Book Description Why'd you fall for that Internet stock? Why do you always seem to buy high and sell low? Investing is a human endeavour. As such, irrationality and emotion, perhaps more than rationality, can drive this human endeavour. However, the history and tradition of investment books has focused solely on the study of numbers and rational affairs - until now. Research shows that most traders invest more on their hunches, their emotions, than on a rational set of criteria. Sentiment really can drive market prices, and the more the emotional reliance the greater the danger. This is the first book to deal directly with the psychology of investing, to ensure you make the right, rational investment decision. It all starts here: Allowing emotion to invade your investment decisions can be hazardous to your wealth. Think about your investments more clearly and discover this: How overconfident investors trade too much, take too many risks, and earn lower returns ; the investment impact of your self-image ; why avoiding feelings of regret now will cause you even greater regrets later; yesterday's trade, today's emotions, tomorrow's mistake ; placing your recent investment experiences in realistic perspective ; the devil you know versus the devil you don't ; familiarity breeds investment-but not necessarily profit ; is your memory playing tricks with you? Why did you fall for that Internet stock? why do you always seem to buy high and sell low? Why does it look like everyone else is getting rich but you? You're not alone. We'll tell you what to do about it It's your psychology. It's your emotions. As an investor, they're your biggest obstacles. They cut your returns, and raise your risks. It's about time you did something about it. Investment Madness will show you how. Drawing on the new science of behavioral finance, Dr. John Nofsinger shows you how to: See through the 'illusion of control' that makes you overconfident about your investments Objectively evaluate the stocks and financial instruments you've inherited Recognize the feelings of pride, regret, and herd behavior that lead to disaster Improve your 'mental accounting'-and your portfolio's diversification With today's instantaneous Internet-based trading, your psychological biases have become more dangerous than ever. Investment Madness delivers expert techniques and mental strategies that will empower you with true self-control-the decisive factor in investment success. This is the only book that deals directly with the psychology of investing. Read it and use it to your advantage!
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