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Market Mind Games: A Radical Psychology of Investing, Trading and Risk Hardcover – January 5, 2012
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“If you are trying to solve the unsolvable, stop. Read this first and you will learn that the surest path to success will be to start with yourself; solve that conundrum and challenges like understanding how you do and should react to markets will come to be solvable.”
—Marvin Zonis, Professor Emeritus, Booth School of Business, The University of Chicago
“When it comes to fast-moving global financial markets, professional investors strive to evaluate complex economic conditions from data analysis, economic reasoning, and professional judgment. This is what is taught in business schools. Denise Shull demonstrates how investment decision making is also determined by unconscious emotions and perceptions. Market Mind Games is a fascinating book that proposes a new and unexpected hypothesis about the factors that drive financial decision-making.”
—A.G. Malliaris, Professor of Economics and Finance, Loyola University Chicago
“Denise Shull’s gem of a book is long overdue. . . .[Market Mind Games] has made the ability to analyze and overcome our unconscious biases and prejudices available to everyone.”
—Dr. Donald T. Wargo, Department of Economics, Temple University
“Market Mind Games is iconoclastic to say the very least! Pay attention to the last word in the subtitle: risk. This book will change your perspective on how to approach and think about the markets and your life!”
—Michael J. Levas, Founder, Senior Managing Principal, and Director of Trading, Olympian Capital Management, LLC
“Denise changes the way you look at yourself and investing. Her insights and methods are necessary to succeed in the markets, period.”
—Jared Levy, Portfolio Manager and author of Your Options Handbook
“Market Mind Games offers a new school of trading psychology. Truly an important work that needs to be on the bookshelf of every serious market participant.”
—Mike Bellafiore, author of One Good Trade
“Masterful explanation of not only why emotionless trading is a myth, but how we can take advantage of our natural wiring to gain an edge.”
—Derek Hernquist, Chief Investment Officer, Integrative Capital, LLC
“Shull details ways to learn how you ‘feel’ before you ‘act’ so that your buy, sell, or hold decisions become more successful.”
—E. Bernstein, OPUS Trading
“A must-read for those who want to make their livelihood as a professional investor, trader, or algorithmic trading developer.”
—Larry Tabb, founder and CEO, Tabb Group
“Denise Shull enlightens the reader how to effectively unlock one’s psychological capital and translate that awareness into clear and concise investment decisions.”
—Grant Mashek, Managing Member, Palm Equity, LLC
“Shull’s book is not only a great read but lays out an entirely more effective approach to thinking about any decision that involves the unknown—market related or not.”
—Leslie Shaw, Ph.D., Behavioral Economics, and trained psychoanalyst
With these words, Denise Shull introduces her radical—and supremely rational— approach to risk. Her vision stems from the indisputable fact that human beings can’t make any decision at all without emotion and that emotion gets the first—and last—word when it comes to our perceptions and judgments.
Shull should know. She started out managing major accounts for IBM and then chose to research unconscious emotional patterns instead of getting her MBA. Next she became a trader and trading desk manager while continuing to study biopsychology.
We are all taught that sidelining our emotions is the best way to make good decisions— Shull declares the converse: emotions inform us. Attempting to control them actually increases the risks we take. Shull advocates treating feelings as data, and she convincingly argues that doing so eradicates the baffling question that repeats itself in our heads after making a poor investing decision: “What was I thinking?”
Through a series of “lectures,” Shull logically but engagingly connects emotions, beliefs, and context to our innate reaction to uncertainty and risk (yes, the two are different). In Market Mind Games, she merges more than 20 years of studying risk decisions into a single, astoundingly effective strategy.
A reasonable approach to emotion is the best and only way to win the investing game. The methods Shull details in Market Mind Games shake the foundation of conventional market and decision psychology. And, most important, they work.
Top Customer Reviews
Psychology in general, and hence also investor psychology, is something personal (that's why coaches can be useful) and we can accept certain points easier if we trust the author. Personally, I prefer Steenbarger's structured, somewhat dry, three books (e.g. his latest The Daily Trading Coach: 101 Lessons for Becoming Your Own Trading Psychologist (Wiley Trading)) and I dislike Douglas's zen-like, verbose Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude, which is a favourite of many.Read more ›
I bought the book thinking it might be a journey down the rabbit hole. Instead it was a journey into the outhouse and the book stayed there for its entity like a turd that just refuses to go down the drain.
For those still wavering, I should warn you now it is written in the style of FICTION. While I applaud the author's fearlessness in pursuing this style, the characters in the story are so naive and amateurish that makes it difficult to take anything the book is saying seriously. In the end, I was rooting for them to fail but the author simply regurgitated the most clichéd Hollywood ending.
I don't expect a book to be brilliant from beginning to the end; if I learn one thing from a book then I think it is worthwhile. But my hopes dimmed when I read sentences like "The truth is: Probability tells us something - just not everything" (p16 hard cover version) highlighted in bold like it is some profound statement. I was left wondering why she didn't add "to state the obvious" just to fill up more space. But I wasn't left wondering for long. Gems like "you may think I am flogging a dead horse" (damn straight), "I really wish I have something more profound to say" (yet you wrote a book?) and, several times, "if I have heard this once I have heard it a thousand times" (so what?) confirmed my fears. I can only surmise she has to fill half the book with irrelevancies because she has nothing of actual value to say.Read more ›
Most Recent Customer Reviews
This is an amazing book. After reading it, I realized most of what I have been taught in terms of trading psychology up to this point has just been sadly mostly wrong, however... Read morePublished 9 days ago by Rob Anderson
p. 15 "As time passes, what we imagine may turn out that "there is nothing new under the sun," and then again, it might not. Read morePublished 21 days ago by Larry LaBrecque
The first thing I noticed was the use of language in Denise Shull's writing style. There was something off about the words and the sentence structure. Read morePublished 2 months ago by Tim Brown
I'm in the process of my second pass thru this engaging book. For me, it offers insights into the "whys" of getting into and out of trades. Read morePublished 2 months ago by PRB
This book is so good. The author basically lays out how to use psychology to improve your profitability as a trader. Read morePublished 3 months ago by Amazon Customer
You're looking for a solution that will guarantee you profits. Too bad that doesn't exist... and, even worse for you, you refuse to believe it doesn't exist.
So... Read more
A guidebook to understanding yourself. The echoes of one's childhood - very constructive. The foundation to improved trading. Read morePublished 13 months ago by Burt Gutterman
The writing is difficult to follow but I very much applaud Ms Schull for tackling this subject. I like the clever Rorschach graphic on the cover.Published 18 months ago by MG
This is a very good book for traders looking to understand what psychological factors may contribute to poor trade decision-making, identify them, and basically 'call them out' in... Read morePublished 18 months ago by Spyguy