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An edge is nothing more than an indication of a higher probability of one thing happening over another. 5. Every moment in the market is unique.
Accepting the risk means accepting the consequences of your trades without emotional discomfort or fear.
The best traders stay in the flow because they don't try to get anything from the market; they simply make themselves available so they can take advantage of whatever the market is offering at any given moment.
Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude Hardcover – April 1, 2000
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From Publishers Weekly
Copyright 2000 Reed Business Information, Inc.
Trading in the Zone introduces a whole new mental dimension to getting an edge on the market. Use it to leverage the power of the "zone" for unprecedented profit. --New York Institute of Finance/Penguin Publishers
Please note that the audio version of Trading in The Zone is not read by Douglas. This version is read by a professional reader, most importantly, someone who is not a trader or in the investment industry. This is a distinction that may make a difference in your listening experience.
(This review applies to the AUDIO version only.) Please notethat the audio version of Trading in The Zone is NOT read by Douglas. This version is read by a professional reader, most importantly, someone who is NOT a trader or in the investmentindustry. This is a distinction that maymake a difference in your listening experience.
- ASIN : 0735201447
- Publisher : Prentice Hall Press; Later Printing Used edition (April 1, 2000)
- Language : English
- Hardcover : 240 pages
- ISBN-10 : 9780735201446
- ISBN-13 : 978-0735201446
- Item Weight : 1.14 pounds
- Dimensions : 6.3 x 0.79 x 9.4 inches
- Best Sellers Rank: #2,842 in Books (See Top 100 in Books)
- Customer Reviews:
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Top reviews from the United States
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First, the book is FULL of a bunch of pseudoscience, magical thinking and other nonsense. The author speaks of topics of psychology, neuroscience and physics with clearly no real understanding of any of them. He seems to half-understand concepts from these fields, and then fills in the vast gaps in his understanding with pseudoscience and magical thinking. As just an example of this, at one point he mentions that tears contain negative ions (I don't know if this is true or not) and equates that with the body being rid of "negative emotions" and "negative energy". The book is filled with stuff like that.
There are no references whatsoever to all of the various "scientific" claims he makes. Luckily, I'm well-versed in modern psychology, neuroscience and physics myself to spot it for the almost complete nonsense it was.
Even that I could stomach if the book made some good points and had actionable things I could use as a trader. Unfortunately, that isn't the case. The book is filled with anecdotal stories (most of which have nothing to do with trading, and many of which are clearly made up by the author to make a point), metaphors, analogies, etc. By the time he finally gets around to making his points (about halfway into the book), they basically come down to:
-Realize anything can happen in the market
-Predefine (and know) your risk
-Cut losses short
-Let profits run
Even if you need to learn these things, there are far better books to teach these truly obvious and universally known basics without wasting your time with a bunch of non-relevant fictional stories. The book could've made it's points in a quarter of the pages.
So, if you believe in magic, psychic energy, positive and negative "energy", AND you've never read anything on trading before, you might get a small amount of value from this book. But if you know ANYthing about trading, there's nothing new here, and even if there were, it wouldn't be worth sifting through all the unsubstantiated nonsense to find it.
For me it's a waste of time and money. This book was written by a guy who FAILED and LOSS at TRADING. The author did not succeed in trading at all.
Top reviews from other countries
The book is a hard bound one with excellent paper quality. I definitely received an original copy.
The author has in the beginning narrated typical journey of a trader and how most of the traders wipe out their entire capital within a year. The Book unfolds each and every characteristic of the nature of beliefs a typical trader holds which act as a hindrance in his trading journey. The comparison of trading with Casino operator is a perfect symmetry of the whole game. A novice trader first wins money, he becomes euphoric, then he looses money, he realizes need to learn various tools and a host of technical analysis. But, still he continues to loose money. The Author has analyzed why? There are hundreds of variables on which the markets react to. No trader, howsoever intelligent and knowledgeable can say for certain that a trade that he takes will win.
The Author has in subsequent chapters, given deep insight into molding the mental set of of a trader to be in tune with what market is offering. How an edge of a trader over others can work by just treating it as a higher probability and nothing else.
The magic of the solution lies in the last couple of chapters where the Author has asked the readers to pen down 5 Fundamental Truths about trading and 7 principles for creating consistency in winning.
I have taken down some important notes from the book for my own use. I go through these notes at least once in a week to stay my mindset aligned with the what the market is offering.
Reviewed in the United Kingdom on July 10, 2019
Das Buch ist leider eine absolute Enttäuschung und reine Zeitverschwendung. M. Douglas schreibt in einem recht anstrengenden Schreibstil und kommt einfach nicht auf den Punkt. Trading in the Zone ist weder wissenschaftlich geschrieben noch gibt es praxistaugliche Tipps.
Die Kernaussage des Buches lässt sich in wenigen Sätzen darstellen: Denke in Wahrscheinlichkeiten- Wenn Du eine Strategie mit einem positiven Erwartungswert hast, wirst Du langfristig Geld verdienen. Kurzfristig kann jedoch alles passieren. Du brauchst keine Angst vor Verlusttrades zu haben, da Du langfristig gewinnen wirst.
Diese Aussagen werden in der ersten Hälfte des Buches ständig wiederholt. Es werden jedoch, bis auf eine kleine Übung am Ende des Buches, keine praxistauglichen Tipps gegeben, wie diese Glaubenssätze umgesetzt werden können. Stattdessen wird das Thema Glaubenssätze in der zweiten Hälfte des Buches ausschweifend theoretisch erörtert.