The Disciplined Trader: Developing Winning Attitudes by Mark Douglas EPUB & PDF – eBook Details Online
- Status: Available for Free Download
- Author Name: Mark Douglas
- Book Genre: Business, Economics, Finance, Nonfiction, Psychology
- ISBN # 9780132157575
- Date of Publication: 1990-4-1
- PDF File Size: 900 KB
- EPUB File Size: 304 KB
Why I Wrote This Book
Since I started working on this book – in the summer of 1982 – nearly every
dimension of futures trading has exploded in growth. There are brand new
exchanges, new contracts, more advisory and news services, an increasing
variety of books and publications, and ever more sophisticated technical
trading systems, most all of them with computer applications to make it easy
to track the markets.
However, even with this tremendous growth in services
related to trading, one inescapable fact remains: there is still a very small
group of sophisticated traders who take the greatest percentage of profits out
of the markets, making well over 90 percent of all the other traders net losers
year-in and year-out.
In futures trading for every dollar of profit gained by one trader, there has
to be an equivalent dollar lost by another trader. If a few traders are
consistently making money on a grand scale, then their profits have to be
coming directly out of the pockets of the thousands of other traders who very
faithfully contribute to their daily winnings. Some of these very successful
traders are public figures, but most are only known in the Chicago or New
York areas. Needless to say, everyone wants to know what they do and how
they do it.
There must be a difference between these two groups of traders – the small
minority of winners and the vast majority of losers who want to know what
the winners know. The difference is that the traders who can make money
consistently on a weekly, monthly, and yearly basis approach trading from the
perspective of a mental discipline.
When asked for their secrets of success,
they categorically state that they didn’t achieve any measure of consistency in
accumulating wealth from trading until they learned self-discipline, emotional
control, and the ability to change their minds to flow with the markets.
First, I want to point out that self-discipline, emotional control, and
learning to change one’s mind after making a commitment are all
psychological issues that have nothing to do with news services, advisory
services, new exchanges, or technical or fundamental trading systems –
computerized or not.
Second, from my trading experiences, observations, and research, I have
discovered that all traders – both winners and losers – seem to share some very
common experiences. Either in the beginning or at some point early in their
trading career, all traders experience confusion, frustration, anxiety, and the
pain of failure.
The few-traders who pass through this phase to accumulate
wealth are those who eventually confront and work through some very
difficult psychological issues about what it means to be a trader, and this
process of realization and change normally takes several years, even for the
best of them.
If self-discipline and emotional control are the keys to success, they are
also not necessarily traits any of us are born with. On the contrary, they are
characteristics we acquire by learning certain mental skills.
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