The Psychology of the Foreign Exchange Market (PDF)

Preface. Acknowledgments. 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 decisions. Market meaning-making. Emotional stability. Information-processing. Interested integrity. Autonomous

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.

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