The Disciplined Trader

Good book.

He has a video series that is just as good which covers all the topic with examples. I also prefer the face to face

Traders book

This is a real classic, and excellent book begginers and veteran traders alike. I great work to learn about the traders mind.

Worth your time.

This is a brilliant book for anybody wanting to sharpen their discipline in the markets. Even if you're a seasoned trader it's a worth while read.

Kudos

First off let me assure you that Mark Douglas deserves all the generally positive reviews he's received for this book and for "Trading in the Zone." What Douglas has to share is essential, extremely valuable information for both aspiring and veteran traders alike. That said, stand warned that Mr. Douglas has quite a tedious writing style. He suffers (and thereby, so does the reader) from a particularly diffuse, circular, and repetitive style. He gives redundant a bad name. Here's a sample, you be the judge:

"Our committed expectations about the future will act as a force on our perception of market information to control its flow into our mental system in such a way as to avoid a confrontation with anything that doesn't conform with what we already believe is possible." Got that? Then this book is for you.

You don't have to worry about picking between The Disciplined Trader, and Trading in the Zone - Mr. Douglas is so repetitive that he essentially wrote the same book twice. Material from each book is either reprinted verbatim or repeated in a slightly different way in the other.

In fairness, Douglas is struggling to convey some very complex psychological concepts which don't easily distill down to catchy one-liners. Still, for all of his good things to say, Mr. Douglas would only benefit from a good editor.

Stick with it though - the keys to success are buried within. And then re-encrypted over and over.

Are you comfortable taking a loss? If not read this book!

I read this book and realised why so many fail,because we are actually psychologically set up to fail at trading and this book will tell you why.

It won't give you the trade set ups but when you have read the book you realise thats actually only part of what you need to succeed.

A must read for any serious trader imo.

A must for all traders to get that mindset right.

An excellent read eventhough old, but gives you that part of the traning that most newbies (and experienced traders that need a reality check on their trading methods). As its a little old, it may not flow as them more simplified books are but non the less a very valuble read.

If you are a serious trader then this book is on your desk!

Mark Douglas's work is what laid the ground work for me mentally. Couldn't trade without it.

a real psychology book

not light reading matter, definately not a pillow companion or bog book. This tome will help you improve and understand your mindset in relation to your trading and emotional cycle. I come back and re-read certian parts of this book fairly regularly - definately one for your library if you are a discretionary trader.

The Disciplined Trader

I think this book is a modern classic for traders.

It offers deep and thought provoking insights that will improve a traders psychological view of the markets.

It does not offer 'light fluffy' psychobabble but reasoned methods to improve trading performance.

A book that can picked and used as a reference when anxiety surfaces.

....

A great book to learn about the traders mind - would be a great, great help if we didn't have the software available today. However not so relevant with Tradestation and Metastock about, which take the phsycology of you. Would not recommend, however very interesting to learn about the human mind

Developing winning attitudes.

This is an excellent book. Its primary focus is on the psychology of trading,
the most import aspect of trading that is overlooked by most traders.

Douglas describes his early experiences as a trader, how initially he went bankrupt
and how that experience helped him to overcome his fear of losing and transform himself
into a consistent winner.

He describes how we are wired to fail in the market environment and
presents a way of thinking that will enable you transform yourself and succeed.

Douglas is a deep thinker and the book can be heavy going in places
(the book is dense prose and contains no diagrams or charts)

However it is practical and there are exercises in the book
that helped me personally transform my own own trading. I was a consistent loser
until i followed the exercise at the back of the book, this helped me to see
the market in a way i had never been able to before.

My favourite line from the book, and its among the best advice you will ever read:

"As a trader it is more important to know that you will always follow your rules
than it is to make money, because whatever money you make you will inevitably lose
back to the market if you can't follow your rules."

Interested traders may also want to consider his other book which is almost as good but a
bit more clearer and more up to date: Trading in the Zone.