The Psychology of Risk: Mastering Market Uncertainty

ISBN-13: 9780471403876 / Angielski / Twarda / 2002 / 304 str.

Comp Ari Kiev

Opis

One of the financial world's most respected experts on the psychology of risk provides a revolutionary risk management model
Over 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?

Spis treści

Introduction.

PART ONE: THE ESSENTIALS OF RISK TAKING.

Chapter One: Defining Risk.

Considering a New Approach.

Understanding the Psychology.

Identifying the Problems.

Chapter Two: Understanding the Approach.

Making the Commitment.

Setting a Target.

PART TWO: THE PROBLEMS OF RISK.

Chapter Three: Handling Your Emotions.

Defining the Life Principle.

Examining the Emotions of Trading.

Understanding the Stress Response.

Creating a New Life Principle.

Owning Your Responses.

Dealing with Anger.

Maintaining Your Concentration.

Chapter Four: Learning to Let Go.

Battling Perfectionism.

Overcoming Mental Accounting.

Combating Paralysis.

Learning to Become Flexible.

Hoarding Stub Ends.

Considering the Herd.

Releasing the Rationalizations.

Acting Now.

PART THREE: THE PERSONALITIES OF RISK.

Chapter Five: Profiling Passive Traders.

Cautious Traders.

Fearful Traders.

Insecure Traders.

Committing to a Result.

Choosing What You Have.

Discovering What Is Missing.

Chapter Six: Profiling the High–Risk Trader.

The Solutions.

Chapter Seven: Recognizing the Master Trader.

Defining the Master Trader.

Developing Mastery.

Assessing Your Progress.

PART FOUR: THE PRACTICE OF RISK TAKING.

Chapter Eight: Increasing Your Risk.

Understanding the Value of Statistics.

Using Specialized Techniques.

Chapter Nine: Handling Failure . . . and Success.

Recognizing a Breakdown.

Managing the Emotions of Breakdown.

Turning Breakdowns into Breakthroughs.

Recreating the Wins.

Remembering the Plan.

Chapter Ten: Doing the Work.

Discerning the Importance of Data Analysis.

Determining What Is Relevant.

Understanding the Business Model.

Paying Attention to the Catalysts.

Interpreting the Silent Data.

Using Technical Analysis.

Chapter Eleven: Coping with Risk: Coaching, Teamwork, Systems.

Consult a Coach.

Take Advantage of Teamwork.

See About a System.

Conclusion.

Index.

O autorze

ARI KIEV, MD, is a practicing psychiatrist who has received recognition in the financial community for his insights into the psychology of decision making under stress and for the creation of goal–directed programs to enhance trading performance. He is the author of fifteen books, including Trading to Win: The Psychology of Mastering the Markets, Trading in the Zone: Maximizing Performance with Focus and Discipline, and the bestselling masterpiece A Strategy for Daily Living. He is President of the Social Psychiatry Research Institute in New York, has appeared on CNBC and CNNfn, and has been featured on Forbes.com, cbsmarketwatch.com, in The New York Times, and The New York Post. Dr. Kiev frequently writes for Active Trader magazine and was featured in Stock Market Wizards by Jack Schwager for his significant contributions to some of Wall Street′s most successful hedge funds.

If you would like to contact Ari Kiev, please send an e–mail to niss33@aol.com.

Blurb

Praise for The PSYCHOLOGY of RISK

"The Psychology of Risk is equally vital for everyone from the day trader to short–term online trader to long–term investor. A clear, enjoyable insight into what makes trading success."
–Alpesh B. Patel, Financial Times columnist and author of Trading Online

"Once again Dr. Kiev delivers a book that should be read cover to cover and kept as a reference. The Psychology of Risk explores the elements of risk taking as they relate to the human psyche."
–John Floyd, Director, Proprietary Trading, Deutsche Bank AG

"In 2000 and 2001, benchmark U.S. equity indices experienced the worst two–year performance since the bear market of 1973–74. Among the winners in this tumultuous market environment were those that invested with short time horizons rather than those that utilized a rigid buy–and–hold ′one decision′ philosophy. Against this backdrop, Kiev, in his familiar pull–no–punches style, delivers an insightful, timely, and pragmatic thesis that focuses on the inner game of trading: psychology, discipline, and the holy grail–timing. A captivating read for those in search of a performance edge."
–Ciaran T. O′Kelly, Head of Equity Trading, Salomon Smith Barney

"Ari has proven himself to be a keen coach of world–class traders. The Psychology of Risk is a great read for those looking to better understand what it takes to put oneself at risk in the market."
–Kevin Becker, CIO, Claiborne Capital Management, LP

"Ari Kiev has done it again. One of Wall Street′s preeminent trading coaches, he explores some useful principles of risk taking which will help traders to take their game to the next level."
Jay Goldman, Hedge Fund Manager, Goldman & Co., LP