The Mental Strategies of Top Traders: The Psychological Determinants of Trading Success
Trading tends to be a winner-take-all activity where only a small number of traders are truly successful. Nobody understands this better than author Ari Kiev. Over the course of his career, this respected psychiatrist and trading coach has seen firsthand how challenging the financial markets can be. Now, withThe Mental Strategies of Top Traders, Kiev identifies and analyzes the characteristics that can improve your trading endeavors and shows you how to cultivate them to gain that much needed edge.Filled with in-depth insights and expert advice, this reliable resource carefully examines the issue of successful trading by looking across a broad range of skill sets that are an essential part of this discipline—including, among other things, a goal-oriented strategy, risk management, creative thinking, and a capacity for collaboration and leadership. Kiev supports his approach with interviews from contemporary traders and portfolio managers—many of whom struggled during the financial crisis of 2008, but survived—as well as case studies that provide a real-world picture of what it really takes to make it in today's markets.Page by page, Kiev explains how aspiring traders can develop the qualities that lead to trading success by establishing "stretch" goals; cultivating a sense of variant perception in order to develop unique trading ideas; avoiding emotional decisions; maintaining a sense of urgency about producing results; and increasing effort in times of mental stress and market volatility. Along the way, Kiev also examines:What you must do to become aware of your own psychological makeup and counter the hardwired inclinations of risk aversionHow you can function in the realm of probabilities—which is a significant part ofthe trading and investing worldHow to build on existing personality strengths so as to develop the ability to function in a goal-oriented way, learn to cut losses, and maximize winning betsWhich psychological traps interfere with becoming a better trader and how you can overcome themAnd much moreWhether you're a seasoned financial professional or an active individual trader, understanding the connection between trading and psychology can increase your chances of success. WithThe Mental Strategies of Top Tradersas your guide, you'll quickly discover how to improve your chances of winning in today's increasingly unpredictable markets.