In 2003 at a Starbucks in NYC’s Hell’s Kitchen, Denise Shull was talking to another trader about what neuroeconomics was learning about the brain, emotions and decisions. This turned to be what did NOT work in trading psychology – the misunderstood mantra of “control your emotions”. Having just finished updating her University of Chicago Master’s thesis for academic publication, Denise itemized how most of the conventional wisdom regarding rationality versus emotion was out-dated.
The trader told her she had to write an article. She replied “who will publish an article by me?!” The next thing she knew, she was speaking with a investing magazine’s editor and she had the opportunity to temporarily be what she originally wanted to be when she grew up – a magazine writer. When the article ran in late 2004, her phone began ringing with inquiries about coaching.
Over a decade and hundreds of traders, portfolio managers, risk managers and private equity investors later, her message about the role of feelings in thinking is catching on. We teach all kinds of risk takers how to rethink thinking itself. In doing so, they realize they are making much better risk judgment calls.
In 2010, McGraw-Hill convinced Denise it was time she wrote MARKET MIND GAMES which has now been called “a veritable Rosetta Stone of trading psychology”, “game changing, “A decade ahead of its time” and maybe most importantly, “the missing link between theory and practice” in Behavioral Finance.
Bill Long, FRM joined ReThink in 2012 and now heads a number of initiatives including an X factor talent assessment for traders and portfolios managers called TAPx. With the help of Elliot Noma, Ph.D, we are adding to our research database and releasing custom versions in 2016.
On July 6th, 2016 we released the Trader Brain Exercise with Bloomberg Tradebook.
Also in 2016, we launched ReThink:Sports with the help of Bob Rose, formerly of CBS Sports. Extending our Wall St. work, ReThink:Sports differs from traditional sports psychology in two regards: it translates advanced trading psychology to the athlete and it applies new findings about emotion to the challenge of high-stakes competitions. Specifically, it recasts emotions as information and negative emotions as valuable. As of the fall of 2016, we are pleased to say that we are working with US Snowboarding in a variety of proof-of-concept projects.