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Trading to Win: The Psychology of Mastering the Markets [Hardcover]

by Ari Kiev
3.8 out of 5 stars  See all reviews (39 customer reviews)

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Book Description

October 6, 1998 0471248428 978-0471248422 1
A breakthrough programfor achieving new heights of trading success

The product of a five-year collaboration between Dr. Ari Kiev, a leading psychiatrist renowned for his success with Olympic athletes, and top equities trader Steve Cohen, Trading to Win gives you the essential tools to overcome outmoded, self-limiting beliefs and mindsets that may be keeping you from a higher level of success. Illustrated with real market scenarios and applications, this powerful program will help psych you into a less stressful, more self-possessed mastery of the trading game and help you reach goals you may never have thought possible.

"The strategies in this book will unleash the hidden trader in you, and can substantially increase your trading profits." --Jay G. Goldman, Hedge Fund Manager.

"Ari Kiev has written a wonderful guide for money managers, traders, brokers, and investors alike. Sharing his thoughts with us regarding our behavior patterns enables us to take a step back and look at ourselves more objectively." --Seymour W. Zises, President and CEO, Family Management Corp.

The trading arena has produced its share of select "super-traders," market practitioners who set themselves apart from the rest of the field with one distinct advantage: mental and emotional toughness. Like outstanding athletes who stay focused, remain calm, and stick to their game plan, these master traders in this highly risky, highly competitive arena possess an edge that keeps them from being distracted by fear, self-doubt, greed, and other emotional components that can cause major losses and prevent gains from soaring to new highs.

Trading to Win presents a step-by-step, goal-oriented program for building the mental and emotional stamina not only to win, but to win on an unprecedented level. Created by a leading psychiatrist for a top trading firm, this proven approach spotlights a set of philosophical and behavioral principles designed to assist you in implementing proactive trading strategies, as well as developing the mindset needed to trade effectively in the realm of uncertainty. Delving into your underlying thought processes when you trade, Trading to Win enables you to understand what is motivating you, whether it is consistent with your game plan, and whether you are in any way sabotaging yourself.

Fully supplemented with real market trading scenarios, Trading to Win shows you how to apply key concepts where it counts--in actual trading room situations. For both professional traders and sophisticated investors, this remarkable program offers a rare opportunity for both personal and financial gain.

Frequently Bought Together

Trading to Win: The Psychology of Mastering the Markets + Trading in the Zone : Maximizing Performance with Focus and Discipline + The Psychology of Risk: Mastering Market Uncertainty
Price for all three: $131.25

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Editorial Reviews Review

Buy low, sell high. Sounds simple? Hardly. As most traders will tell you, finding the right entry and exit points in a market is too often a stressful and even gut-wrenching experience. Ari Kiev, author of Trading to Win, wants to change all that. Kiev spent five years with a group of professional traders at SAC Capital Management, a $500 million hedge fund, studying the psychological and emotional aspects of what makes for a successful trader. Kiev found that what hinders many traders is ego, fear, emotion, and "false beliefs about yourself and the markets." Gaining mastery as a trader means seeing "the market as it is, not as a reference point for your own existence." Kiev advocates a disciplined, Zen-like approach to the markets that begins with articulating a specific goal then committing oneself to attaining that goal in the most objective way possible, overcoming the emotional baggage that too often leads to poor decision-making. Trading to Win is for professional and amateur traders of every stripe who are looking for insight into their own behavior and approach to the markets. --Harry C. Edwards

From the Publisher

Virtually every top trader and investor attributes their success to a strong mental capacity and the ability to master their emotions. Even the best "system" can prove disastrous if the trader or investor doesn't have the ability to stick to their strategy. Yet, holding fast to a strategy can be extremely difficult while immersed in the trading game, since in essence, the mind seems to conspire against itself more than ever while in this milieu. The Psychology of Trading presents a step-by-step, goal-oriented approach to trading that emphasizes ways to keep emotions in check, overcome self-doubt, and focus clearly on a winning strategy. This new approach to trading has been developed by a leading psychiatrist, with expertise in sports psychology, and practiced by a top stock trader. While a plethora of books, seminars, and consultants address this vital area, no program has yet been developed by a trader and a psychiatrist. This is a proven approach, and it is outlined in an accessible and concise manner in the book.

Product Details

  • Hardcover: 272 pages
  • Publisher: Wiley; 1 edition (October 6, 1998)
  • Language: English
  • ISBN-10: 0471248428
  • ISBN-13: 978-0471248422
  • Product Dimensions: 9.3 x 6.3 x 1 inches
  • Shipping Weight: 1.2 pounds (View shipping rates and policies)
  • Average Customer Review: 3.8 out of 5 stars  See all reviews (39 customer reviews)
  • Amazon Best Sellers Rank: #172,432 in Books (See Top 100 in Books)

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Customer Reviews

3.8 out of 5 stars
3.8 out of 5 stars
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Most Helpful Customer Reviews
22 of 23 people found the following review helpful
5.0 out of 5 stars Don't start trading without it. February 9, 1999
I have two copies of Trading to Win; one I lend to my traders, and one I keep for myself.
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.
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12 of 12 people found the following review helpful
5.0 out of 5 stars A "how to" on Life.....oh, and trading too. May 4, 2001
If you've read any books on zen or books like the The Inner Game of Tennis and came away with a little something extra then this book will fit perfectly into your library of READ books. For me, it was really a book about trusting your yourself, your gut, trusting your feal and not getting sidetracked by the conscious brain, anxiety, down days, trusting the work you've put into something, understanding your anxiety, not running from your fears, but rather coddling them, and not letting them run your decision making process. Yes, it's a 'how to' for trading, but its also something a little more intelligent (useful for the real world too). By reading this book, you put your faith in Ari and his successful devotees such as Steve Cohen (forward) who have been incredibly successful in trusting their feal and you learn to trust yourself. Yes, some people have better feal than others. But, what trade to win tries to impress that will help you get closer to victory is that its the trusting yourself (not getting sidetracked), visualizing, taking calculated positions-not gambling, setting realistic/yet stretch goals that help you steadily build up your success rate (applicable really to anything, not just trading). Put it this way, I found so much of value in this book on trading, analysis, and life, that the book is totally marked up and I'm probably going to HAVE to buy another copy. Really worth while for amateur traders, pro traders, non-traders, portfolio managers and analysts alike, and anybody for that matter.
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27 of 33 people found the following review helpful
1.0 out of 5 stars The Book of Platitudes June 27, 1999
By A Customer
I bought this book expecting to gain some insights into the psychology of trading. I received one big insight: Don't just research the markets - research books about the markets before buying! Mr. Kiev entreats us to: "Find your weaknesses and eliminate them... Seek your psychological stumbling blocks and overcome them... Determine what restrains you from trading freely and well - and cast these things aside..." And so on -ad infinitum; ad nauseum. Step two - the next logical step - the "How" to do these things is not a part of this book. Perhaps the author will publish a sequel: "Ari Makes Even More Money." Please do not buy this book.
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10 of 11 people found the following review helpful
1.0 out of 5 stars Don't waste your time or money on this one July 26, 1999
By A Customer
Way too general and vague to be useful. Any number of sources would be better even if one's main interest was the psychology of trading - for instance the articles in this field in "Technical Analysis of Stocks and Commodities Magazine". A better purchase bookwise would be either of Friedfirtig's books.
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7 of 7 people found the following review helpful
2.0 out of 5 stars A contrarian view: Much hype, little info. March 11, 1999
By A Customer
Format:Hardcover|Verified Purchase
Dr. Kiev's book should be entitled:
"(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.
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12 of 14 people found the following review helpful
4.0 out of 5 stars The Softer Side of Trading June 3, 2003
Ari Kiev's book Trading to Win might seem like just psycho-babble to some traders. That is odd, given that some of these same critics are devout followers of technical analysis, which premises that psychology factors firmly into market movements. Why then is it such heresy to believe that you can improve the performance of a trader by working on his psychology?
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.
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Most Recent Customer Reviews
4.0 out of 5 stars Great book for the psychology aspect of trading
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 more
Published 15 months ago by John Pina
3.0 out of 5 stars Psychology is the often overlooked intangible aspect of trading.
Because it is unquantifiable and generally misunderstood by most traders and investors, psychology is the often overlooked intangible aspect of trading. Read more
Published on October 30, 2008 by David
1.0 out of 5 stars A waste of time and money
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 more
Published on August 5, 2006 by Venkat Dharan
5.0 out of 5 stars Read it ! A Gold Mine of Skills needed to become A Master
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 more
Published on April 3, 2006 by Masterlovelife
3.0 out of 5 stars Too Repetative
This book is about developing the right attitude and relaxing. It can be applied to almost any risk taking endeavor or competative profession. Read more
Published on August 25, 2005 by Eric Noel
3.0 out of 5 stars A So-So Book
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 more
Published on August 4, 2001 by V. Chan
5.0 out of 5 stars "A must read"
"Trading to Win" is a must read for traders of all levels. By using many different traders as case studies, Dr. Read more
Published on April 27, 2000
1.0 out of 5 stars Lacks focus. Poorly written
The experiences, which served as the foundation of this book, are quite real and valid - judging based on my 14 years experience in trading. Read more
Published on March 16, 2000
5.0 out of 5 stars One of the best books on trading psychology available.
This book has not only helped me to manage slumps better, but it also has helped me to be more aggressive when I'm hot. It doesn't get into psychoanalytic mumbo jumbo. Read more
Published on July 29, 1999
4.0 out of 5 stars The most useful book you may read on the topic
This book focuses the reader on taking the emotion out of his/her decisioins while trading. As with any investment strategy, this is a key component of long term success. Read more
Published on June 29, 1999 by N. Colas
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