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

https://www.amazon.c..
Category: Books
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....
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An in-depth look at psychology of trading
I picked this up during a rough spot in my trading performance and it turned out to be a fantastic book that helped my trading. The author is clearly a trader himself and so understands certain caveats and nuances.

What sets this book apart is that he takes clinical examples and relates personality traits to success/failure/acceptance/rejection in life. It really goes a long way in helping to fix those repetitive mistakes that many traders make over and over again.

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good, not great
I agree with many of the previous reviews... the book starts great but it was tough to finish because it gets very boring and off the topic of actual trader psychology.

I will say, the first half of this book is very good at identifying problems and traps that new traders will likely fall into, so for that reason this is definately a book worth reading for a new trader.

I am excited to read his next book, hopefully he learned from this book and made improvements on 2.0. I will be sure to review that when i finish reading it over my holiday break.

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GutterBall83 Arlington, TX

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A far too detailed expression of common sense
I enjoyed most of this book and learned some basics about the psychology associated with emotional and mood shifts during trading. The first half of the book was easily understood and helpful at identifying patterns that most traders will need to learn control over.

The second half of the book feels like the writer decides to focus more on talking about himself and how much he knows. I found it difficult to remain focused when he steers away from giving the reader the basic knowledge they want, and instead goes into detailed references that would be better suited for a college text book. Finishing this book became a chore. I simply could not stay involved once the book veered off course.

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Illustrations of psychological case studies.
This book profiles (ostensibly) actual patients of a psychologist and attempts to match their experiences to symptoms commonly experienced by traders, then offers solutions to these potential road blocks for aspiring traders. However, the majority of the case studies do not involve actual traders.

Thus, while it is an interesting read and a good basic primer of various psychological obstacles that some people may face, it is not per se a trader-oriented book. That will probably frustrate some readers, but I still found it to be a good entertaining read with a few good nuggets to take away.

That said, I'm not sure what to make of the author and his recurring obsession with Phil Glass music, but I will give that a pass. I would try to borrow the book or get it from a library as even used I did not think it was worth the hardcover price.

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When Millionaire's speaks, you act!
This is a good book to read for all traders. I really loved how the author used clients that were non trader stories to compare it to trading. I remember Speaking with a successful trader and I asked him general "how to become a better trader" questions and most of his answers where based on the foundation of this book.

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1 of 1 people have found this review helpful.
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One Of My Favs
I dont get people who dont love this book...for me and many of the most successful traders I know, this is the bible. This is the book that turned Steenbarger from a man to a God...yes, its tough to read because the psychology of trading is a tough concept to graps, but once you give it a few reading, you'll understand yourself and your goals soooo much better. It was funny when I asked the 60+ attendees at my Vegas conference a few days ago who had read this book and only one person raised their hand. That person is the #1 trader out of nearly 2,000 on Profit.ly having earned just under $2 million the past few years...and his gains are verified. Read it, thank me later.

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Tim New York, NY

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Not hooked
The books gives you good information about emotional states you may experience when trading, as well as techniques to mastering your mind and executing trades without letting your emotions guide you. It gets a little bit diffuse at times and gets too much into "raw"psychology, which makes the book a little vague at times, why I think it is only ok.

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4 of 4 people have found this review helpful.
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Relaaax Chicago, IL

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No instant results
This book has a lot of case studies from the author's psychology practice that are mainly about medical students. They have emotional issues that can be compared to things that effect us when we trade. There is a lot of sifting through fluff to get to the point. I know he wants to illustrate things so we understand and internalize it, but if you have a fast paced life you might get antsy going through this book.

Making these kinds of emotional changes by yourself will not happen overnight. You could say that 'Trading in the Zone' is like sweeping dirt under the rug before company comes over, and this book is spring cleaning from a lifetime of dirt.

I read Trading in the Zone before this book, and that's probably a good thing because that definitely made more of a practical difference to me psychologically. When things slow down for me, I will go over this book again and see what kinds of things I can meditate on.

The one takeaway idea I got from this was to try a sound and light machine. I'm not going to go into the details of what that is because you can just look it up, but that's great for calming the mind or concentration. If it weren't for this book I never would have heard of them, and that's because this guy is a real psychologist (and trader), not an over-reaching trader who gets speculative philosophically (like Trading in the Zone).

This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
4 of 4 people have found this review helpful.
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Displaying 1-8 of 8 Total Reviews
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