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The Psychology of Risk: Mastering Market Uncertainty |
List Price: $39.95
Your Price: $26.37 |
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Product Info |
Reviews |
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Rating: Summary: homerun Review: ....another 5* piece created by Dr. Kiev. The Psychology of Risk is an excellent tool to improve and build on one's trading technique. whether a novice or an expert, psychology of risk is a must read for all levels...
Rating: Summary: An Important Read All Traders Review: I found this book to be quite unusual. If you understand what Dr. Kiev is saying, you will find that you only have one decision to make, and that is to commit to a result. In a direct fashion, Dr. Kiev shows a committed trader how to move forward in a focused way, how to find the resources needed for success, how to evaluate progress and how to stay on track to reach a goal. Each chapter includes transcriptions of conversations with traders who are experiencing difficulties "along the way". I found that I shared many of the characteristics of these traders. The commentary that followed each vignette seems to provide a range of emotional "tools" that the trader can use whenever he/she feels besieged by the markets. One of the most important issues covered in the book is the ability to execute, to do what you know is right, and to stay in the trade without succumbing to emotion. This point alone would have saved me thousands of dollars (and a lot of emotional turmoil) in the last several years. Dr. Kiev's book is an invaluable resource to traders at every stage of their journey.
Rating: Summary: Good for Short Term Traders, but... Review: 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".
Rating: Summary: Good for Short Term Traders, but... Review: 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".
Rating: Summary: A good read and I am a better money maker because of it. Review: This book isn't just applicable to traders. Fundamental, research driven investors will find the focus on risk management and risk taking equally helpful. The discussion of how an investor's emotions and tendancies can interfere with a profitable strategy is unique to Dr. Kiev's work and contradicts the old maxim of "don't let emotions affect your decisions." Emotions are part of everyday life and we have to find ways to benefit from them, not be hurt by them. I found Dr.Kiev's use of trading examples particularly helpful in helping me to identfy when my emotions are interferring with my strategy. More importantly, he provides tools and guidance that can help the reader improve their stock picking and portfolio management performance.
Rating: Summary: Fast read; informative and helpful. Kiev's best Review: This was definitely Kiev's best book yet. What made the difference between it and Trading to Win was that it was actually helpful and laid out a course of action. Trading to win was chockful of examples but you were unsure of how you fit into it. The book is full of little tests to determine what type of trader you are. Unfortunately he is not big on advice you sorta figure that out yourself after reading so many pages of what's your best course of action. The downside to the book though is the Master Trader section which sorta drones on. Still his best.
Rating: Summary: Fast read; informative and helpful. Kiev's best Review: This was definitely Kiev's best book yet. What made the difference between it and Trading to Win was that it was actually helpful and laid out a course of action. Trading to win was chockful of examples but you were unsure of how you fit into it. The book is full of little tests to determine what type of trader you are. Unfortunately he is not big on advice you sorta figure that out yourself after reading so many pages of what's your best course of action. The downside to the book though is the Master Trader section which sorta drones on. Still his best.
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