The Disciplined Trader
by Mark Douglas, ISBN-13: 978-0132157575
The predecessor to Trading in The Zone, The Disciplined Trader is an easier read for traders at the start of their career because through this book Douglas is developing his psychological theories which evolved into his later work.
Parts of this book are difficult to accept at first because the author tries to link his psychological theories and Conservation of Energy laws of physics to demonstrate how your senses convert energy into memories and perception. As far as I’m aware, the processes of memory are poorly understood so by making these statements and presenting them as facts, to me it smacked a little of quackery. However if you can ignore this and allow Douglas some artistic licence, the underlying psychological ideas are sound – and powerful – and the way he relates them to the problems of trading are truly enlightening.
This is one of the books which really helped me make a huge breakthrough in my approach to trading, as Douglas made me realise that all the problems I was having were self inflicted. I was able to change my mindset and trade with far less emotion, staying detached and confident about the trades I placed and accepting the outcomes.
I’d say this in another must-read, even if you’ve read Trading in The Zone, as there’s different “delivery method” for Douglas’s ideas so you absorb different things from the two books helping you to achieve the same goal.
The Day Trader Rating: 7/10.