The Psychology of Trading
The Psychology of Trading offers hands-on techniques for emotional change to assist traders in becoming their own therapists. It walks you through the most common cognitive and emotional tendencies that distort efforts at identifying and trading market patterns. 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.
Praise for The Psychology of Trading
"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
"How refreshing! A book that rises above the old NLP model of the '80s 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
"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