The Psychology of the Foreign Exchange Markets
(Sprache: Englisch)
This book demystifies the foreign exchange market by focusing on the people who comprise it. Drawing on the expertise of the very professionals whose decisions help shape the market, Thomas Oberlechner describes the highly interdependent relationship...
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This book demystifies the foreign exchange market by focusing on the people who comprise it. Drawing on the expertise of the very professionals whose decisions help shape the market, Thomas Oberlechner describes the highly interdependent relationship between financial decision makers and news providers, showing that the assumption that the foreign exchange market is purely economic and rational has to be replaced by a more complex market psychology.
Klappentext zu „The Psychology of the Foreign Exchange Markets “
The Psychology of the Foreign Exchange Market is the first book, written by a trained psychologist, to explain the emotional and psychological factors that come into play in one of the largest trading markets in the world-foreign exchange. Based on empirical research as well as interviews with actual market participants, the author shows how information is processed, how decisions are made in the foreign exchange market, and the vital role psychology plays in these processes. This book reveals the highly interdependent relationship between financial decision makers and news providers, and explains how the overriding popular assumption-that the foreign exchange market is purely economic and therefore rational-must be replaced by a more complex market psychology.
Inhaltsverzeichnis zu „The Psychology of the Foreign Exchange Markets “
PrefaceAcknowledgments
Introduction
1 From Rational Decision-Makers to a Psychology of the Foreign Exchange Market
Traditional vs. behavioral finance: A paradigmatic shift in approaching financial markets
Economic defense of the efficient market view
Traders' views of rationality in the foreign exchange market
Toward a market psychology
Abbreviated references
2 Psychology of Trading Decisions
Trading decisions: The view of traders
Excursion: Understanding decision-making in financial markets
From objective prices to psychological theories of decision-making
Normative-economic and descriptive-psychological approaches
Social herding dynamics
Herding and psychological conformity
Herding dynamics in the foreign exchange market
Affects
Status quo tendency
Overconfidence
Trading intuition: Bridging affects and cognitions
Cognitions
Heuristics
Representativeness
Availability
Anchoring and adjustment
Hindsight bias
Abbreviated references
3. Risk-Taking in Trading Decisions
Asymmetric risk-taking
Framing and mental accounting
Managing trading risk: Institutional and personal strategies
Abbreviated references
4 Expectations in the Foreign Exchange Market
Expectations: A market time machine
Fundamental and technical/chartist analysis
Psychological attitudes and market expectations
Social dynamics, meta-expectations, and the financial news Media
Abbreviated references
5 News and Rumors
Characteristics of important information
From news sources to information loops
Information sources of foreign exchange traders
Information sources of financial journalists
Implications for collective market information-processing
Reporting trends and interdependency
Market rumors
Abbreviated references
6 Personality Psychology of Traders
The role of personality in trading
What makes successful traders?
Disciplined cooperation
Tackling
... mehr
decisions
Market meaning-making
Emotional stability
Information-processing
Interested integrity
Autonomous organization
Information handling
Market applications
Abbreviated references
7 Surfing the Market on Metaphors
Main market metaphors
The foreign exchange market as a bazaar
The foreign exchange market as a machine
The foreign exchange market as a living being
The foreign exchange market as gambling
The foreign exchange market as sports
The foreign exchange market as war
The foreign exchange market as an ocean
Metaphors shape market perspectives
Market metaphors are about the psychological "other"
Market metaphors are about market predictability
Explicit and implicit metaphors of the foreign exchange market
Market metaphors in action
What we can learn from market metaphors
Abbreviated references
8 The Foreign Exchange Market--A Psychological Construct
The market as a construct and illusion
Market constructs change
Abbreviated references
9 The Basics
Function and scope of the market
Instruments
Trading
Dealing room structure
Market players
Commercial and investment banks
Central banks
Brokers
Investment companies, pension funds, and hedge funds
Corporations and multinational companies
Individuals
Global financial news agencies
Abbreviated references
Appendix: The European and the North American Survey
Abbreviated references
References
Index
Market meaning-making
Emotional stability
Information-processing
Interested integrity
Autonomous organization
Information handling
Market applications
Abbreviated references
7 Surfing the Market on Metaphors
Main market metaphors
The foreign exchange market as a bazaar
The foreign exchange market as a machine
The foreign exchange market as a living being
The foreign exchange market as gambling
The foreign exchange market as sports
The foreign exchange market as war
The foreign exchange market as an ocean
Metaphors shape market perspectives
Market metaphors are about the psychological "other"
Market metaphors are about market predictability
Explicit and implicit metaphors of the foreign exchange market
Market metaphors in action
What we can learn from market metaphors
Abbreviated references
8 The Foreign Exchange Market--A Psychological Construct
The market as a construct and illusion
Market constructs change
Abbreviated references
9 The Basics
Function and scope of the market
Instruments
Trading
Dealing room structure
Market players
Commercial and investment banks
Central banks
Brokers
Investment companies, pension funds, and hedge funds
Corporations and multinational companies
Individuals
Global financial news agencies
Abbreviated references
Appendix: The European and the North American Survey
Abbreviated references
References
Index
... weniger
Autoren-Porträt von Thomas Oberlechner
THOMAS OBERLECHNER is Professor of Psychology at Webster University. He was trained in Vienna and at Harvard University, where he wrote this book as a visiting scholar. His research on psychological aspects of financial markets has appeared in numerous academic journals in psychology and finance.
Bibliographische Angaben
- Autor: Thomas Oberlechner
- 2004, 1. Auflage., 280 Seiten, Maße: 23,8 cm, Gebunden, Englisch
- Verlag: Wiley & Sons
- ISBN-10: 047084406X
- ISBN-13: 9780470844069
Sprache:
Englisch
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