

Sports X over psychology is absolute the same imho

The issues he covers are put forward in a 1st class manner together with practical fix"s for probems that I would imagine most suffer from to certain degrees.

I would imagine the books are of most benefit to someone perhaps who is experienced or as experienced what he describes so well in his book firs hand.

New Traders would need to except what he says on trust and just not want to experience the other side which I can say is a very good description from a person who I would have thought(not checked up on him at all, not read above 2 books since starting out) must have experienced it 1st hand or have a dam good buddy who relayed it to him with exceptional detail. If you except it as good information etc contained in the book its pretty similer to me telling you its a good idea to have an helmet, leathers, boots and aback support on when you ride a Motor Bike, you really do not need to experience falling off at speed to no it makes sense.

Yes..........tried that 2 and it hurts but you do learn where the EDGE is to the exact degree, no ifs or buts on that one, don"t you Rath :cheesy:

Many now about the benefits of papertrading or trading in reduced amounts etc from reading things on their travels


Not the WHY, which imho is very important in its own right, more so if you agree with this guy and his findings / reasoning

Its a good read for sure, I have not read a more informative book and it covers far more than good trading mind and discipline. Only minor snip, and it is minor imho, he repeats himself a little in order to get his point across which just for me was not really required. He does get it across so

Latter............News out @ 13:30 :cheesy: :clover:

 

[shadowninja]

I felt TITZ was more 'readable' than DT. I must admit it took me a couple of weeks (many years ago) to get through the latter.

You could I suppose miss out DT without sacrificing too much, but I find we're quite time rich in this game, so if you can, have a go at both.

I must admit, I do like TITZ.

 

[rathcoole_exile]

I must admit, I do like TITZ.

Oooh, you are awful !!


but i like you....

 

[zupcon]

I dont like either book, but I dont like trading books in general. I'd actually go as far as to say that the disiplined trader should be burned !

TITZ is much better, then again I honestly dont think it would be possible to write anything worse. If he cut out the psychobabble it could be condensed down to one extremely useful and pertinant paragraph, but no one would buy a book that only contained 200 words, which is a great pity really

I suppose you cant blame Mark Douglas, he has to make a living, and sadly there's a market for this stuff. Personally I would have thought that if people wanted to study psychology, they'd read a book written by a psychologist, and if they wanted insights into trading, they'd read a book written by a trader.

 

[nkruger]

TITZ is much better, then again I honestly dont think it would be possible to write anything worse. If he cut out the psychobabble it could be condensed down to one extremely useful and pertinant paragraph, but no one would buy a book that only contained 200 words, which is a great pity really

I suppose you cant blame Mark Douglas, he has to make a living, and sadly there's a market for this stuff. Personally I would have thought that if people wanted to study psychology, they'd read a book written by a psychologist, and if they wanted insights into trading, they'd read a book written by a trader.

Do you not think there is a certain amount of psychology involved trading for a living ?

The large banks and investment houses spend millions on the subject.

And there does seem to be a big market in it for home~based traders

 

[Trader333]

I found his books quite boring and of little use to me but I accept that I am in a minority view here.


Paul

 

[Rhody Trader]

As far as psychology goes, I much prefer the writings of Brett Steenbarger, if for no other reason than his oft-expressed view that psychology is NOT the major determinant of your success in the markets.

 

[grantx]

Did Douglas play Corporal Rocco Barbella in "Sergeant Bilko"? Probably one of Don Brambles relations.

Grant.

 

[zupcon]

Do you not think there is a certain amount of psychology involved trading for a living ?

The large banks and investment houses spend millions on the subject.

And there does seem to be a big market in it for home~based traders

I believe that psychology plays a part in everything we do, and trading is no exception. I'll also accept that Douglas does reasonably well at identifying the types of problems typically experienced by traders. Its quite clear particularly from the first book that he's experienced these issues first hand, but thats as far as it goes.

 

[TheBramble]

Did Douglas play Corporal Rocco Barbella in "Sergeant Bilko"? Probably one of Don Brambles relations.

You couldn't leave it alone, could you.

What's your favourite colour....?

 

[grantx]

You talking to me, punk?

Grant (navy blue).

 

[nine]

As far as psychology goes, I much prefer the writings of Brett Steenbarger, if for no other reason than his oft-expressed view that psychology is NOT the major determinant of your success in the markets.

I agree about his second book (Enhancing Trader Performance) being good but disagree with your interpretation of his view. I think that Brett's view is that psychology shouldn't be a major determinant if you find a good system, develop a good plan and then are trained or train yourself well. By doing so you don't develop problems that require psychological intervention.

If any of those links fails (and usually it does) then the psych seems to come in. At this point Mark Douglas does a superb job of describing the problem. But both Steenbarger and Kiev do a better job on how to learn and deal with stress and issues.

 

[TheBramble]

Grant (navy blue).

Good. I can get Lilies in any colour. I just wanted to make sure I sent your favourite colour.