The Investor’s Quotient is a welcome breath of fresh air in whathas been a too-long-avoided subject-the psychological reasons why some people win and most others lose in the commodity markets. More than that, Jake Bernstein proves in this book he is an excellent teacher, and clearly and candidly shows how greater knowledge of yourself can become your most effective trading tool. It’s a must for every trader’s library.
Author’s Note:
I will, at the outset, make a few seemingly immodest but totally honest assumptions, and I will give you some guarantees. The regulations that are imposed on me by our “wise” professional and bureaucratic agencies prohibit me from guaranteeing you monetary profits. And while the disinflationary years since 1980 have brought with them the usual trend toward increased conservatism and erosion of personal freedoms, I am still not prohibited from giving you other guarantees. I will exercise these rights while I still have them. Here are a few things that reading, studying, and applying this book will do for you:
- 1. Your losses should decrease and your profits should increase. At first you will notice that you are losing less on your bad trades and making more on your profitable trades.
- 2. Eventually you will be trading and/or investing profitably. Yes, there will still be losses. They are a necessary part of the game. There can be no profits without losses, but the losses may be minimized, and that’s the name of the game.
- 3. Your attitudes about yourself will be considerably more positive. You will take pride in your skills and you will apply your selfknowledge toward positive ends, both in the markets and in your personal life.
- 4. Your self-confidence will increase. You will listen to and follow your own good work rather than relying upon the advice of others whether they be considered experts or not.
- 5. You will become more consistent, more organized, and more thorough in applying your market knowledge. In doing so, you will achieve positive results even if you fail at first. Through failure, you can discover what’s working for you and what’s not.
- 6. You will search for and find trading systems and methods which best suit your temperament, finances, and personality.
- 7. You will not take your market work too seriously, however, you will not assign it an inferior position. In other words, you will strike the correct balance of market studies vs. personal and family activities. You will not be a slave to the market, rather you will become one of its masters. You will do so not by actually mastering the market, but rather by mastering yourself.
- 8. You will make fewer errors either of poor judgment, subversion, or perversion of your own trading rules. You will recognize your potential errors early in their development, and you will squelch them before they take their toll, both in emotions and in profits.
- 9. You will understand more clearly the relationship between news, fundamentals, other traders, yourself, and the market. You will know your place most of the time.
- 10. While you will still err on occasion, you will do so less frequently and you will rarely repeat the same blunders.
- 11. You will be less concerned with the success of others than with your own success. Your competition will be your own performance.
- 12. You will have conquered the need to trade for the sake of the game. In other words, you will trade only when the opportunity for profit is clear.
- 13. Finally, you will determine your position as a trader whether long-term, short-term, intermediate term or otherwise.
The changes and benefits I’ve just mentioned, may prove to be just the tip of the iceberg. There are many additional benefits that may result from the synergism stimulated in turn by your studies and self-analysis. I cannot give you any guarantees of success. I can, however, guarantee that if you are successful in changing your personal psychology; your relationship with yourself and those around you and your perception and relationship with the markets, you will thus become more successful than you ever dreamed possible.
Contents:
- My Story
- Many Markets—Many Similarities
- Psychology and the Markets: Similarities and Differences
- Psychoanalytic Theory—Do Childhood Experiences Affect Behavior?
- Learning Theory: Is All Learning Stimulus-Response?
- The Response Sector
- The Consequences of Behavior
- The Discovery Process—How to Know Yourself
- How to Rectify Trading Errors
- Further Details on Dealing with Trading Problems
- Scheduling and Self-Discipline
- The Importance of Trading with the Trend
- The Role of Advisory Services
- Is This You?
- Can a Positive Mental Attitude Facilitate Consistent Success?
- The Broker-Client Relationship
- Putting It All Together—Where You Fit
- Social Psychology and the Markets
- Some Psychological Trading Rules
- The Perceptual Factor
- Subliminal Perception—Response without Awareness
- Minimize Stress—Maximize Health and Profits
- Often-Asked Questions
- Sex and the Markets: Fact or Fantasy
- Using Psychology to Maximize Investment Success
- Writings of the Masters: Study History to Learn about the Future
- Creative Visualization and Guided Imagery
- Overcome Your Worst Fears: How Psychology Facilitates Success
- Why Too Many Traders and Investors Lose
- Modeling the Behavior of Successful Traders
- Facing the Challenges of Today’s and Tomorrow’s Markets
- Some Closing Thoughts: Facing the Challenges of Today and Tomorrow
The Investor's Quotient: The Psychology of Successful Investing in Commodities & Stocks By Jake Bernstein pdf
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