How to master trading psychology | Brett Steenbarger

How to master trading psychology | Brett Steenbarger



EP 065: How to master trading psychology, and introduce new best practises w/ Brett Steenbarger

For this episode, I interviewed a very special guest; Dr Brett Steenbarger (after many, many requests from listeners).

Brett is a very well known trading psychology coach, and has consulted to some of the biggest names in the industry. He’s also a respected author who has now published four books, some which have been recommended reading by previous guests on this podcast.

During our conversation, I asked Brett how to break bad trading habits and introduce new best practises, to explain why traders need to be adaptable in markets, plus how we should think about goal setting and measure progress. And of course, much more about how to enhance your performance as a trader.

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LINKS
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· More interviews: http://chatwithtraders.com
· Free resources: http://chatwithtraders.com/resources

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· Instagram: https://instagram.com/chatwithtraders_

· Soundcloud: https://soundcloud.com/chat-with-traders
· Stitcher: http://www.stitcher.com/podcast/chat-with-traders

source

psychology

June 14, 2016 / 44 Comments / by / in
  • From what I have learnt in the past 8 months, the primary reason why new traders take their profit too soon and cut their loss too late was because they don't really have a trading system. For example, one could use "Bollinger Band Squeeze Strategy", but it doesn't mean you should always enter the market whenever you see the Bollinger bands squeeze no matter what timeframe you are trading. For us retails traders, we must have a system that gives buying and selling signal which must be pretty clear, and once you have such system that works when back testing, you must put absolute trust in it and follow every instruction such system tells you. Even if sometimes the system could make you take your profit too late, but don't whine. I don't know how to put this, but profit and loss are no different if money is put aside, you could win this time by adopting this strategy and you can lose next time using the same strategy as well. To be honest, finding a trading method is easy as pie, but perfecting it, putting 100% trust in it and only focus on the price pattern, trend rather than money is where most traders fail. At the end of the day, successful trader don't think when trading, they use instincts, because the trading system itself is already a part of them. In addition, as a professional trader, one should not care too much about whether they take profit too soon or too late, they should instead focus on whether they are trading in the right way, the way the system specifies. I like what the song <The Gambler> says "You never count your money when you are sitting at the table." Whenever I try to take a look at my floating profit or loss, I will just spank my right hand with my left hand. OUCH!

  • Good channel, but I think these guys are POSERS…

  • THIS CHANNEL IS AMAZING…PLEASE KEEP IT UP THE GREAT WORK…THANK YOU!

  • Thanks for this interview Aaron, can you get an interview with Steve Ward please – psychologist to top traders in London, thank you for the great job you do. Also I would love to listen interview with trader Tom Hougaard.

  • Wise words.. Cheers

  • Great interview, very insightful. Trading is about passion for markets, not P&L. If all you think about is the money, your toast. The same can be said for any business venture.

  • really got a lot out of this, i can play this tape while during my non-active time with trades on, and during my review periods for sure.. much much great stuff here..

  • only the ones who are really serious to learn how to be traders listen this tipe of channel…thank you so much for this contribution to my life.

  • 39:30 Almost fell off my chair while listening to this guy's rambling. Another one of those NATO guru

  • looks up author on audible
    Yes! Finally one of your guests who has an audiobook!
    returns to interview and listens voraciously

  • Brett Steenbarger is a LEGEND

  • boi

    Brilliant. Discipline is what I need to work on Big time right now. I want to be a completely different trader by the end of april. Not looking for big profits this month, just staying disciplined with my rules and ending in the green

  • You have really good interviews. Very educational. Thank you.

  • good inforfmation sourcre,would lovee to hear about small capital managment

  • just found those channel, BEST TRADING PODCAST I HAVE EVER HEARD!!

  • Guys, this is absolute gold. Just picked up Brett's audio book, the daily trading coach

  • I love Ayn Rand's The Fountainhead.

  • This is legit you guys got a sub from me

  • If you bang your head on the wall and expect the wall to crack, then psychology is not what you lack.

  • Another awesome interview, keep in up Aaron! Respect!

  • Sounds like you caught Dr. Steenbarger during happy hour.

  • This is one of your best interviews,good job keep up the good work mate!

  • The interviewer is really good. Nice set of questions.

  • I'm new in trading world, your channel really helps a lot. Many deferent successful traders, stories, psychological way of thinking etc..
    thanks!

  • This channel is gold. Aaron Fifield , you are a great host. I am literally feeling very lucky I found your channel. Thank you a thousand times.

  • What really great questions. These achieved the insightful answers.

  • GD

    Guys, Make Long Term Investing Great Again!

  • his more of theoretical not telling psychology from the experience of the market

  • excellent! very profound insights.

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  • Such a good interview.
    Thanks for all the content Aaron it's amazing!

  • Great channel! Thank you for your work. Just as advice, could you ask questions that expand on what the speaker is saying?
    Thank you again!

  • My favourite CWT interview so far, great questions and great answers!

  • Aaron really knows what to ask! Great host!

  • Great great great video.thank you for sharing.

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  • stop with the mouse clicking,
    Intelligents don't come from reading a script.

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