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Mark Douglas - Trading in the Zone

  1. 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?
  2. 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.
  3. 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 :confused:

    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.
  4. 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.
  5. It's good to read it, but it's bad to follow it.
  6. I agree
  7. same old stuff but everything is
  8. I've actually just started reading it, but I'll let you know what I think when I'm done.
  9. I have to totally agree with you on that one.
  10. 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.
  11. Buying "Trading in the zone" or "Disciplined trader" ?
  12. I think actually reading the book cover to cover WAS the exercise. If you have the patience, perserverance, ability to do that, you can accomplish anything!
  13. So Alexander Elder is better ?
  14. don't waste your money on the book. it's just blah blah blah blah blah.
  15. Very well said, and witty to boot!

    Oh, and I agree with you 100%!

  16. The book on trading everyone is waiting to read, is the one that has never been written.
    Still people live the dream and hope the hope.

  17. Its a great book. Do you need it to be a successful trader? Maybe, maybe not. It all depends on where you are starting from. Some people like to make mistakes on their own, others like to read about and avoid the mistakes others make.

    No book will hand you the holy grail. Thats different for everybody. When it comes to the markets, some just want to be right. Some want to be profitable and don't care about being right. Others just want to be ridiculously profitable. The grail is different for all of them.

    There is plenty of good information in this book. Another one I highly recommend is Brett Steenbargers Enhancing Trader Performance
    It has plenty of good information and Brett seems to like to compare everything to sports performance. But it relates well.
  18. See Brett Steenbarger's The Psychology of Trading for a very fresh take on the many psychological hurdles a trader must overcome to be successful.
  19. Do any of you know of a good book about risk acceptance? Although I'm a pretty good technical analyst, it seems that I'm more risk-averse than I'd like to be. I'm reading "Trading in the Zone", but I can't seem to find any exercises or direction on how to overcome my risk-aversion.
  20. Trade Your Way to Financial Freedom
    by Van K. Tharp


    This book will teach you how to understand Expectancy, Manage Risk and utilize the Law of Large Numbers (among other things) to assist you in your trading.

    All of these factors go hand-in-hand with understanding and dealing with the psychology of risk.

    P.S. Oh, I see I have some company ... Cool.
  21. He often talks about how easy it is to find a positive expectancy system.............

    Believe or not it's the easiest part of trading by far.( I don't really expect to convince too many people though)
  22. See Trade Your Way to Financial Freedom by Van K. Tharp. After reading this book download his trading game and experiment with it - you should find it helpful. It can be found at: http://www.smarttraderblog.com/
  23. Oh, yes! Great book!
    It is interesting and easy to follow. It makes helps you think about your approach to the market and helps you fine tune your system.

  24. I am reading The Nature of Risk
    So far its pretty good. Justin Mamis talks about price risk versus information risk. Good stuff and it makes a lot of sense.
  25. this book is disappointing to anyone who wants a quick fix

    someone in this thread said they wanted some exercises. Well, it's there at the end of the book. maybe it's not what you wanted to hear tho

    only consistent trading will help you with your trading problems. sounds too simple, but I think that's the author's point in a nutshell

    it's a tough business in which we are our own biggest hurdle. Friggin irony
  26. So you read an entire book that explained to you what you already knew (through your experiences) only to tell you to not do it by being disciplined for 20 trades and all your problems would magically disappear. :confused:

    The book was really, NOTHING new that hasn't been said 1 million times before.

    End of story!

    Let me save those traders who are interested, 5 hours of reading and $40.

    Go take 20 trades with perfect discipline and forget about your P & L till after you've pull offed 20 perfect trade executions.

    Duh :cool:
  27. You can get better info by going to stockcharts.com


  28. any hints? mark douglas said you can find positive expectancy in a lot of books about TA. I've read a lot of them, can't find any usefull systems. (I started a thread about it a while back)
    I've actually devised my own system/ strategy (although mark douglas said not to)
    don't know if it has a positive expectancy

  29. How did you design and test your system? You don't know if it has positive expectancy? Are you running a random system?

    Maybe I am misunderstanding your comments, but why would you design a system unless it was based on some kind of positive expectancy that you have already observed in the market?
  30. <sigh> you definitely missed the point
  31. i'm manually trading a self devised system that i think has a positive expectancy due to my limited observations of the market.
    hoping to acquire some skills soon to be able to test it.
  32. The point is trading is as old as the hills and the same sheep keep getting sheared over and over by the same farmers.

    You can not solve a problem with the same thinking that created it.