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 enlarge | Author: Mark Douglas
Publisher: Prentice Hall Press
Category: Book
List Price: $50.00
Buy New: $26.00
You Save: $24.00 (48%)
New (40) Used (12) from $26.00
Rating:  161 reviews
Sales Rank: 1822
Media: Hardcover
Number Of Items: 1
Pages: 240
Shipping Weight (lbs): 1.1
Dimensions (in): 9.1 x 6.3 x 1.1
ISBN: 0735201447
Dewey Decimal Number: 332.64
EAN: 9780735201446
ASIN: 0735201447
Publication Date: April 1, 2000
Availability: Usually ships in 1-2 business days
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| Customer Reviews:
 Good discussion of psychology of trading September 9, 2008
Douglas discusses five fundamental "truths" of trading which tend to boil down to getting yourself to the point where you can believe anything might happen. The benefit of this is that you'll begin to think in probabilities rather than getting locked into a position that your trade is the right one or wrong one and letting your behavior be driven by the emotions that may accompany that mindset. He includes chapters on taking responsibility, the dynamics of perception, understanding the nature of beliefs and the impact of them on trading as well as working with your beliefs and obtaining self-discipline. Some of his writing is very basic psychology but just as there's a big difference in reading a diet book and actually eating in such a way as to lose weight day in and day out, there's a big difference in reading this while nodding in recognition and actually doing the work to integrate it into your trading. If you absorb and apply the insights and do the exercises he includes, your trading is bound to benefit. But that's because you're applying self analysis and self discipline and both are required for successful trading. I'm giving it four stars because I think it could have used additional editing--the first few chapters could have been trimmed into one.
 A book that offers great value September 6, 2008
Internalize the 5 fundamental truths as proposed by Mark Douglas, they are applicable not just to trading but also to one's career and personal life. In my opinion, a must-have in one's personal library.
Don't place another trade until you read this book July 17, 2008
1 out of 1 found this review helpful
And, it doesn't hurt to read this essential book again every couple of years either as your trading develops and matures.
Some reviewers are critical of the style of writing (psycho babble, motivational, etc) and some are critical of the quality of the writing. Some even think the book is over rated. Don't be swayed by the critics -- just get the book and read it.
You'll find that the message (regardless of the delivery or the style of the writing) is all that matters. If at first the message seems redundant or unfamiliar or a bit uncomfortable, keep an open mind. Remember, repetition of a message enables you to integrate it more effectively. And, if the ideas are a little "out there" for you, it is the revolutionary ideas that are often the ones that inspire true discovery (in trading and life).
Mastering our trading psychology and self awareness is the key to pulling all the other elements together. A terrific system plus great fundamentals won't add up to consistent profitability unless we can master our mind.
Great book... a whole new level of personal insite!!! July 6, 2008
This is a super book.
The focus is on improving yourself as a trader, but the material can be applied to any aspect of yourself that you wish to understand or improve.
The explanation about how the our minds create, maintain and use our beliefs is very clear and simple. The explanation of how are minds function with exiting beliefs is followed by methods for overcoming limiting behaviors and instilling new beliefs.
A quote that I think we have all been told in some form or another has much clearer personal meaning after reading this book.
"When it comes to personal transformation, the most important ingredients are your willingness to change, the clarity of your intent, and the strength of your desire."
If you're willing to work on yourself, this book is a fantastic guide.
A must read for traders June 28, 2008
2 out of 2 found this review helpful
This book changed the way I think and act when trading. If you are an experienced trader or a new trader, this book is a must. It's one of the only sources that focuses on the mental aspect of trading. There are piles of technical, fundamental and system trading books, but this author will introduce you to the most important part of trading - your mind and how to control emotion when putting on a trade!
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