Series: Your Coach in a Box
Audio CD
Publisher: Your Coach In A Box; Unabridged edition (August 21, 2012)
Language: English
ISBN-10: 1596598670
ISBN-13: 978-1596598676
Product Dimensions: 5.2 x 0.8 x 5.8 inches
Shipping Weight: 6.4 ounces (View shipping rates and policies)
Average Customer Review: 4.4 out of 5 stars See all reviews (480 customer reviews)
Best Sellers Rank: #379,423 in Books (See Top 100 in Books) #32 in Books > Books on CD > Business > Personal Finance #37 in Books > Books on CD > Business > Investing #262 in Books > Books on CD > Business > General
The zone is a fearless, flexible and probabilistic state of mind that is consistently focused in what Douglas calls the "now moment opportunity flow" of the market based on objectively-identified edges. According to Douglas, the "now moment" means that "there is no potential to associate an opportunity to get into, get out of, add too, or detract from a trade with a past experience that already exists in your mental environment" (pg. 130). Consistently successful trading requires a high degree of mental flexibility, based on certain fearless attitudes and a probabilistic mind-set, to flow in and out of trades based on what the market is saying about the possibilities from its perspective. One must have a trading system that eliminates one's susceptibility to typical trading errors (as listed on page 186) and duplicates how a casino operates. Like the casinos, the consistently successful traders know that over a series of events (or trades), the odds are in their favor, but in order to realize the benefits of the favorable odds, they have to participate in every event (or trade). In other words, they know they won't be successful on every single trade at the micro level, but on the macro level the outcomes over a series of trades will produce consistently successful results provided that the following is true: 1) one has an edge that genuinely puts the odds of success in your favor; 2) you can think about trading in the appropriate manner, and 3) you can do everything you need to do over a series of trades. Regarding the first, you must know what defines an edge which requires you to be well educated in market/technical analysis. Douglas assumes that most of the people reading his book have this education.
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