Investment Psychology Explained: Classic Strategies to Beat the Markets: Amazon.co.uk: Martin J. Pring: Books

Product Description

Expert advice in a back–to–basics handbook on how to beat the market–the classic way

In Investment Psychology Explained Martin J. Pring, one of the most respected independent investment advisors in the world, argues that in the revisionist ′90s there are no quick, magical paths to market success. Rather, he emphasizes the timeless values of hard work, patience, and self–discipline–and much more. Drawing on the wisdom of creative investors such as Jesse Livermore, Humphrey Neill, and Barnard Baruch, as well as his own experience, Pring shows how to:
∗ Overcome emotional and psychological impediments that distort decision making
∗ Map out an independent investment plan–and stick to it
∗ Know when to buck herd opinion–and "go contrarian"
∗ Dispense with the myths and delusions that drag down other investors
∗ Resist the fads and so–called experts whose siren call to success can lead to disaster
∗ Exploit fast–breaking news events that rock the market
∗ Deal skillfully with brokers and money managers
∗ Learn and understand the rules that separate the truly great investors and traders from the rest

Reading Investment Psychology Explained will give you a renewed appreciation of the classic trading principles that, through bull and bear markets, have worked time and again. You′ll see, with the help of numerous illustrative examples, what goes into making an effective investor–and how you can work toward achieving that successful profile.

From the Author

Market wisdom of the ages gathered together in one book.
Investment Psychology Explained

Over the last one hundred years or so, countless books have been written on the psychological aspects of trading and investing. My purpose in writing Investment Psychology Explained was not to break new ground, but to bring together, in one volume, a distillation of the soundest wisdom and basic common sense on the subject of market psychology. I've tried to resist the temptation of padding the material, leaving the reader just with the meat of the market wisdom over the ages in a complete, easy-to-read, and clearly organized format. The contents are as follows:

Part I Knowing Yourself 1. There is no Holy Grail 2. How to be Objective 3. Independent Thinking 4. Pride Goes before a Loss 5. Patience is a Profitable Virtue 6. Staying the Course

Part II: The Wall Street Herd 1. A New Look at Contrary Opinion 2. When to Go Contrary 3. How to Profit from Newsbreaks 4. Dealing with Brokers and Money Managers the Smart Way

Part III: Staying One Step Ahead 1. What Makes a Great Trader of Investor 2. Nineteen Trading Rules for greater profits 3. Making a Plan and Sticking to It 4. Classic trading Rules --This text refers to the Paperback edition.

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3 of 3 people found the following review helpful

Martin Pring's work is thoroughly educating/enjoyable. 29 July 1998

By A Customer

Format:Paperback

Investment Psychology Explained was a very informative piece that details some of the emotional problems that traders and investors alike must face within themselves when playing the stock market. At the same time, however, Pring uses many real world examples that show how some of his theories and tips have either been applied or ignored and the results that followed. These real-world examples, in my mind, added to the book's entertainment and helped illustrate how Pring's tips can be transferred over to the reader's own investment style. The main idea that I walked away with from the book is that letting emotions interfere with investment decisions is like mixing oil with water...they don't blend at all together and only result in a big mess. However, I did feel that Pring's book did a lot of summarization of others' ideas, and more concrete plans of action for the daytrading speculator would have been in order. Overall, I found the work to be worth the money and ! a very interesting reading.

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2 of 2 people found the following review helpful

a series of chatty essays 2 July 1998

Format:Hardcover

the book describes events without giving a clear cut advise. a good bed-time story book but useless for serious investors

Sound advice from a guy who's clearly done his homework 8 Jun 1997

Pring makes an excellent case for his premise that
every investor's worst enemy is him (or her)self. Investing evokes a host of emotions - fear, greed,
panic, hope - all of which drive the investor to make unsound decisions. The key is to develop an objective plan and stick to it - not necessarily because it's foolproof, but more importantly because it allows a means of acting outside our emotions. He gives many good examples of how emotions cloud sound judgement, but after he's made his point I felt he ran out of gas. Though there is some insight into how the market reacts to news and other events, there's a lot of repetition and a lot of gratuitous summaries of other people's advice - filler for what is essentially an excellent magazine article stretched into a book.