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.
İçerik tablosu
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
Yazar hakkında
COLIN NICHOLSON BEc, SF Fin has been investing his own
money in Australian shares for over 45 years and publishes his
returns on his website www.bwts.com.au. He has taught both
technical analysis and fundamental analysis at a postgraduate
level. Students at the Securities Institute of Australia rated him
an ‘Outstanding Presenter’. Colin has been a highly ranked speaker
at Australian Investors Association and Australian Technical
Analysts Association conferences as well as being a sought-after
speaker to investing associations and at expos nationally. He has
written five books on investing, including Building Wealth in
the Stock Market, The Psychology of Investing, The Aggressive
Investor, Hot Stocks 2007, and Hot Stocks 2008.
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