The Psychology of Risk: Mastering Market Uncertainty Review

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(More customer reviews)Kiev's thesis rests upon the premise of setting profit goals and then trying to hit them. The idea is that you will be compelled to refine everthing about your trading and put away all excuses in order to reach this goal -- a sort of goal as catalyst for improvement theory. While this seems like good advice I am afraid that for longer term traders it runs headlong into the "only take what the market gives you" truism. If I set a goal of $10,000 per month, what do I do when the market goes nowhere for four weeks? You guessed it, I would try to force things. Not good. So unless you are willing to accept the thesis of setting specific profit goals you won't gain that much from this book. A much better treatment of general trading psychology can be found in Mark Douglas' "Trading in the Zone".

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One of the financial world's most respected experts on the psychology of risk provides a revolutionary risk management modelOver the past three decades investors have adopted all varieties of complex quantitative systems for quantifying and managing risk. Yet, sophisticated investors and money managers continue to suffer record losses in today's increasingly volatile markets. This book bridges the gap between investor psychology and quantitative risk management with a revolutionary risk management program that virtually any trader or investor can easily adapt to their goals and personalities. Using numerous fascinating real-life case studies, Dr. Kiev illustrates the various psychological and emotional traps to which even the savviest investors can fall victim. He develops a dynamic new risk management model that combines quantitative models and money management techniques. He also provides rigorous guidelines that will help readers answer such crucial questions as: How much should I trade? How much risk can I handle? and When should I get out?

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Technical Analysis: The Complete Resource for Financial Market Technicians, Second Edition (2nd Edition) Review

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(More customer reviews)This is probably the best book on technical analysis in the market. It takes you through all the indicators and oscillators you ever heard, plus some you may not be aware that exists, it talks about every pattern you know about (head and shoulder, rising wedge, symmetrical triangle, double top, and so on), it also talks about candlestick charting. Not even that but it gives you the percentage of being on the winning side if you use one indicator or the other so you can understand what are the most reliable indicators and oscillators. You will find a chapter in Fibonacci sequence and Elliott's Wave Theory and it will give you an unbiased opinion about their rate of success.
The book it's extremely comprehensive, I found information here that I didn't find in any other book in technical analysis. It's also very long, over 600 pages so it will take you a while to read it and a few good months if not years to experiment with these indicators and apply the information for your day to day trading. I think this book it's a very good investment and I highly recommend it to anybody interested in technical analysis. If you want a "shortcut", if you want to see the opinion of a guy who red and "digested" this book and many others over years I recommend a website you can access for free on internet. I don't think I am allowed to put a link here but you can google "babaro22" and you will be directed to this guy website that gives you amazing buy and sell signals in real time. He's not a day trader, no penny stocks, no individual stocks actually, ETFs only, you'll get a buy or sell signal every 3-8 weeks. I may be biased since I made a killing using his system but I think it's worth giving a try.
Coming back to the book, I give it 5 stars without hesitation but in terms of using the information right away for your trading you are going to be a little bit disappointed since it will take you a while to grasp so much information.

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Already the most complete, reliable, and objective guide to technical analysis, this book has been thoroughly updated to reflect the latest advances. Selected as the official companion to the prestigious Market Technicians Association CMT program, it systematically explains the field's principles and techniques, presenting academic evidence and hundreds of illustrations.

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

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(More customer reviews)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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"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 InvestmentsAuthor, 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

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Trend Trading for a Living: Learn the Skills and Gain the Confidence to Trade for a Living Review

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(More customer reviews)I find it very regrettable that Dr. Elder has seen fit to slam this author's book in the public venue of Amazon.com book reviews. I've only been involved in learning the stock market since September of 08, and while there are innumerable books on the subject and countless web pages devoted to it, most of them only serve to increase the sense of mystification in the mind of the newbie.

"Trend Trading for a Living", is quite exceptional amongst the available titles in that it does a much better job of making the subject matter digestible to people who aren't already experts. I would recommend starting with an abject beginner's book first, and then read this book to really clear up any confusion you may still have. While I have found nothing new in it (I haven't seen anything so far that I haven't seen before...), I do find that I'm actually UNDERSTANDING and RETAINING what I'm reading, which is new. It may be covering the same old material, but it's done well and comprehensively, and doesn't leave out little critical bits here and there (a frustrating habit of most market books) and does not presume a prior, deeper understanding on the part of your reader, and that makes all the difference. It is not enough for a writer to understand the material themselves, they must be able to teach it, and Dr. Carr does that very well, and very clearly.
And when Dr. Carr says he's going step by step, he really is. He doesn't casually mention some term or idea or indicator setting you've never heard of because you're new, in some vague, unclear manner in passing, and then move on leaving you befuddled. He actually explains things to a useful level of detail. AND he responds if you write him.
It does sometimes happen that he doesn't fully explain a term the very first time he references it. Given the scope of the subject matter and it's complex inter-references, this is quite understandable. If you don't get something, just keep going, it'll come out in the wash. This also suggests that reading this book two times through is a good idea, yellow-lining the second time.

Dr. Carr is quite explicit and unambiguous in giving credit where credit is due, not only to Dr. Elder but to the many other pioneers whose material he references. There's absolutely not the slightest hint or suggestion of his co-opting credit or attempting to "capitalize" anything from anyone else. Expressly the opposite. If Elder had actually READ the book before being such a presumptive jerk, he would have read the NUMEROUS times Dr. Carr gives him full credit, without ANY obfuscation WHATSOEVER.

This book is a work of exceptionally high value and use, and Dr. Elder's reaction was completely inappropriate, giving as it does the general impression that this work is somehow illegitimate.

Reading and understanding Dr. Elders primary early works is absolutely critical to the rank and file trader. They are too foundational to ignore. I have his books on my shelf and will continue to use them. But he's done some serious damage to his credibility in my mind with his casual, flippant denigrations. Dr. Carr, for this very clear and approachable work, deserved MUCH better, ESPECIALLY in view of the fact that anyone reading this book is strongly encouraged by Dr. Carr to read Dr. Elder's books, quite ironic given the circumstances.
I don't know Dr. Carr from Adam, but it seriously annoys me to see someone trying so hard to produce a work actually usable for beginners get shot on the tarmac by a giant in the field in what LOOKS like a needless, unjustified and ill-mannered attempt to protect his turf. Dr. Elder could EASILY have afforded to be more gracious.
This book is a keeper, no doubt about it.

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Trade With Passion and Purpose: Spiritual, Psychological and Philosophical Keys to Becoming a Top Trader (Wiley Trading) Review

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(More customer reviews)One mark of a great book is how original its content is and how much it adds to the existing literature. This book gets 5 stars on both of these fronts. Having done an immense amount of psychological study and soul searching over the last 2 years in an effort to progress in my trading career, I was impressed by how this book was able to still take my trading (and life) mindset to another level. I thought I had read it all, but throughout the book I found unique insights and novel (at least as applied to trading) subjects. By the end of the book I felt a sense of liberation by immediately starting to apply some of the concepts I had read. This book will serve as a great aid to any trader no matter the experience level... it is certainly not limited to those wanting an intro to the psychology of trading. In fact, I find it ideally suited to the experienced traders (struggling and successful) who have already read it all and think there are no more new insights. For me, being a very ambitious trader with very high standards and goals, I found it the perfect aid in helping me find the balance of staying grounded in the good and bad times, and being self forgiving and accepting. You can't imagine the difference that acceptance can make, and this book is full of great practical advice on how to reach that. And it's not all just fluff- it comes from a real trader and is backed by much scientific study and a long history of reliability.
We all have read about traders being in the "zone"... well don't expect to reach there too easily without knowing the concepts in this book. They're truly indispensable no matter how much you already know about trading psychology. Great book.

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The Intuitive Trader: Developing Your Inner Trading Wisdom Review

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(More customer reviews)While the author interviews many successful traders from various backgrounds, the most repeated comment was that you get the intuitive response from years of experience. This would appear as commonsense to most.
Like riding a bicycle, you at first concentrate on balance. Then after you achieve a comfort level it becomes automatic or intuitive. With so many books on the market, writing a book on the premise that more experience brings on the ability to move by inner feelings is something one needn't pay for.

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