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The Trading Athlete: Winning the Mental Game of Online Trading Hardcover – August 17, 2001

ISBN-13: 978-0471418702 ISBN-10: 0471418706 Edition: 1st

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Product Details

  • Hardcover: 288 pages
  • Publisher: Wiley; 1 edition (August 17, 2001)
  • Language: English
  • ISBN-10: 0471418706
  • ISBN-13: 978-0471418702
  • Product Dimensions: 6.4 x 1.1 x 9.3 inches
  • Shipping Weight: 1.4 pounds (View shipping rates and policies)
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (11 customer reviews)
  • Amazon Best Sellers Rank: #1,034,683 in Books (See Top 100 in Books)

Editorial Reviews

From the Inside Flap

Traders, just like athletes, constantly deal with unrelenting pressure, performance slumps, confidence issues, and changing motivational factors. This is why the psychology of elite athletes has translated so effectively to that of the online trader.

In The Trading Athlete, sport psychologist Shane Murphy and trading coach/former Division I athlete Doug Hirschhorn take the strategies of sport psychology and apply them to the arena of online trading. This one-of-a-kind play book will give you the confidence and discipline needed to build a profitable, long-term career as a "Trading Athlete."

Apply the mental strategies of elite athletes to your online trading game plan by writing a mission statement, setting effective goals, and maintaining confidence through body language. As you continue to trade and obstacles arise, this book provides the tools necessary to overcome the bad days, weeks, and even months that come with the territory. "Trading Athlete" strategies for difficult times include:

  • Maintain a Positive Trading Attitude (PTA)
  • Use "self-talk" to get back on track
  • Avoid a "trade for revenge" strategy

Peppered with consulting stories of online traders and sport psychology strategies that work, this book will teach you how to deal with pressure, reduce stress, and stay focused as you engage in the "game" of online trading. Bounce back mentally from losses as John McEnroe did after Bjorn Bjorg defeated him in the 1980 finals of Wimbledon. McEnroe faced his failures, overcame them, and beat Bjorg in the finals of Wimbledon the very next year. Carry the expectations of a nation (or a company/family in a trader’s case) as Olympic sprinter Cathy Freeman did in 2000 by "tuning in" and staying focused on the task at hand. You don’t have to play sports to understand the principles behind this unique trading guide. All you need is the desire to put yourself in the best possible position to win.

From the Back Cover

"The best traders in the world know that being mentally prepared is absolutely essential to compete in today’s markets. Without a firm understanding of the psychology of trading, even the best stock picker will fail. The Trading Athlete gives specific instruction on how new and seasoned traders can keep themselves at the top of their mental game."–Tim Bourquin, Cofounder, TraderInterivews.com and The Online Trading Expo

"This book is a great training camp for online traders. Doug and Shane will provide the knowledge and motivation to help you become a successful trader."–Jonathan Markowitz, Partner, SMW Trading Co., Inc.

Traders, just like athletes, face tremendous pressure, stress, and expectations that would crush the ordinary, unprepared individual. The Trading Athlete utilizes sport psychology strategies to provide you with the knowledge, confidence, and discipline needed to succeed and profit in the sink-or-swim world of online trading.

Using real-world examples of athletes and online traders, this book will help you reach the peak of your online trading performance with in-depth analysis of:

  • Building confidence in good times and bad
  • Handling losses by examining your methods
  • Focusing and maintaining concentration
  • Playing the game one trade at a time

Through sport psychology strategies exemplified by John Elway, Arthur Ashe, and other athletes, you will finally begin to trade and survive in the big leagues.


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Customer Reviews

I have read numerous trading books in the past and many business books.
Trader
There are also very useful worksheets that can be used to record your own mission statement including your strengths, weaknesses, and goals.
L. Masonson
It's not so much that I improved my ability to see better trades, but it taught me how to prevent the bad trades.
David Keyt

Most Helpful Customer Reviews

16 of 16 people found the following review helpful By L. Masonson on April 15, 2002
Format: Hardcover
For both new and experienced traders, The Trading Athlete is a welcome addition to the subject of understanding the importance of trading psychology. Trading is a very difficult profession if you are not mentally prepared. By using sports analogies and comparing the athlete to the trader, the authors provide an easy-to-understand approach to the subject matter. Having traded equities and futures for the past eight years, I've concluded that conquering trading psychology is 90% of the battle to becoming a consistent and profitable trader. Trading psychology is such a critical aspect of trading that I included two chapters on the subject in my book Day Trading on the Edge: A Look Before You Leap Guide to Extreme Investing.
The authors, a sports psychologist and online trader (with prior trading experience at the CME and CBOT, and currently a trading coach) have produced a clearly written, easy-to-read book that supplements books by Dr. Alexander Elder, Ari Kiev, and Mark Douglas among the best books on trading psychology.
The major subjects covered in this book include:
- Mental keys
-Confidence building and dealing with failure
-How to handle losses
-Replacing negative thinking with productivity
-Handling pressure
-Why trading for revenge is a disaster
-How to overcome fear and prevent panic
-How to concentrate
-Enjoying your success
Each chapter is sprinkled with appropriate quotes that bring home the key points.
The Trading Athlete provides a self-evaluation form covering: goal setting, confidence, positive trading attitude, energizing, anger management, pressure, concentration, and flow.
Read more ›
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13 of 13 people found the following review helpful By David Keyt on January 13, 2002
Format: Hardcover
As an experienced trader, I am amazed I have not encountered a book like this one until now. Over the past few months, I have applied the principles of this book to my trading. I am amazed at the results. It's not so much that I improved my ability to see better trades, but it taught me how to prevent the bad trades. It has brought consistency to my trading days. It has helped me block out the distractions in my life when it comes time to trade. I think the best thing about the book is that it explains the problems all traders face in a framework we can understand, and then provides a path to improve. I can't say enough about this book. If you don't follow the principles of this book, you won't be a trader for long.
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12 of 13 people found the following review helpful By A Customer on January 24, 2002
Format: Hardcover
I have been a stock trader for 3 years, during which time I have read many books and articles about trading. This book is quite simply one of the best I have read. It helps organize the mental keys neccesary to be a successful trader, no matter what type of trading you do. In my opinion there are three books every trader should read. 1. Technical Analysis of Financial Markets - John Murphy 2.Pit Bull - Martin Schwartz 3. The Trading Athlete - Hirschhorn, Murphy.
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10 of 11 people found the following review helpful By trading litterature reviewer on February 20, 2006
Format: Hardcover
At first, i was enthoused by the uplifting style in which the book is written. That is an asset in itselft as it contributes to giving you a positive attitude. But once you have finished the book and try to elaborate some plan to implement some long term goals, you reckon that there is no specific help on how to define short term goals which is in essence the most important message of the book. It is apparent that the autors have extensive experience sport psychology and i think the book is actually more helpful if you are into weight lifting than into trading as it is somewhat more difficult to formulate goals that relate to emotional issues than easily measurable results in sports (power, speed etc.) and fixing short term monetary goals is counterproductive as the book states itself as the most important thing in trading is consistency. So there is no information on how to put the ideas into practise which considerabely decreases the practical value of the book.
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5 of 5 people found the following review helpful By A Customer on November 13, 2001
Format: Hardcover
I have been trading online for over 5 years, and had I had this book at my disposal 5 years ago, Murphy and Hirschhorn would have saved me bundles of money and even more in stress and aggravation. Their insightful and easy to implement approaches to concepts such as trading goals, slumps, focus, pressure, distractions, recovering from bad trades and just enjoying the challenge of trading will give any online trader the basic tools he or she needs to become successful at this game. And a game it is, as the authors skillfully compare trading to sports and athletics. Easy to follow, self-help worksheets, and clear, understandable analogies to the world of sports will keep you coming back to this book for a quick "skill sharpening" and will also keep this book front and center on your trading desk. Read all the stock reports, and hands-on trading books you want. Until you master the mental part of the world of online trading, you won't get anywhere. This book will assure that you master the mental part of your careers and will undoubtedly be the key to a long and successful career in online trading.
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3 of 3 people found the following review helpful By A Customer on November 29, 2001
Format: Hardcover
i recently finished "The Trading Athlete" and found it quite helpful to my trading business. I have been been an equities trader for several years now and on Wall Street for longer, and yet was still able to take away a tremendous amount of information from this book. The psychological/mental game involved in trading is the most difficult aspect to grasp, and yet Murphy and Hirshhorn provide simple guidelines that i have found to not only be helpful, but work to improve the mental game. I recommend this work to traders of all levels. It will no doubt improve your trading profitability.
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