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This work aims to help traders learn the critical behaviours necessary in responding to market conditions and opportunities. The author - an experienced commodities trader - has considered and confronted the problems he experienced in trading.
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1.  18.08.2010
Unsystematic
Well, after reading several other books, I find myself here writing a review. Mostly, I believe that I have spent my money in vain buying this book. I trade FX and stocks for a living, and I quickly found out the importance of discipline. Seeing that added discipline has improved my trading, I went on buying this book. In terms of what you can learn, is worthless--it boils down to ''the markets are not going to give you profits just because you've spent X hours analyzing''. It has an intrinsic value however: it can help you formulate your own thoughts.
The more I trade, the more I think discipline cannot be learned from a book. I can tell you in this review my basic concept of discipline: plan your work, work your plan. But the fact is that you can read it over and over, and understand it, and still fail to implement it, and that there is actually no reason to buy a book. Douglas has a way of trying to analyze you without meeting you in person, and this will work if you are the average person. but if you are average, please give up trading!!! you will lose money, and time, and possibly someting far more precious like your husband/wife. If you commit to trade, you are resloved to become above average, and you need a book that shows you how is ''The art of contrarian trading'' from Futia (it is actually a book much more about market and individual psychology then on actual contrarian trading strategies), or even better, start a competitve sport--they require a lot of discipline to succed, and they offer you a way to relax mentally after a hard day trading. And do not make excuses why you cannot play a sport--if you do, you will make similiar excuses when trading, and that means money down the drain
To state it differently, Douglas and Futia tell pretty much the same thing with one difference: Douglas focuses on why you've failed, and Futia on how you'll succed.
Aside from this, the book is highly unsystematic, and repeats itself quite a lot.
IMHO, to learn discipline, play a sport with full commitment, and remember well each time you try to make an excuse for yourself and rationalize things; if you still want to read something about discipline in trading, go with Futia, he'll tell you how you will no longer be average.
2.  09.08.2010
Not what I thought, but good
This book wasnt exactly what I thought it would be. It spent alot of time taking apart the mentality of the average trader and contrasting it with what a winning trader should be thinking. Some chapters seem a bit redundant. It makes you examine your beleifs about trading and helps you self examine to see if you have any of these traits that will hurt your trading and also gives practical suggestions for how to change your mentality. It is actually quite good and i could see lots of applications to circumstances outside of trading. All in all my trading has improved since reading this book. Expect alot more pychology than fundamentality or technicality. I would recommend it to be part of a trader's library.
3.  14.02.2010
The Disciplined Trader
Excellent!! If you are a trader, get this book and any other book written by Mark Douglas. He is amazing!
4.  07.12.2009
A Complete Waste of Time
I'm mystified why this book has received any positive reviews at all. At best, the psychological advice in the book sounds like new age mysticism. At worst, the trading advice is so simplistic as to actually be dangerous to new and inexperienced traders. Throughout, the writing is convoluted, long-winded and ultimately lacking in substance.
It's hard to find a page without some pearl of wisdom so absurd as to be worth quoting.
"The dilemma we are confronted with is how can we know what we don't know when what we have already learned will block our perception of what we haven't learned yet." Actually, the dilemma I faced was whether to bother reading to the end of the book or not. (I did, painful though it was, just in case he was saving the best for last. He wasn't.)
Even though anyone reading is book is quite likely the sort of person who likes learning new things, Douglas takes the time to make the case for, well, learning new things. "How could we not be better off by learning something when you consider that the environment can act as a force on us in an almost infinite variety of ways, some of which we know about, many others we couldn't begin to anticipate unless we keep on learning in spite of what we already know?"
I kept on reading in spite of what I already knew, and that's several hours of my life I will never get back.
Unfortunately, Douglas is neither a psychologist nor a writer, and he has nothing to offer traders looking to improve their skills.
5. 21.08.2009
phenomenal content + painful writing style
Even if you don't trade, you should read this book. The insight the author gives into a person's psyche is astounding. I learned more from this book than from dozens of psychology books and the couple of psych classes I took in college. On the downside, the author's writing style is very tedious. It took me three times as long as it should have to read this book because I had to reread (at least once) nearly every other sentence. I've heard the author speak (on the Web), and he speaks much more clearly than he writes. But the content is worth fighting your way through the book.
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(118 recenzí)
