Book Reviews

Red about what other professional traders and readers have written about the first scientific and quantifiable trading psychology book:

How To Become A Successful Trader
by Dr. Ned Gandevani



 

 

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Here are reviews posted by some of the traders and book reviewers:

 

Review by Lonely Trader at http://www.lonelytrader.com/Resources.htm:

October 2007

How to Become a Successful Trader
Ned Gandevani

This is the only book I've read on the topic of trading psychology that truly provides a framework for meaningful analysis of one's trading personality, and then guides the reader through a process of developing strategies for both exploiting strengths and mitigating weaknesses. Other than the many formatting, spelling and grammatical mistakes, the content is very clearly organized and easy to read and retain. Unlike many other authors in the field of trading, this one does not infuse his writing with pet theories or personal affectations. If you read this book you can expect to gain:

  • A clear understanding of the five factor model and how it differs from other models,
  • A fairly strong knowledge of those aspects of your personality that help your trading and those that are not so helpful,
  • A framework with which to identify those trading styles that suit your personality,
  • A clear process for defining what the author calls developmental and complementary strategies for working through personality-related trading issues, and
  • A launch point from which to start a life of trading with important self-knowledge that most traders never bother to uncover.

His presentation of perceptual biases and decision traps is also helpful in framing our problems as traders. A mindful reading of this book and purposeful studying of the model for personality assessment will help traders take control of their trading behavior and use it to their advantage. JRS


 
3 out of 5 stars Personality profiling for Trading Success, February 23, 2004
 
  Reviewer: allbookreviews (see more about me) from Canada

A how to book for traders based not on systems, fund knowledge and investment strategies but the deeper more personal issue, the psychology and personality of the trader. Ned Gandevani drew from years of personal experience with the market and its numerous and random theories of successful trading and combined it with his study of behavioral finance and human psychology. The result is a comprehensive, practical guide for determining your own Trading Personality Profile thus ensuring your greatest chance for personal success.
How to Be a Successful Trader begins with a brief rundown of the Trading System including: entry Point, exit point, money management and market focus. The author then leads the reader into the basis for the book. Personality traits, approaches, types, and attributes, all of which contribute to the psychological profile. This profile helps the reader understand how to use their strengths and minimize weakness in order to develop a consistently profitable trade strategy.
The book includes questionnaires, response analysis and in-depth evaluation of the readers Trading Personality. The questionnaires and their results will be helpful in many facets of the reader's lives whether novice trader or market guru. The author has researched his topic at length, resulting in a precise, informative manual for all investors.
Dr. Gandevani has conducted Trading Psychology Seminars across the United States and Europe. He is a professional trader and the developer of the renowned Winning Edge S&P Methodology. Reviewer: Shirley Roe, Allbooks Reviews


5 out of 5 stars An invaluable resource for traders, June 12, 2003
 

  Reviewer: Midwest Book Review (see more about me) from Oregon, WI USA

How To Become A Successful Trader by professional trader Ned Gandevani is an invaluable resource for traders, investors, and hedge fund managers seeking to increase their trading performance and deepen their understanding to harnessing the powers of the free market. From personality profiles; to decision traps one needs to avoid; to the balance of insight vs. knowledge, How To Become A Successful Trader is a very highly recommended reading before plunging wholeheartedly into volatile financial circles and the vagaries of the marketplace


5 out of 5 stars Rock solid. Results guaranteed., April 3, 2003 (Posted on Aamzon.com.)
 
  Reviewer: Nikolaos from Long Island, NY USA

The business of trading financial markets is perhaps one of the most daunting endeavors an individual can undertake. One with a multitude of technical and fundamental approaches which can bewilder any new trader (and many experienced traders as well). After countless hours and perhaps years of hard work in researching and understanding markets the journey down the path to a successful trading career has only just begun. Now the real work begins.

If one is truly eager to discover the individual that lies beneath just become a trader and you are assured to find out. Every emotion you have ever experienced and many not yet experienced will take residence on your desk right next to your monitors...permanent residence for most.

Flip through any magazine focused on trading and you will see countless ads promoting the latest and greatest trading systems and tricked out software which will give you the edge you need. Nonsense. What truly separates the consistent winners from the rest is simply psychology. Mastering psychological mechanisms which trigger all trading decisions is the real edge winners have over losers. Yet for every 100 or so books written on trading methods, perhaps one will focus on trading psychology. And those few have been lacking to say the least.

Enter Dr. Ned Gandevani. "How To Become A Successful Trader" is an instant classic that cuts to the chase and sets the record straight, once and for all. Beyond just theory, Dr. Gandevani's use of solid research and fresh ideas delivers on the title. If one is truly honest with himself, Dr. Gandevani's Trading Personality Profile (TTP) will target all strengths and more importantly, all weaknesses in one's personal makeup. But it doesn't end there. Dr. Gandevani not only highlights flaws but offers ingenious, yet practical methods to correct them. Methods that are not only applicable to trading, but to life as well.

This groundbreaking work is a must read for all traders, period.


  The Profile of a Trader
Reviewer: J. Cidzik, full time S&P Trader, January 15, 2003, (Posted on Barnes&Noble.com .)

Dr. Gandevani has shed a new light on the Psychology of trading. Using a clear cut approach based on hard science and documented research instead of speculation and anecdotal theories, Dr. Gandevani he has brought to the forefront the real key to successful trading, the "Trading Personality Profile." Large corporations, military, law enforcement, and job placement agencies all use profiles to identify specific personality traits to maximize performance. Dr. Gandevani has taken this documented approach and has adeptly applied it to trading by identifying the ideal profiles for specific trading styles. He then takes it a step further and provides you with a questionnaire to identify your own trading profile in order to determine the type of trading for which your are best suited. For those of you who have ever traded or are currently trading, this will be an eye opening experience. For those of you looking to trade, this will save you untold amounts of frustration. This book is a must read for all traders and investors. It will not only help you identify your strengths and your weaknesses with regards to trading, but give you strategies designed to maximize your performance and put you on the road to achieving your trading goals.

5 out of 5 starsThe Trading Personality Profile, December 18, 2002 (Posted on Aamzon.com.)

 

Reviewer: A reader from Los Angeles, CA

The Trading Personality Profile, by Dr. Gandevani, describes how a trader can identify his/her personality traits and furthermore provides supplemental strategies designed to maximize desirable traits and neutralize negative traits. Determining your trading personality is crucial because you discover which types of trading approaches are best suited for YOU. This enables the trader to bridge the profit/loss gap between a trading system's hypothetical performance and the trader's actual performance.
On a personal level, I have developed an awareness of my personality/characteristics and as a result, many of my thoughts and actions are both scientifically explainable and often times predictable. I am now conscious of my irrational beliefs (derived from my weak traits) and am able to remedy them before they become undesired behaviors. (i.e. bad trades)
Every trading day I apply the concepts in this book. I made an outline of the impeding "traps" that I am vulnerable toward (according to my weaknesses) along with the corresponding corrective strategy so that I can conveniently refer to the concepts as the day progresses. This prohibits me from creating any costly mistakes by knowing how to diagnose the belief &/or behavior.
The information I received about myself from this book has helped immensely. The book has saved me time, $$$, and potential frustration. I am sure it will help put you on a profitable path to success as well.

5 out of 5 starsFinally, a book on the science of psychology in trading., December 4, 2002 (Posted on Aamzon.com.)

 

Reviewer: A reader from Toronto, Ontario Canada

The Trading Personality Profile is the first book I have read which identifies the science of psychology to trading. I have read a number of books and articles which focus on pop psychology, telling the reader that it's discipline, persistence, determination and focus which will render success. However, there is a serious dilemma. These books never identify the science of why we are incapable of achieving success as traders or investors. Dr. Gandevani has finally written a book which is a must read for any serious individual in the investment community, or anyone who is interested in bettering their lives. He recognizes that we must first understand ourselves with a Trading Personality Profile Test, which identifies our strengths and weaknesses in all facets of our personality and character. In turn, this allows us to genuinely focus on the real issues at hand. If you are a dedicated student of the markets or in life, then this is a must read. It is perhaps the finest book I have ever read on the subject of psychology in trading.


  J. Bertucci, learning the business of trading, December 12, 2002, (posted on Barnes & Noble.com.)

If You Really Want to Know the Truth!
If you are a trader or have ever traded the markets you know it is 90% emotional. Emotions move the markets. Dr. Gandevani has written a book that will tell you the right kind of system that you, emotionally, are equipped to trade for maximum results. Professional traders know the importance of keeping their emotions out of their business. This book gives all levels of traders the truth about themselves and their trading. After reading this book you will have to take a look at the real YOU to find the real problems with your trading. If you want to trade the markets and have even a remote chance of success, this book is a must read, IF..you can be totally honest with yourself.

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