Achieve a new level of investing and trading success by defeating your worst enemy--yourself Successful trading relies on three vital skills: market analysis, money management, and decision-making. The first two are straightforward skills anyone can learn, but the third is much more difficult. Your ability to make the right decisions isn't based on hard facts, but psychological realities like your own temperament, your own biases, and the biases of other traders. In essence, you can only master the stock market when you master yourself first, and that starts with making the right decisions habitually. Think Like the Great Investors is organised into four distinct parts that show you how to understand your own temperament, the psychology of the market as a whole, your own biases and decision-making errors, and how to practically apply your understanding of these factors into your decision-making system. * Written by highly respected investment teacher, speaker, and writer Colin Nicholson * Ideal for both inexperienced traders who want to lower their risk as well as experienced traders who lack that one final piece in the trader's skillset For anyone looking for that final piece of the investing puzzle, the answer is right here. With Think Like the Great Investors, you'll leap beyond the final hurdle to super-successful investing ...yourself.
About the author xi Important note xiii PART I: STRETCHING OUR MIND 1 1 Shaping our destiny 3 2 Men and women (overconfidence) 7 3 I am absolutely certain (overconfidence, confirmation and availability) 13 4 Mine, all mine (mental accounting) 33 5 Why we never learn (reinforcement and punishment) 41 6 Love is blind (cognitive dissonance) 47 7 A little knowledge is dangerous (representativeness) 53 8 It must be tails next (the gambler's fallacy) 59 9 Dangerous rewards (random reinforcement) 69 10 How much is it? (anchoring) 73 11 Reconstruction (hindsight) 81 12 Why we get it wrong (disposition effect and prospect theory) 87 13 We cannot change the past (the sunk cost fallacy) 95 14 I remember it all too well (availability revisited) 101 15 What goes up ... (small numbers, reversion to the mean) 107 16 What is it worth? (overreaction) 113 17 He who hesitates is last (inertia) 119 18 What do you want to do? (regret) 127 19 Ask why not? (confirmation revisited) 135 20 I want it now (impulsiveness, immediate gratification) 141 21 Tell me why (randomness) 147 22 It can't happen (normalcy) 153 PART II: IN THE AVALANCHE 161 23 Mob rule (crowds) 163 24 Notes and commentary on Gustave Le Bon's The Crowd 169 25 Contrary to popular belief ... 187 PART III: CATCHING THE TIDE 193 26 Nine keys 195 27 Failure traits 199 28 Dealing with loss 203 29 Plan to succeed 207 30 Seven investing sins 211 31 The wall 215 32 Capitulation 219 33 Tough going 225 34 Be early 229 35 Blinded by fear 235 36 Conquer fear 239 Further reading 243 Index 247
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