- Hardcover: 256 pages
- Publisher: PENGUIN USA; 1 edition (23 March 2000)
- Language: English
- ISBN-10: 0132157578
- ISBN-13: 978-0132157575
- Product Dimensions: 16 x 2.3 x 23.6 cm
- Customer Reviews: 210 customer ratings
- Amazon Bestsellers Rank: #3,841 in Books (See Top 100 in Books)
The Disciplined Trader Hardcover – 23 March 2000
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1) Successful traders learn self-discipline, emotional control and the ability to change their minds to flow with the markets.
2) We create losses instead of avoiding them simply because we try to avoid them.
3) In an unstructured and unlimited environment, it is essential that you establish rules to guide your behavior. If you make up and have to play by your rules, you also have to take complete responsibility for your actions as well as outcomes of those actions.
4) You can’t assure yourself of the next win if you can’t define the market conditions or the decision-making process that produced the previous win.
5) In the market environment, reasons are irrelevant. Trade happens because of the two traders are willing to trade.
6) Have a belief that would allow for the possibility of the market doing anything at any given moment.
This book helps you to overcome the psychological barriers in the way of becoming a successful trader. One should use it along with a good technical analysis book, but after reading this book you will realize that technical analysis is secondary to discipline in trading.
Top international reviews
They compliment each other nicely. A brilliant set of books.
one of those books you have to rwead more than once but has good sense.
On the minus side, the writing is long-winded, ponderous, needlessly academic and seems to retread the same talking points at random, which takes away somewhat from how the key points are delivered. I often feel as if I've walked through the kitchen four times just to reach the bedroom. Then again, the added mental focus required to make this a smooth read could be the same quality required for top trading results... so, the ffy readability of many areas of the book could perhaps be a litmus test for more intangible trading skills..... probably not intentional though.
Save yourself the pain by remembering this:
The successful trader is 20% technique and 80% mental discipline. This simply means picking one or two techniques that work for your and building a set of trading rules. Then STICK TO YOUR RULES.