Trading in the Zone might not be the book specifically for Forex traders.
However, maximizing the trader’s state of mind is ALWAYS the key to successful results in any trading business. Conflicts, contradictions and paradoxes in thinking can spell disaster for even a highly motivated, astute and well grounded trader. We found this Mark Douglas's book a very good read for any traders who wish to improve their financial pyschology.
Trading In The Zone offers specific solutions to the “people factor” of commodity price movement. It uncovers the true culprit for lack of consistency when it comes to stock picking: lack of focus and self-confidence.
Through simple exercises, traders will learn how to think in terms of probabilities, and adopt the specific beliefs necessary to developing a winner’s mindset. Along the way, they’ll gain valuable insights into their own entrenched misconceptions about the market.
Backed by compelling examples, Trading In The Zone adds a new dimension to getting an edge on the market. Through a better understanding of themselves, as well as of Wall Street’s realities, traders will come to leverage the power of their psyche for unprecedented profitability.
Reader reviews
This book was able to put the concerns traders face on the psychological level in a clear and understandable way without talking down to the reader. These concerns are things I face in every facet of my life, so once I became aware of them for purposes of trading, I have seen that I am better able to understand why I do and react certain ways in other things. I like the clear strategy to start to deal with the fears of trading. Mr. Douglas does state "its harder than it sounds in the book" but I read it thinking "oh no problem"... but the execution of applying the strategy has been a challenge. Its worth the time I took to read it. - T. Glowicki "Forex Trader" (West Chicago, IL United States)
I had big problem with emotions, particularly "hope", in trading. This book immediately helped me improve control of my emotions. "Don't try to predict what market/price is going to do." "only focus on what price and indcators are doing right now." "you don't need to know where market is going to go to make money." Many such "gems" in the book helped me to form and maintain a rational and objective mindset in trading. Highly recommended to new traders like myself. I got a lot out of this book than from "disciplined traders", which is also an excellent book on psychology. Thanks, Mark, for this wonderful book! - X. Li
About the Author
Mark Douglas is the author of NYIF's The Disciplined Trader. He is president of Trading Behavior Dynamics, which develops seminars on trading psychology for brokerage houses, clearing firms, and banks, among a wide range of professional organizations. He lives in Scottsdale, Arizona.
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