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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“If you have a goal without a specific plan, that’s just a good intention – that’s a wish.”
“The first step in breaking any habit, is to become exquisitely aware of it’s presence.”
Lessons learnt in this interview:
- Why industry heavyweights seek out Brett’s help, even though they aren’t struggling traders and are already making huge amounts of profit.
- How to break bad trading habits, and the process for introducing new best practises – which come from habit and not motivation.
- The ABCD that surrounds trading psychology; adapting to changing markets, building upon strengths, cultivating creativity, and developing best practises.
- How to deal with weaknesses, and how to determine if something is really a weakness and not just a skill you’re yet to develop.
- The way developing traders should think about goal setting by putting a concrete plan in place, and how to measure progress like hedge funds and professionals.
Links and resources mentioned:
- Trading Psychology 2.0 – Brett’s most recent book, which he describes as going beyond the traditional themes and information often linked to trading psychology.
- The Daily Trading Coach – Another one of Brett’s highly-praised books, including 101 lesson for becoming your own trading psychologist.
- TraderFeed – Here you can find Brett’s personal blog where we regularly writes about his findings within markets.
- Forbes – Brett is a contributing author to Forbes, and you can follow the link to find all his articles on positive psychology and financial markets.
- @steenbab – Follow Brett on Twitter to stay in the loop.
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