Summary of The Disciplined Trader
Developing Winning Attitudes
Copyright © 1990 by Mark Douglas
Used by arrangement with Prentice Hall Press, a division of Penguin Group (USA), Inc.
Traders need to know how their emotions affect their trading so that they can exert control – but can they?
Author Mark Douglas explains that he lost almost everything he owned because of bad trading decisions. The experience led him to rigorous self-examination, and he discovered that emotions, especially fear, had led him to trade imprudently. He went on to write this straightforward, very penetrating explanation of the role of beliefs and emotions in trading. This is not an abstract academic exercise. Douglas is a trader talking to traders. He is thorough and practical in his analysis and advice. At times, his style may be awkward, stilted and even cumbersome; however, these flaws do not prevent him from communicating important, useful information. Although the book is specifically about emotional and psychological factors as they affect trading, readers are likely to notice that these influences are active in other dimensions of their lives as well. getAbstract finds that this is quite a good little book that has stood the test of time, despites changes in the technology of trading.
In this summary, you will learn
- How and why emotions and beliefs affect your trading decisions
- How to prevent emotions from causing you to lose money
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