It’s that time again … get ready for the latest installment of the SteadyTrade Book Club!
Host Tim Bohen is stuck in cold-as-heck Michigan. Pretty much all he can do this time of year is read … But even in warmer climes co-hosts Kim and Curtin and Stephen Johnson made time for the latest book.
This month, they’re discussing one of Stephen’s picks: “Trading in the Zone” by Mark Douglas.
Read along with the crew –– and share your thoughts! Leave a comment below or tag us on social media using the hashtag #steadytradebooks.
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About the Book
This month, we’re reading Stephen’s pick, “Trading in the Zone” by Mark Douglas.
Stephen chose it because it focuses on a topic that’s near and dear to his heart: the right mindset for successful trading. It’s a book about trading psychology…
… why you do what you do when trading…
… and how to get out of your own way on your journey to smarter trading.
Most things you learn in life can be contrary to what you need to be a successful trader. So to overcome these deeply ingrained ideas, you have to deconstruct and reconstruct your mind.
This book can help you do the hard work. It offers great tips for working on your psychology and improving over time.
The SteadyTrade Review
The whole SteadyTrade crew agrees: this book is well worth your time.
Tim loves his chart patterns — but acknowledges that so much of trading is “in the head.” This book helps break down the how and why of so many common behaviors that hold traders back!
Kim praises the book for its incredible lessons, not just for traders but for anyone who wants to be a better human. If you constantly feel triggered and react without thinking, you’ll have losses and make mistakes.
This book can help you face and combat your personal points of resistance to keep improving.
For Kim, this book is a great companion to another book she loves … It’s also an upcoming book club pick: “The Inner Voice of Trading: Eliminate the Noise, and Profit from the Strategies That Are Right for You” by Michael Martin.
Stephen’s praises are shining as well … Even though he doesn’t identify as a reader, this book drew him in and deeply affected him. Tune in to hear his full review!
Zero Barriers = Potential for Big Trouble
One of the biggest issues with trading? There are zero barriers. You don’t need a diploma. Technically, you don’t even need to understand how stocks work.
Brokers are happy to take your money even if you have no freaking idea what you’re doing.
Don’t fool yourself: you WILL be triggered. You can’t shut off your emotions. But the hosts agree, reading this book can help you understand that. And you can work on improving.
Listen in for a discussion of how and why it’s so important to acknowledge your emotions. Learn to work with them so you can make smarter trading decisions.
It just might help prevent you from blowing up your account … Yeah, it’s that important.
Perceive What the Market Is Offering
Here’s one big idea covered in the book … You must “perceive what the market is offering, from its perspective.” But Kim wants to know what that means, exactly.
Tim and Stephen break down what it means to them … and how it’s so important to go with the market rather than trying to defy it. Can you listen to what the market is telling you?
Restraint Is Your Friend
Another big topic of discussion? Restraint is a good thing in trading. Remember what Mike Tyson once said, “Everybody has a plan until they get punched in the mouth.”
Once you’re in the trade, nothing matters … it’s just you and the price action. So it’s worth doing your homework BEFORE you get in the trade.
Trading isn’t simple. But it can get easier the more you do your homework. Listen in to learn how to prepare.
Ready, Set, Read!
Wanna follow along with the crew? Here’s what we’ve read already:
- “The Hour Between Dog and Wolf: How Risk Taking Transforms Us, Body and Mind” by John Coates.
- “The Daily Trading Coach” by Brett Steenbarger
If you want to join the club, grab next month’s book: “Technical Analysis Using Multiple Timeframes” by Brian Shannon.
If you have questions or comments, please reach out! Remember: if your question is chosen as an on-air topic, you could win a SteadyTrade mystery gift box. Send questions via the SteadyTrade website, YouTube, or by email.
Thanks for tuning in to the SteadyTrade podcast. Stay tuned for weekly episodes featuring the hottest topics for aspiring traders.
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