Enhancing Trader Performance by Brett N. Steenbarger

Enhancing Trader Performance — a second trading related book by a professional financial trader and psychologist Brett Steenbarger. In this one he offers several interesting techniques of enhancing a trader’s performance by improving his approach to trading and making money on markets. In the series of real-life examples Brett shows how expert traders distinguished themselves from the average traders through their organized and systematic approach to their profession. The gaining of competence and building a working method of sustainable strategy developing are show in this Forex book. The trader’s success is seen as not something constant in this book, but only constant self-improvement and enhancing of the one’s trading methods can bring a real success. The last two chapters of the book include cognitive and behavioral techniques for enhancing the performance.

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Below you can read the reviews of the book and also submit your own review about Enhancing Trader Performance by Brett N. Steenbarger.

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4 Reviews

  1. Vic:

    Being an avid reader, I have read over 130 books on trading and I would certainly give this book a place in the best ten books I have read on trading. It is authored by a Clinical Associate Professor of Psychiatry and Behavioral Sciences and is also a trader. Very obviously, the book talks about the psychology of a successful trader. He creates a wonderful analogy between the best names in other fields (like arts, sports etc.) and trading. He enlightens the reader that the thin line that differentiates a good performer from the best is the incorporation of the feedback provided into his everyday way of functioning. He says that it has been proven that 10,000 hours of training in the right direction takes them to the top. Normally this would about ten years, with no intention of discouraging the newcomers. However, what is encouraging is that this book claims to provide you with a short cut method if you just study the market everyday and day trade intensely everyday to gain experience (if you prefer day trading that is) or practice daily the form of trading you prefer. What I really admire about the author is that he has spoken about the importance of having a trading style that complements your ability and personality. He talks about employing the trial and error way of discovering what suits you best. If just interpretation and analysis of the fundamentals is not your thing then you should try day trading. If day trading turns out to be unrewarding, you should try something else or change your style.
    The writer examines the importance of waiting till you are ready for trading as the experience may leave you troubled otherwise. The stress caused may also be very damaging so you need to be careful and respect your abilities. The author stresses the importance of adapting to the changing market. He acknowledges the difficulty in doing so as changing ones style all over again after being a master in one’s trade can be stressful and frustrating.
    The most relevant part of the book is the author’s interpretation of the factors which lead to the disintegration of a traders discipline and his resorting to crazy trading as an attempt to gain what he has lost simply because of arrogance. This book goes deep into the psyche of a trader and how to be ready (and modify) any harmful signs. The author also mentions many big names in the trading industry and their methods. It is very heartening seeing that they are not very different from any of us but just remained patient and hungry for success. In my opinion this is the ultimate book in the field of trading psychology and a trader aspiring to make it big is incomplete without it.

  2. Marcus:

    Before reading Brett Steenbarger’s “Enhancing Trader Performance” I was skeptical. Reading the first chapter made me want to return it to Amazon and get my money back. He talked about Al and Mick, two everyday traders. Al had had his emotions under his control, was patient and suffered losses without losing his honor. Mick was irritable, hated losses and took a few risks here and there. The book got me really interested when, contrary to my personal experience and hundreds of other trade psychologists, the author goes on to explain why Mick was the superior trader.
    I continued reader and understood the importance of discovering one’s own niche. You need to discover the trading style that suits you best to make it big. I realized I had done just this and it made complete sense.
    The 150 pages that came after this will in fact be more helpful in to everybody in their everyday life, though from specifically a trader’s point of view, not as much. He talks about the success stories in other fields, like Lance Armstrong and Dan Gable, and tells the reader the methods they followed to improve their performance. I question the importance of this section in this book. The importance of repetition may be important in military and sports but in trading it is not so. The problem in trading is not the repetition; it is the trader’s psychology. In trading there is the greed involved and there is money at the stake but it is not so in any sport, like chess.
    The lessons on cognitive methods and those related to behavior may be of use to traders as will be the later part of the book containing the profile of some traders.
    I was wondering whether the book deserves four stars but I will stick to three as it is not a book just meant for the trader and is a little difficult to read through till the end. The book is expensive and the quality of paper is just too cheap keeping that in mind. On the positive side, it has the factors which make a good book such as a valid conclusion, a profile of the author and some resources on the internet.

  3. CAS:

    Finally, there is a book in the market that actually talks about the importance of choosing a trading method that suits you the best and not just making an attempt to change yourself and fit into the method described by the author. Brett’s book is a delightful read and has a lot of valuable information which made me question my own trading methods. I would say it is a very good book.

  4. Charles:

    As this is not the first book I have read on trading, I feel I am in a good position to say that this is probably my favorite book on the subject. Brett Steenbarger shows his reader what it takes to be an advanced trader. I would seriously recommend this book to each and every trader who thinks he can do better and become very successful.
    It is simply great stuff.