The Daily Trading Coach by Brett N. Steenbarger

The Daily Trading Coach or 101 Lessons for Becoming Your Own Trading Psychologist is a trading psychology book written by a clinical psychologist and active trader — Brett N. Steenbarge. The author is famous for his writings on psychology of trading. The book is assembled in form of lessons (with exactly 101 of them), each showing some important self-discipline practice or a trait that can be used in trading. The Daily Trading Coach can be recommended to all traders, disregarding the experience level, as this book can really improve one’s market performance. It won’t teach you trading, but instead it discusses everything related to discipline and emotions: from the process of practicing in trading to coping with stress to self-coaching processes. Of course, you have to be quite open-minded and eager to work on yourself if you want to benefit from this book, but it’s definitely worth both that and its price.

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Below you can read the reviews of the book and also submit your own review about The Daily Trading Coach by Brett N. Steenbarger.

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5 Review

  1. Rob:

    Wall Street is a funny place; this place is perhaps the only place in the world where an expert and a beginner has almost the same chances of winning. This market is risky and it is profitable also.
    Dr. Steenbarger’s provide you with various lessons no matter whether you are a professional trader or rookie, which will help you to familiarization with the trading. Like other books of the author, this book provides you with some vital tips that improve your viewpoints.
    Dr. Steenbarger’s approach is somewhat different from Van Tharp’s books. Dr Steenbarger focuses on self coaching tips and proper self monitoring to improve the performance of the trading whereas Van Tharp focuses more on Positive Expectancy systems and position sizing.
    If you combine the Steenbarger’s lessons with those of Van Tharp, you will see that the following are the some misunderstood facts of financial speculation.
    1) It is wrongly perceived that if you are making large profits, you will make a good amount of money over time. It can only be done if you are able to keep your losses smaller than profits consistently.
    2) Being right and making money are the two extreme ends of the performance spectrum and you will be surprised to know that majority of the traders feel that their primary job is to minimize the losses in the investment and then focusing on being right. If you want to know why then answer is simple; by minimizing the losses it helps to ensure that the average winner is greater in relation to an average loser.
    3) No one can be 100% sure on how much profit any trade can make in a sessions. However, you can know the initial risk that you are willing to lose.
    4) When someone projects the future prices, it’s just a wild guess, but never certain.
    5) The top traders pay attention to only three things and these are Exits, Risk and EMOTIONS….

    Majority of the trader keep a check in the emotions and it is a common belief that an emotional trader is a dangerous trader.
    It is surprise that Dr. Steenbarger reflects a different view.

    Dr. Steenbarger has made use of various researches to conclude that emotions can sometime work in favor of a trader as they help to sustain a change and also modify the behavior of the trader to improve the trading performance. If you are able to learn this art, then this book will become priceless for you. If you want to know the answer, then it is because we have natural impulse to act on our emotions and also that our mind is extremely complex to understand since emotions drive the actions unpredictably. More than 75% of Daily Trading Coach focuses on tapping the psychology of emotions so as to improvise the performance.
    It is well said that Wall Street is among the most expensive places on this planet to find self. However, The Daily Trading Coach will surely help you to learn how to lessen the burden of these expensive lessons.

    Stronger than your doubt is my faith.

  2. Terry:

    There are many sections, where I felt that the book could have been titled as “The Daily Relationship Coach” or “The Daily Weight Loss Coach” with the help of find and replace option. Majority of the content in this book is sheer common sense or very generic in nature. Unlike the various other books that are there in any trading library, this one will not change your way of trading, however it’s still worth to read this one. This book is mores suitable and useful to a person who have just started his or her career in retail trading.

  3. klim:

    This book is ideal for the traders who already have some kind of trading plans or strategy with them. This book will give you a give you information on various methods to stand by yourself, assess yourself and also will help you in following the guidelines.
    Dr. Steenbarger focuses only on the coaching of institutional or professional traders. This is the reason why majority of his books are available at good discounts.
    The content in this book is divided in 101 lessons which are complied in 10 chapters. Some of you may feel that some lessons are not really much of concern to you, but there are other lessons also which address you specific problems or needs. This book by Dr. Steenbarger will also help you in other areas of life.
    However, for trading; a proper trading plan is must for any trader to succeed. A trader should know how to do, why to do, when to do etc. It resembles more or less like a traffic light. You may feel excited, happy, sad or tired; you know very well what to do when you see a red light or green light. Remember after you have crossed the street, psychology takes care of itself. When your see that you plan is working and you encounter any limitation, then this book will surely help you to break your limitations.

  4. Basil:

    It is said that majority of the part of trading is psychological and traders are really lucky to have books written be renowned physiologist Dr. Steenbarger. The author has assessed the various technicalities of trading and he knows about the various trading issues. He has focused on short term traders, but even long term trades can read his book and gain knowledge on the subject. If you take the lessons given in the book seriously and solve exercises of the book, your trading will definitely improve. If you want to gain more in depth knowledge on a particular topic then there are additional resource given at the end of every chapter. This book is a must read for traders.

  5. Swing Trader:

    This book is ideal for traders who have tasted some success in trading, but who wants to make it to the next level now. Risk management, technical, fundamental knowledge is all important; however equally important is the psychology. Those traders who master their emotion are among the most successful lot. Read lessons of this book and improve your trading.

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