THE DISCIPLINED TRADER New York Institute of Finance Simon & Schuster Professional Publishing 2 Broadway, New York, NY 10004 (212) 344-2900 Author: Mark Douglas Price: $29.95 236 pages, 1990 Most people think that traders are rugged individualists, but as a group, traders (except for a few leaders) are indecisive and impatient to an extreme. Under normal conditions, the frame of mind of an average trader is one notch away from unrestrained terror. — Mark Douglas This book has to elicit curiosity among its readers about whether the author is really a trader or a theoretician. By chance, Mark Douglas seems to be both. Douglas honestly recaps his experiences as a fledgling trader in The Disciplined Trader. In the book, he tells of how he went to Chicago with very little capital to become a trader. He rented a fancy apartment, paid for his girlfriend's mortgage back home and commuted by plane on weekends. To cover his expenses, he needed to get rich in a hurry! But within a year, he ended up in bankruptcy court. That crushing and humiliating experience created what Douglas calls "forced awareness." Thus began a painful and slow but ultimately productive course of introspection and of evaluating his own and others' trading psychology. |
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