Developing Winning Attitudes
NEW YORK INSTITUTE OF FINANCE
Library of Congress Cataloging-in-Publication Data
The disciplined trader: developing winning attitudes / by Mark Douglas.
ISBN 0 13-215757-8
1. Stockbrokers—Attitudes. 2. Stock-exchange. I. Title.
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 in
rendering legal, accounting, or 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 Bar Association
and a Committee of Publishers and Associations
© 1990 by Mark Douglas
All rights reserved No part of this book may
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 & Schuster. Inc.
New York. NY 10004-2207
To Paula Webb for her love, understanding and being
there throughout the process of writing this book.
Part I Introduction
1 Why I Wrote This Book
2 Why a New Thinking Methodology?
Part II The Nature of the Trading Environment
from a Psychological Perspective
3 The Market Is Always Right
4 There Is Unlimited Potential for Profit
5 Prices Are in Perpetual Motion with No
Defined Beginning or Ending
6 The Market Is an Unstructured Environment
7 In the Market Environment, Reasons
8 The Three Stages to Becoming a Successful
Part III Building a Framework for
9 Understanding the Nature of the Mental