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The Disciplined Trader: Developing Winning Attitudes

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Category: Books
This work aims to help traders learn the critical behaviours necessary in responding to market conditions and opportunities. The author - an experienced commodities trader - has considered and confronted the problems he experienced in trading.
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80% psychology and 20% fundamental/technical
Trading is 80% psychology and 20% fundamental/technical analysis. Douglas has done a fantastic job of pointing the way through that 80% and this book is worth reading multiple times to grasp all that it has to offer about the mental side of trading.

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Changed my attitude about trading financial markets
Any book or document written by Mark Douglas on trading of financial markets ends up becoming invaluable material for people really interested in mastering the art of trading.

Although I'm more a fan of his best-selling book "Trading in the Zone", I believe that this book lays the foundation to start seeing profitable trading as a learned skill and not as the result of using a secret knowledge or a special trading system.

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TradersAssistantDotCom Barranquilla, Atlantico

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Trading in the Zone is Great, This book is a waste
I read Trading in the Zone by Douglas. That book is an inspiration. I thought this older book by Douglas should be as good and may provide some additional insights. I was wrong.

There is so much "filler" in this book with the same thing said over, and over, and over again. I found myself flipping pages just to get to the point.

Do not get this book, buy Trading in The Zone. If you own Trading in the Zone just read it again and pass on this older book by Douglas.

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Great Book!
This book was extremely helpful to me when I was struggling trading. I would read this book and the whole time I was like, "Yes this is me, yes I do those things" and Mark Douglas would tell you why you do it and how you fix it.

Definitely recommend this book for traders struggling with a slump or just can't get it together. It is also a good book to refer back to when things get a bit tougher.

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TheSnowMan Houston, Tx

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Excellent Book!
As I read the reviews on this book, it seemed that there were two groups of reviewers: the group that just loved the book and the (small) group that hated it. After reading it, I found that the solution to this phenomenon was the following: to truly understand the book, you need: 1) To understand, that this book is not going to present you a clear trading plan or any technical knowledge whatsoever. It's about the mental aspects of trading. 2) A certain level of intellect (not that it is very hard to read, but I'm sure it is too difficult to understand for some). 3) (a lot of) trading experience. You can only appreciate and understand the book, if you can relate to the mental processes and experiences that are presented in this book.

Once these three conditions are satisfied, I'm sure you'll just LOVE this one.

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Fbotticelli New York, NY

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Good insight
The number one reason that I like The Disciplined Trader is that Mark Douglas has no formal training in psychology. Rather, Douglas was trained in the only classroom that matters-the battlefield of actual trading. Even though this book was published in 1990 and there have been a plethora of trading-psychology books published since then, Douglas' material stands out has an innovative classic. He just uses his own gift for seeing the mental shortcomings of the losing trader and spells out his own fresh insights on what we, as traders, need to do to experience real success in trading.

Douglas starts the book out from a perspective that many traders can identify with-crushing defeat. Humbling himself to the higher power that the market is and analyzing the formula for defeat, Douglas shows how he was able to reverse-engineer it to find the formula for success that many of the book's readers over the years have found useful in exorcising their own psychological demons.

Central to Douglas' thesis is that the elements of character that produce success in most of life's endeavors are completely different from those that will make you successful as a trader. To thrive in business or some professional career, you have to work hard to develop the skills that will allow you to be in control of your environment. To build a business empire, you have to be a great leader of people. To become a heart surgeon, you have to learn how to control your scalpel. To be a good mother, you have to know how to discipline your children.

But successful trading, says Douglas, is the process of yielding to the market and being in control only of yourself and the way you respond to changing market conditions. When the idea of being in control of yourself sinks in, you realize that you as a trader get exactly what you deserve from the markets. If you consistently get poor results, you deserve this. If you consistently get great results, you deserve that. The market doesn't care, one way or the other.

As with any book filled with original and profound ideas, The Disciplined Trader isn't always an easy read, particularly as it slogs through the painful process of pummeling away at our self-destructive mechanisms. Fortunately, as with life, the journey provides a reward and Douglas spends the final chapters of the book explaining practical techniques that will help you to "get it together" as a trader.

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Soccerscott Denver, Co

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Excellent book
Mark Douglas is a trader and as such this book captures his thoughts on his trading performance and shows the lessons he learned from his failures and successes. A great book and definitely in my top 10 when it comes to the psychology of trading.

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Displaying 1-7 of 7 Total Reviews
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