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"The Daily Trading Coach" by Brett N. Steenbarger serves as an invaluable manual for traders looking to navigate the psychological landscape of the financial markets. Packed with 101 lessons, the book delves into the essential psychological aspects of trading, establishing it as both a cognitive and performance activity. Steenbarger presents pragmatic strategies for goal setting, increasing self-awareness, and managing emotions, all pivotal for achieving trading success. By treating trading as a performance discipline, the book provides readers with the psychological toolkit needed to tackle the mental challenges inherent in trading and elevate their trading performance.
When the market knocks you down, how can you be like Rocky and get back up again? Mike & Melissa discuss trading endurance & what it means to prepare yourself for the many mental hurdles you’ll encounter along this trading journey. They are thrilled to be joined by Bestselling author & Top Trading Psychologist Dr. Brett Steenbarger to provide valuable insight on how to best mentally prepare yourself for trading success. In today’s Trader’s Mindchat Show episode you will learn: * How to leverage your current trading strengths and find trading and investing success in a challenging and ever-changing market conditions. * To apply the lessons Dr. Steenbarger has learned by working with highly successful traders and money managers. * Dr. Steenbarger’s ABCD Framework: Adapting to changing markets; Building emotional, cognitive, social, and personality strengths; Cultivating creativity; and Developing best practices across each phase of the trading process. #tradersmindchatshow #winthementalbattleoftrading Dr. Brett N. Steenbarger is a Clinical Associate Professor of Psychiatry and Behavioral Sciences at SUNY Upstate Medical University in Syracuse, New York. He is the author of The Daily Trading Coach, The Psychology of Trading, & Trading Psychology 2.0 all from Wiley. He is the author of the popular TraderFeed blog and currently writes a peak performance blog for Forbes. Dr. Steenbarger currently consults with a number of hedge funds, where he helps traders and portfolio managers maximize their performance. WHAT IS The Trader’s Mindchat Show??? Wealth is a journey, and this show is your Jumpstart to Trading Success! Hosted by MARA founder and top trading mindset coach Michael Lamothe and his wife, author Melissa Kuch Lamothe, together they will discuss the full spectrum of ways to improve your trading and your life. Joined by expert guests to help YOU trade like the Pro’s, revamp your mindset, balance life, family, and trading, & improve health & wellness. Connect with us on: • Website: https://marawealth.com • Instagram: https://www.instagram.com/michaelglamothe • Twitter: https://twitter.com/MichaelGLamothe • YouTube: https://www.youtube.com/marawealth • StockTwits: https://stocktwits.com/MichaelGLamothe • Facebook: https://www.facebook.com/MaraWealth/ • LinkedIN: https://www.linkedin.com/in/michaelglamothe
In this talk facilitated by Andrew Aziz, Dr. Brett N. Steenbarger (trading psychologist) and Mike Bellafiore (co-founder of SMB Capital) will discuss the benefits found in being part of a community of traders, including how membership in a trading community can be the best vehicle to help one learn and develop their skills. Mike Bellafiore will also share about mentoring and the methods that SMB's new traders are using in order to learn from more experienced traders. This podcast is an excellent resource in understanding how a proprietary trading firm looks for traders, as well as how they manage their risk and psychology with their in-house psychologist, Dr. Brett Steenbarger. Members of the Bear Bull Traders community were also able to ask Mike Bellafiore an Dr. Brett Steenbarger questions. You can learn more about Bear Bull Traders from here: https://www.bearbulltraders.com
Clinical psychologist, trader and author of The Psychology of Trading, Brett N. Steenbarger, Ph.D. joins the Optimus Futures Podcast and has a discussion with Matt Z about trading psychology, the mental game of trading, and decision making. Dr. Steenbarger's Books: https://www.amazon.com/Brett-N.-Steenbarger/e/B001IGSOBM%3Fref=dbs_a_mng_rwt_scns_share Dr. Steenbarger's blog - TraderFeed: http://traderfeed.blogspot.com/ Dr. Steenbarger's recent blog book - Radical Renewal: https://leadingrenewal.blogspot.com/
Financial trading is challenging work, requiring a high degree of focus, discipline, and analytical ability. In this week's episode I spoke with psychologist Dr. Brett Steenbarger, who specializes in the psychology of trading. Brett describes the habits of thought and action—many of them drawn from cognitive behavioral principles—that help traders perform at consistently high levels. I learned a lot from our discussion, as someone who's almost entirely naive about the trading world. We explored many topics, including: The difference between trading and investing How traders make money The mental abilities like pattern recognition that make for skillful trading Mental and emotional challenges that traders face The downside of perfectionism and hindsight bias for traders The relevance of CBT principles to dealing with self-talk in trading Treating losses as learning opportunities The problem with assessing one’s personal value based on the ups and downs of trading How traders can prevent burnout The importance of building a highly fulfilling life outside of trading Being “emotionally diversified” for long-term success Buying and selling for non-rational reasons (“Overtrading”) Solution-focused strategies The value of a strength-focused approach to trading Finding flow as a trader How to guard against being over- or under-confident Responding to changing market patterns How investors can stay flexible and adaptable Self-awareness and trading journals The problem with trading in “fight-or-flight” mode Managing excessive fear when trading When a trading problem reflects a bigger life problem The threat that frustration poses to trading, and how to manage it The irrationality of “revenge trading” Developing self-awareness of thoughts and feelings Learning to be one’s own trading coach The value of meditation during the trading day How traders can reduce distractions and increase concentration The effects of fatigue on concentration and performance Is trading for everyone? The difficulty and low success rates in making one’s living from trading Brett referred to his blog, which has a ton of useful information for traders—including guidance for handling "turmoil and opportunity in markets" (which seems to capture our current situation). You can find it here: TraderFeed. Brett N. Steenbarger, PhD, grew up in Canton, Ohio, receiving his BS from Duke University and his Ph.D. in Clinical Psychology from the University of Kansas. He has been actively involved in the financial markets since the late 1970s. Brett has served as Director of Trader Development for Kingstree Trading, LLC, in Chicago and consults with traders in a number of professional trading organizations. He is also Clinical Associate Professor of Psychiatry and Behavioral Sciences at SUNY Upstate Medical University in Syracuse, NY. Drawing upon an intensive research program that began in 1998, Brett has created a number of unique measures of market trend, momentum, and institutional activity designed to aid short-term traders. These measures—and the trading strategies derived from them—have been chronicled daily in the TraderFeed blog. A clinical psychologist and active trader, writer, and researcher, Brett is the author of Enhancing Trader Performance (Wiley, 2006), The Psychology of Trading (Wiley; 2003), and numerous articles on trading psychology for print and online financial publications. (Please note that a percentage of purchases made through these affiliate links will be used to support the podcast, at no additional cost to you.) His book chapters on brief psychotherapy can be found in such reference works as The Psychologist's Desk Reference, Encyclopedia of Psychotherapy, Clinical Strategies for Becoming a Master Psychotherapist, and Kaplan & Sadock's Comprehensive Textbook of Psychiatry and The Handbook of Clinical Psychiatry. His coedited book,
My very first guest to be interviewed on this podcast is Etienne Crete from "Desire to Trade." He swing trades the Forex market, watching 15 pairs on multiple time frames, with an emphasis on looking at significant support and resistance zones and Bollinger Bands. His initial interest in trading began as a university student and he shares with us the biggest lessons he learned during his 2 year journey to becoming a successful trader. Here are just a few of the things discussed in this episode: Focus on the process, not just your expectations. How he incorporates his trading style with his lifestyle and love for travel. "The best winning strategy you can write on a napkin!" Why trading on an iPad didn't work well for him. After interviewing nearly 100 traders on his "Desire to Trade Podcast," what he found they all have in common. What pivotal event turned his trading around. Etienne's recommended books: "The Daily Trading Coach" by Brett N. Steenbarger. "Psycho-Cybernetics" by Maxwell Maltz His favorite trading tool: Using Trello.com to post his trading journal. Get more information here: https://www.youtube.com/watch?v=GyeFNCfomOA Special Offer: His Free One-Page Trading Plan Template: https://www.desiretotrade.com/topdogbonus Etienne's web site: https://www.desiretotrade.com Etienne on social media: https://www.youtube.com/c/desiretotrade https://www.facebook.com/groups/desiretotrade https://twitter.com/desiretotrade Get my free gift for you, for FREE, Top Dog Trading’s “Top 10 Trading Rules for Success.” These are 10 things I changed in my trading to become successful over the last 50 years. They’re also the top 10 things that have helped my students shift from move from losing money to making money. Bottom line, no general theories or abstract ideas here. This is the practical stuff that can really work to bring real and dramatic change to your trading results.. It’s a mini-course that contains a pdf Special Report and 3 videos. Get right now by simply going to: http://www.onlinetradingtowin.com/tenrules Go get it for free while the show is still new.
My very first guest to be interviewed on this podcast is Etienne Crete from "Desire to Trade." He swing trades the Forex market, watching 15 pairs on multiple time frames, with an emphasis on looking at significant support and resistance zones and Bollinger Bands. His initial interest in trading began as a university student and he shares with us the biggest lessons he learned during his 2 year journey to becoming a successful trader. Here are just a few of the things discussed in this episode: Focus on the process, not just your expectations. How he incorporates his trading style with his lifestyle and love for travel. "The best winning strategy you can write on a napkin!" Why trading on an iPad didn't work well for him. After interviewing nearly 100 traders on his "Desire to Trade Podcast," what he found they all have in common. What pivotal event turned his trading around. Etienne's recommended books: "The Daily Trading Coach" by Brett N. Steenbarger. "Psycho-Cybernetics" by Maxwell Maltz His favorite trading tool: Using Trello.com to post his trading journal. Get more information here: https://www.youtube.com/watch?v=GyeFNCfomOA Special Offer: His Free One-Page Trading Plan Template: https://www.desiretotrade.com/topdogbonus Etienne's web site: https://www.desiretotrade.com Etienne on social media: https://www.youtube.com/c/desiretotrade https://www.facebook.com/groups/desiretotrade https://twitter.com/desiretotrade Get my free gift for you, for FREE, Top Dog Trading’s “Top 10 Trading Rules for Success.” These are 10 things I changed in my trading to become successful over the last 50 years. They’re also the top 10 things that have helped my students shift from move from losing money to making money. Bottom line, no general theories or abstract ideas here. This is the practical stuff that can really work to bring real and dramatic change to your trading results.. It’s a mini-course that contains a pdf Special Report and 3 videos. Get right now by simply going to: http://www.onlinetradingtowin.com/tenrules Go get it for free while the show is still new.
Brett N. Steenbarger, Ph.D. is a trader, psychologist and trading coach who has been actively involved in the financial markets since the late 1970s. He is the author of a number of popular trading performance books and consults for hedge funds, investment banks and proprietary trading groups. Brett has an interest in using historical patterns in markets to find a trading edge publishing measures and strategies on his popular TraderFeed blog. He is also a regular contributor to Forbes. In this episode we discuss creativity, static thinking and why it's important to have unique ideas for trading success. We also cover tips to increasing our creativity, why traditional trading rules need to be updated, the challenges of daytrading and how to overcome them. Topics discussed Three important components of successful traders Why the traditional rules of trading need to be updated Why traders get stuck in static thinking and need to be more like entreprenuers The two different types of trading brains and how understand which we are can improve our results How creativity can be used in the strategy research process Why we come up with ideas at seemingly random times and how that can be harnessed to improve our trading The two stages of creativity and how traders are hurting their performance by neglecting the second stage How just immersing ourselves in the market without stepping back can be harming our performance Improving creativity through lifestyle Why unstructured free time away from the markets can improve your trading Techniques to turn creativity into a habit How Brett identified his strengths and used those to dictate his trading style The challenges of daytrading and how to approach them Analysing successful trades to improve performance Why we need to have something more important in your life than trading PLUS listener questions on: Applications of diffusion indices Formalising edges and the impact of market regimes on edge performance How traders can follow their rules about stops and targets The psychological differences between systematic and discretionary trading The validity of Acceptance Commitment Therapy (ACT) in trading Handling drawdowns and turning it into a constructive experience How to move from retail trader to full-time/pro
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