The Inner Game of Trading [Paperback]

Robert Koppel (Author), Howard Abell (Author)

Book Description

Publication Date: 1994

Putting money at risk in the markets exposes every trader to fear, greed and a host of other destructive emotions. For the first time ever in paperback, The Inner Game of Trading shows the reader how to master the psychological skills that are essential to successful trading. It is an insightful, colourful book that reflects the collective wisdom of the best traders in the business.

Editorial Reviews

From the Back Cover

Here's what they said about this excellent work: "The Innergame of Trading is excellent. In understandable language, it takes trading psychology to new levels with its focus on self-improvement and the winner's state of mind. It clearly instructs how to think, what to do and when to do it."-Marshall J. Stein, Vice President, Rand Financial Services, Governor, Chicago Mercantile Exchange. "This book provides a unique insight into the thought process involved in successful trading. Anyone considering trading or already involved in trading can benefit from reading this book."-Bruce Johnson, President, Packers Trading Company, Inc. "The chapter concerning the psychological aspects of charting is the most insightful one I have studied... I wholeheartedly recommend this book to up-and-coming traders."-Jeff Silverman, Governor, Chicago, Mercantile Exchange. "I'm trading more relaxed and anxiety-free than ever before. I can't thank you enough for what your program has meant to me."-Phil Flynn, Trader, Alaron Trading Corp, "Extremely insightful. No other book available on the futures markets takes such an in-depth look into the psychological complexities of trading... I would recommend every trader read this book, regardless of experience."-Bruce Wisner, Trader, Global Investment Services.

Product Details

• Paperback: 213 pages
• Publisher: McGraw-Hill; 1 edition (1994)
• Language: English
• ISBN-10: 0786311894
• ISBN-13: 978-0786311897
• Product Dimensions: 9 x 6 x 0.6 inches
• Shipping Weight: 14.1 ounces
• Average Customer Review: 3.8 out of 5 stars  See all reviews (13 customer reviews)
• Amazon Best Sellers Rank: #997,026 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

11 of 11 people found the following review helpful:

2.0 out of 5 stars Writing a bk (like this) is easy. Writing a good one is not, February 20, 2002

By 

ServantofGod - See all my reviews

This review is from: The Inner Game of Trading (Paperback)

This book reminds me of a sentence I saw in Time Magazine several years ago from Bono of U2. "To me, writing a song is easy. Writing a good song is not."

The authors had given a good eg of the above and showed how to write and sell a trading book with the least effort.

First, create an eye catching name. "The inner game of trading" certainly qualifies. It is the best part of the book, in my opinion.

Second, talk about trading psychology. Ask readers whether they have goals, plans, strategies, the right motive (money should never be the first priority, they said) before any trade. Ask them to model themselves after successful traders to have edges in discipline, focus, knowledge...If you dont follow these and you dont know how to answer the questions, that's your fault. (Should the readers have a degree in psychology before reading this book so that they can condition themselves psychologically just by reading less than 10 pages of 1.5 line spacing script and undergoing serious personality change). 50 pages

Third, interviews with some famous names or at least figure heads from CME, so other members of the Exchange will do the recommendation and referral. They had Leo Melamed, who to me is a diplomat or CEO much and not a trader. 60 pages

Fourth, put some intelligent sayings, relevant or not, here and there. Appeal to experts, for the name of Thomas Edison and President Lincoln, can heighten trustworthiness.

Fifth, show charts and graphs, talk about technical analysis so that everything looks more scientific. 40 pages

Sixth, conclude that if readers can cut loss short, let profit ride, discipline themselves then they will be winners. The authors had not told you how but they had done their part. If the reader fails, it's just that he/she does not follow the teachings or lessons good enough. 30 pages

I am sorry to say so but I have to conclude that the authors just want cash in on their dubious trading knowledge (being in the trade is different from trading successfully), relation with institutions and the urge of market participants for trading advice. Certainly, writing a book can help the promotion of their daily business.

To save the best for last, the authors said that over 80% of market participants are losers and the turnover rate in CME had been 1/3 per annum. If you would like to belong to the crowd, buy and hold on to this book.

12 of 13 people found the following review helpful:

3.0 out of 5 stars Informative but certainly not groundbreaking, August 18, 1999

By A Customer

This review is from: The Inner Game of Trading (Paperback)

I liked this book. The traders interviewed are all of high caliber. This is not the case with some of the interview format books out there. Basically you get what you pay for. No one should expect this book to provide explicit directions on hypno-therapy and NLP. I am not saying that these techniques are a cure all however they may be helpful for receptive individuals. It is funny, all of these books on trading pyschology either completely neglect or merely glance over one of the best ways to relieve stress, exercise! Certain breathing and stretching techniques can also be very helpful. Abell and Koppel have written quite a few books; you only need this one and "The Outer Game of Trading", all the rest are just rehashes. Try "Mindtraps" by Barach, it is good for stock market investors. "The Inner Game of Trading" while conceptually correct is too vague. More specificity is in order; more detailed techniques on how to combat our own, more often than not, rebellious minds.

6 of 6 people found the following review helpful:

2.0 out of 5 stars An slightly expanded set of seminar slides - sloppy, January 24, 1998

By A Customer

This review is from: The Inner Game of Trading (Paperback)

Its not often you see a set of seminar overheads which with the addition of a chapter heading for each is then sprinkled with full quotes from "top traders" and hey presto a book that is not a book!! I've written books and this one is not a book - seminar compendium maybe. Koppel can do better.