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Showing 1-10 of 18 reviews(Verified Purchases). See all 38 reviews
on December 6, 2008
The key point in this book is that expertise is different from competence. This is obvious, but you will still learn from this book. Brett provides references to elite sports research as well as examples from daytraders. Since Brett is bridging two worlds he can add something very unique.

How does this book compare to his earlier The Psychology of Trading: Tools and Techniques for Minding the Markets? That book was focused on emotions and trading. The current book focuses on learning and trading. If you sometimes get emotional in front of the sceen, I would recommend that you start by reading the first book. If you like it, then you can also read this book.

Personally I find that Brett is hammering on the same point a bit too much in the second book. The point is useful, but not sufficient for five stars. Still it is a helpful book.

Finally, if you are looking for anything like a quick solution, you will find this book useless. The book asks certain questions relating to yourself that you need to think about. If you follow Brett's advice you are in for a lot of work.

I have written several short reviews on trading books. The best way is to compare the score on the books I've read. Many reviews on are just glorious 5 star reviews. I use all five categories; sorry but everything isn't "great". Books rated 5 are very good. Books rated 4 are good solid books well worth reading. Books rated 3 can be bought by some people who read a lot or have very specific needs. Books rated 1 or 2 I would not recommend buying or reading. Naturally all in my humble opinion.
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on July 13, 2014
This is one of the best, if not the best, book on the psychology of trading I have ever read. I hope that the author, instead of trying to write a new book with a new approach, comes back to this book and revises (the writing could be improved upon) and republishes it at some point. This book is a classic for its subject. It covers the psychology of trading so well that no other book is necessary, in my experience, and I have read Steenbarger's other books, along with many books about trading and trading psychology. While I may be wrong in this opinion, I know that if you want to understand the psychological problems associated with trading, and their treatment, you should read this book. Chapters 8 and 9, the final chapters, say it best.
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on February 19, 2011
As a former professor of mathematics and futures trader for the past 25 years, I would strongly recommend this book to anyone considering trading on either a part-time or full-time basis. Most people assume that the way to make trading profitable is to find the right trading model. In my own experience, pyschology contributes 60 percent to the outcome, money management 20 percent, and one's approach or model 20 percent. Get any one of the three wrong and you will lose, but concentrate first on trading psychology. Brett Steenbarger does a masterful job of teaching the willing student much that is crucial to successful trading. I would rate this as one of the ten best books on trading for people with any level of experience.
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on June 24, 2014
I have been in finance for 25 years, including being a stockbroker. This book is written in very easy language that gives simple solutions to the common pitfalls of trading. I am very very glad I read it. It takes away the fantasies about trading and gives the hard reality of trading. I like his breathing technique for calming the nerves. It really works! This book, along with Rande Howell's book from are the best books I have ever read about the psychology of trading, and I have read many.
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on August 9, 2011
Great for beginner and advanced traders. Deals with the the MOST important aspect of trading...YOU! Successful trading is not just about indicators and systems. It's really about you being the captain of the ship. You control all the moves. You make all of the decisions. You make all of the money. You lose all of the money. This book deals with the psychology of trading- your psychology and how it applies to trading. It doesn't deal with the "markets" psychology. It's all about YOU. When it comes to making money, isn't this the MOST important factor anyway?
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VINE VOICEon June 14, 2010
I would with out a doubt rank this book in the top ten most helpful trading books I have read. (I have read over 130 books on trading). This book is on trading psychology, written by a Clinical Associate Professor of Psychiatry and Behavioral Sciences who also trades his own account. It is a look at the winning psychology of top performers in all fields, art, sports, business, chess, music, and others. He delves into the fascinating study conducted that shows that what separates competent performers from the best performers is time spent in focused practice with feedback that enables the performer to adjust to be more successful. Studies show that 10,000 hours of correct training with proper form and helpful feedback leads to mastery. Usually this takes ten years, very bad news for those that want to trade for a living next week. However, the book shows how it is possible to short cut this rule if you watch the market intensely every day, day trade a tremendous amount for experience (only if your style is day trading),or you can incorporate similar skills for trading that you may have from other fields.
I like that the book explains that you must have a trading style that fits your personality and talents. He advises trying all styles to see which one clicks for you. If you grow bored with analyzing fundamentals and sitting on positions for months, then you may need to be a day trader or swing trader. If day trading stresses you out and you have trouble making quick decisions you may be a position trader in the wrong style.
The author discusses how traders may traumatize themselves by trading before they are ready. Or trading with to big of a position, this can scar you whether you win or lose because of the level of stress you are under. The book discusses how markets are continually changing and traders must change with it. Whether keeping their trading style and finding a different trading vehicle or changing their style to match the overall market, it is psychologically tough for a successful experienced trader to become a beginner again and retool their trading methods.
The book's best material is its dive into why discipline breaks down and a trader just starts trading crazy either trying to get back their losses or because of arrogance after many consecutive winning trades. This book really goes into the mind of the trader and where bad behaviors come from and what to do to change them. It also profiles hugely successful traders that make millions or six figure incomes. That was very informative seeing that the best are human just like us but have a consuming passion for trading and they rage to master their skills in the greatest game on earth. I highly recommend this is THE book on trading psychology and a must have for any serious trader, even the most experienced professionals.
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on March 19, 2016
better than "Trading in the zone"
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on September 15, 2013
Brett's other books are quite good; however, this is my favorite pick of the stress is it is the most actionable of the lot if you're already a trader who has been in the markets for a couple of years. a Strong BUY
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on July 3, 2015
You'll learn a lot. Really liked it
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on February 6, 2007
If you are or plan to be a serious trader this is a must read. Dr. Steenbarger knows what he's talking about. The fact that he is both trader & a psychologist he would certainly make him uniquely qualified on his subject, and his clear writing style is icing on the cake.

I am incorporating severeral of the ideas in the book into my trading plan. If it makes me rich I'll write an even more enthusiastic review :-)
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