The Disciplined Trader: Developing Winning Attitudes Paperback – April 16, 1990

On time and well oacked

Legit one of the best books I've read. I picked up trading later in life and had some bad habits I was blind to. This book helped me iron those bad habits out and improved the way I thought about losing trades, my P&L and my overall mindset.It got a little esoteric in the middle but it was a fantastic setup for the last 4 - 6 chapters.

The part of the trading equation that most traders overlook, but the part that holds the greatest significance, the mental aspect of it. Really this sums it up perfectly, with practical exercises to implement.

Look inwards to find yourself as a human and trader. There is no magic solution to success, but these lessons taught in this book come close if you're willing to stay on the path.

First off let me assure you that Mark Douglas deserves all the generally positive reviews he's received for this book and for "Trading in the Zone." What Douglas has to share is essential, extremely valuable information for both aspiring and veteran traders alike. That said, stand warned that Mr. Douglas has quite a tedious writing style. He suffers (and thereby, so does the reader) from a particularly diffuse, circular, and repetitive style. He gives redundant a bad name. Here's a sample, you be the judge:"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." Got that? Then this book is for you.You don't have to worry about picking between The Disciplined Trader, and Trading in the Zone - Mr. Douglas is so repetitive that he essentially wrote the same book twice. Material from each book is either reprinted verbatim or repeated in a slightly different way in the other.In fairness, Douglas is struggling to convey some very complex psychological concepts which don't easily distill down to catchy one-liners. Still, for all of his good things to say, Mr. Douglas would only benefit from a good editor.Stick with it though - the keys to success are buried within. And then re-encrypted over and over.

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

Very good insights in this book but it was very painful to read. I recommend reading 5-10 pages a day, that will allow some time for reflection.