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The Psychology of Trading: Tools and Techniques for Minding the Markets (Wiley Trading) [Hardcover]

Brett N. Steenbarger
4.2 out of 5 stars  See all reviews (5 customer reviews)
RRP: 42.50
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Book Description

30 Jan 2003 Wiley Trading (Book 158)
"The one, only, and by far the best book synthesizing psychology and investing. In addition to providing modern, scientific knowledge about psychology, this book provides a mirror into the mind and wide breadth of knowledge of one of the leading practitioners of brief and effectual cures. Will help to cure your trading and your life." –Victor Niederhoffer, Chief Speculator, Manchester Investments Author, The Education of a Speculator and Practical Speculation "How refreshing! A book that rises above the old NLP model of the 80′s and provides insights on how our relationship with the market is indeed a very personal one. Not only has Steenbarger provided some fantastic tools for the trader to transform his mindset, but he has contributed unique trading ideas as well. Brilliant!" –Linda Raschke, President, LBRGroup, Inc. "′Investigate, before you invest′ was for many years the slogan of the New York Stock Exchange. I always thought a better one would be, ′Investigate YOURSELF, before you invest.′ The Psychology of Trading should help you increase your annual investment rate of return. Mandatory reading for anyone intending to earn a livelihood through trading. " –Yale Hirsch, The Hirsch Organization Inc., Editor, The Stock Trader′s Almanac "This highly readable, highly educational, and highly entertaining book will teach you as much about yourself as about trading. It′s Oliver Sacks meets Mr. Market–extraordinary tales of ordinary professionals and individuals with investment disorders, and how they successfully overcame them. It is a must–read both for private investors who have been shell–shocked in the bear market and want to learn how to start again, as well as for pros who seek an extra edge from extra inner knowledge. Steenbarger′s personal voyage into the mind of the market is destined to become a classic." –Jon Markman, Managing Editor, CNBC on MSN Money Author, Online Investing and Swing Trading "Dr. Steenbarger′s fascinating, highly readable blend of practical insights from his dual careers as a brilliant psychologist and trader will benefit every investor; knowing oneself is as important as knowing the market." –Laurel Kenner, CNBC.com Columnist, Author, Practical Speculation

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Frequently Bought Together

The Psychology of Trading: Tools and Techniques for Minding the Markets (Wiley Trading) + Enhancing Trader Performance: Proven Strategies from the Cutting Edge of Trading Psychology (Wiley Trading) + The Daily Trading Coach: 101 Lessons for Becoming Your Own Trading Psychologist (Wiley Trading)
Price For All Three: 99.73

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Product details

  • Hardcover: 352 pages
  • Publisher: John Wiley & Sons; 1 edition (30 Jan 2003)
  • Language: English
  • ISBN-10: 0471267619
  • ISBN-13: 978-0471267614
  • Product Dimensions: 23.5 x 15.8 x 3 cm
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (5 customer reviews)
  • Amazon Bestsellers Rank: 372,435 in Books (See Top 100 in Books)
  • See Complete Table of Contents

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Product Description

From the Inside Flap

Behavior is patterned. Beginning with this premise, noted clinical psychologist and active trader Dr. Brett Steenbarger opens the therapist’s door, demonstrating how traders can identify, interrupt, and change the problem patterns that interfere with successful trading. In The Psychology of Trading, Dr. Steenbarger draws upon real–life case studies and offers hands–on techniques for emotional change to assist traders in becoming their own therapists. Themes that set The Psychology of Trading apart include: "Trading from the couch" by utilizing emotions as valuable market data Identifying and building solution patterns that capture hidden trading expertise Techniques for assessing and trading against the emotions of market participants Methods for building focus and concentration for more automatic and trustworthy trading decisions Creating shifts in states of consciousness to rapidly exit anxious, impulsive, depressed, and guilty frames of mind In an engaging manner that provides practical solutions to real trading problems, Dr. Steenbarger walks you through the most common cognitive and emotional tendencies that distort efforts at identifying and trading market patterns. He then describes specific skills derived from years of brief therapy practice to help you become an effective observer of these tendencies and gain control over them. By blending state–of–the–art research from psychology and cognitive neuroscience with detailed case studies, The Psychology of Trading provides you with the intellectual and emotional ammunition to face yourself and transform your approach to risk and reward.

From the Back Cover

"The one, only, and by far the best book synthesizing psychology and investing. In addition to providing modern, scientific knowledge about psychology, this book provides a mirror into the mind and wide breadth of knowledge of one of the leading practitioners of brief and effectual cures. Will help to cure your trading and your life." –Victor Niederhoffer, Chief Speculator, Manchester Investments Author, The Education of a Speculator and Practical Speculation "How refreshing! A book that rises above the old NLP model of the 80’s and provides insights on how our relationship with the market is indeed a very personal one. Not only has Steenbarger provided some fantastic tools for the trader to transform his mindset, but he has contributed unique trading ideas as well. Brilliant!" –Linda Raschke, President, LBRGroup, Inc. "‘Investigate, before you invest’ was for many years the slogan of the New York Stock Exchange. I always thought a better one would be, ‘Investigate YOURSELF, before you invest.’ The Psychology of Trading should help you increase your annual investment rate of return. Mandatory reading for anyone intending to earn a livelihood through trading. " –Yale Hirsch, The Hirsch Organization Inc., Editor, The Stock Trader’s Almanac "This highly readable, highly educational, and highly entertaining book will teach you as much about yourself as about trading. It’s Oliver Sacks meets Mr. Market–extraordinary tales of ordinary professionals and individuals with investment disorders, and how they successfully overcame them. It is a must–read both for private investors who have been shell–shocked in the bear market and want to learn how to start again, as well as for pros who seek an extra edge from extra inner knowledge. Steenbarger’s personal voyage into the mind of the market is destined to become a classic." –Jon Markman, Managing Editor, CNBC on MSN Money Author, Online Investing and Swing Trading "Dr. Steenbarger’s fascinating, highly readable blend of practical insights from his dual careers as a brilliant psychologist and trader will benefit every investor; knowing oneself is as important as knowing the market." –Laurel Kenner, CNBC.com Columnist, Author, Practical Speculation

Inside This Book (Learn More)
First Sentence
I suppose it's only natural that you would expect a book on the psychology of trading to begin with a description of the various emotional afflictions experienced by traders. Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Customer Reviews

4.2 out of 5 stars
4.2 out of 5 stars
Most Helpful Customer Reviews
14 of 15 people found the following review helpful
Format:Hardcover
An entry-level book for beginning or intermediate traders, the author addresses the important psychological mindset aspiring traders need to nurture. The book is especially useful to those who have already acquired some trading experience and wish to review their (under)performance to date. To do so, the author presents readers with a set of case studies form his extensive practice. Particular attention is devoted to applying findings from established and experimental psychology to traders and their environment.
Traders as individuals are subject to the same emotional influences any other individual. The influences may be incitatory, i.e. inciting us to undertake action, or inhibitatory, i.e. inciting us not to do something. Our behaviour is a result of our continuous exposure to such influences and the repeated exposure thereto conditions our responses to daily life and financial market situations.
Consequently, any trader wishing to improve his performance will first have to understand what type of person he is, and what investment style will be most appropriate to match his personality. This can be achieved through either consultation with expert third parties, e.g. psycho-therapists, or through self-analysis. Self-analysis can be achieved on the basis of e.g. a daily trading journal which lists transactions, market conditions at the time of each trade, the mental disposition one had at the time, the musings of the mind at the time, and the reflections underpinning the decision to enter and exit the position.
The analysis enables an observant individual to identify patterns in his behaviour - i.e. discover the conditions under which he trades well and not so well. This will constitute the starting point for any subsequent "trance-formation".
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5 of 5 people found the following review helpful
5.0 out of 5 stars Simply superb! 7 Dec 2006
Format:Hardcover
A book club I'm a member of had this book as a book of the month recently. The second trading psychology book I've read (the other being trading in the zone by Mark Douglas) I found this work to be amazing. By taking examples from his day job as a psychologist and explaining underlying causes for various behaviours and techniques for overcoming them Steenbarger illustrates many trading issues and how to overcome them. I've often heard it said that trading is 90% psychology, and having this book in your library can only be of benefit. I'm looing forward to reading his new book, already on order
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5.0 out of 5 stars The ultimate trading psychology book 13 Jun 2014
Format:Hardcover|Verified Purchase
Trading in the Zone by Douglas is usually wielded out as the key book to read if you want to improve the mindset aspect of trading, but in my opinion, this book far surpasses it. I am always amazed when I read trading psychology books that they tend to tell you the type of mindset you need to be a successful trader but rarely give any practical advice in order to achieve this mindset.

Well this book resolves that issue. It is packed with really interesting stories about his clients, how the mind works, and how we can relate this to trading. He addresses many key psychological issues that traders have, what we can do to address these issues and why, and the type of mindset we want to create in order to achieve success in the markets.

I would really have no qualms about recommending this book for any trader out there who is struggling with their mindset, or even for good traders, who just want to enhance their performance. It is definitely worth more than one read too as there is so much good stuff packed in it.
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3 of 5 people found the following review helpful
By PureSymmetry VINE VOICE
Format:Hardcover|Verified Purchase
I loved Brett's approach on solution orientated therapy and the real life application thereof to effective, consistent trading. The knowledge you gain here will positively affect the rest of your life, not just your trading. Highly recommended, and applicable to all levels, buy with confidence.
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0 of 2 people found the following review helpful
2.0 out of 5 stars Half way through but... 22 Sep 2013
Format:Kindle Edition|Verified Purchase
I'm half way through but still waiting for him to talk about trading rather than his patients' stories totally unrelated to trading. Yes he is trying to make those links to trading but sorry it just doesn't work. I'm no shallow reader. I just don't get it. It is a good psychology book but nothing special for trading.
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