The Trading Athlete. (Book Reviews)

Article excerpt

By Shane Murphy and Doug Hirschhom

John Wiley & Sons Inc.

New York (2001)

288 pages, $29.95

Trading psychology is often the missing link for many traders. Getting control of your emotions and mentally preparing yourself for trading is critical for your success.

The Trading Athlete is geared to both newbie and veteran traders. The authors use sports analogies and compare traders to athletes to bring home their points. They provide an easy-to-understand approach to the subject matter. Based readings of other research and this reviewer's trading experience, 90% 'of the battle for trading consistency and profitability has to do 'with psychological aspects of trading.

The synergy between Murphy a sports psychologist, and Hirschhom, an online trader, resulted in a well-written, easy-to-read text that supplements books on trading psychology by Ad Kiev, Alexander Elder and Mark Douglas.

The big picture topics covered here include mental keys, confidence building and dealing with failure, how to handle losses replacing negative thinking with sure, why trading for revenge is a diaster, how to overcome feat and prevent panic, how to concentrate and enjoying success

Also, included is a self-evaluation form covering goal-setting, confidence, positive trading attitude, energizing, anger management, pressure, concentration and flow. …