The mental strategies of top traders: the psychological determinants of trading success

Trading tends to be a winner-take-all activity where a small number of traders are very successful, while the majority either lose money or generate relatively small profits. In The Mental Strategies of Top Traders, Ari Kiev identifies and analyzes the characteristics of successful traders and shows aspiring traders to cultivate these same characteristics. Successful trading, Kiev asserts, requires an unusual and sometimes contradictory blend of intellectual and psychological abilities: The willingness to take risks, but in a very controlled manner. The ability to develop high-conviction trading ideas in the face ofunpredictable markets and incomplete information. A strong drive to win, but an ability to deal with frequent failure. The ability to remain comfortable ina psychological environment of constant discomfort. Kiev supports his analysis with comments from contemporary traders and portfolio managers, many of whomstruggled with the markets of 2008. Kiev explains that aspiring traders can develop 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. The book reflects Kievs work with professional traders and, as such, is an honest depiction of the challenges of trading and a clear explanation of what it takes to succeed.

• ISBN: 978-0-470-50953-1
• Editorial: John Wiley & Sons
• Encuadernacion: Cartoné
• Páginas: 208
• Fecha Publicación: 30/12/2009
• Nº Volúmenes: 1
• Idioma: Inglés