The Daily Trading Coach: 101 Lessons for Becoming Your Own Trading Psychologist (Wiley Trading)

The Daily Trading Coach: 101 Lessons for Becoming Your Own Trading Psychologist (Wiley Trading)

Brett N. Steenbarger

Language: English

Pages: 370

ISBN: 0470398566

Format: PDF / Kindle (mobi) / ePub

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













continual drive for self-improvement; not just a temporary desire to remedy deficiencies. The measure of a trader is how hard he works on trading during winning periods. “Finally,” John concludes, “setting good goals and assessing how one is progressing toward them is critical. These are things coaches in other activities like athletics do as external observers. The advantage there, however, is that they don’t have the direct link to the individual’s psyche, which complicates self-assessment.

can create a variety of contextual views of markets. For example, if we type in, “=if(E21=max(E2:E21), 1,0)” we can examine the context in which the current day is the highest price in the past 20 and see how that influences returns. If we include a second independent variable, such as the number of stocks making new 52-week highs and lows, we can examine how markets behave when new highs exceed new lows versus when new lows exceed new highs. For instance, if new highs go into column F and new

right, the actress knows that she can make improvements in rehearsal. If a surgery develops complications, the surgeon knows that he can identify those rapidly and take care of them. By taking the catastrophe out of negative outcomes, these experts are able to avoid crippling performance anxiety. One of the most powerful tools I’ve found for overcoming performance anxiety in trading is to keep careful track of my worst trading days and make conscious efforts to turn those into learning

the day that I’m trading. This helps me adjust expectations as I’m trading. For instance, the S&P e-mini market recently made a 12-point move during the morning. My research told me that this was at the very upper end of recent expectations, a conclusion that kept me from chasing the move and helped me take profits on a short position. • When I see that volatility over the past 20 days has been quite modest, I can focus on good execution, place stops closer to entry points, and keep profit

trade unless you first measure risk (stop-loss level) and reward (profit target) and have a reward-to-risk ratio of 2:1 or better.” Such a rule would restrain a trader who is tempted to jump aboard late in a market move. What traders call setup criteria often are simply rules for getting them into trades. When the criteria are not established as firm rules—and mentally rehearsed as such—there is a tendency to violate the setups. This violation often occurs because of the fear of missing a profit

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