Has anyone read Mark Douglas's new book "The Definitive Guide to Mastering the Psychology of Trading"? And how does it compare to his other books: "The Disciplined Trader" and "Trading in the Zone"?
I just finished it today. I think it is better than the others. He covers much the same material and concepts, but it is more to the point, more seasoned with his years of experience. He goes through many of the variations of problems traders can have and how you can get there and not realize what the problem is or that you actually have a problem (other than you are losing money). The book seems well worth the cost to me. I'm going to re-read it and take notes this time. His exercises and solutions made a lot more sense to me than in his other books -- though they are very similar. I think he explains them better... but it might be I just have more experience now than when I read his other books. To be honest, when I look back now I see that even tho I did my best, I didn't really do his prior exercises in a way that could work. Mostly because I was trying to apply a plan that was to complicated. I eventually corrected that without being conscious of his exercises, and have come to many of his conclusions but in my own language. So when I reread I'll compare my language to his more universal way of putting the concepts... he is more well thought out than I have been. He has dealt with so many people.
In its publication, yes, as sometimes happens: the author died in September, but the publisher didn't formally publish the book until a couple of weeks ago. http://tomhougaard.dk/in-memory-of-mark-douglas/
Doesn't need a book. It has been stated concisely: "trading psychology = be calm when losing money. That's it." @garachen
He gave a radio interview about a month before he died. He said at that time he had been working on the book for 8 years and that it was done except for some tidying up.
Ok, thanks. RIP Mark. Sure I will buy it but I live in Europe and right now, there is only a Kindle edition available. CM
The "Psychology of Trading", and the discipline of trading.... are all about "doing what you know* you are supposed to even when you feel like you'd rather not". * You'll know what you're supposed to do only after you've done enough study. That is, "why" am I supposed to take a certain risk... high probability of success? Favorable risk-reward dynamic? Both? Why should I exercise stop when I'd rather hope the market reverses in my favor so that I can avoid this loss? Once you understand these... then DOING IT... even when doing so makes you uncomfortable to a degree... is a major component to trading success. I bought "The Disciplined Trader" years ago. Recommended!!
(Just in case it's helpful) one can order from amazon.com (US), too, when the book isn't yet listed by Amazon's European outlets: one just has to pay a bit more for shipping. I've occasionally done this, and it works perfectly well.
As far as I know, that is all we have also. It does have several... like 50 or more... proof reading errors in it -- but it is not hard to see what he meant to say. They are minor, but noticeable. .............. If you don't have a Kindle, you can put an app for it on your computer and read it there...