V. 9:14 (558-559): BOOK REVIEW

V. 9:14 (558-559): BOOK REVIEW
Item# \V09\C14\P558.PDF
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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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