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The Psychology of Trading: Tools and Techniques for Minding the Markets
 
 
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The Psychology of Trading: Tools and Techniques for Minding the Markets [Hardcover]

Brett N. Steenbarger (Author)
4.4 out of 5 stars  See all reviews (41 customer reviews)
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Editorial Reviews

Product Description

"The one, only, and by far the best book synthesizing psychology and investing. In addition to providing modern, scientific knowledge about psychology, this book provides a mirror into the mind and wide breadth of knowledge of one of the leading practitioners of brief and effectual cures. Will help to cure your trading and your life."
–Victor Niederhoffer, Chief Speculator, Manchester Investments
Author, The Education of a Speculator and Practical Speculation

"How refreshing! A book that rises above the old NLP model of the 80’s and provides insights on how our relationship with the market is indeed a very personal one. Not only has Steenbarger provided some fantastic tools for the trader to transform his mindset, but he has contributed unique trading ideas as well. Brilliant!"
–Linda Raschke, President, LBRGroup, Inc.

"‘Investigate, before you invest’ was for many years the slogan of the New York Stock Exchange. I always thought a better one would be, ‘Investigate YOURSELF, before you invest.’ The Psychology of Trading should help you increase your annual investment rate of return. Mandatory reading for anyone intending to earn a livelihood through trading. "
–Yale Hirsch, The Hirsch Organization Inc., Editor, The Stock Trader’s Almanac

"This highly readable, highly educational, and highly entertaining book will teach you as much about yourself as about trading. It’s Oliver Sacks meets Mr. Market–extraordinary tales of ordinary professionals and individuals with investment disorders, and how they successfully overcame them. It is a must-read both for private investors who have been shell-shocked in the bear market and want to learn how to start again, as well as for pros who seek an extra edge from extra inner knowledge. Steenbarger’s personal voyage into the mind of the market is destined to become a classic."
–Jon Markman, Managing Editor, CNBC on MSN Money
Author, Online Investing and Swing Trading

"Dr. Steenbarger’s fascinating, highly readable blend of practical insights from his dual careers as a brilliant psychologist and trader will benefit every investor; knowing oneself is as important as knowing the market."
–Laurel Kenner, CNBC.com Columnist, Author, Practical Speculation

From the Inside Flap

Behavior is patterned. Beginning with this premise, noted clinical psychologist and active trader Dr. Brett Steenbarger opens the therapist’s door, demonstrating how traders can identify, interrupt, and change the problem patterns that interfere with successful trading. In The Psychology of Trading, Dr. Steenbarger draws upon real-life case studies and offers hands-on techniques for emotional change to assist traders in becoming their own therapists. Themes that set The Psychology of Trading apart include:
  • "Trading from the couch" by utilizing emotions as valuable market data
  • Identifying and building solution patterns that capture hidden trading expertise
  • Techniques for assessing and trading against the emotions of market participants
  • Methods for building focus and concentration for more automatic and trustworthy trading decisions
  • Creating shifts in states of consciousness to rapidly exit anxious, impulsive, depressed, and guilty frames of mind

In an engaging manner that provides practical solutions to real trading problems, Dr. Steenbarger walks you through the most common cognitive and emotional tendencies that distort efforts at identifying and trading market patterns. He then describes specific skills derived from years of brief therapy practice to help you become an effective observer of these tendencies and gain control over them. By blending state-of-the-art research from psychology and cognitive neuroscience with detailed case studies, The Psychology of Trading provides you with the intellectual and emotional ammunition to face yourself and transform your approach to risk and reward.

See all Editorial Reviews

Product Details

  • Hardcover: 330 pages
  • Publisher: Wiley (December 23, 2002)
  • Language: English
  • ISBN-10: 0471267619
  • ISBN-13: 978-0471267614
  • Product Dimensions: 9.1 x 6.3 x 1.2 inches
  • Shipping Weight: 1.2 pounds (View shipping rates and policies)
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (41 customer reviews)
  • Amazon Bestsellers Rank: #47,549 in Books (See Top 100 in Books)

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Brett N. Steenbarger
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Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
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Inside This Book (learn more)
First Sentence:
I suppose it's only natural that you would expect a book on the psychology of trading to begin with a description of the various emotional afflictions experienced by traders. Read the first page
Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
trading psychology, trading inventory, pivot chord, average trader, trading expertise, trading plans, trading journal, successful traders, trading success, trading methods, distinctive state, winning trades, losing trades, market action
Key Phrases - Capitalized Phrases (CAPs): (learn more)
Internal Observer, New York, Linda Raschke, Victor Niederhoffer, Philip Glass, Little Joan, John Cutting, Alcoholics Anonymous, George Ivanovitch Gurdjieff, Jay Haley, Mark Cook, Milton Erickson, Colin Wilson, Dow Jones Industrial Average, George Foreman
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Customer Reviews

41 Reviews
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 (32)
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 (2)
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Average Customer Review
4.4 out of 5 stars (41 customer reviews)
 
 
 
 
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72 of 76 people found the following review helpful:
4.0 out of 5 stars Well researched and written, but not for the mass, December 15, 2003
This review is from: The Psychology of Trading: Tools and Techniques for Minding the Markets (Hardcover)
The author's M.D. counsellor-trader identity did help him making this an uncommon trading psychology book full of "highly trading relevant" counselling records from both trader and non trader patients. The catch is: if you are not interested in or equipped with an intermediate level of knowledge about psychology or counselling, I doubt very much whether you can finish reading this 300 page book till its end.

To let you have a better grasp of my "worry" mentioned above, I would like to quote something from the last or conclusion chapter, which the author regarded them as the 11 major themes explored in his book.

1. Behavior is patterned.
2. Your trading patterns reflect your emotion patterns.
3. Change begins with self observation
4. Problem patterns tend to be anchored to particular states. (When you enter a particular state thru emotional, physical, or cognitive activity, you tend to activate the behavioral patterns associated with that state.)
5. Our normal states of mind, which define most of our daily experience, lie within a restricted range of our possibilities. (Your immersion in daily routine keeps you locked in routine mind states)
6. Most trading occurs in a limited range of states, trapping traders in problem patterns. (Traders tend to place greater emphasis on the data they process than on the ways in which they process those data.)
7. People in general, and traders specifically, enact solutions as well as problem patterns.
8. Eliminating emotions is not necessarily the secret to improving trading. (Traders can utilize positive emotional experiences to identify constructive solution patterns and to create an anchoring of new, positive patterns.)
9. Success in the markets often comes from doing what doesnt come naturally.
10. The intensity and the repetition of change efforts are directly responsible for their utlimate success.
11. Trading success is a function of possessing a statistical edge in the markets and being able to exploit this edge with regularity.

In short, if you can appreciate or at least have a slight idea of what the above 11 themes try to preach, this book suits you well. Otherwise, please give it a pass.
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20 of 21 people found the following review helpful:
5.0 out of 5 stars a FAR CUT above anything else out there..., December 2, 2005
This review is from: The Psychology of Trading: Tools and Techniques for Minding the Markets (Hardcover)
I am a full-time, intensely dedicated trader. I can say that many individual paragraphs in this book contain more useful information, advice, and insight than the TOTAL of all other books I've read on trading. First: the author is SMART, VERY experienced with trading, and the perfect combination of an original thinker and a well-informed intellectual in his field. He has an obvious gift for psychology and therapy, and a real hook for trading. Although the book is literally overflowing with all sorts of gems, the center of it, and the brightest gem of all surrounds the concept of "brief therapy." Through 10 or so excellent therapy stories he shows us several ways to "get outside ourselves" and observe what we're really up to; and then how to cleverly "shift" who we are to more productive patterns. He does all this both within and beyond the particulars of trading. This book can help you achieve a clarity directly appropriate to trading in DAYS, that without it--and if you were quite perceptive!--would have seemed like a lifetime's work. I can't recommend this book highly enough; and I've never written a review and don't plan to write another--AND, I'm kicking myself because I'd really prefer that other traders DIDN'T read it!
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16 of 17 people found the following review helpful:
3.0 out of 5 stars Not bad, but not necessary, February 15, 2004
By A Customer
This review is from: The Psychology of Trading: Tools and Techniques for Minding the Markets (Hardcover)
First, let me start by saying this book will not teach you how to trade (though you could probably see that from the title). I think the book is way longer than it needs to be. The author talks about many counceling events with clients in his life (most are non-trading related) and then tries to draw a parallel with them to trading. When he finally gets to his point about actual trading psychology, he has good things to say. But I think he could have said everything in one chapter. Nonetheless, I found that I was able to relate to many of the behaviors he discusses. I didn't feel like he really gave great help in trying to break the bad behavior, but at least being able to relate to it makes you think about it and pay attention when you are falling into it while trading. There are many other trading books I would probably read before this one. But if you're sick of all of the technical books that try to teach you how to trade, this book might be worth a read. It's actually one trading book that you could take on vacation with you.
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Most Recent Customer Reviews

5.0 out of 5 stars One of the best trading books I have ever read.
I have traded for about 9 years and of the trading books I have read, this one and "The Daily Trading Coach" are the best. Read more
Published 7 days ago by Charles Lieber

5.0 out of 5 stars Great book on trading psychology, but not that easy
This book is really good, if you are looking for information on the psychology of trading. I especially liked the author his trading experiences and the way he looks back on those... Read more
Published 1 month ago by Straddle08

5.0 out of 5 stars excellent book for an active trader
I highly recommend this book for any trader seeking to profit in the market. Dr. Steenbarger is a master of distilling practical advice into "readable" terms.
Published 3 months ago by YahooTex

5.0 out of 5 stars Great book that every trader (pro and/or amateur) must read.
I was introduced to Dr. Steenbarger's work with this book and I love what he does.
This book is the foundation how his work and his book is very well written, an eye opener... Read more
Published 9 months ago by N. M. Topcu

5.0 out of 5 stars Extremely Good Insight
This book is really good insight on not just trading, but also about human thinking and behavior.
For those who expect the author to do the work for you and pretty much tell... Read more
Published 12 months ago by A. Blum

5.0 out of 5 stars Great Trading Book review from Patrick Buck and MyFXtrader
Introduction: So you have your funds deposited, your broker picked out, your office up and going, your trading strategy has been back tested and looks strong, everything is now in... Read more
Published 15 months ago by Patrick Buck

5.0 out of 5 stars How to think like a trader
The author has done a great job covering what I believe is the most important element in trading, psychology. Read more
Published 18 months ago by Steve Burns

5.0 out of 5 stars Councelling of students AND stock market trading
The combination of these two subjects sounds awful, but Brett really makes it possible to see the parallels between the two fields. Read more
Published 20 months ago by Jackal

5.0 out of 5 stars Great Book, definitely worthy of 5 stars
This is a fantastic book and anyone thinking of buying it should definitely listen to some of the points in this review. Read more
Published on May 24, 2008 by Lucas Trengove

2.0 out of 5 stars Overrated
I bought this book for the good reviews here, and the endorsement by Neiderhoffer, and Rashke. I found out that Neiderhoffer is a friend of the author, and Rashke was a... Read more
Published on October 29, 2007 by Mr. Wan

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