The Psychology of the Foreign Exchange Market
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.
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1 From Rational DecisionMakers to a Psychology of the Foreign Exchange Market
2 Psychology of Trading Decisions
3 RiskTaking in Trading Decisions
4 Expectations in the Foreign Exchange Market
5 News and Rumors
6 Personality Psychology of Traders
7 Surfing the Market on Metaphors
actually affect aspects attitudes bank trader bazaar behavioral finance central bank Chapter characteristics chartist cognitive collective market currency decision-making dynamics economists emotional euro European survey example exchange rates exchange-rate experience factors feel Figure financial journalists financial markets financial news media foreign exchange market foreign exchange traders fundamental analysis future gambling going herding hindsight bias important individual influence interaction interbank interviews intuition investment investors involved irrational Kahneman lead loss aversion machine market events market information market metaphors mental accounting models Moreover Oberlechner ocean one’s outcomes overconfidence perceived perceptions predictions profits prospect theory psychological rational reference point relevant reported representativeness heuristic Reuters risk risk-taking role rumors sell shows social strategies successful traders Swiss franc technical/chartist analysis tion trader explains trader observes trader remarks trading decisions trading performance trading positions traditional economic Tversky U.S. dollar understanding words