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Trading in the Zone - Master the Market with Confidence, Discipline and a Winning Attitude
Trading Psychology Books | Written by Douglas, Mark; Hartle, Thom |

Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude

You may know a lot about the markets. You may even know the major players, when to buy, when to sell, and which stocks have the potential to move.

But how well do you know yourself?

Even the most astute, highly motivated, well grounded traders can be crippled by counterproductive thinking that leads to poor decisions and trading errors. They suffer from an inability to stay objectively focused or lack the necessary confidence to execute their trades properly. Or they let deeply ingrained mental contradictions and misconceptions about trading or the nature of the market rule their stock-picking.

The result? An extremely high percentage of traders lose all or most of their money within the first year of trading.

Mark Douglas, president of Trading Behavior Dynamics and a widely respected trading coach to some of the biggest names and firms on the Street, has devoted the last twenty years to helping traders develop the confidence, discipline, and winning attitude that it takes to master the market.

For Douglas, maximizing the trader's state of mind is the key to successful results. Not exhaustive market analysis or the latest fad "system." He teaches traders to think in terms of probabilities and to adopt the core beliefs necessary to assuming a "winner's mindset." Traders in the "zone" don't need to know - and don't care - what the market is going to do next. They know what they are going to do next. And that makes all the difference.

In Trading in the Zone, Douglas uncovers the underlying reasons for lack of consistently profitable trades and helps traders overcome the deep-rooted mental habits that cost them money. Douglas takes on the myths of the market and exposes them, one by one, teaching traders to look beyond random outcomes, to understand the true realities of risk, and to be guided by and be comfortable with the "uncertainty principle" that governs all stock speculation.

Trading in the Zone introduces a whole new mental dimension to getting an edge on the market. Use it to leverage the power of the "zone" for unprecedented profit.

Table of Contents

FOREWORD xi

PREFACE xiii

ATTITUDE SURVEY xvii

CHAPTER 1 THE ROAD TO SUCCESS: FUNDAMENTAL, TECHNICAL, OR MENTAL ANALYSIS?

IN THE BEGINNING: FUNDAMENTAL ANALYSIS 1

THE SHIFT TO TECHNICAL ANALYSIS 3

THE SHIFT TO MENTAL ANALYSIS 4

CHAPTER 2 THE LURE (AND THE DANGERS) OF TRADING

THE ATTRACTION 17

THE DANGERS 20

THE SAFEGUARDS 25

Problem: The Unwillingness to Create Rules 27

Problem: Failure to Take Responsibility 28

Problem: Addiction to Random Rewards 30

Problem: External versus Internal Control 31

CHAPTER 3 TAKING RESPONSIBILITY

SHAPING YOUR MENTAL ENVIRONMENT 34

REACTING TO LOSS 38

WINNERS, LOSERS, BOOMERS, AND BUSTERS 5O

CHAPTER 4 CONSISTENCY: A STATE OF MIND

THINKING ABOUT TRADING 58

REALLY UNDERSTANDING RISK 61

ALIGNING YOUR MENTAL ENVIRONMENT 64

CHAPTER 5 THE DYNAMICS OF PERCEPTION

DEBUGGING YOUR MENTAL SOFTWARE 70

PERCEPTION AND LEARNING 74

PERCEPTION AND RISK 79

THE POWER OF ASSOCIATION 80

CHAPTER 6 THE MARKET'S PERSPECTIVE

THE "UNCERTAINTY" PRINCIPLE 88

THE MARKET'S MOST FUNDAMENTAL CHARACTERISTIC 93

CHAPTER 7 THE TRADER'S EDGE: THINKING IN PROBABILITIES

PARADOX: RANDOM OUTCOME, CONSISTENT RESULTS 102

TRADING IN THE MOMENT 106

MANAGING EXPECTATIONS 113

ELIMINATING THE EMOTIONAL RISK 120

CHAPTER 8 WORKING WITH YOUR BELIEFS

DEFINING THE PROBLEM 125

DEFINING THE TERMS 128

HOW THE FUNDAMENTAL TRUTHS RELATE TO

THE SKILLS 130

MOVING TOWARD "THE ZONE 135

CHAPTER 9 THE NATURE OF BELIEFS

THE ORIGINS OF A BELIEF 139

BELIEFS AND THEIR IMPACT ON OUR LIVES 142

BELIEFS VS. THE TRUTH 147

CHAPTER 10 THE IMPACT OF BELIEFS ON TRADING

THE PRIMARY CHARACTERISTICS OF A BELIEF 153

SELF-EVALUATION AND TRADING 167

CHAPTER 11 THINKING LIKE A TRADER

THE MECHANICAL STAGE 173

THE ROLE OF SELF-DISCIPLINE 179

CREATING A BELIEF IN CONSISTENCY 184

EXERCISE: LEARNING TO TRADE AND EDGE LIKE A CASINO 189

A FINAL NOTE 201

ATTITUDE SURVEY 203

INDEX 209

 

 
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