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(More customer reviews)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 performance
It 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
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