I thought Mark wrote a fairly good book. I think he had some original concepts that he applied to trading and he was the first to do it. He took dynamic psychology and applied it to the trading mind frame - a connection of ideas that no had ever published before him (as far as I know). My problem is: he makes it seem like the trading mind frame that he describes is the holy grail. He often talks about how easy it is to find a positive expectancy system and what stops people from becoming successful is not their inability to find a system (because those are plentiful according to him) but their inability to develop the correct state of mind. I'm thinking Douglas never was a profitable trader. Does anyone know if he was? Are positive expectancy systems easy to find. In my time involved with trading I would say positive expectancy systems are not easy to find... What are others views?
I'll offer my view. Due to the time limit at my local library (everybody has half an hour of computer time if there is a waiting list), I cannot spend too much time on the computer. I already spent the last 20 minutes sending emails to my good friends Mike and Natasha. Mike delivers pizza for Pizza hut, he makes good tips, about 15 bucks a night. Natasha is my co-worker at Wal-Mart. We are both proud Wal-Mart associates. Did I tell you I was once "Employee of the Week." They posted my photo on the wall near the entrance of the store, so that Wal-Mart shopper can see who I am. Oh, about your question, I think, Damn, the library assistant just told me my time is up. I got to leave the computer to the next person who is waiting. I'll give you my opinion tomorrow.
Mark's book to me was really just a re wording of all the old axioms that have been around since the beginning of this business. I was dis appointed that he did not give exercises to help the mind assimilate the beliefs. At the end of the book he basically says Now go and make 20 trades perfectly I thought this was rather silly and I really expected more meat from the book. Someone needs to write a book filled with exercises that traders can practice after hours to help them during real time. Now that would be a best seller.
I thought the book was 99% fluff or filler material. Just mindless rambling. The whole book could be condensed into a couple sentences. Don't trade without a plan. Have concrete entry rules, exit rules and money management rules. Thats it, your done the book.
I was also quite disappointed when I read it and it is more of self description of his own psychological profile. Too often and for far too long it is fading away from trading. All in all it's an ok read but you will miss something that you actually expected. For those who want to read it I have a pdf.