Trading in the zone book pdf

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Trading in the zone book pdf 

 

MASTER THE MARKET WITH CONFIDENCE, DISCIPLINE AND A WINNING ATTITUDE MARK DOUGLAS:- Foreword by Thorn Hartle NEW YORK INSTITUTE OF FINANCE wcw VHDV • Tnnnurn . cvnucv • Tnrvn • cinr.«pnpc Library of Congress Cataloging-in-Publication Data Douglas, Mark (Mark J.) Trading in the zone : master the market with confidence, discipline, and a winning attitude / by Mark Douglas, p. cm. ISBN 0-7352-0144-7 (cloth) 1. Stocks. 2. Speculation. I. Title. HG6041 .D59 2001 332.64—dc21 00 045251 © 2000 by Prentice Hall All rights reserved. No part of this book may be reproduced in any form or by any means, without permission in writing from the publisher.Printed in the United States of America 10 9876 5 4321, this publication is intended to provide accurate and reliable information about the subject matter covered। It is sold with the understanding that the publisher is not involved in legal, accounting, or
 When legal counsel or other expert assistance is required, the services of a qualified expert should be sought...। from the Declaration of Principles, approved by a Committee of the American Bar Association and a Committee of Publishers and Associations. 

D-73SE-DmM-7 ISBN WARNING: ENTREPRISES AND INSTITUTIONS Prentice Hall books can be purchased in bulk for educational, commercial, or sales promotion purposes at a discount. Please send correspondence to Prentice Hall, Special Sales, 240 Frisch Court, Paramus, NJ 07652 for further information. Please include the following information: book title, ISBN, quantity, intended usage, and required date. The Institute of Finance at New York Prentice Hall Press, An Imprint, Paramus, NJ 07652, http://www.phdirect.com Prentice Hall Direct, Inc. is authorized to utilize Executive Tax Reports, Inc.'s trademarks NYIF and NEW YORK INSTITUTE OF FINANCE.

COMMITMENT:-  As a trading coach, I have had the pleasure of dealing with many traders, and this book is dedicated to them all. To everyone of you individually, a piece of the wisdom and direction this book will offer those who choose to trade from a self-assured, disciplined, and steady frame of mind.

 

AVAILABLE:- An equally impressive bull market in books about how to earn money trading the markets has resulted from the recent surge in stock prices. There are a lot of ideas out there—some good, some bad, some unique, and some merely repackaged versions of past works. Every now and again, though, a writer steps forward with something truly unique, something that truly makes him or her stand out from the crowd. Mark Douglas is one such author. For those of us who see trading as a career, Mark Douglas' book Trading in the Zone is a treasure. It is the culmination of years of thinking and research—the work of a lifetime. An in-depth examination of the difficulties we encounter when we attempt trading is provided in Trading in the Zone. Finding a way to produce money seems to be the only obstacle for the rookie. The newbie finds that he must either buy or build a solid trading strategy after realizing that brokers' recommendations, hints, and other justifications for buying or selling don't always work. Trading ought to be simple after that, right? The money will fall into your lap if you just follow the rules. Novices find that trading can become one of the most frustrating things they have ever done at this stage, if not earlier. The commonly cited statistic that 95% of futures traders lose all of their money during their first year of trading is a result of this experience. Because stock traders typically have similar outcomes, analysts frequently bring out the fact that most stock traders fall short of a straightforward buy and hold investment strategy. What therefore accounts for people's abject failure as traders, given that most of them are extraordinarily successful in other fields? Are successful traders created, or are they born? No, says Mark Douglas. He adds that the person needs to develop the mindset of a trader. Though it may seem simple, this mode of thinking is actually extremely different from how our experiences have taught us to view the world. It makes sense that 95% of people fail in life, given the way most of us navigate it by applying life lessons we've acquired along the way. However, it turns out that the talents we are taught to take us through life—the skills that help us get good grades, grow in our occupations, and build connections with others—turn out to be improper for trading.

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o TABLE OF CONTENTS FOREWORD........... XI AVANCE the following: xm ATTITUDE SURVEY xvii

     CHAPTER 1

THE ROAD TO SUCCESS: FUNDAMENTAL, TECHNICAL, OR MENTAL ANALYSIS? IN THE BEGINNING: FUNDAMENTAL ANALYSIS . . . . . . . . . . 1 THE SHIFT TO TECHNICAL ANALYSIS . . . . . . . . . . . . . . . . . 3 THE SHIFT TO MENTAL ANALYSIS . . . . . . . . . . . . . . . . . . . 4

        CHAPTER 2

THE LURE (AND THE DANGERS) OF TRADING THE ATTRACTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 THE DANGERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 THE SAFEGUARDS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Problem: The Unwillingness to Create Rules. . . . . . . 27

Problem: Failure to Take Responsibility . . . . . . . . . . 28 Problem: Addiction to Random Rewards . . . . . . . . . 30 Problem: External versus Internal Control........ 31

          CHAPTER 3

TAKING RESPONSIBILITY SHAPING YOUR MENTAL ENVIRONMENT. . . . . . . . . . . . . . . 34 REACTING TO LOSS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 WINNERS, LOSERS, BOOMERS, AND BUSTERS . . . . . . . . . . 50

         CHAPTER 4

CONSISTENCY: A STATE OF MIND THINKING ABOUT TRADING . . . . . . . . . . . . . . . . . . . . . . . . 58 REALLY UNDERSTANDING RISK. . . . . . . . . . . . . . . . . . . . . . 61 ALIGNING YOUR MENTAL ENVIRONMENT . . . . . . . . . . . . . . 64

          CHAPTER 5

THE DYNAMICS OF PERCEPTION DEBUGGING YOUR MENTAL SOFTWARE . . . . . . . . . . . . . . . 70 PERCEPTION AND LEARNING . . . . . . . . . . . . . . . . . . . . . . . 74 PERCEPTION AND RISK . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79 THE POWER OF ASSOCIATION. . . . . . . . . . . . . . . . . . . . . . . 80

          CHAPTER 6

THE MARKET'S PERSPECTIVE THE "UNCERTAINTY" PRINCIPLE . . . . . . . . . . . . . . . . . . . . 88 THE MARKET'S MOST FUNDAMENTAL CHARACTERISTIC. .. 93

            CHAPTER 7

THE TRADER'S EDGE: THINKING IN PROBABILITIES PROBABILITIES PARADOX: RANDOM OUTCOME, CONSISTENT RESULTS. . . . 102 TRADING IN THE MOMENT. . . . . . . . . . . . . . . . . . . . . . . . . 106 MANAGING EXPECTATIONS . . . . . . . . . . . . . . . . . . . . . . . . . 113 ELIMINATING THE EMOTIONAL RISK . . . . . . . . . . . . . . . . . 120

              CHAPTER 8

WORKING WITH YOUR BELIEFS DEFINING THE PROBLEM . . . . . . . . . . . . . . . . . . . . . . . . . . 125 DEFINING THE TERMS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128 HOW THE FUNDAMENTAL TRUTHS RELATE TO THE SKILLS . . . . . . . . . . . . . . . . . . . 130 MOVING TOWARD "THE ZONE". . . . . . . . . . . . . . . . . . . . . . 135

              CHAPTER 9

THE NATURE OF BELIEFS THE ORIGINS OF A BELIEF. . . . . . . . . . . . . . . . . . . . . . . . . 139 BELIEFS AND THEIR IMPACT ON OUR LIVES . . . . . . . . . . . 142 BELIEFS vs. THE TRUTH. . . . . . . . . . . . . . . . . . . . . . . . . . . 147

                CHAPTER 10

THE IMPACT OF BELIEFS ON TRADING THE PRIMARY CHARACTERISTICS OF A BELIEF . . . . . . . . . . 153 SELF-EVALUATION AND TRADING . . . . . . . . . . . . . . . . . . . . 167

                CHAPTER 11

THINKING LIKE A TRADER THE MECHANICAL STAGE. . . . . . . . . . . . . . . . . . . . . . . . . . 173 THE ROLE OF SELF-DISCIPLINE. . . . . . . . . . . . . . . . . . . . . 179 CREATING A BELIEF IN CONSISTENCY . . . . . . . . . . . . . . . . 184 EXERCISE: LEARNING TO TRADE AND EDGE LIKE A CASINO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189

A FINAL NOTE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201 ATTITUDE SURVEY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203 INDEX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209

                 

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