交易心態原理: 避開思維陷阱，克服決策障礙，改善投資技巧的大腦革命

by Richard L. Peterson

※諾貝爾經濟學獎得主喬治‧阿克洛夫、《信任因子》作者保羅．扎克博士好評推薦
※整合財務學、心理學、大腦神經科學等跨領域學科，全面分析先天不當財務決策
※作者結合精神科醫師專業與操盤手經驗，點出投資人的心魔與常犯的交易毛病
※本書每一章列舉學習重點與目標，幫助投資人有效率地提升投資技巧

心態第一、策略第二、技術第三；
要想有持續穩定的獲利，必須找到心理缺陷，克服改進。
你或許自認擁有高績效投資人的部分特質：靈活、自信、樂觀、情緒穩定……
本書將幫你更上一層樓，教你辨識難以察覺的不當決策，成為自己的交易心理教練

本書作者理察．彼得森是市場心理顧問公司創辦人，同時也是精神科醫師與專業操盤手，他藉由行為財務學、心理學及大腦神經科學的研究佐證，在《交易心態原理》中詳盡說明多數投資人的不理性投資行為：諸如過份自信，以致於追高殺低、買股當作買樂透；陷入小賺大賠陷阱，總是期望「賠錢貨」會翻身……等等。本書將帶領你克服決策偏差，改善投資技巧，並反過來利用眾人的不當行為，獲得卓越報酬。

◤本書的重點，協助你揪出個人心理缺失、減少犯錯：

投資要取得優異績效，第一步是「學習」。你必須知道自己在市場做什麼。你的策略是什麼？為什麼比較好？你如何管理波動性？

下一步是「自我評估」。找出你的優缺點，盤點你的資源。你心理上的致命缺陷是什麼？如何防範？如何取得社交支持與商業人脈？你有安全措施、應變計畫嗎？進行全面自我評估很難，因為每個人都會受到自欺與偏誤的影響。

◤本書的每一章，都是為了幫投資人：

　　（1）找出特定的潛意識偏誤
　　（2）知道思考與分析何時可以（與何時無法）改善投資流程
　　（3）加強察覺情緒
　　（4）改善決策流程

書中列舉許多豐富精采的實務案例，協助你找出深藏在潛意識中的偏差，了解大腦的思考何時對投資流程有益，何時無益，改善EQ，著重決策流程，而非結果。想在投資界出類拔萃，就必須學會自我管理，針對自己的心理缺陷，規範出適合自己的紀律原則，以《交易心態原理》一書為指南，你很快就會發現，熟悉市場局勢與掌握大腦運作狀態，可以有效提高投資整體獲利。

◤本書的結構，從學習到修練，量身打造交易心態原則：
PART1｜為何大腦不懂交易？——大腦運作的基本原理，以及大腦不適合現代金融市場動態的原因。
PART2｜情緒如何影響績效？——投資如何受到情感及化學作用的影響，以及高績效投資人有哪些特質。
PART3｜交易當下的心理機制——最常見的投資思維陷阱，以及評估投資機會與風險時的錯誤概念。
PART4｜透過心態修練，成為市場贏家——如何管理投資思維，以及投資人進行策略規劃時的心理建議

Genres: Finance, Psychology, Business, Economics, Nonfiction

365 pages, Kindle Edition

First published January 1, 2007

Reviews

[Kursad Albayraktaroglu · Rating 4 out of 5]

"Inside the Investor's Brain" is a very interesting book centered around the author's experiences working with traders and investors, supported by findings of neuroscience studies on investor psychology.

There are different chapters on how emotions, cognitive biases, and various other factors impact our investment decisions. Some of the scientific studies are truly eye-opening, and there are actionable ideas and suggestions throughout the book.

This has long been an interesting subject to me, and I am a huge fan of authors like Jason Zweig who regularly write on the topic. So a comparison to Zweig's earlier book "Your Money and Your Brain" was inevitable. I believe that Zweig's book was somewhat more readable and applicable for a general audience, while "Inside the Investor's Brain" is perhaps more oriented towards active traders. The books nicely complement each other : Peterson's book goes into more details and explains the findings of the scientific experiments better; while Zweig's book is a bit more interesting to read and usually provides a good introduction to complex neuroscientific concepts and cognitive biases.

Highly recommended.

[Steve · Rating 4 out of 5]

Very underrated investment book. Some of what was in here just solidified some things I already knew. However, here are some of my takeaways that were either new to me or very important to remember if I already knew:

1. "The higher the stakes, the harder it is for people to think clearly about risk."
2. Confidence, extroversion and an open mind contribute to investing success.
3. People are bad at judging probabilities and identifying meaningful patterns. They find patterns, though, but are they really useful?
4. Manage your stress to become a better investor.
5. "Most people handle time as poorly as they handle probability." This has to do with delayed gratification.

[Abbas Khan]

It is virtually impossible for any market to be fully efficient, and it remains far beyond human capability to predict it with complete accuracy. However, by striving to understand and regulate the human mind, an investor can improve decision-making and achieve better returns. Both human emotions and external environmental factors can influence whether one takes short or long positions. In this regard, this book helps us understand human emotions and how they influence our decisions in the market. Therefore, a combined effort to understand psychological dynamics and environmental conditions can significantly enhance market performance.

[M Junaid · Rating 1 out of 5]

Interesting & adorable book I've ever read

[JP · Rating 3 out of 5]

This weighty tome covers all of the latest research in neurofinance, from the biochemistry of the brain to the behavioral economics studies by Dan Ariely. It's not a page turner, but does read easily and makes it easy to find specific topics of interest. Key points include: you need feelings to correctly interpret risk, some of these psychological effects are reduced if consciously examined, a Warren Buffet quote made at the age of 21 (Be fearful when others are greedy. Be greedy when others are fearful.), victory/Nobel/CEO disease, 4 drivers of success (personality style, cognitive faculties, emotional intelligence, conditioning), the big 5 personality traits (neuroticism, openness, extraversion, conscientiousness, agreeableness), people follow what they can process (stocks with clever names appreciated nearly twice as much as others).

[Larry · Rating 4 out of 5]

This book reminded me a lot of John Coates's The Hour Between Dog and Wolf: Risk Taking, Gut Feelings and the Biology of Boom and Bust, but I found Peterson's book much more expansive and is an obvious forerunner to Coates's book, which is focused more on institutional trading. Published in 2007, it seems to me that this was probably one of the first books to popularize all of these neuroscientific/human behavioral in the financial markets studies that were done around the turn of this new century. It has probably also been overlooked since I don't really see it on too many others' reading lists.

[Jack · Rating 4 out of 5]

A better than usual collection and especially interpretation of psychology studies which speak to how people try to invest their money, why and how they screw themselves, and what one may do about that...with lots of time and interest in improving oneself. Bottom line, if you want money money money, you're already in trouble, but if you're willing to be successful as an incidental result of a relentless study to improve your own wrong thinking and unhelpful feelings, then there may be hope.

[Ken · Rating 4 out of 5]

ground breaking and original.

good read for investors, gamblers, or for those who are interted in how the mind works. Highly recommended.

[Kelly · Rating 1 out of 5]

This was awful! If you must read a book on this subject , may I suggest Thinking fast and Slow by Daniel Kahneman.

[Samuel Gruen · Rating 2 out of 5]

Not what I was expecting, which explains my disappointment with the book. I'll put it aside for some time and come back to it when I want a real neurological study of the brain in risk situations.

[J Brown]

I like taking the cover off the books that I purchase. This book turns out to be quite attractive. It is filled with passages on a variety of subjects and gives some keen insights to common terms and phrases found in the investing world. I found this helpful. Somewhere locked inside this book was an idea for writing my own book. For that alone I am thankful that I purchased and read this copy. I also thought that the author finished the book nicely.