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Market Mind Games: A Radical Psychology of Investing, Trading and Risk Hardcover – January 5, 2012
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- Print length288 pages
- LanguageEnglish
- PublisherMcGraw Hill
- Publication dateJanuary 5, 2012
- Dimensions5.9 x 1.1 x 9.5 inches
- ISBN-100071756221
- ISBN-13978-0071756228
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Learn more how customers reviews work on AmazonCustomers say
Customers find the book interesting and great for active traders. They say it provides good insight into what goes on in their minds when they enter a trade. Readers also mention it has made them reexamine themselves and has helped them improve their trading performance. Opinions are mixed on the writing quality, with some finding it enjoyable and easy to read, while others say it's overwritten and poorly edited.
AI-generated from the text of customer reviews
Customers find the book interesting, saying it reads like a bestselling psychology book. They say it's great for any active trader or investor. Readers also mention the author raises some good points, especially about thinking on the third level.
"...Reading this book is a real treat...as if D.K. were perhaps your own grandfather imparting the best wisdom of his years...." Read more
"This book is so good. The author basically lays out how to use psychology to improve your profitability as a trader...." Read more
"...This is an excellent book. I urge anyone who reads it to take time with it and think through it carefully...." Read more
"...Reading both the novel part and the lecture part proved to be very informative and mildly entertaining with the advancing storyline...." Read more
Customers find the information creatively presented and valuable. They say the book has compelling facets and makes them reexamine themselves. Readers also mention the lessons are true and needed in today's market.
"...of the term "Fractal Emotional Context" is both appropriate and very illustrative...." Read more
"...Even more importantly, the book is replete with assertions that bust a number of long held beliefs about how traders should manage risk, quantify..." Read more
"...I thought it was very effective and instructive to learn from the emotional turmoil of the fictional character...." Read more
"...Once noticed, her style was easy enough to discern and discount...." Read more
Customers find the book very effective and instructive. They say it has materially improved their own performance. Readers also mention the book is fascinating and helpful for traders.
"...I thought it was very effective and instructive to learn from the emotional turmoil of the fictional character...." Read more
"...Since reading the book, not only has my trading improved dramatically but, after years of trying to control emotions, I allow them to reveal..." Read more
"...I found this book to be very much worth reading. It has materially improved my own performance and I have recommended it to those I know." Read more
"...that she uses fictional characters to convey her message, absolutely brilliant, it was very easy for me to understand the concepts...." Read more
Customers find the story well-told and epic. They appreciate the author weaving in real-world anecdotes to help illustrate the lessons.
"...the neuroscience involved in a trader's brain, she weaves in real-world anecdotes to help illustrate the lessons which readers should carry and..." Read more
"...Denise makes excellent use of story to engage the reader and get her points across...." Read more
"Well told tale of how the emotions drive behavior in ways that sheds light on the unconscious and the forces within us..." Read more
"Epic Book & Fantastic Dissertation! ! !..." Read more
Customers have mixed opinions about the writing quality of the book. Some mention that it's well-written and understandable for the lay person. However, others say it's boring, overly written, and poorly edited.
"...Shulls writing style, choice of content, and instructional method strikes the right balance of stimulating those passionate about the market, while..." Read more
"...The sentence structures are also very confusing, and there are no citations when she refers to scientific studies...." Read more
"...It's a difficult subject and she did a remarkable job making it understandable for the lay person.My main takeaways from the book are...." Read more
"...purchased this book months ago and have not finished because of the wordiness and unorganized thought...." Read more
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In its place she shows why the notion of emotional capital is important, and just as with regular capital, it is essential to preserve if you want to stay in the game.
A word of caution though. The real Rosetta Stone didn't magically make all of ancient Egyptian culture instantly accessible, but it did provide a framework for subsequent efforts which over time expanded our knowledge of history. Similarly, don't expect this book to transform you overnight into someone who Jack Schwager will be trying to get a hold of.
What it can do though is help those who respect the importance of personal psychology in trading (a minority IMHO) to better understand their makeup and develop internal strategies for success. (As opposed to the majority who think finding the perfect external strategy is the way to go. Such irony that it's the wetware on the inside driving those efforts in the first place!)
I think it is important to talk about the format of the book. If you are expecting a "Dummies Guide to my Trading Brain" with lots of neat bullet points, you will be sorely disappointed. Instead the format is somewhat meandering. I have heard participants in webinars say they didn't like the format as they were reading the book, but by the end they felt it made sense. I actually enjoyed reading the book, but regardless I believe the format is in part trying to illustrate the concept Ms. Shull puts forward called "Fractal Emotional Context."
Normally I cringe when I hear someone using the word fractal out of its proper mathematical context. I have a great respect for Benoit Mandelbrot, and can still recall as a pimply teenager in the early 80's holding a copy of "The Fractal Geometry of Nature" and just knowing I had something great in my hands. I still have the book, but since then it seems the term "fractal" has become one of the top 5 words used to peddle trading wares. Just Google up "fractal trading indicator" and you will get 479,000 results.
With all of that said, I think Ms. Shull's use of the term "Fractal Emotional Context" is both appropriate and very illustrative. When you sit down to trade, everything from what you said over breakfast to how you were treated as a child is there with you. Just as market action has activity on all time frames, so do you. And more of what is swirling around in there is unconscious than conscious.
But this is a good thing. Ms. Shull also reminds us that everyone else is in a similar boat, and suggests ways to use this paradigm to develop an edge.
I find a lot of investing/trading books problematic, where all too often a desire to "preach to the choir" (often a greedy choir not willing to do their homework) seems to win out. This book is a vivid exception to that notion.
It is clear Ms. Shull wrote this book because she believes in the concepts she presents and feels she can make a contribution to those who are serious about trading. I strongly agree with her ideas and feel lucky I came across her work.
Together, these two books may just represent a complete summation of the current state-of-the art in trading psychology. Daniel Kahneman (D.K.) is like the venerable grandfather of the not-so-young "new science" of Behavioral Economics. Reading this book is a real treat...as if D.K. were perhaps your own grandfather imparting the best wisdom of his years.
There really is not much new content in the book, per se. What makes the book valuable is the fact that D.K. has taken the chance towards the end of his career to offer a comprehensive overview of his (and others) ground-breaking work spanning over a half a century. If you are a professional in the field, you likely have been aware of these concepts since they were first shared in professional journals in the 70's and 80's. Otherwise, you've probably never had such an opportunity to have the important discoveries made by D.K and his cohorts explained so thoroughly and eloquently.
Mostly, the book is about the many odd ways in which the way people think diverges from what they actually do. Through many examples, D.K. illustrates that man is often apparently an "irrational actor" which stands in sharp contrast to the "rational actor" which is a crucial assumption of the long-dominant Efficient Market Theory. When you consider that Efficient Market Theory is still taught with a straight face in all Business Schools, and despite the fact D.K. won the Nobel Prize ten years ago his work could actually still be considered cutting-edge.
But if you want to know where the bleeding-edge of trading psychology is today, Denise Shull (D.S.) appears to have a corner on the market. While D.K. and his peers were fascinated with thinking and behavior, they seem to have entirely overlooked the all-important third element ~ feelings or emotion. I suppose it makes sense, seeing as they were of the John Wayne-era where feelings were considered a thing to be hidden or controlled. But this oversight cost them the prize. Amazingly, D.K. concedes at the end of the book that despite all he has discovered, he can offer nothing in the way of advice as to how to change one's behavior to where it is more reflective of one's actual best interests and desires.
Fortunately, this gaping void is where D.S.'s work picks up. In Market Mind Games she describes through a multi-faceted narrative how feelings can serve as the key to unlock many of the mysteries concerning the way our minds work and how it can influence our behavior. Not only do our feelings from our past shape how we behave in the present, D.S. shows how our feelings in the present can be a guide along the path that puts our actions back into alignment with our best interests. In the future, the wisdom of following your feelings will be more widely understood and the changes it will bring to many of our institutions will be profound. For now, be thankful that D.S. is here to share this essential piece of the puzzle with traders who are looking to close the gap between what they think they should do and what they actually do.
Many have made the comparison between being a fighter pilot and a trader. If that is the analogy, D.K.'s book is the manual to explain how the plane works and D.S.'s book is the pilot trailing guide that explains how to actually fly the plane. Reading these two books together, you really are getting a pretty complete synopsis of what is currently known about how our minds influence our behavior and how to leverage that knowledge into better performance.
Top reviews from other countries
Do not toss your money with this book.
Seriously worth the cost (only picked the 2 chapters that called out to me too, so far).
Remember - you are trading 1,000 shares, what $50 worth to trade those shares even better?
What's the cost to improve your knowledge of SELF and your Trading Skill ten fold?
If you are a trader - buy today & thank me later :)
geo
Denise shows a better way: Feel your emotions, be aware of them all the time, discuss them without any judgement, give them room. That will give you the power not to act on impulse (loud) emotions and filter out the powerful part of (subtle) intuition inside you.
The thing is if you want to be successful you need to know yourself. This is a difficult process but a great way to break through the glass ceiling above you.
Great Book!
20% strategy, 80% psychology!
If your serious about trading this is a must read for traders of any experience!
The key concept in this actually redefines what you’ve read in probably every other trading book...control your emotions.
In a way it brings in some of the concepts similar to mindfulness, feel the feelings but don’t become the emotion. Witness it, analyze it and release it.
After reading this I guarantee you’ll think about the way you trade from a different viewpoint, who knew that your childhood experiences would be reflected in your trading!



