The Disciplined Trader™: Developing Winning Attitudes by Mark Douglas (PDF)

Description

One of the first books to address the psychological nature of how successful traders think The Disciplined Trader is now an industry classic. In this groundbreaking work published in 1990 Douglas and Webb examine the causes as to why most traders cannot raise and keep their equity on a consistent basis and brings the reader to practical and unique conclusions as to how to go about changing any limiting mindset. The trader is taken through a step-by-step process to break through those queries and begin to understand that their very thoughts may be limiting their ability to accumulate and succeed at trading. The Disciplined Trader is critical for those new to the markets, to traders who are returning to the markets, and even veteran traders who cannot seem to break through to a higher threshold of accumulation and consistency. The reader will learn that the market is unstructured unlike any other career field; will learn the Three Stages to Becoming a Successful Trader; learn how their very thoughts manage how they perceive the markets; and learn how to adapt to the ever-changing market environments. Douglas and Webb help traders neutralize the fear of losing into a mindset of winning through this systematic approach to creating, instilling, and maintaining the mindset of a consistently successful trader.

User’s Reviews

Reviews from Amazon users which were colected at the time this book was published on the website:

⭐Mark Douglas hits a home run with this book. It’s a must have for traders to advance their trading by dealing into the “Why” of the decisions we make as traders.

⭐Mark Douglas writing style is very Zen, but the lessons are vital so it’s worth the slog. It took me three WEEKS to get through the first 80 pages. At first the concepts were downright weird, and he delivers them in a slow-pitch fashion. There were hardly any concrete examples or analogies to really sink my teeth into.It didn’t feel like a standard book. He doesn’t seem to observe any of the standard conventions about clarity, brevity, expansiveness, repetition, or other typical tools. Granular at some levels, yet macro at others. Nothing in the middle, which is where a guy like me WANTS it to go.I WANTED somebody to take me by the hand and say,”Here’s HOW you change yourself.”Do this assessment / self-evaluation form, then”Do the exercises for the ‘foundation’ areas everybody needs, then”Do these other exercises specifically for the areas you suck at worst, then”Do them for Y weeks, and rinse and repeat as necessary until you have the Core Skills.”I didn’t WANT to learn this weird Mark Douglas way. It wasn’t fun. It wasn’t hip. But I persevered, and the light at the end of the tunnel was not a train. I would learn a principle then find out I had only learned PARTS of it – there was actually something bigger, broader, and more all-encompassing above it. Criminitly… I’m starting to sound like Mark. He’ll give you principles, but you’ll still have to learn WHEN and HOW to apply WHICH principles. Here’s an example in my own voice, adapted from the book: The old trading mindset says, “when BAD things happen, kick in either fight or flight reaction.” The new mindset says, “When INTERESTING things happen, OPEN YOUR EYES, learn from them and DELIBERATELY choose a response….Studying this book is almost like watching one of the cooking shows on PBS. Those guys ACT like they’re going nice and slow, and that you have plenty of time to keep up. But the truth is, They’re burning rubber and you don’t have a snowball’s chance unless you taped the dang show and can re-wind at will. …One of the things about this book – Mark seems to be a shockingly humble guy. He doesn’t present himself as the world’s perfect trader. Yes, he has street cred, but he doesn’t present it like that at all. He wants you to know the pain he went through, so you can avoid it yourself. Not only does he see the big picture, he sees the ugly gory details…-Norm Chambers

⭐Mark Douglas is a prophet. What he has uncovered in this book and even more so in his next book (Trading in the Zone) is groundbreaking. Most people approach trading as a function to make money but no one really thinks long and hard as to how our personal believes, attitude and perception is the most important fundamental to making money in the markets. The Discipline Trader tries to unravel the ways a mind can block us from thinking like a trader and thus create our own perception of fear and false believes. The book also goes deep into how the mind works at times when the threat of loss is always present and ways to counteract that.I personally have found immense benefit from his work. Only read his work with extraordinary focus and faith. Any conflict or distraction you bring to this book will act as a force in causing you to miss the real message.RIP, MD.

⭐I enjoyed the book and highlighted many relevant sentences and paragraphs that held a mirror up to my errors and misunderstanding. The book read much longer than it is and wanders across a wide array of considerations important to traders. It merits a read.

⭐This book clearly explains how BELIEFS drive cognitive functioning. If you are interested in more accurately perceiving object reality (rather than your filtered versions of it) then this book is for you. Douglas explains how beliefs filter reality. He then goes on to explain how to manage your beliefs, such that you become more adaptive and learn faster from experience. He provides specific mechanical steps for engaging in belief change.This book is actually about becoming more fully conscious ! Douglas shows you how. Douglas confirms the findings of Ariel and Mack in the book INATTENTIONAL BLINDNESS. To appreciate this book, you really do have to understand the IB phenomenon as described in that book…An earlier reviewer quotes this from the book, poking fun at it:”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.”What Douglas is saying is simple: predictions are beliefs, and you will automatically ignore data that invalidates your beliefs. Beliefs, including predictions and judgments, are in fact filtering your perception of objective reality. This means that what you believe has everything to do with what you notice or perceive.This book is actually a classic, from a layman, on cognition and cognitive process. The biggest contribution to cognitive science here is the coverage of fear and how fear narrows perception in a very dangerous way for traders. Approach the book as a cognitive science book written by a very experienced and knowledgeable layman and you’ll enojy this book tremendously. The subject matter is applicable well beyond the trading domain. However, since trading is so psychologically demanding, it is in fact a laboratory for understanding cognition and cognitive effects produced by emotions like fear. Buy this book if you want the inside scoop on how you actually are perceiving the world around you.

⭐The title of the book really makes it sound boring and stoic. However, once I got past the title and started reading the book, it wasn’t long before I realized that this was one of those rare books that, ( I would say), is life-changing.

⭐Am extremely good book. However don’t think it will enable you to day trade profitably. It took me 7 years to find out. Day trading is flawed due to the way the brain/heart/nervous system is wired. Try to, if you must use much longer timeframes and lower leverage, and prioritise you and your life over forex. Forex will not save you.

⭐This is a brilliant book. Insightful, helpful, and is applicable to all of life, not just trading. Mark Douglas has explored and presented his thoughts on underlying motivations, things deep within oneself that can derail you, and offers possibilities for how you can overcome your own inner barriers. This is enormously helpful. Learning technique is one thing but putting it into profitable practice is something else entirely. I’m so glad I found this book. It’s truly amazing.

⭐a long read but worth it makes you look at life in general as well in the finance world and re-think how you carry on.one of those books you have to rwead more than once but has good sense.

⭐This a very well written book and every serious trader must have it. Following are some of the excerpts which can give an idea about what one can expect and learn from from this book:1) Successful traders learn self-discipline, emotional control and the ability to change their minds to flow with the markets.2) We create losses instead of avoiding them simply because we try to avoid them.3) In an unstructured and unlimited environment, it is essential that you establish rules to guide your behavior. If you make up and have to play by your rules, you also have to take complete responsibility for your actions as well as outcomes of those actions.4) You can’t assure yourself of the next win if you can’t define the market conditions or the decision-making process that produced the previous win.5) In the market environment, reasons are irrelevant. Trade happens because of the two traders are willing to trade.6) Have a belief that would allow for the possibility of the market doing anything at any given moment.This book helps you to overcome the psychological barriers in the way of becoming a successful trader. One should use it along with a good technical analysis book, but after reading this book you will realize that technical analysis is secondary to discipline in trading.Good luck!!!

⭐Bought 7 books on binary options, forex, etc and this is definitely the most effective. If you already have a strategy to make more winning trades, this is the book you need. You won’t regret it.

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