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The Daily Trading Coach: 101 Lessons for Becoming Your Own Trading Psychologist Hardcover – March 23, 2009
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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 assetspersonal and monetaryof 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 lifeand 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 tradingthe pursuit of rewards in the face of risksare 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.
Top Customer Reviews
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.Read more ›
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.Read more ›
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.Read more ›
Most Recent Customer Reviews
Read this before you try trading seriously or trading as a business. Paints a very realistic view of trading and traders good and bad habits. Basic in psychology of trading. Read morePublished 20 days ago by SG
Dr. Steenbarger has hit it out of the park with this book. I love the chapters on trading mindsets and holistic perspectives. Read morePublished 2 months ago by Robert Kirk
Smart, intelligent and very worthwhile read. You can read it over and over.Published 5 months ago by Michael Wilson
A must have for anyone serious about trading and understanding the importance of mindset. The whys and hows of the choices we make as traders during high emotion. Read morePublished 6 months ago by Amazon Client
GIVE CREDIT WHERE CREDIT IS DUE! I love this book! Absolutely TERRIFIC for becoming your own trading coach! Trading is very limited among individuals in this world. Read morePublished 7 months ago by ItsDave
Great book. It has many lessons that will boost your self confidence and can help any trader understand themselves with their weaknesses and their strengths.Published 9 months ago by James H. Stout
Written in Steenbarger’s practical and insightful style, The Daily Trading Coach convinces you that your mind determines whether or not you will be a successful trader. Read morePublished 9 months ago by Adam C.
One of the best books if not the best I have had concerning trading. This book will not tell you what to trade, but will get in the traders mindset, and that is very important. Read morePublished 12 months ago by Wiliam Latham