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The Psychology of Finance: Understanding the Behavioural Dynamics of Markets, Revised Edition


Recognising that psychology shapes market movements, this revised and expanded edition of 'The Psychology of Finance', provides a thorough and up-to-date treatment of this fascinating and important area of finance. Outlining a coherent set of behaviourist/psychological theories that explain the essence of technical analysis, Lars Tvede outlines how psychology can drive movements in the prices of financial assets.

Including new material on framing and anchors, naturally occurring Ponzi schemes, and insights into why trading volume is often higher in bull- than in bear markets, Tvede provides a practical introduction to the 'psychology of the markets'. The Psychology of Finance is ideal reading for traders, financial analysts and bankers.

LARS TVEDE has worked as a derivatives trader, portfolio manager and investment banker. He co-founded The Fantastic Corporation (, a broadband internet company, in 1996. He is also a director of European Focus (, a hedge fund. Lars Tvede lives in Zug, Switzerland with his wife and children.
Part I: The Dark Forces of Time and Ignorance.

Rational Agents and Real Worlds.

A Few Practical Terms.

Part II: The Four Terrible Truths about Finance.

The First Rule: The Market Is Ahead.

The Second Rule: The Market is Irrational.

The Third Rule: Chaos Reigns.

The Fourth Rule: Charts are Self-fulfilling.

Part III: The Psychology of Man.

The Beginning of Psychology.

The Major Schools Emerge.

Part IV: The Behaviour Of Groups.

The Alchemists.

Psychology Meets Finance.

Part V: The Psychology of Market Information.

The Fastest Game in Town.

Smoke without Fire?.

Little and Big Fish.

Frames and Attitudes.

Part VI: The Psychology of Trending Markets.

Entering the Staircase.

Harmony and Resonance.

Meet Mr Ponzi.

Differences between Bull and Bear Markets.

Part VII: The Psychology of Ranging Markets.

Doubt and Hesitation.

When Markets get Overextended.

Part VIII: The Psychology of Turning Points.

What's Really Going On when a Trend Reverses?

Warning Signals for Major Trend reversals.

Part IX: The Psychology of Panics.

Tracing the Monster's Tracks.

Animal Spirits.

Part X: Beating the Gun.

Exposure and Timing.

The Road to Ruin.

Appendix I: Timeline of General Psychology.

Appendix II: Timeline of Economic Psychology.

Appendix III: Timeline of Technical Analysis.

Appendix IV: List of Historical Financial Crises.

Appendix V: Summary of Possible Psychological Phenomena During Trends, Turning Points and Panics.