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Reviewed in the United States on September 23, 2018

Verified Purchase

This is a poor piece of work. The author seems to know nothing of the psychology of decision making, and not that much about the markets. His writing is graceless and repetitious, with pointless asides. The essence of Douglass message is this: Develop a winning attitude. And be disciplined. Dont have a neurotic relationship to the market. This is obvious stuff, and the author communicates it poorly. Some of the content is seriously misguided. For example, Douglas asserts, on no authority except his own say so, that the true attraction of trading is . . . self-expression. (At p. 18.) This is wrong: the true attraction of trading is . . . making money. Another example: Douglas claims that traders who think that the best way to get better at trading is to learn more about the financial markets are falling into a trap because the market simply offers too many often conflicting variables to consider. (At p. 13.) Douglas repeatedly, and egregiously, devalues knowledge of the markets. I am tempted to make an unkind remark, but will refrain, and just say caveat emptor!

Reviewed in the United States on July 30, 2020

Verified Purchase

I wasted a whole afternoon slogging through this book, and there never was a payoff.

First, the book is FULL of a bunch of pseudoscience, magical thinking and other nonsense. The author speaks of topics of psychology, neuroscience and physics with clearly no real understanding of any of them. He seems to half-understand concepts from these fields, and then fills in the vast gaps in his understanding with pseudoscience and magical thinking. As just an example of this, at one point he mentions that tears contain negative ions (I dont know if this is true or not) and equates that with the body being rid of negative emotions and negative energy. The book is filled with stuff like that.

There are no references whatsoever to all of the various scientific claims he makes. Luckily, Im well-versed in modern psychology, neuroscience and physics myself to spot it for the almost complete nonsense it was.

Even that I could stomach if the book made some good points and had actionable things I could use as a trader. Unfortunately, that isnt the case. The book is filled with anecdotal stories (most of which have nothing to do with trading, and many of which are clearly made up by the author to make a point), metaphors, analogies, etc. By the time he finally gets around to making his points (about halfway into the book), they basically come down to:

-Realize anything can happen in the market
-Predefine (and know) your risk
-Cut losses short
-Let profits run

Even if you need to learn these things, there are far better books to teach these truly obvious and universally known basics without wasting your time with a bunch of non-relevant fictional stories. The book couldve made its points in a quarter of the pages.

So, if you believe in magic, psychic energy, positive and negative energy, AND youve never read anything on trading before, you might get a small amount of value from this book. But if you know ANYthing about trading, theres nothing new here, and even if there were, it wouldnt be worth sifting through all the unsubstantiated nonsense to find it.

Reviewed in the United States on March 30, 2019

Verified Purchase

A lot of traders read this book and yet the majority of them are those 90% who still fail to make profit. The book says things in general with lots of cool quotes. This is a good foundation for start trading, but your future has nothing to do with this book. This book will not make you successful in trading.

For me its a waste of time and money. This book was written by a guy who FAILED and LOSS at TRADING. The author did not succeed in trading at all.

Reviewed in the United States on April 15, 2018

Verified Purchase

**** Please read this one**** Well, after reading over 100 books..I think THIS ONE IS NUMBER ONE... Its Not Just a Good Book.. But the Way He Explains it... Is Special... I am a Retired Race Car Driver/Instructor.... and Being in The ZONE... is the Same for Anything... You Do Mentally... Pool, Chess, Boxing, Snow Skying, or DAY TRADING.. As am Example.. ( Today is Sunday).. but.. Last Friday... I Made a New Yearly Record.. I did Eight Trades.. Making Money ON ALL of Them.. and Ended up with a 10.7% Profit In ONE DAY... Yes.. alone 11% in One Day.... But I was.. Totally In the ZONE.... and I feel I owe Much of it to Reading This Book.... Good Luck.. and Have a GREAT DAY.... JohnofSJ...

Reviewed in the United States on October 11, 2019

Verified Purchase

Freaking fire emojis all day 🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥 i saw some Bad reviews Before receiving the book so I was a little iffy about it. I’m finishing up chapter 3 now but right from chapter 1 it’s packed with information that blew my mind. Idk what the rest of the book is about but so far its taught me that I’ve been asking the wrong questions to myself either consciously or subconsciously I would ask myself things like how can I read the markets better, what new technical analysis can I use And implement etc. vs asking a deeper question which is..... how do I think like a consistent successful trader??? 🤯🤯🤯🤯🤯 that question alone can help you breakthrough in your trading.

Top reviews from other countries

5.0 out of 5 stars Every trader should own a copy!

Reviewed in India on June 27, 2018

Verified Purchase

This is THE best book in trading psychology. I believe all the top traders and the consistently winning ones owns or has read a copy of this. This book has now reached the top slots in my collection of trading related books. If you need to know few other books which you could consider owning, they are Reminiscences of a stock trader, How I made $2 million in the stock market, Trading psychology 2.0, The disciplined trader, Market wizards.

The book is a hard bound one with excellent paper quality. I definitely received an original copy.

5.0 out of 5 stars Must Read for a serious Trader in Stocks and Derivatives.

Reviewed in India on July 20, 2019

Verified Purchase

I read this book completely with slow speed to grasp each and every chapter. I have had read other books also on trading psychology but this book appeared to me as the best among the same.
The author has in the beginning narrated typical journey of a trader and how most of the traders wipe out their entire capital within a year. The Book unfolds each and every characteristic of the nature of beliefs a typical trader holds which act as a hindrance in his trading journey. The comparison of trading with Casino operator is a perfect symmetry of the whole game. A novice trader first wins money, he becomes euphoric, then he looses money, he realizes need to learn various tools and a host of technical analysis. But, still he continues to loose money. The Author has analyzed why? There are hundreds of variables on which the markets react to. No trader, howsoever intelligent and knowledgeable can say for certain that a trade that he takes will win.
The Author has in subsequent chapters, given deep insight into molding the mental set of of a trader to be in tune with what market is offering. How an edge of a trader over others can work by just treating it as a higher probability and nothing else.
The magic of the solution lies in the last couple of chapters where the Author has asked the readers to pen down 5 Fundamental Truths about trading and 7 principles for creating consistency in winning.
I have taken down some important notes from the book for my own use. I go through these notes at least once in a week to stay my mindset aligned with the what the market is offering.

5.0 out of 5 stars A must read for every trader...

Reviewed in the United Kingdom on July 10, 2019

Verified Purchase

This is a watershed text on investing and trading psychology. Too often we underestimate the importance of individual mindset, psychology and particularly emotion on the effectiveness of our investing or trading systems. If we can our understand traits, strengths and weaknesses, then we can personalise a system which will improve returns. Douglas articulates the common dangers of trading, such as failing to take responsibility, and then gives us principles and tools to overcome them. Thinking in terms of probabilities and not ‘right and wrong’ is perhaps the most important single understanding. When we shift our thinking in this regard, and then devise objective rules in an effective trading or investing system, then we can be more objective and consistent. This book is a must anyone’s library.

Customer

5.0 out of 5 stars A must read for every trader...
Reviewed in the United Kingdom on July 10, 2019

This is a watershed text on investing and trading psychology. Too often we underestimate the importance of individual mindset, psychology and particularly emotion on the effectiveness of our investing or trading systems. If we can our understand traits, strengths and weaknesses, then we can personalise a system which will improve returns. Douglas articulates the common dangers of trading, such as failing to take responsibility, and then gives us principles and tools to overcome them. Thinking in terms of probabilities and not ‘right and wrong’ is perhaps the most important single understanding. When we shift our thinking in this regard, and then devise objective rules in an effective trading or investing system, then we can be more objective and consistent. This book is a must anyone’s library.

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Customer

Customer

1.0 out of 5 stars Overhyped

Reviewed in the United Kingdom on June 30, 2019

Verified Purchase

Overhyped. I never connected with the book though I purchased this in 2014 and never finished it.

2.0 out of 5 stars Another failed trader that knows it all?

Reviewed in the United Kingdom on April 6, 2021

Verified Purchase

I am halfway in and I can honestly say this reads like a book written by someone that doesn’t know what they’re talking about. He’s chosen his schtick, that it’s all about the psychology, but so far hasn’t managed to add any gravity to what he’s saying. It’s definitely repetitive as other reviewers have said, but no substance. Maybe it will get better and more useful to a new trader like me, we will see. We all want the big monies, and the secrets, but this feels like ‘those who can’t, teach’. One solid example of what the author is advocating would be nice but I feel like it’s not coming anytime soon.

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