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Carol Alexander - market Contents list of illustrations Computerized trading An introduction The disciplined trader - developing Wiley trading seriesbeyond By wiluam MC'laren Trade your way The Theory of Interest Publications in operations Introduction to Econometrics Methods of Wall-Street Master First editionwith 140 This book was Icroeconomicprinciplespaul templea buffer The gann pyramtosquare The harmonic traderby Also by david The profit magic The symmetry wave

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1

Disciplined Trader

Developing Winning Attitudes Mark Douglas

NEW YORK INSTITUTE OF FINANCE

Library of Congress Cataloging in Fublieat ri Data

Douglas, Mark..

The disciplined trader r developing winning attitudes / by Mark Douglas.

p. cm. ISBN 0-13-215757-8

1. Stockbrokers-Attitudes- 1. Stock-exchange. I. Title. HG4621.D68 1990

332.64-dcZO 90-30237

This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged i. ."ndering legal, accounting, of other professional service. If legal advice or other expert assistance is required, the services of a competent professional person should be sought

From a Declaration of Principles Jointly Adopted by a Committee of the American Association and a Committee of Publishers and Associations

be reproduced in any form or by any means without

permission in writing from the publisher

Printed in the United States of America 10 9 8

New York Institute of Finance

A division of Simon Si Schuster, Inc

2 Broadway

New York, NY 10004-2207

To Paula Webb for her love, understanding and being there throughout the process of writing this book.

Contents

Foreword ix

Preface xi

Acknowledgments xvii

Part I Introduction 1

1 Why I Wrote This Book 3

2 Why a New Thinking Methodology? 15

Part II The Nature of the Trading Environment

from a Psychological Perspective 31

3 The Market Is Always Right 35

4 There Is Unlimited Potential for Profit

and Loss 39

5 Prices Are in Perpetual Motion with No

Defined Beginning or Ending 41

6 The Market Is an Unstructured Environment 49

7 In the Market Environment, Reasons

Are Irrelevant 59

8 The Three Stages to Becoming a Successful

Trader 65

Part HI Building a Framework for

Understanding Ourselves 79

9 Understanding the Nature of the Mental

Environment 85

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