We are rational when it comes to investing our money aren’t we?Statistically proven no we are not. Terrence Odean is a pioneer and authority in the field of behavioral economics and its applications to equity investing. He put the empirical data on trading proving we make crazy decisions with our hard earned money. In this interview Terry discusses the deadly sins traders predictably make and how he helped turn modern economic theory on its head. Louise Bedford also tells you her early money story and asks you yours.Terrence OdeanTerrence Odean one of the finest minds in the world on behavioral economics.Up until 20 years ago modern financial theory was dominated by the idea that people are rational when it comes to money.But Terry put the empirical evidence on equity investing and proved that people aren’t rational.He analyzed the trading records of hundreds of thousands of individual investors and put the statistical data on the issues in trading.In today’s interview we discuss some of the deadly sins of trading investors predictably make:Excessive tradingGoing with the crowd and attention grabbing stocksThe differences between the way men and women tradeSelling winners rather than admitting defeat and selling lossesWe also hear how Terry became a pioneer in the field of behavioral economics and how he helped to up end classical economic theory and proved the predictable patterns of behavior people have investing their money Mindpower - Your money storyWhat did your early lessons about money teach you?Louise tells you hers and how she overcame childhood patterns.Unless you overcome your early programming, you will be the same person 5 years from now – your inputs now determine your outcomes.Overcome your programming to be a successful trader.
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Trade confidently. Louise Bedford is a best-selling author and founder of www.tradinggame.com.au and www.talkingtrading.com.au.
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