The Daily Trading Coach: 101 Lessons for Becoming Your Own Trading Psychologist (Wiley Trading)
by Brett N. Steenbarger
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Book Summary Information
Author: Brett N. SteenbargerEdition: Hardcover
Audio: English (Unknown); English (Original Language); English (Published)
Published: 2009-03-23
ISBN: 0470398566
Number of pages: 368
Publisher: Wiley
Book Reviews of The Daily Trading Coach: 101 Lessons for Becoming Your Own Trading Psychologist (Wiley Trading)
Book Review: A Must Read
Summary: 5 Stars
The first time I met Dr. Steenbarger was in the smaller conference room of our proprietary trading firm in NYC. We were finalizing our training program and wanted the best teacher that we knew to review our work. He wasn't being paid, he was just a trading coach offering a helping hand. As Dr. Steenbarger offered his critique I was humbled by how much I still needed to consider. There was more work to be done.
I have traded my own account through the Asian Financial Crisis, the Tech Boom, the Internet Bubble, 9/11, and the recent near collapse of our banking system. Today I run SMB Capital, a proprietary trading desk. Yet TraderFeed and Dr. Steenbarger's writing is still essential reading for me. The Daily Trading Coach is no exception. It is simply a must read for the new, developing, and experienced trader.
As John Forman has done I should disclose that I am a proud contributor to the book. And I must admit my favorite part of this book is when Dr. Steenbarger makes fun of me for my overzealous contribution. Hey I was just trying to help.
When I first started my trading career in the late 90's you learned through osmosis. You sat next to an experienced trader and when they had time (if they had time?) they discussed their trading. The market is more complicated than when I began and this model frankly is outdated. One of the new techniques you must master is how to coach yourself, even if starting at an established firm with excellent mentoring. Start with the Daily Trading Coach.
Often new and developing traders mistakenly believe that learning from the best trader is the way to become great. If only this were true. The developing trader must find the best teacher. Dr. Steenbarger is the best trading teacher that I know.
The other day I received an email from a prospective trader asking me if everyone on our desk put up identical P&L since they all have access to the same trading plays. The experienced and developing trader are I am sure chuckling politely as they read. Not every trader possess the same trading skills and mental development. Psychology is the 800 pound gorilla in the room on every trading desk. Dr. Steenbarger is the godfather of techniques to clear our mental hurdles. There is so much more of this in the Daily Trading Coach. 101 lessons more to be exact.
Dr. Steenbarger has insider access to Hedge Fund traders, Investment Banks and proprietary trading firms that few do. His years of experience working with these groups has armed him with anecdotes and lessons that he has again passed along. Thank you Dr. Steenbarger.
This book sits in my office in Manhattan along with many other great trading books. I find myself often of late, rising from my chair, heading over to my book shelf, and rereading sections of the the Daily Trading Coach, as I consider how to best mentor one of our traders. The Daily Trading Coach is a trading gift that keeps on giving.
Mike Bellafiore
Partner, SMB Capital
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