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The Daily Trading Coach: 101 Lessons for Becoming Your Own Trading Psychologist (Wiley Trading) [Kindle Edition]

Brett N. Steenbarger
4.5 out of 5 stars  See all reviews (35 customer reviews)

Digital List Price: $45.00 What's this?
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Kindle Price: $25.99
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Book Description

Praise for The Daily Trading Coach

"A great book! Simply written, motivational with unique content that leads any trader, novice or experienced, along the path of self-coaching. This is by far Dr. Steenbarger's best book and a must-have addition to any trader's bookshelf. I'll certainly be recommending it to all my friends."
—Ray BarrosCEO, Ray Barros Trading Group

"Dr. Steenbarger has been helping traders help themselves for many years. Simply put, this book is a must-read for anyone who desires to achieve great success in the market."
—Charles E. KirkThe Kirk Report

"'Dr. Brett', as he is affectionately known by his blog readers, has assembled a practical guide to self coaching in this excellent book. The strategies he outlines are further enhanced with numerous resources and exercises for the reader to refer to and keep the principles fresh. I enthusiastically encourage anyone interested in bettering their trading and investing to read this book and keep it on their desk as a constant source of learning."
—Brian Shannon, www.alphatrends.netauthor of Technical Analysis Using Multiple Timeframes

"Dr. Brett has distilled his years of experience, as both a trader and a psychologist/coach, into the 101 practical lessons found in The Daily Trading Coach. Those lessons provide effective strategies for coping with the stumbling blocks that traders often face. This book should be a cornerstone of any serious trader's library."
—Michael Seneadzaequities trader and blogger at TraderMike.net



Editorial Reviews

From the Inside Flap

Every trader is an entrepreneur. And just as a new business must capitalize upon the strengths of its founders, a career in the markets crucially hinges upon the assets—personal and monetary—of the trader. As an active trader and a coach of traders in hedge funds, proprietary trading groups, and investment bank settings, author Brett Steenbarger has helped others see the personal assets they have possessed all along: those that can pay a lifetime of dividends. In The Daily Trading Coach, he provides the tools to help you prioritize both your trading goals and your life—and become your own trading psychologist.

There are 101 lessons in The Daily Trading Coach, each averaging several pages in length. Each lesson follows the same general format: identifying an everyday challenge that traders face, an approach to meeting that challenge, and a specific suggestion for implementing that approach. The lessons cover a range of topics relevant to trading psychology and trading performance, including detailed instruction for utilizing psychodynamic, cognitive, and behavioral brief therapy methods to change problematic behavior patterns and instill new, positive ones. The chapters are independent of one another, so that you can read them in order or you can use the Table of Contents or Index to read, each day, the lesson that most applies to your current trading. In addition, the book includes insightful self-coaching perspectives from eighteen successful trading professionals who share their work online.

While the aim of the book is to help you become your own trading coach, its broader purpose is to help you coach yourself through life. The challenges and uncertainties you face in trading—the pursuit of rewards in the face of risks—are just as present in careers and relationships as in markets. The Daily Trading Coach provides a road map, and a practical set of insights and tools, for discovering and implementing the best within you.

About the Author

Brett N. Steenbarger, PhD, is Associate Professor of Psychiatry and Behavioral Sciences at SUNY Upstate Medical University in Syracuse, New York. An active trader and author of the popular TraderFeed blog, Steenbarger coaches traders in hedge funds, proprietary trading groups, and investment bank settings. He is also the author of the Wiley titles Enhancing Trader Performance and The Psychology of Trading. Steenbarger received a BS from Duke University and a PhD in clinical psychology from the University of Kansas.


Product Details

  • File Size: 1083 KB
  • Print Length: 369 pages
  • Page Numbers Source ISBN: 0470398566
  • Publisher: Wiley; 1 edition (March 16, 2009)
  • Sold by: Amazon Digital Services, Inc.
  • Language: English
  • ASIN: B0023SDQRG
  • Text-to-Speech: Enabled
  • X-Ray:
  • Lending: Enabled
  • Amazon Best Sellers Rank: #255,418 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Customer Reviews

Most Helpful Customer Reviews
85 of 90 people found the following review helpful
5.0 out of 5 stars MUST-HAVE for Starting Your Trading Business April 6, 2009
Format:Hardcover|Verified Purchase
The Daily Trading Coach: 101 Lessons for Becoming Your Own Trading Psychologist (Wiley Trading)

This is my first Amazon.com review, and with excellent reason -- Dr. Steenbarger's latest book is his best yet!

Wall Street is the only place on earth where an expert and a novice have a 50-50 chance of winning. This is the human fascination with speculation.

Dr. Steenbarger's book provides 101 lessons every rookie and professional trader should---thanks to this book---be familiar with. Like his previous books, The Daily Trading Coach provides little jewels to improve your viewpoint from amateur trader to professional trader.

Compared to Van Tharp's books, Dr. Steenbarger takes an entirely different approach. Where Van Tharp focues on Position Sizing and Positive Expectancy systems, Dr. Steenbarger focuses on proper self-monitoring and self-coaching tips to improve performance over the daily uncertainty of Wall Street.

Combining Van Tharp & Brett Steenbarger's lessons, below are some commonly misunderstood facts of financial speculation:

1) It's not by making large profits that money is made over time. It's by consistently keeping losses small in relation to profits.

2) Making Money and Being Right are at opposite ends of the performance spectrum, and --- very surprisingly to most --- most professional traders admit their primary job is to minimize losses, NOT focus on being right. Why? Minizing losses (well over 50% of the time losses can't be avoided) ensures their average winner will be greater in relation to the average loser.

3) No one knows FOR SURE how much profit any trade is likely to make.
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43 of 45 people found the following review helpful
5.0 out of 5 stars A Must Read June 2, 2009
Format:Hardcover
The first time I met Dr. Steenbarger was in the smaller conference room of our proprietary trading firm in NYC. We were finalizing our training program and wanted the best teacher that we knew to review our work. He wasn't being paid, he was just a trading coach offering a helping hand. As Dr. Steenbarger offered his critique I was humbled by how much I still needed to consider. There was more work to be done.

I have traded my own account through the Asian Financial Crisis, the Tech Boom, the Internet Bubble, 9/11, and the recent near collapse of our banking system. Today I run SMB Capital, a proprietary trading desk. Yet TraderFeed and Dr. Steenbarger's writing is still essential reading for me. The Daily Trading Coach is no exception. It is simply a must read for the new, developing, and experienced trader.

As John Forman has done I should disclose that I am a proud contributor to the book. And I must admit my favorite part of this book is when Dr. Steenbarger makes fun of me for my overzealous contribution. Hey I was just trying to help.

When I first started my trading career in the late 90's you learned through osmosis. You sat next to an experienced trader and when they had time (if they had time?) they discussed their trading. The market is more complicated than when I began and this model frankly is outdated. One of the new techniques you must master is how to coach yourself, even if starting at an established firm with excellent mentoring. Start with the Daily Trading Coach.

Often new and developing traders mistakenly believe that learning from the best trader is the way to become great. If only this were true. The developing trader must find the best teacher. Dr. Steenbarger is the best trading teacher that I know.
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27 of 27 people found the following review helpful
5.0 out of 5 stars How to coach yourself to trading success June 7, 2009
Format:Hardcover|Verified Purchase
After reading over 100 books on trading, I believe this one could very well be the most important. Your mind will determine if you are successful or not in trading. When you trade you are competing with millions of other traders, investors, and institutions for profits. It is similar to being an athlete, and all athletes must have coaches to continually push them to higher levels of achievement through motivation and goals. With out the right coaching, careers stagnate and even go backwards. The beauty of this book is that it teaches you to coach yourself. The author is a trader and psychologist, and he coaches professional traders. His goal with this book is to teach his readers how to coach themselves to success with the same techniques he teaches the pros to use.
Here are some of the gems of wisdom you will find in this book:
"...your losing trade is never a total loss as long as you embrace it and learn from it."
"When we're most frustrated, but also most overconfident, we're likely to make our worst decisions and violate our trading principles."
"..confidence comes from self-mastery."
"A good day is one in which we follow sound trading practices, from skilled execution to prudent risk management."
"Your focus becomes one of trading well, not one of making money."
"To best focus on any single performance, it helps to be diversified among performances."
"Positive thinking is not necessarily optimistic thinking, it is constructive thought."
"...good risk adjusted returns are better for the psyche than extreme patterns of returns. It's not how much you make, but how much you make per unit of risk taken that will keep you in or out of the performance zone.
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Most Recent Customer Reviews
5.0 out of 5 stars best trading and life book
This is such a great book. It's touches many things related to trading and life. I've learned so many things that can be applied to many different things that I do. Read more
Published 28 days ago by Rafael Rosa
1.0 out of 5 stars horrible!
ugh! this trading book sucks it doesn't even make sense i can't belive i wasted twenty-six dollars on this stupid book!
Published 4 months ago by Amazon Customer
4.0 out of 5 stars Good follow-up to Enhancing Trader Performance
If you appreciate that you trade your psychology then you'll like this book. Much of what is written is available in the book "Enhancing Trader Performance". Read more
Published 4 months ago by C. Norleen
5.0 out of 5 stars A must read for all professional traders
Great examples of the struggles and the solutions to those struggles that all traders go through. Great step by step actions traders can take to minimize mistakes and improve... Read more
Published 6 months ago by DW
5.0 out of 5 stars Brilliant!
Another book from Steenbarger that will not disappoint.

Brett Steenbarger have already accustomed us with brilliant insights about trader psychology and this book... Read more
Published 13 months ago by Fernando Santos
4.0 out of 5 stars Good Book.. however prefer The Psychology of Trading by the same...
Encapsulates and presents content from the Psychology of Trading in a more accessible format. I bought this book thinking that it would expand on the concepts from The Psychology... Read more
Published 18 months ago by Varun
5.0 out of 5 stars So far so good
This book is useful for me in an unexpected way. I find the book helps me to heal old wounds, not just trading ones but those related to other aspects of my life. Read more
Published on June 2, 2012 by Ka L Choi
5.0 out of 5 stars Easily one of the best of its kind
This is easily one of the best books on trading psychology and developing yourself as a trader. It really gives off a unique perspective, benefits way beyond the typical book of... Read more
Published on April 18, 2012 by 1husky
2.0 out of 5 stars Labor-intensive way to manage emotions and the management of managing...
We can observe our own weaknesses in many things, especially in trading. It's often said that we have a type of gain when we don't overpay the tuition. Read more
Published on October 22, 2011 by Citizen John
5.0 out of 5 stars how to achieve becoming a real trader
This book was a good, logical pathway to becoming a real money trader and what you need to achieve that objective. Read more
Published on April 23, 2011 by serina
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More About the Author

Brett N. Steenbarger, PhD, is Associate Professor of Psychiatry and Behavioral Sciences at SUNY Upstate Medical University in Syracuse, New York. An active trader and author of the popular TraderFeed blog, Steenbarger coaches traders in hedge funds, proprietary trading groups, and investment bank settings. He is also the author of the Wiley titles Enhancing Trader Performance and The Psychology of Trading. Steenbarger received a BS from Duke University and a PhD in clinical psychology from the University of Kansas.

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