The Disciplined Trader, by Mark Douglas, is all about developing winning trading attitudes.
The Disciplined Trader is Mark Douglas’s first book. And like his second book, Trading in the Zone, this is all about trading psychology. It’s about the rarely-discussed subject of how your mind interfaces with the market. Fascinating stuff, right?
Mark Douglas is a believer that 80% of your trading performance is psychological, rather than methodological. In other words, it’s not what trading indicators you use, but it’s how you develop the mental skills to act on your analysis. And as far as I know…
Nobody talks about this aspect of trading as effectively as Mark Douglas, he’s spent the last 20+ years figuring out what works, and explaining it in clear terms. So let me tell you what you’re in for with The Disciplined Trader.
Why It’s Worth Reading The Disciplined Trader:
The Disciplined Trader can probably help you improve your psychological reaction to the markets. If you’ve traded with real money on the line before, you know this is no small feat. Learning to improve the way you react when the stakes are high, is what this book is all about. In fact…
I found the material in this book to be so stimulating, that I actually read it cover-to-cover, three times in a row! Once I finished it the first time, I started reading from the start again immediately. That’s because there is so much information and knowledge in this book that I literally couldn’t soak it all up the first time!
If that’s not saying a lot, I don’t know what is.
The other think I liked about The Disciplined Trader is that I read it is Mark Douglas’s first book, written 10 years before Trading in the Zone. So you can really see his thinking taking shape. And you can feel his experiences of losing money in the market are still quite fresh. I think the author does a very effective job making the book relatable. But that’s not even the best part.
My Favourite Part of The Disciplined Trader:
If you really want to know, I think the best part of The Disciplined Trader is the thinking methodology the book is based on. Without giving it away, Douglas does an excellent job challenging some of the most fundamental assumptions you have about the way the world works.
He clearly demonstrates how the stock market is an environment like no other. And our experiences in the world-at-large do not effectively equip us to interact with the intricacies of the market.
But not only does The Disciplined Trader show you how the market is special, it shows you what thinking skills you need to come out on top. It teaches the necessary criteria required for consistent trading success, and if that isn’t every traders dream, then I don’t know what is.
But in case you think I’m getting biased, I want you to know the book isn’t perfect.
Where The Disciplined Trader Comes up a Little Short:
I might be splitting hairs here. But I found the writing in this book to be a little bit choppy. Particularly, the first couple of chapters had some long sentences that were a little bit tough to follow at times.
However, I think as the book progressed the flow improved. And this might be a function of Douglas easing into being a writer (as he was previously a professional trader and trading coach). Nonetheless…
If my biggest complaint about this book is some run-on sentences, then I think that’s saying a lot. This is one of the best trading psychology books on the market (pun intended). Now, let’s finish of this book review.
The Disciplined Trader – The Final Word:
The Disciplined Trader is an incredibly educational book. I have yet to find another expert that tackles the subject of market psychology with the same insight and expertise as Mark Douglas. And this book is another great example of this (along with Trading in the Zone). For these reasons, I highly recommend you buy The Disciplined Trader on Amazon.
If you’re still undecided, I encourage you to check out the video book review. This will give you even more insight into what you can expect from reading Trading in the Zone.