Mindtraps: Mastering the Inner World of Investing

Description

Hamlet summarized it all by saying: "Nothing is so bad-but thinking makes it so." Alas; Poor Yorick, Hamlet and you the Stock Market Investor. Universal questions asked by Market Investors when they lose money is, "why me, how did I get into this position, or what should (could) I have done differently?" To Roland Barach, the answers to these unanswered questions are to be found in Mindtraps.

Mindtraps consists of 88 "Reasons Why" people tend to loose in the market. Reasons selected range from the obvious: wishful thinking (mindtrap #57) to the more obscure as framing (mindtrap #82). The book is divided into 15 sections ranging from fear, greed (The Basics) to mastering yourself, the enemy within. Mindtraps appropriate to each topic are referenced.

Readers at first may be overwhelmed by the number of mindtraps and wonder if market "success" is even a remote possibility. The advantage obtained by reviewing the litany of mindtraps is that one becomes more aware of the many (false) premises we base our investment decisions on. Awareness fosters vigilance which can result in avoiding yesterday's mistakes in the market and eventually developing one's own basis for "intelligent" market decision making.

Roland Barach claims to be both a practicing psychologist and `active' stock market investor. He may be both. However, from the book one forms the impression that he is more psychologist than investor. While Mindtraps has numerous stock market
anecdotes the non-market interpretations are generally stronger. Some readers may experience deja vu when reading the book and ask is this a book on psychology or the stock market? Yes!, is the answer to this question. However, as Mr. Barack would probably agree one's investing decisions are closely tied to their psychological makeup.

For the reader looking for instant riches, secret formulas or promises of market success this is not the book. To those desirous of developing their own trading programs or wanting to analyze their loses this is the book. Readers will have to decide which mindtraps are dominating their thinking while avoiding the distraction of the others which may not have as strong an influence on their thinking.

The book makes an excellent reading assignment for students of the market who are trying to determine why they "went wrong" or for those wishing to develop the "perfect" trading program and desirous of knowing and avoiding pitfalls facing the faceless multitude of the "other" investors.

Recommended by Dr. Van K Tharp in his book "Trade your Way to Financial Freedom" in page 65.

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