The Disciplined Trader: Developing Winning Attitudes

Overview

Successful trading is 80% psychological and 20% methodological. Emotion is the enemy of successful trades. That's way, even with a modest knowledge of fundamental and technical information, the trader who is in psychological control will be the winner in the trading environment.

The Disciplined Trader helps traders learn the critical behaviors necessary in responding to market conditions and opportunities. Experienced commodities trader and ...
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Overview

Successful trading is 80% psychological and 20% methodological. Emotion is the enemy of successful trades. That's way, even with a modest knowledge of fundamental and technical information, the trader who is in psychological control will be the winner in the trading environment.

The Disciplined Trader helps traders learn the critical behaviors necessary in responding to market conditions and opportunities. Experienced commodities trader and teacher of trading dynamics, Mark Douglas, through his own early misfortunes in the market, has considered and confronted the problems experienced in trading (what he calls "forced awareness").
Douglas examines and discusses how he found the market to be and environment where the individual trader "has the freedom to create his own results", unimpeded by many of the constraints existing in modern social life.
The Disciplined Trader can help any trader change the fear of losing into a winning attitude based on its organized, systematic, and step-by-step approach for learning the mental skills necessary for accumulating wealth consistently.

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Product Details

  • ISBN-13: 9780132157575
  • Publisher: Penguin Publishing Group
  • Publication date: 4/28/1990
  • Pages: 256
  • Sales rank: 313,777
  • Product dimensions: 6.31 (w) x 9.25 (h) x 0.75 (d)

Table of Contents

Foreword, ix
Preface, xi
Acknowledgments, xvii
Part 1: Introduction, 1
1. Why I wrote this book, 3
2. Why a new thinking methodology?, 15
Part 2: The nature of the trading environment from a psychological perspective, 31
3. The market is always right, 35
4. There is unlimited potential for profit and loss, 39
5. Prices are in perpetual motion with no defined beginning or ending, 41
6. The market is an unconstructed environment, 49
7. In the market environment, reasons are irrelevant, 59
8. The three stages to becoming a successful trader, 65
Part 3: Building a framework for understanding ourselves, 79
9. Understanding the nature of the mental environment, 85
10. How memories, associations, and beliefs manage environmental information, 99
11. Why we need to learn how to adapt, 121
12. The dynamics of goal achievement, 139
13. Managing mental energy, 155
14. Techniques for effecting change, 167
Part 4: How to become a disciplined trader, 181
15. The psychology of price movement, 183
16. The steps to success, 201
17. A final note, 223
Index, 225
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Sort by: Showing all of 2 Customer Reviews
  • Posted November 17, 2008

    more from this reviewer

    I Also Recommend:

    Parts I, II and IV are great; Part III not so great

    had high hopes for this book, because I strongly believe that the psychology of trading is half the battle. Sure, you need to know the technicalities of how to use various stockbroker order types and how to spot opportunities based on fundamentals or price action; but you also need to make decisive entries and exits unhindered by the emotions of fear and greed. In fact, other traders' fear and greed may be your ally. <BR/><BR/>Parts I and II of the book were what I expected -- psychology in the context of stock market trading. <BR/><BR/>Part III was very disappointing; the kind of pseudo-psychology to be found in many self-help books. Not only did this have little or nothing to do with trading, but it was also based on very dodgy science. I quote from page 100 "The experiences [...] will be transformed into electrical impulses of energy [...], the experiences will carry an eletrical charge [which] will be either positive or negative." I get this as an analogy; but to state baldly that positive experiences will be stored in the brain with positive charge whereas nagative experiences will stored with negative charge is ridiculous and plain wrong. <BR/><BR/>Part IV had the right trading bias, and contained useful information about market support and resistance points as a function of the market participants' psychologies and future expectations. In this part, the book redeemed itself -- but it was too little, too late, for me. <BR/><BR/>Throughout the book there is an undercurrent of advice to cut your losses efficiently without emotion when the market does not go the way you expect. Sound advice.

    2 out of 2 people found this review helpful.

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  • Anonymous

    Posted November 1, 2003

    Very Practical Book

    If you constantly make the same mistakes over and over again when trading, this book can help. Following the principles of the book has helped me become more profitable. The first 1/2 of the book is a bit wordy for my taste, but overall I found it too be very helpful and practical. I would definately recommend it to serious traders.

    2 out of 2 people found this review helpful.

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