The Daily Trading Coach: 101 Lessons for Becoming Your Own Trading Psychologist (Wiley Trading Book 399) 1st Edition, Kindle Edition

The Daily Trading Coach, 101 Lessons for Becoming Your Own Trading Psychologist. Brett N. Steenbarger Ph.D."Dr. Brett, as he is affectionately known by his blog readers, has assembled a practical guide to self coaching in this excellent book". So writes Brian Shannon of Alpha Trends on the back cover.Dr. Brett is indeed a truly remarkable person, one who has two memorable trading books to his credit already, "The Psychology of Trading" and "Enhancing Trader Performance". These books provide an incredible amount of really useful information delivered in a writing style which is easily understood and which flows well. You may wonder what else needs to be said and why it takes 349 pages to say it. Simply stated, this book addresses an issue to which far too little attention has been paid until now. Everybody accepts without question the fact that all world-class performers, in a great number of fields such as archery, basketball, chess, gymnastics, golf, playing any musical instrument and tennis, there are of course many others, receive constant coaching, feedback on their performances and advice. The resources open to traders however are quite limited. There are for instance a significant number of different trading styles, as well as many different underlying entities available for trading.Golfers, for example, realize that they should take lessons from someone of similar build, and approach to the game. Traders have a far more difficult task because of the number of variables involved as well as the shortage of coaches and mentors advertising a particular approach to a particular underlying security, be that security a stock, a bond, a mutual fund, a futures contract, or a currency cross traded on Forex.On a recent post on his excellent website, Dr. Brett gives details of the way in which nascent doctors are trained and the time necessary to achieve the required skills. In any of the endeavors I have mentioned, it takes several years to become fully competent, with only a small percentage of students achieving Master status. There are number of excellent trading coaches available, but their services are quite costly and it is simply not possible to achieve the necessary immersion in the subject without joining a trading firm on a full-time basis. This is not a viable option for most people, so for many traders a system of personal trial and error has to take the place of formal training. This situation has been changed by the arrival of this book.Dr. Brett is remarkably generous with all the time and effort he puts into his website and blog. Some months ago I suggested to him that he should make a modest charge for this work, but he told me he did not wish to do so. He has used his experience and the lively exchange of opinions with other bloggers and his own readers to build this book of 101 lessons, showing anyone with the necessary drive and interest how a significant improvement can be made in trading performance.Each lesson is designed to provide the guided imagery and the necessary enthusiastic energy to turn change into routine, converting the new behavior to second nature. Each lesson should be taken one day at a time in any order. When it is applicable, additional information will be posted on the Become Your Own Trading Coach blog, the address being given in the book. It may also be found through his website, [..]I believe the information in this remarkable book is worth hundreds of dollars, as it will supply you with the wherewithal to become self-reliant and self-sufficient. The beauty of Dr. Brett's method is that it requires a good deal of personal commitment to and work on the project but the results will be highly gratifying and may be carried into all areas of one's life. The book is beautifully produced in the characteristic and pleasing style of the trading books published by John Wiley and Sons Inc. Hoboken New Jersey. As befitting a book of this length and density, it comes in hardcover.This book receives five stars. I wish there were more available as it is that good.Humphrey E. D. Lloyd, MD

Honestly, one of the best books for trading psychology. I would put this up there as an essential for anyone that wants to take trading seriously or go full-time . I never write reviews, but this warranted one. so far only halfway through, but I am highlighting and learning so many things and just gaining so much gems throughout each chapter. This will go up there as one of the best books for trading that I’ve read with my career and I could not emphasize how great this book is

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. Fortunately, it is possible to know THE INITIAL RISK a trader is willing to lose.4) Projection of future prices are only a BEST GUESS, never a 100% certainty.5) Top traders only control three things all the time: Initial Risk, Exits, and EMOTIONS...Most professional traders keep emotions in check, and most admit that an emotional trader is a Dangerous Trader. I'm happily surprised to find Dr. Steenbarger support a different view.Dr. Steenbarger uses research to argue that emotions can become a trader's best friend by fueling the drive to sustain change and modify a trader's behavior to enhance trading performance. Learning this is worth 1000x the price of the price of the book! Why? Because humans are naturally wired to act on emotions, and the human mind is the most complex to understand because emotions drive its actions unpredictably. Over 75% of the Daily Trading Coach is focused on harnessing the psychology of emotions to propel performanceIt is said that Wall Street is the most expensive place to find yourself. Although this will always be the case, The Daily Trading Coach will certainly help reduce the cost of such an expensive lesson.My faith is stronger than your doubt,Federico Tewes

Best book to support your journey thru your daily trading ups and downs

This book (along with Mark Douglas' Trading in the Zone) has absolutely changed the way I trade. I would either have continued to throw away my money or would have given up trading altogether had I not read this book. Overall, It's an easy read, BUT it's a lot to take in. It's a book that should be read with patience and care. Do yourself a favor: take your time with this book. Don't try to rush it. Actually implement the lessons into your trading routine.