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Trading to Win: The Psychology of Mastering the Markets 1st Edition
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Based on seven years of reporting from over a dozen countries, writer Tom Wainwright takes you on an extraordinary journey into the business of being a drug lord. Learn more.
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Top Customer Reviews
I have been involved in running a professional trading firm for the past three years. At first, there were only a handful of books to help an individual transition from active investing, to trading. These days, it seems, there is a new title introduced every few days. I look at the majority of these books, and few are worth reading from cover to cover.
Trading to Win is an exception. This book deals with the psychology of trading in a more thorough way than any book I've read. As insightful as Elder's Trading for a Living, with more detail on the psychology of winning, and a more updated perspective. Ari Kiev takes his readers through a step-by-step process, showing them how to build their personal psychologies and become "master traders". He compares trader training to the training of Olympic athletes in a way that is accurate and interesting to read. There are numerous questions and quizes in the book, designed to keep readers on track while creating their personal psychological strategies.
Bottom line: In order of importance, your average trader usually puts psychology far behind trading technique. If he worked more on understanding and developing the motivations that governed his trades, maybe he wouldn't be so average.
Buy the book and plan on reading it numerous times.
It is not a strange concept to Steve Cohen, who hired Ari Kiev as a "trading coach" for his hedge fund S.A.C. Kiev, who was profiled in Jack Schwager's Stock Market Wizards , teaches that traders need to stretch themselves in the goals they set. They also need to eliminate the negative thinking that prevents them from reaching those goals. Much of Trading to Win is thus actually "common sense" (as is most psychology, it seems), but sometimes it is useful to hear someone reiterate sound principles.
One principle for which critics have taken Kiev to task is his suggestion that traders should set or raise their profit goals, which seems like a veritable "no no" from a risk management perspective. The criticism misses the fact, however, that Kiev is really saying that raising your performance goals means raising your work ethic. What are you going to do to raise your game? Squeezing out extra percentage points of return requires getting onto the trading floor hours earlier (or hours later) than you normally would-and researching companies more assiduously on paper or by working the phones harder. Moreover, Kiev actually recommends stricter risk management through such time-tested techniques as understanding your reasons for each trade, as well as the setting of target entry and exit prices. He also wants you to figure out if fears and doubts are keeping you from cutting your losses and riding your winners.Read more ›
"(Fill in the Blank) to Win".
One could substitute "Shopping", or "Collecting" or "Tennis" for the word "Trading" and this book wouldn't be very much different in its content or approach. It is reminscent of a plethora of self-psych courses one sees so intensly advertised on cable TV and in certain periodicals.
I don't mind motivational books. They can be quite helpful. As a trader who is considerably below the "$300,000 profit per month trader" Dr. Kiev so glibly uses as one of his examples, I found the book full of hackneyed cliches about successful attitudes overcoming all. In your dreams, maybe.
Most Recent Customer Reviews
This is another book that I love, It conditions your mind to be ready to trade.Published 14 months ago by Amazon Customer
I bought this book despite it's high Kindle price. I liked the discussions on how to really try to experience the trades I make, especially how I feel right leading up to and after... Read morePublished on December 31, 2012 by Amazon Customer
Because it is unquantifiable and generally misunderstood by most traders and investors, psychology is the often overlooked intangible aspect of trading. Read morePublished on October 30, 2008 by David
This and his other book, Trading in the Zone, are a complete waste of time. Instead, read the books by Mark Douglas (he is not even trained as a psychologist) and Richard McCall if... Read morePublished on August 5, 2006 by Venkat
The Trading profession is a tough one because there is not 1 school that teaches it per say. So being only about 300 to 400 good books on trading. Read morePublished on April 3, 2006 by Masterlovelife
This book is about developing the right attitude and relaxing. It can be applied to almost any risk taking endeavor or competative profession. Read morePublished on August 25, 2005 by Eric Noel
I am a professional day and swing trader. I didn't find this book to be particularly helpful because of the disorganized way in which it was written. Read morePublished on August 4, 2001 by TraderVic