Trading In The Zone – This book is well known by most of the trading world. The author has a very unique perspective of the differences between the small percentage of successful traders, and the majority that is not. His unique understanding was drawn from his own personal experiences as a trader himself at a firm, and moving on to becoming an educator/coach if you will for other trading professionals.
Most of us have found ourselves enamored by the thought of being a successful stock trader. Money, freedom, and the prestige!! We all have had grandiose visions of what it would be like, only to have that dream quickly shattered! Mark Douglas, paints this same picture because it is all too familiar amongst most people who have attempted, or are attempting the same feat of becoming a profitable trader.
His thoughts on successful traders are much different than what I imagined, but on further reflection; I realize his idea is quite simple and accurate. We have all experienced the paradox of his philosophy. Many including myself at times still cannot completely control some of the human tendencies we all have, like acting out of fear.
What he is trying to convey to people is that you could have all of the knowledge of technical analysis, or any other forms of knowledge of the market and it will not help you if you do not understand your flawed ability to react emotionally. Sounds simple right?
An exercise that will help you understand his perspective a little better, Use a simulated/paper account and trade with it as you “normally would”. Then, use your live trading account! Now at the end compare your results. Write down how/why they were different. How did you feel trading one opposed to the other. Most people will argue that they are way more profitable in their paper account! how is that? The market hasn’t changed, only the fact that you are not in your live money account!!
I strongly suggest getting a copy of this book! It is really solid advice for anyone who is struggling as a trader or looking to become one. There is way more detail in his book about this strange yet familiar concept. If you have already read this book share your thoughts in the comment section and whether or not it has helped you as a trader or anywhere else in your life!!
To buy or download the book click here : https://www.amazon.com/Trading-Zone-Confidence-Discipline-Attitude/dp/B07BTK516M/ref=sr_1_1?crid=1Z8FO5GZ70B0W&keywords=trading+in+the+zone+by+mark+douglas&qid=1581052391&sprefix=trading+in+the+zone%2Caps%2C142&sr=8-1
Highly appreciate/ recommend your service. Myself, busy working 50 – 60 hrs dayshift. Hard to sneak in 45 minutes of trading. Anything you have provided,90% has come thru. Thank you for outstanding recommendations. Chuck Borrall
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Thank You, I really appreciated the comment.