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Investment Psychology Explained: Classic Strategies to Beat the Markets [Paperback]

by Martin J. Pring
3.9 out of 5 stars  See all reviews (19 customer reviews)

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Book Description

October 20, 1995 0471133000 978-0471133001 1
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.

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Investment Psychology Explained: Classic Strategies to Beat the Markets + Elliott Wave Principle: Key To Market Behavior + Evidence-Based Technical Analysis: Applying the Scientific Method and Statistical Inference to Trading Signals
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Editorial Reviews

From the Back Cover

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.

About the Author

MARTIN J. PRING is publisher of the highly regarded newsletter, The Pring Market Review. A frequent contributor to Barron's and other leading investment periodicals, he is the author of The All-Season Investor, the bestselling Technical Analysis Explained, and a number of other books on interest rates, international investing, and commodities and futures.

Product Details

  • Paperback: 288 pages
  • Publisher: Wiley; 1 edition (October 20, 1995)
  • Language: English
  • ISBN-10: 0471133000
  • ISBN-13: 978-0471133001
  • Product Dimensions: 8.9 x 6 x 0.9 inches
  • Shipping Weight: 1 pounds (View shipping rates and policies)
  • Average Customer Review: 3.9 out of 5 stars  See all reviews (19 customer reviews)
  • Amazon Best Sellers Rank: #347,505 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews
15 of 16 people found the following review helpful
4.0 out of 5 stars many useful hints May 1, 2001
Format:Paperback
Many people, including me, discovered the psychology is the most important part for good trading. This book pointed out many commone mistakes traders often made and many pitfalls to avoid. I found some materials in this book were quite similar to the Elder's Trading for a living. Because I read Elder's book before this one so I found it was less informative than I expected. But if you didn't read any other books about investment psychology, you could still learn a lot from this one. The price is cheap and Pring's style is lucid. A good choice!
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9 of 9 people found the following review helpful
By A Customer
Format:Paperback
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.
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14 of 16 people found the following review helpful
3.0 out of 5 stars Valid info, but dry August 20, 2001
Format:Paperback
This book was required reading for a course I am taking, so maybe I remembered how I felt when I had to read "Silas Marner" in high school english. I found the book contained valid points about the psychology of trading which would be helpful to someone who was just entering the world of trading, but it seemed very dry reading to me, and repetitive. Much of it was rules for trading taken from other peoples books, and after awhile you got the feeling that you had just finished reading these rules, several times. I am currently reading "The Mind of a Trader" by Alpesh Patel, which is a similar type book (and also required reading), but somehow more readable.
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6 of 6 people found the following review helpful
4.0 out of 5 stars A book of books! Wide but sufficiently deep August 16, 2004
Format:Hardcover
I had read over a hundred trading books by far and written many reviews here on Amazon. This is the first time I used the term "book of books" to tell how far an author had tried to incorporate the trading ideas/concepts/rules of other gurus into his book. I dont mean that this book is simply a product of copy and paste. I believe the author had the good intention of covering as many "classic" strategies as possible to deliver the promise of the book title to his readers. In my opinion, most of the essential trading psychology concepts had been there.

This book is divided into three main parts. The first one tries to break popular trading misconceptions/errors with topics like no holy grail, myth of expert, marketitis (overtrading), tickeritis (too close to a quote screen), price-news drug effect (too easy access to prices, news and analyses), damage from tips or rumors, cult of guru, greener pastures effect (survival bias of industry funds), pride of opinion, specific difficulties facing successful businessmen and so on. The second part is about contrary opinion. Historical big crashes are discussed, as well as means to avoid or even profit from them. The third part is primarily rules and regulations of legends like Warren Buffet, John Templeton, Paul Tudor Jones, Bernard Baruch, W.D. Gann etc, and those developed by the author himself.

I agree with some reviewers that the author's writing is quite dry. To me, that's acceptable because it's not easy to elaborate with vivid words and stories, or the book will be far more than 265 pages. It would be eye opening for those who had read less than three trading psychology books. For serious trader readers, this book is still satisfying with the opportunities provided for the traders' own health check.
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10 of 12 people found the following review helpful
5.0 out of 5 stars A solid introduction for beginners January 14, 2000
Format:Paperback
This book provides an excellent starting point for anyone interested in investing from a market psychology point of view. The author describes the impact of company announcements, mergers and world events on the market and how an investor can take advantage of these situations. The author also informs the reader how to evaluate his own psychology and design a winning investment strategy based on his own needs.
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7 of 9 people found the following review helpful
5.0 out of 5 stars Eye-opening! Mind-expanding! January 7, 2000
By A Customer
Format:Paperback
For the impatient get-rich-quickly or lazy "investor" this book seems to have a lot of story-telling and no "miraculous" strategies. However if someone wants to become a real investor/trader (without quotes) they have to be able to control themselves before they can create a consistent and reliable winning strategy. This books not only teaches a lot but also puts you in the right frame of mind and so I consider it a must-read for anyone who wants to eventually master the markets.
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16 of 23 people found the following review helpful
2.0 out of 5 stars Complicated Psychologocal Hypothesis January 13, 1999
By A Customer
Format:Paperback
His book is clearly written with fine examples, however, its not presented in a retainable, usable format. There are other books that present the same topic in a more effective manner. The main premise of the book: "Do not let market concerns drive your investment strategies." There, I just saved you $16.00.
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3 of 4 people found the following review helpful
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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Most Recent Customer Reviews
5.0 out of 5 stars Great book easy reading
A great book and an easy read. Was required for the second CMT exam and is definitely a keeper. Highly recommend
Published 4 days ago by Ross
5.0 out of 5 stars This advice could make you and save you a ton of money
It's amazing that investors can get the collective wisdom of so many seasoned money managers for so little of a cost. Read more
Published 17 days ago by Robert Kirk
4.0 out of 5 stars A must read for all investors
The only reason i cannot give it a 5 star is the lack of concrete trading examples to apply the knowledge learned in it.

E. Read more
Published 4 months ago by Björn
4.0 out of 5 stars Alexandru Nine
A good book, covers the collective mind aspects of the crowds which is a must for either a day trader swing trader or a position trader. Read more
Published on April 18, 2011 by Alexandru Nine
5.0 out of 5 stars Very good book for the beginners & a review for the advanced
This book as the title suggests rightly attacks the psychology of a trader. It points out what all challenges comes in the life of a trader & contrasts the usual trading approach... Read more
Published on August 25, 2010 by Garg_ND
3.0 out of 5 stars Conversational Style
This book is divided into three parts: Individual Psychology,
Crowd Psycholoy, and Trading Rules. Read more
Published on April 15, 2009 by aipuo
5.0 out of 5 stars A must to read book
I knew him through IFTA annual conferences in the last two year. Mr. Pring is gentleman with great passion to share his long experience and knowledge with others in setting during... Read more
Published on August 9, 2008 by Saleh A. Al Mulhim
3.0 out of 5 stars Knowing yourself
A serious trader or investor can never dismiss this book. It's a must read considering there are not very many investment psychology books written with a comprehensive coverage. Read more
Published on March 23, 2006 by Mukul Pal
3.0 out of 5 stars Good read but not very useful for beginners
This book utilizes the historical events of various markets (mostly the US stock market) to explain various behaviours of market participants. Read more
Published on February 3, 2005 by Lawrence Chan
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