- Hardcover: 230 pages
- Publisher: Wiley; 1 edition (February 2001)
- Language: English
- ISBN-10: 0471379085
- ISBN-13: 978-0471379089
- Product Dimensions: 6.3 x 0.9 x 9.3 inches
- Shipping Weight: 1 pounds (View shipping rates and policies)
- Average Customer Review: 3.3 out of 5 stars See all reviews (22 customer reviews)
- Amazon Best Sellers Rank: #1,189,067 in Books (See Top 100 in Books)
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Trading in the Zone : Maximizing Performance with Focus and Discipline 1st Edition
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From the Inside Flap
"Most traders believe that 'getting into the zone'happens when you have 'a hot streak.' I believe you can create the zone. The zone is a psychological state. It is when you are focused, disciplined, and fully engaged in the process at hand . . . trading in the zone will certainly increase your capacity to perform and succeed."-Ari Kiev
In his internationally acclaimed Trading to Win, psychiatrist and top trading coach Ari Kiev showed traders how to master common psychological obstacles to success and how to develop winning personal trading strategies. Now, in this groundbreaking new book, he takes us to the next bold level with a complete, easy-to-follow program for Trading in the Zone.
Drawing on his years of experience helping top Wall Street traders achieve and sustain peak performance levels, Dr. Kiev describes proven techniques for tapping the energy, focus, and enthusiasm needed to enter the zone and stay there, every trading day, regardless of short-term results or market conditions.
With the help of many fascinating case studies, Dr. Kiev describes psychological and emotional factors that routinely undermine the decisionmaking process of even the most savvy trader during the course of the trading day. Writing for traders in virtually every market, he explores the varying psychological and emotional issues confronting different classes of traders based on their risk profiles and preferred instruments. Trading in the Zone helps you gauge the extent to which your effectiveness is being hamstrung by common problems such as anxiety, fear of failure, negative self-image, and greed. He provides step-by-step guidance on how to overcome those internal obstacles and enter the zone, where you will produce outstanding results, day after day, year after year.
Don't let cognitive traps and negative emotions impair your effectiveness as a trader. Read Trading in the Zone and learn how to achieve the heightened levels of objectivity, focus, and confidence you need to trade in the zone and win, win, win.
From the Back Cover
PRAISE FOR Trading in the Zone
"Ari Kiev takes us inside the most successful trading firms of our time and shows us how those firms seek to improve performance through disciplined self analysis and structured goal management. His application of psychiatric tools to the short-term trading aspects of behavioral finance can give readers a competitive edge."-Charles A. Leeds Jr., CFA, Managing Member, Hermit Capital Management, LLC
"Kiev uses the powerful combination of his professional training as well as a unique vantage point inside the ropes at a market-moving, high-rolling hedge fund to deliver a fascinating analysis of a trader's psyche. Although trading is widely acknowledged as an art, one that requires incredible innate intuition and feel for the markets, Kiev prescribes 'getting into the zone'- a psychological state that one can create - for those aiming to achieve a higher level of performance. His anecdotes, case studies, interviews and tales of the 'Master Trader' are both instructive and tremendously insightful. A compelling read."-Ciaran T. O'Kelly, Head of Equity Trading, Salomon Smith Barney
"Trading in the Zone discusses the psychological considerations that serve to distinguish the most successful traders and portfolio managers from the majority of traders who are doomed to failure. Trading is so greatly influenced by emotions and discipline that not to have Ari's insight and advice is a serious mistake."-Tom DeMark, author of The New Science of Technical Analysis
"I have been managing money for more than twenty years and I am happy to endorse Dr. Kiev's principles, which have enhanced my performance and that of my traders over the past three years. Trading in the Zone will propel readers to the next level of trading success."-Jay Goldman, Hedge Fund Manager, J. Goldman & Co., L.P.
"Ari Kiev's Trading in the Zone clearly and forcefully illustrates the mental discipline that will enable a stock trader to improve his performance."-Allan R. Tessler, Chairman and CEO, Jnet Enterprises
"Dr. Kiev works with professional traders, including some of the best traders in the country. In Trading in the Zone, he provides numerous case studies based on the market experiences of these traders, told both through narratives and their own words, in order to distill insights and lessons that should prove invaluable to professional and aspiring traders alike."-Jack Schwager, author of The Market Wizards and Stock Market Wizards
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Top customer reviews
Kiev focuses on the psychological element of trading, but within that, he has numerous very practical actions that investors can take immediately.
Unlike most investment thinkers, Kiev believes it is absolutely essential to commit to a specific performance goal. This is controversial, because most would argue that it's unrealistic to expect to make money in down markets.
His argument is first, his audience is long/short equity or bond traders that can trade either long or short. Secondly, if you are committed to a specific performance goal, you will "figure out a way" to make it. You will work harder, smarter, and keep looking for opportunities. (This is not unlike Tony Robbins's idea that goals with a strong enough "why" don't need to know "how" right away). Kiev writes: "Willingness to commit to specific results and then to do all the work necessary to realize those results" is the hallmark of a master trader.
The best traders don't get attached to their stocks. They recognize that there are forces they cannot understand. Like Zen masters, they are able to be in the now and evaluate where they ought to be based on where the stock is and where it is going. They take a loss, clear their heads, center, and focus, and don't try to make it back in that same stock.
To be a master trader, you must face the truth and be honest with yourself. Play your winning names. Avoid stocks that don't move. Most successful professional traders make most of their profit from 3-10% of their trades. Most of their trades are not making a profit. Success is not about picking the right stocks. It is really about how well you do once you are in the trade. Good traders stay with winning trades. They keep adding to those positions. If one goes bad, they get out fast.
The master trader has a longer-term focus, a goal, and a strategy to reach that goal. Because of this, he is able to tolerate the pain of losing. This requires learning the meaning of trading with no ego- letting the trade happen and getting out of the way.
Kiev's bottom line: commitment to your results is an existential act of courage that will enable you to get over your fears, self-doubts, and anxiety to maximize your achievements way beyond anything you ever though possible before.