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Product Description
Product Description
One of the financial world′s most respected experts on the psychology of risk provides a revolutionary risk management model
Over the past three decades investors have adopted all varieties of complex quantitative systems for quantifying and managing risk. Yet, sophisticated investors and money managers continue to suffer record losses in today′s increasingly volatile markets. This book bridges the gap between investor psychology and quantitative risk management with a revolutionary risk management program that virtually any trader or investor can easily adapt to their goals and personalities. Using numerous fascinating real–life case studies, Dr. Kiev illustrates the various psychological and emotional traps to which even the savviest investors can fall victim. He develops a dynamic new risk management model that combines quantitative models and money management techniques. He also provides rigorous guidelines that will help readers answer such crucial questions as: How much should I trade? How much risk can I handle? and When should I get out?
Over the past three decades investors have adopted all varieties of complex quantitative systems for quantifying and managing risk. Yet, sophisticated investors and money managers continue to suffer record losses in today′s increasingly volatile markets. This book bridges the gap between investor psychology and quantitative risk management with a revolutionary risk management program that virtually any trader or investor can easily adapt to their goals and personalities. Using numerous fascinating real–life case studies, Dr. Kiev illustrates the various psychological and emotional traps to which even the savviest investors can fall victim. He develops a dynamic new risk management model that combines quantitative models and money management techniques. He also provides rigorous guidelines that will help readers answer such crucial questions as: How much should I trade? How much risk can I handle? and When should I get out?
From the Inside Flap
THE PSYCHOLOGY of RISK
Mastering Market Uncertainty
In The Psychology of Risk: Mastering Market Uncertainty, renowned psychiatrist and trading coach Ari Kiev builds on his internationally acclaimed books Trading to Win and Trading in the Zone to explore the psychology behind risk and trading. By focusing on your appetite for risk–taking, your ability to manage and adapt to risk, and your pathological patterns of risk–taking, Kiev shows you how to overcome the psychological obstacles of risk that undermine your decision–making process and ability to cut losing trades and stick with winners.
With the help of numerous trading case studies, Kiev outlines a risk management program that bridges the gap between investor psychology and quantitative risk management techniques. Filled with expert advice and examples of real market situations, The Psychology of Risk allows you to take action in the face of uncertainty and unpredictability by addressing issues such as:
∗ Risk and the trading approaches you need to deal with it
∗ Psychological techniques that will help you trade independently of emotions: excitement, anger, fear, and stress
∗ Handling problematic behaviors such as perfectionism, decision paralysis, hoarding, and impulsiveness
∗ Handling failure and success
∗ Using the tools of coaching, teamwork, and system building to overcome obstacles
Risk taking does not mean living dangerously; it shows a willingness to act beyond the circle of what you already know. In breaking from the natural inclination to "avoid risk at all costs," you will begin to see risk in a new light–certainly not always as a negative force. The step–by–step approach presented in The Psychology of Risk will provide you with a new and stimulating perspective on risk, which will enhance your trading success and increase your profits.
Mastering Market Uncertainty
In The Psychology of Risk: Mastering Market Uncertainty, renowned psychiatrist and trading coach Ari Kiev builds on his internationally acclaimed books Trading to Win and Trading in the Zone to explore the psychology behind risk and trading. By focusing on your appetite for risk–taking, your ability to manage and adapt to risk, and your pathological patterns of risk–taking, Kiev shows you how to overcome the psychological obstacles of risk that undermine your decision–making process and ability to cut losing trades and stick with winners.
With the help of numerous trading case studies, Kiev outlines a risk management program that bridges the gap between investor psychology and quantitative risk management techniques. Filled with expert advice and examples of real market situations, The Psychology of Risk allows you to take action in the face of uncertainty and unpredictability by addressing issues such as:
∗ Risk and the trading approaches you need to deal with it
∗ Psychological techniques that will help you trade independently of emotions: excitement, anger, fear, and stress
∗ Handling problematic behaviors such as perfectionism, decision paralysis, hoarding, and impulsiveness
∗ Handling failure and success
∗ Using the tools of coaching, teamwork, and system building to overcome obstacles
Risk taking does not mean living dangerously; it shows a willingness to act beyond the circle of what you already know. In breaking from the natural inclination to "avoid risk at all costs," you will begin to see risk in a new light–certainly not always as a negative force. The step–by–step approach presented in The Psychology of Risk will provide you with a new and stimulating perspective on risk, which will enhance your trading success and increase your profits.
Inside This Book
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First Sentence
There must be some benefit to risk. Read the first page Browse Sample Pages
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
There must be some benefit to risk. Read the first page Browse Sample Pages
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Customer Reviews
Most Helpful Customer Reviews
4 of 5 people found the following review helpful
Format:Hardcover
When I read the first pages I thought this is what Ive been looking for! and it is to a point, how to go from where you are to where you want to be in trading, by dealing with the horrible uncertain bit in the middle where to be frank I bottle it (like id imagine we all do), and he has some excellent pertinant advice and help. but not much of it what he did have, got lost in the repetative, self help type psycho babble, trying to convince the reader of the message, when he didnt need to. I would have been much more interested in more examples, anecdotes and facts to bear out his message. not constantly repeating "life template....future in your own hands" again and again like a zombie. I didnt need convincing he did that in the intro 100% it went down hill from there. prehaps its a cultural thing.
Format:Hardcover
Success in the stock market can be said to be 80% having a strong mind., This book helps and its theme of risk makes rivetting, high adrenaline reading anyway. Will help people most who are already experienced in taking risks. Its for short term trading on volatility rather than trading on a buy and hold approach over many years. Its theme of risk is classic and therefore is arguably relevant to all high risk pursuits, particularly business and sport.
Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com:
7 reviews
24 of 26 people found the following review helpful
Good for Short Term Traders, but...
12 April 2003
Format:Hardcover
Kiev's thesis rests upon the premise of setting profit goals and then trying to hit them. The idea is that you will be compelled to refine everthing about your trading and put away all excuses in order to reach this goal -- a sort of goal as catalyst for improvement theory. While this seems like good advice I am afraid that for longer term traders it runs headlong into the "only take what the market gives you" truism. If I set a goal of $10,000 per month, what do I do when the market goes nowhere for four weeks? You guessed it, I would try to force things. Not good. So unless you are willing to accept the thesis of setting specific profit goals you won't gain that much from this book. A much better treatment of general trading psychology can be found in Mark Douglas' "Trading in the Zone".
10 of 10 people found the following review helpful
A good read and I am a better money maker because of it.
4 Jun 2002
Format:Hardcover
This book isn't just applicable to traders. Fundamental, research driven investors will find the focus on risk management and risk taking equally helpful. The discussion of how an investor's emotions and tendancies can interfere with a profitable strategy is unique to Dr. Kiev's work and contradicts the old maxim of "don't let emotions affect your decisions." Emotions are part of everyday life and we have to find ways to benefit from them, not be hurt by them. I found Dr.Kiev's use of trading examples particularly helpful in helping me to identfy when my emotions are interferring with my strategy. More importantly, he provides tools and guidance that can help the reader improve their stock picking and portfolio management performance.
11 of 12 people found the following review helpful
An Important Read All Traders
19 May 2002
Format:Hardcover
I found this book to be quite unusual. If you understand what Dr. Kiev is saying, you will find that you only have one decision to make, and that is to commit to a result. In a direct fashion, Dr. Kiev shows a committed trader how to move forward in a focused way, how to find the resources needed for success, how to evaluate progress and how to stay on track to reach a goal. Each chapter includes transcriptions of conversations with traders who are experiencing difficulties "along the way". I found that I shared many of the characteristics of these traders. The commentary that followed each vignette seems to provide a range of emotional "tools" that the trader can use whenever he/she feels besieged by the markets. One of the most important issues covered in the book is the ability to execute, to do what you know is right, and to stay in the trade without succumbing to emotion. This point alone would have saved me thousands of dollars (and a lot of emotional turmoil) in the last several years. Dr. Kiev's book is an invaluable resource to traders at every stage of their journey.
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