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Mind Games of Trading

by Stephen Mepstead

67 pages; quality trade paperback (softcover); catalogue #02-1205; ISBN 1-55395-490-4; US$39.00, C$59.50, EUR38.70, £26.90

"No matter what markets you are turning your attention to: financials, equities, commodities, forex, spread belting, The Mind Games of Trading will prove itself to be an invaluable friend. In fact, I would go as far as saying that it will become your best friend."

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about the book      about the author      sample excerpts      catalogue info

About the Book Today's trading environment has never been beset by so many imponderables. The continuing poor performance and high charges of fund managers have sprouted a huge growth in go it alone investors enticed by small capital investment and the flexibility of trading their own accounts through boutique operations offering trading platforms that execute and contract instantly. The financial rewards can be immense but as soon as you embark on trading your own account and enter the trading arena you will feel a run of emotions that will and can greatly affect your whole well being and the profitability of your trading account. How to keep control? How to succeed in the trading arena? To be one of the elusive 10% winners club rather than the 90% loser's club in which retail investors find themselves in. How to get and keep the trading edge? How to manage your account effectively and profitably. To be alerted to all the pitfalls that destroy not only a trader's confidence but his trading account too. To learn how to be a master of your trades not a slave to them The answer lies in the Mind Games of Trading. It's written by a market veteran, with over 27 years of front line trading experience, who gives a clear insight into the trading arena for all those interested in getting the best performance out of their trading. In it you will find the same performance-boosting techniques and psychological trading improvement program used by the world's top traders to keep them successful at the top. If you are seriously interested in succeeding in the trading arena and by that I mean making profitable trades while remaining calm and focussed, then this book is a must read for you.

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About the Author Stephen Mepstead's career in the derivatives industry dates back to 1975. He has witnessed "many a killing" and "many killed" in the trading arena. Consequently his years of experience have taught him first hand that the markets and their players hold no prisoners. He was introduced into the exciting and quick thinking world of the Commodity Exchange. Thrown in at the deep end, it was a question of sink or swim as he experienced life as a cocoa trader. Swim he did. He then moved onto Base Metals where during the 1987 crash, he and his team traded over 20% of all volume that day which marked one of the busiest days of that decade in volume and market turmoil. He has actively participated in some of the major market events of the last two decades and his ability to switch to liquid and "in vogue" markets has resulted in his trading of bonds, equities, futures and currencies to date. He has worked for the power houses of the day: well-known billion dollar capitalised companies such as EF Hutton, Drexel Burnham Lambert and Dean Witter Reynolds, at the latter he was also appointed director. He set up his own full carrying S.F.A. regulated City of London firm, Stephen Mepstead Ltd, before being appointed in 1993, through to 2001, as trading advisor and consultant to M.A.M. He was a member of the A.F.B.D. (City of London financial regulatory body) at its inception in 1988, and then the S.F.A, right up to date with the F.S.A. to December 2001. He has continued to develop trading systems, which are adapted to the needs and requirements of an international clientele base. In addition, he has continued to develop his intra day system 'CAME' in conjunction with market analysis, business economics and lecture on the art of trading.

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Sample Excerpts

Introduction

Welcome to the Mind Games of Trading.

Your personal psychological improvement program,
"Be a master, not a slave to your trades."

You too can condition your mind and become an effective, relatively stress free trader. Learn how to implement the specific strategies I detail to your personal benefit when trading. I will also explain the importance of risk management and trading style and how without these two strategies your trading profits face an uphill struggle. However I must also make it very clear, not everyone has trading capabilities and you will find that this book can identify this for you; before you spend a penny trading! Better to find out the truth now rather than when your trading account is hurting!

I will share with you my experience in the trading arena, the emotions, the highs and the lows, the cut and thrust of it all and how to survive and prosper from it.

That is the aim of this book. To teach you the psychological skills necessary to trade effectively and open your eyes to the rudimentary requirements a trader needs to establish if he is to stand a chance of becoming successful.

In my twenty-seven years of trading I have witnessed many amazing events, from attempted market squeezes to market crashes. The excitement of the market place seems never ending. To me it is like a continual game of chess, pitching your wits against those of the other traders with the goal to come out victorious. All of this played out many times over with varying degrees of emotions you may experience throughout the trading day and topped with all the modern technology at one's disposal. To understand events as and when they happen and to put that knowledge into a successful trade, being one step ahead of the crowd and capitalizing on it. To me trading is a twenty-four hour business and the cut and thrust of it makes it a profession I love.

excerpt from Type of Trader and Trading Style

Having got this far in our journey, I think you should now be fully aware of the mental conditioning required to become a successful trader. If you are still unsure, flick back and refresh your memory.

So, now that we are mentally honed in the psychological skills we have learned, we are no doubt eager to apply them to trading the markets. But hold on there...there is still more to learn before we let loose.

We need to adopt a trading style to which we can apply our trades. As individuals, each of us have specific psychological motives, goals and tolerances that need to be factored into our choice of a trading-style as well as the development of particular strategies which may well then be encompassed in the trading system of our choice.

Why do we need to do this?

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Catalogue Information

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