The Disciplined Trader™: Developing Winning Attitudes

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Don’t be put off by the book’s age. It really is a timeless classic most worthy of any trader’s bookshelf. Never stop learning!

Joe’s been trading for over 50 years, longer than most of you’ve been alive, so when I talk about “an experienced trader,” well–you get my point. And don’t be fooled by his grandfatherly, gravelly voice. Joe, although nurturing, is intensely serious about getting you focused and getting you serious about how you frame what you do as a trader. After a series of winning trades, greed can rear its ugly head; often we are tempted to take on a larger position than usual–trying to take advantage of the roll we seem to be on. And that’s usually not a good idea. So there's a sample of his prose, as well as a vision of enlightenment and its fruits as set forth in The Disciplined Trader. I’ve also included in this module my eBook titled, “How To Design and Construct A Successful Trading Plan.” Again, what good is having a great disciplined regime if you don’t have a trustworthy trading plan to follow?Some traders described The Disciplined Trader as being the only book needed. As good as Trading in the Zone is, some viewed the text as simply a recap/rehash of The Disciplined Trader and, therefore, not worth the money.

An edge is nothing more than an indication of a higher probability of one thing happening over another’. Written by Gary Dayton, a psychologist, a mentor and a trader since 1999, Trade Mindfully bases its theme on the concept of mindfulness. Mindfulness, by definition, is the quality or state of being conscious or aware of something. You are likely familiar with this term if you practice meditation. Mark Douglas is an American author and trader who wrote The Disciplined Trader: Developing Winning Attitudes. The book was first published in 1990 and has become a widely popular trading guide, with many traders citing it as helping them to develop the proper mindset for success in trading. Goodreads reviewer Matthew Phann recorded a reaction that I recognized as my own: "Some people might think it's vague mumbo jumbo, and I agree it's somewhat vague, but interesting conceptually and probably approaches the truth."Third, I wanted to teach the importance of journaling—teaching the structure of a good journal, and sharing multiple examples of effective journaling. We’ve all heard the expression that taking losses are just part of your overall winning. So if we know this logically, why is it so difficult to take those losses? Well, this difficulty can result from a number of factors: fear, ego, greed, and more. No matter what the reason is, you find yourself holding on to positions longer than your trading plan dictates, or moving stops around so you don’t get hit, or using mental stops. First, getting your mind straight on the fact that as a trader, you’re here to make money, to make a profit in your trading business. And second, getting more detailed on your implementation of proper risk and money management in your trading plan. In the last, but certainly not least portion of this module, you’re going to have the opportunity to learn from one of the very best minds in trading, Joe Ross, as he answers questions on “framing your trading as a business.” He is not talking about how to incorporate a business, but about how to think as a businessperson–which you are! This information is not to be missed.