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Market Mind Games: A Radical Psychology of Investing, Trading and Risk |  |
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Market Mind Games: A Radical Psychology of Investing, Trading and Risk | |
Seize the advantage in every risk decision with the most misunderstood asset you have―human emotion
“If you are trying to solve the unsolvable, stop. Read this first and you will learn that the surest path to success will be to start with yourself; solve that conundrum and challenges like understanding how you do and should react to markets will come to be solvable.”
―Marvin Zonis, Professor Emeritus, Booth School of Business, The University of Chicago
“When it comes to fast-moving global financial markets, professional investors strive to evaluate complex economic conditions from data analysis, economic reasoning, and professional judgment. This is what is taught in business schools. Denise Shull demonstrates how investment decision making is also determined by unconscious emotions and perceptions. Market Mind Games is a fascinating book that proposes a new and unexpected hypothesis about the factors that drive financial decision-making.”
―A.G. Malliaris, Professor of Economics and Finance, Loyola University Chicago
“Denise Shull wants us to get in touch with our feelings, not to beat our bare chests and utter primordial screams. Far from it―her techniques are focused on making more money.”
―Financial Times
“Denise Shull’s gem of a book is long overdue. . . .[Market Mind Games] has made the ability to analyze and overcome our unconscious biases and prejudices available to everyone.”
―Dr. Donald T. Wargo, Department of Economics, Temple University
“Market Mind Games is iconoclastic to say the very least! Pay attention to the last word in the subtitle: risk. This book will change your perspective on how to approach and think about the markets and your life!”
―Michael J. Levas, Founder, Senior Managing Principal, and Director of Trading, Olympian Capital Management, LLC
“Denise changes the way you look at yourself and investing. Her insights and methods are necessary to succeed in the markets, period.”
―Jared Levy, Portfolio Manager and author of Your Options Handbook
“Market Mind Games offers a new school of trading psychology. Truly an important work that needs to be on the bookshelf of every serious market participant.”
―Mike Bellafiore, author of One Good Trade
“Masterful explanation of not only why emotionless trading is a myth, but how we can take advantage of our natural wiring to gain an edge.”
―Derek Hernquist, Chief Investment Officer, Integrative Capital, LLC
“Shull details ways to learn how you ‘feel’ before you ‘act’ so that your buy, sell, or hold decisions become more successful.”
―E. Bernstein, OPUS Trading
“A must-read for those who want to make their livelihood as a professional investor, trader, or algorithmic trading developer.”
―Larry Tabb, founder and CEO, Tabb Group
“Denise Shull enlightens the reader how to effectively unlock one’s psychological capital and translate that awareness into clear and concise investment decisions.”
―Grant Mashek, Managing Member, Palm Equity, LLC
“Shull’s book is not only a great read but lays out an entirely more effective approach to thinking about any decision that involves the unknown―market related or not.”
―Leslie Shaw, Ph.D., Behavioral Economics, and trained psychoanalyst
About the Book:
What if the mystery of market crashes stems from a simple but total misunderstanding of our own minds? Could everything we think we know about ourselves―intelligence and rationality versus emotion and irrationality―be wildly off the mark? Simply put: yes.
With these words, Denise Shull introduces her radical―and supremely rational― approach to risk. Her vision stems from the indisputable fact that human beings can’t make any decision at all without emotion and that emotion gets the first―and last―word when it comes to our perceptions and judgments.
Shull should know. She started out managing major accounts for IBM and then chose to research unconscious emotional patterns instead of getting her MBA. Next she became a trader and trading desk manager while continuing to study biopsychology.
We are all taught that sidelining our emotions is the best way to make good decisions― Shull declares the converse: emotions inform us. Attempting to control them actually increases the risks we take. Shull advocates treating feelings as data, and she convincingly argues that doing so eradicates the baffling question that repeats itself in our heads after making a poor investing decision: “What was I thinking?”
Through a series of “lectures,” Shull logically but engagingly connects emotions, beliefs, and context to our innate reaction to uncertainty and risk (yes, the two are different). In Market Mind Games, she merges more than 20 years of studying risk decisions into a single, astoundingly effective strategy.
A reasonable approach to emotion is the best and only way to win the investing game. The methods Shull details in Market Mind Games shake the foundation of conventional market and decision psychology. And, most important, they work.
作者简介Denise Shull founded ReThink Group, a risk and performance advisory consulting firm. A globally recognized trailblazer, she combines insights from 25 years in the real world of markets, neuroeconomics, and psychodynamic psychology into a radical theory that gets rave reviews. A former member of CME Group, today she belongs to the Association for Psychological Science, the Society for Neuroeconomics, and the Social and Affective Neuroscience Society.
目录Chapter 1: Perception IS Reality, What Really Makes the Markets Tick; Chapter 2: Billion Dollar Bonfires: The Ash-Cloud Ending to the Sad Show "Miss-Perceive"; Chapter 3: Better Eyeglasses: The Revolutionary Prescription for Corrected Market Vision; Chapter 4: The Markets' Symbolic Power: Get What You Want, Not What You Need; Chapter 5: Psychological Capital: The Asset which Breeds Cash; Chapter 6: If It is Only Probability, Then why do Poker Players Wear Sunglasses?
网友对Market Mind Games: A Radical Psychology of Investing, Trading and Risk的评论
This is a great book. For me, it provided many "aha" moments. For ex., when I read about emotional and feeling context, I have a new perspective into why it is so difficult to just trade your plan. You just cannot "will" yourself into being disciplined because your actions are based on very deep experiences from before but also on the present context. The previous trade or trades always have an impact and leave a mark. That mark is sometimes on the subconscious level and not readily in your awareness. When you are in that situation, your decision making process is affected to the point where you cannot fully trade to your plan. Just having an awareness that this happens, you can try to resolve as many contexts as you can and it will bring a new perspective and revolutionize your trading. Just a couple of weeks after reading the book, I have begun to approach my trading slightly differently. But, that slight difference sometimes is all you need to go from a losing or breakeven trader to a profitable trader. I also liked the concept of fractal-emotional context which explains why it so difficult to change some of your problem trading behaviors. All of us have a couple of them and they are a constant challenge. We feel like we have control over those behaviors but they keep popping back up periodically after we think we have moved forward which is extremely frustrating. Figuring out your fractal-emotional contexts could give you deep insights into some of the most persistent challenges you've been experiencing as a trader. This book is definitely a game-changer.
Denise Shull's literary efforts as both a practitioner and author to introduce the concept of intuitive, or behavioral, alpha is so revolutionary, it may be a decade or two ahead of its time.
In spanning 50 years of alternative investment history, one sees clear regimes dominating. AW Jones, the now revered Patriarch of hedging, revolutionized the games in the `60's with a basic long/short portfolio. The `70's brought the incipient use of computers, trend following and mutual funds for the masses. The `80's and `90's elevated global-macro managers to rock star status. The dawn of the 21st commoditized the traditional liquidity providing roles into decimals on electronic venues. As we approach the middle of this decade, a re-shuffling of the computer's role is again emerging.
So how will history judge the pioneers of investment innovation for the next 10 years? After reading Market Mind Games, harnessing one's inner-alpha seems like the next logical step in this chronology of cutting edge approaches. While many would argue the markets are becoming more dehumanized, Shull's contention justifiably posits an untapped reservoir of alpha sits at most traders' disposal, given the right commitment and effort to draw from it.
The book has a number of compelling facets to it. Along with deconstructing the neuroscience involved in a trader's brain, she weaves in real-world anecdotes to help illustrate the lessons which readers should carry and implement immediately into their trading. Even more importantly, the book is replete with assertions that bust a number of long held beliefs about how traders should manage risk, quantify emotions, and approach the markets.
As a discretionary, short-term macro catalyst trader, the information shared in this book resonated with me in such a profound way, it facilitated a major recalibration of how I review and contextualize my market analysis and execution. Extrapolating out Shull's findings and suggestions, it felt good to see she reinforced some of the things I am doing already, while I also learned some of the triggers to my own trading shortcomings.
Shulls writing style, choice of content, and instructional method strikes the right balance of stimulating those passionate about the market, while not talking down to the reader. It's a hard balance to strike and she does it nicely.
I am confident in the coming months and years we will hear about more billion-dollar funds retaining the services of individuals like Ms. Shull to get as much out of their traders and portfolio managers' P and L as possible. Oftentimes the most obvious solution to a problem rests right in front of us...
You're looking for a solution that will guarantee you profits. Too bad that doesn't exist... and, even worse for you, you refuse to believe it doesn't exist.
So... you jump from book to book, course to course, hoping to - finally - get that one secret thing the good traders have been hiding from you.
Since this book provides a science-backed, practical, solution to your real problem, you'll hate it. You'll probably leave a three star review, if one at all, never trying any of the simple (yet effective) tasks to improve your odds of making money trading.
Soldier on intrepid speculator! Perhaps, one day, you'll return to begin your real education.
Well told tale of how the emotions drive behavior in ways that sheds light on the unconscious and the forces within us
that drive our behavior, unbeknownst to our conscious awareness.
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