The Disciplined Trader by Mark Douglas

The Disciplined Trader is trading psychology book that describes the methods of becoming the disciplined financial trader and stop losing money just because our emotions take control over the mind. It also describes what the discipline in trading is and why is it very important in every financial market, including Forex, stocks, options and others. Mark Douglas is a CEO of a trading software development company and he has a very rich experience in trading. According to him, more than 80% of trader’s success is concentrated in psychology and his treatment of the emotions. This book can serve as a step-by-step guide to adapting successfully to the unusual psychological characteristics of the Forex trading. You will learn to understand the psychology of trading and the importance of personal psychological transformation.

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Below you can read the reviews of the book and also submit your own review about The Disciplined Trader by Mark Douglas.

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5 Reviews

  1. Frai:

    In spite of being a trader for quite some time, I was surprised how I learnt the most from this book. Even more surprisingly, this book was written in 1990, a long time before the world became the World Wide Web! Each point the author has raised is valid even today. In my eyes, every book which successfully teaches you about the importance the correct frame of mind, proper habits and gives you confidence is worthy of being called a great book. Some crucial points in my opinion are:
    * Trading and creating positive patterns in the process.
    * Accept when you are defeated
    * Anticipate the emotion you will have
    * Realize that the market will not appreciate your fear

    This book will make for a great investment. Though some pages are a little unnecessary, it is a very well volume. It provides you with valuable tips which are applicable in any market structure.

  2. Ivan:

    A very common mistake that traders make in today’s scenario is that they refuse to bow down to a situation in which they are invariably going to suffer a loss. They don’t realize the importance of slowing down to ease out the situation and minimize their loss, if it seems inevitable.

    This book teaches you just that. Reducing your loss and increasing your gains using your mental prowess.

    If you have been in contact with similar works earlier, like those by Tony Robbins, then you will not find anything very new and different here.

    It focuses on the mental aspect of day-trading which is mainly just a mind game.

  3. Robin:

    One of the things I regret in my life is that I let this masterful book collect dust for years before I finally picked it up. It’s that good. It is not just that for a trader, it helps you with the psychology of life. Where most people go wrong is that they don’t try to see the sense in what they are doing. They just blindly follow what they see in such books. To exemplify what he teaches, Douglas prefers instances from his own trading experiences rather than the prototype charts and analysis used by most other authors. If you want to re-check your trading methods and understand them better, this book is the one for you.

  4. Wayne:

    I have never come across a book written in such a manner. I am unable to compare it to any other author. I struggled to read 80 pages over almost twenty days. I find it hard to retain just by reading. This book made my experience even worse. I couldn’t grasp any of the new methods being talked of and I never really managed to find a foothold.

    Mark Douglas writes in a very arrogant manner. He wants the reader to adjust to his style. It seems as if he is not bothered about the reader and refuses to make his book more reader-friendly by using simple language, clear concepts or techniques to aid the reader’s understanding.

    He treats different techniques differently. Some techniques he goes on and on about, almost on the verge of useless repetition. Others, he just seems to mention and moves on to the next. Personally, I was unable anything at all this way.

    Before reading this book, I had a few expectations of my own. I was hoping it would explain in detailed steps what you need to do and how it is to be done. The steps were meant to be in a certain sequence which is the basic norm that all authors obey.

    Mark Douglas gave his lesson in a very disappointing way. It wasn’t a good experience at all. Despite all the hardships, I kept on reading. I must say, it was worth it. I actually realized that there was a bigger picture. Also, I learned that the same technique cannot be used in every sort of a situation. There isn’t a one size fits all in the market. All the classic trading philosophies tell you to abandon all attempts when you sense a losing situation. The modern philosophy asks you to get into the game only when you sense a favorable trading opportunity.

    The experience of reading this book can be compared to watching a cooking show. The chef teaches you how to make a seemingly simple dish and you watch and feel you can do it very simply. It is only when you actually attempt to do it yourself; you actually realize how blank you are. Unless you made notes while seeing, you won’t manage.

    I may appear self contradictory, but the author is an incredibly humble person. He is a very well known trader but he doesn’t shout it out. He just wants to share his experience and familiarizes you with the trauma the trading market can make you go through. He doesn’t mince his words.

  5. kev:

    The author presents an unedited version of the truth before you. It is not entirely pleasant. At the same time, it is not too harsh. It is only the truth. This is one of the few life changing books you will ever come across. I advise you to read this with an open mind and I guarantee it will help you achieve the greater goal in your life. Not just for traders, everybody should go and get this book.