Trading financial biases and behaviour
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Trading financial biases and behaviour
When we deal in the financial markets are we investing, speculating or gambling?
Does it really matter what we call it?
As this book shows, the world of finance is not an easily defined game. Simple labels, such as gambling and speculation, won’t help us grasp the underlying forces that drive the markets.
It’s far more important to understand the behaviour and biases of the players – their actions and motivations are the vital components that drive everything; bubbles, crashes, huge fortunes, reckless borrowing and complex instruments and strategies, all flow from this simple fact.
And the markets are not just an external object, to be studied dispassionately under a microscope. How we act within our inner self, and apply our own set of risk and reward values to the seeming chaos of the market, is absolutely crucial. Clearly whatever games that are going on in the market are also going on inside our heads.
In this fully updated and revised edition, Gerald Ashley gets to the heart of the financial markets. He draws on a wealth of revealing and instructive market insights, stories and anecdotes, challenges all the tired cliches about speculation, and slaughters many of the outdated sacred cows of finance.
The book ranges across all the major asset classes, looks at past masters of the art, examines modern thinking on finance and risk, and assesses the value of experts, economists, chartists, market gurus and analysts. Simple examples are used to explain how the basic tools of finance fit together and how to profit in this often complex and unforgiving landscape.
About the author
Gerald Ashley is an advisor, writer and speaker on business risk and decision making. He has over thirty years experience in international finance, having worked for Baring Brothers in London and Hong Kong, and the Bank for International Settlements in Basel, Switzerland. He is now Managing Director of St. Mawgan & Co which he co-founded in 2001, a London-based consultancy specialising in strategy consulting, risk management and decision making in finance, business and risk-taking. He is a Visiting Fellow at Newcastle Business School and a regular contributor in the press.
“If one adds Gerald Ashley’s innovative thinking to his track record as a successful trader and his wealth of experience in international banking, this book makes compulsive reading”
“The author’s conclusions are clearly those of someone who has worked at the sharp end of the business…a good read for any trader, or any person who is thinking about getting into trading”
Gerald Ashley took part in the newspaper review on the Sky News Channel – Sky News Channel26th August 2011
Private Investors Urged To Embrace Behavioural Finance ApproachJulian Evans, Wall Street Journal20th September 2010
Curb Your EnthusiasmJules Evans, Politics of Wellbeing19th August 2010
Gerald was a guest on the Wilson’s World with Michael Wilson Show9th June 2010
Gerald was a guest on The Bob Marrone Show24th September 2009
From Media Review:
the author’s conclusions are clearly those of someone who has worked at the sharp end of the business…a good read for any trader, or any person who is thinking about getting into trading- Your Trading EdgeSeptember/October 2009 edition
Planning for the Unpredictable: Crashes may have different names, but human attitudes to risk are far too predictable, says Gerald Ashley, author of Financial Speculation. He explains how to build agile models that both the “maths guys and the non-maths guys” understand.- BNET20th July 2009
A highly instructive and engaging work full of colorful historical personalities, market anecdotes, and useful lessons that will definitely make you a better trader- Seeking Alpha11th June 2009Press releasesWhy do we make the same mistakes in finance, asks Gerald AshleySee other press releases »Other books by Gerald Ashley
From The Working Manager:
In the first part of the book Ashley discusses, compares and challenges set notions on speculation and investment. He also compares investment and speculation to gambling. The discussion is fairly provocative and would stimulate debate particularly between professional gamblers, investors and speculators. He continues by discussing the complexity of markets coming to the conclusion that… Read more »
From Your Trading Edge:
Financial Speculation ‘Financial Speculation’ is based on experience of the markets rather than theory or assumptions. Many of the author’s views and many of the techniques he suggests may be unpopular in the wider community of trading educators and writers, but I believe that Gerald Ashley has a closer understanding of how markets and traders… Read more »
From BNET United Kingdom:
lanning for the Unpredictable Crashes may have different names, but human attitudes to risk are far too predictable, says Gerald Ashley, author of ?Financial Speculation?. He explains how to build agile models that both the ?maths guys and the non-maths guys? understand. http://www.bnet.com/2422-27082_23-322872.html?tag=content;col1
From Seeking Alpha:
Financial Speculation: Trading Financial Biases and Behaviour by Gerald Ashley Reviewed by Max Zeledon Trading is a risky business for both newbies and experts alike. Indeed, the more we learn about the markets the less confident we feel about our own abilities to manage risk and uncertainty. Are we investing, speculating or gambling when we… Read more »
1. Losers Anonymous
2. Past Masters
3. Basic Building Blocks
4. Mental Curves
5. Assorted Killers
6. Chartists, Economists and Gurus
7. Quantum(ish) Finance
8. This is the First Time since the Last Time
9. The Divine Right of Failure
|Formats:||paperback - ISBN 9781905641994
ebook - ISBN 9781906659936
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