Readers reviews of
Trading in the Zone
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This is not a book for traders just
starting out. This is the book you turn to when you eventually realise that your trading
success is being sabotaged by yourself. It happens to all of us at some stage. Suddenly we lose touch with the
market even though we know our analysis skills are good. We find the right trades, but
they turn into losers, or we miss the really significant profits. This is self sabotage
and this book provides useful analysis and solutions.
Douglas argues that trading is more
about a state of mind that accepts responsibly and understands the true meaning of
probabilities. He sets out what he calls five fundamental truths about trading. He shows
how these relate to trading skills, what he calls the zone and our belief
structures. Central to this is his understanding of the difference between perception and
learning and perception and risk.
He argues that trading success
depends as much on how you handle emotional risk as it does on any other factor.
Experienced traders would agree with him. Inexperienced traders tend to have trouble
understanding the relevance of this psycho-babble.
New traders should read this book
because some of what it covers will become relevant as they continue to trade. It may help
them recognise errors more quickly. Experienced traders need to revisit the concepts in
this book because it provides a clear outline of many of the problems faced by traders who
want to move from average to good and better in their trading performance.
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