Guest:
Brett Steenbarger Ph.D.
Founder, Traderfeed.com
Clinical Associate Professor; Department of Psychiatry and Behavioral Sciences; SUNY Upstate Medical University
Author of many trading psychology books
Record Date: 12/5/16
Dear Traders,
You’re going to hear from a man who holds a Ph.D. in clinical psychology, he’s also a Trading coach, psychologist, author, blogger at traderfeed.com, and a very successful stock index trader. Here’s a quick list of the books hes written, A Trader’s Guide to Self-Discipline: Proven Techniques to Improve Trading Profits, the Psychology of Trading, enhancing trader performance, the daily trading coach, and his latest book trading psychology 2.0. His name is Brett Steenbarger.
Today Brett and I had a great discussion on the psychology in trading. Some of you may know when I was in my first couple of years of trading I struggled making money which in turn caused me to have anxiety. I realized that I really needed to work at my mental health in order to improve my trading. I really cant stress enough how important this subject is when it comes to trading. This interview is a great way for you to learn the consequences that trading has on your psychology. There is a time in every traders journey that they realize psychology is tied to trading in more ways than they anticipated. Brett explains what the psychology of trading means, and what traders should be doing when they’re not at their screens to improve their mental health.
Brett explains the most common mistake that traders make, and tells us how we as traders can successfully adapt to an ever-changing market.
I loved talking with Brett about psychology and I’m sure you will really enjoy our conversation, but before we play my interview with Brett, I want to apologize in advance for the audio quality. There were some issues, and we could have easily recorded again, but the show was so good that I didn’t want to change a thing.
Biggest Takeaways:
- He explains the human psychology of trading.
- What traders should be doing when they’re not trading to improve their psychology.
- The most common mistake traders make when it comes to their mental health.
- How traders can successfully adapt to an ever-changing environment.
Rapid Fire Answers:
- Favorite Book About Trading:
– Education of the Speculator, Victor Niederhoffer and The Fountainhead, Ayn Rand - Favorite Movie About Trading:
– Wall Street the original and Drummers Dream - Best Advice Ever Received About Trading:
– Learn, learn, learn before you put your capital to work. Practice with paper trading first. - Advice to Give to Others About Trading:
– Learn, learn, learn before you put your capital to work. Practice with paper trading first.
Resources:
- Website: https://traderfeed.blogspot.com/
- Amazon Books: httpss://www.amazon.com/s?ie=UTF8&search-type=ss&index=books&field-author=Brett%20N.%20Steenbarger&page=1
Quotes:
- “Really learn the ropes of trading before you use your hard-earned money, and you’ll avoid psychological problems.”
- “The psychological issues will be reflected in your patterns of trading.”
- “Keeping score of your trading can reveal psychological issues.”
