Hardcover: 256 pages
Publisher: New York Institute of Finance (April 16, 1990)
Language: English
ISBN-10: 0132157578
ISBN-13: 978-0132157575
Product Dimensions: 6.2 x 0.9 x 9.3 inches
Shipping Weight: 1.2 pounds (View shipping rates and policies)
Average Customer Review: 4.4 out of 5 stars See all reviews (191 customer reviews)
Best Sellers Rank: #13,249 in Books (See Top 100 in Books) #8 in Books > Business & Money > Investing > Commodities #193 in Books > Business & Money > Economics #306 in Books > Business & Money > Personal Finance
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.
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