Tuesday, December 23, 2008
I'm in the process of assembling the best trading psychology posts from TraderFeed over the past three years. My hope is that these posts can help you prepare for the coming trading year. Here are the links for 2006's "best of" installment:
Wednesday, December 10, 2008
* Coaching Yourself for Profitable Performance
* Self-Efficacy and Attaining Goals
* What Contributes to Success
* Turning Goals Into Habit Patterns
* Setting Effective Goals
* A Secret to Life Success
* Finding the Heroic Within Us
Saturday, November 15, 2008
Toward a Cognitive Theory of Trader Performance
The Role of Creativity in Trading
Conflict and Creativity in Trader Performance
Tuesday, November 11, 2008
Training Yourself for Discipline
Understanding Lapses in Trading Discipline
Top Reasons Traders Lose Discipline
Changing Your Self-Talk
Trading Stress and Emotion
Self-Coaching Techniques - Part 1, Part 2, Part 3
Sunday, November 9, 2008
Tuesday, October 28, 2008
Resources and Reflections for Traders
Five Successful Trading Behaviors
Breaking Cycles of Trading Problems
Breaking Trading Slumps
Two Common Trading Problems
The Need to Be Right vs. The Need to Make Money
Trading the Way You Want to Trade
Hindsight Bias and Regret in Trading
The Gambler vs. The Entrepreneur
How Personality Affects Risk Taking
Sunday, September 14, 2008
I submitted the edited manuscript for The Daily Trading Coach this past week; it's scheduled for sale during the first quarter of 2009. Wiley is estimating 415 pages; the book will also be available in e-book format. Each chapter contains ten "lessons" that cover skills important to self-coaching: both psychological and performance strategies. Here's an advance look at what will be in each chapter:
CHAPTER ONE - The change process: how people change and how to make change happen
CHAPTER TWO - Stress and distress: how to cope with the pressures of trading
CHAPTER THREE - Psychological well-being: how to maximize positive experience in trading performance
CHAPTER FOUR - The coaching process: general strategies for effective self-coaching
CHAPTER FIVE - Psychodynamic strategies for self-coaching
CHAPTER SIX - Cognitive strategies for self-coaching
CHAPTER SEVEN - Behavioral strategies for self-coaching
CHAPTER EIGHT - Strategies for coaching your trading business
CHAPTER NINE- Best practices for self-coaching from 18 contributors
CHAPTER TEN - Using Excel to find a trading edge
My goal was to create a "coach in a book", with an emphasis on practical strategies that can help traders manage themselves and their trading performance. Thanks to the contributors to Chapter Nine and to the many readers who have expressed interest in the project.
Saturday, September 6, 2008
Part One: The Principles
Learning How to Trade
Developing a Conceptual Framework
Stock Market Cycles
Cycles and Their Implications
Tracking Cyclical Movements in Markets
Stock Market Cycles Across Timeframes
The Market's Auction Process
Market Auctions and Multiple Time Frames
Part Two: The Practice
Thursday, September 4, 2008
* My inaugural post for the online book "Introduction to Trading"
* My "How to Trade" blog linkfest - Volume One, Volume Two
* My post "How Can I Learn Trading?"
* More resources for learning how to trade
Monday, August 18, 2008
Steenbarger, B. N. (in press). The Daily Trading Coach: 101 Lessons for Becoming Your Own Trading Psychologist.
Dewan, M. J., Steenbarger, B. N., & Greenberg, R. P. (2008). Brief psychotherapies. In A. Tasman, J. Kay, J. A. Lieberman, M. B. First, & M. Maj (Eds.), Psychiatry, Third Edition (Vol. 2; pp. 1889-1903).
Dewan, M. J., Steenbarger, B. N., & Greenberg, R. P. (2008). Brief psychotherapies. In R. E. Hales, S. C. Yudofsky, & G. O. Gabbard (Eds.), The American Psychiatric Publishing Textbook of Psychiatry, Fifth Edition (pp. 1155-1170).
Steenbarger, B. N. (2008). Brief therapy. In M. Hersen & A. M. Gross (Eds.), Handbook of Clinical Psychology – Volume 1, Adults (pp. 752-778).
Steenbarger, B. N. (2007). Enhancing trader performance.
Steenbarger, B. N., & Foster, D. (2007). What’s in your head? Becoming a trader. In L. Sether (Ed.), Psychology of Trading (pp. 6-15).
Steenbarger, B. N. (2007). Diagnosing the trader: Enhancing performance through self-assessment. In L. Sether (Ed.), Psychology of Trading (pp. 48-56).
Steenbarger, B. N. (2007). Finding the zone: New perspectives on the mental game of trading. In L. Sether (Ed.), Psychology of Trading (pp. 164-174).
Steenbarger, B. N. (2006). The importance of novelty in psychotherapy. In W. O’Donohue, N.A. Cummings, & J.L. Cummings (Eds.), Clinical Strategies for Becoming a Master Psychotherapist (pp. 278-293).
Lo, A. W., Repin D. V., & Steenbarger, B. N. (2005). Fear and greed in financial markets: A clinical study of day-traders. American Economic Review, 95, 352-359.
Dewan, M., Steenbarger, B. N., & Greenberg, R. P. (Eds.)(2004). The Art and Science of the Brief Psychotherapies.
Steenbarger, B. N. (2004). Solution-focused brief therapy: Doing more of what works. In M. Dewan, B.N. Steenbarger, & R. P. Greenberg,(Eds.)(2004). The Art and Science of the Brief Psychotherapies (pp. 85-118).
Steenbarger, B. N., Greenberg, R. P., & Dewan, M. (2004). An introduction to the art and science of the brief therapies. In M. Dewan, B.N. Steenbarger, & R. P. Greenberg,(Eds.)(2004). The Art and Science of the Brief Psychotherapies (pp. 1-14).
Steenbarger, B. N., Greenberg, R. P., & Dewan, M. (2004). Doing therapy, briefly: Overview and synthesis. In M. Dewan, B.N. Steenbarger, & R. P. Greenberg,(Eds.)(2004). The Art and Science of the Brief Psychotherapies (pp. 279-292).
Steenbarger, B. N. (2003). The Psychology of Trading: Tools and Techniques for Minding the Markets. (NY: Wiley).
Steenbarger, B. N. (2002). Brief therapy. In M. Hersen & W. Sledge (Eds.), Encyclopedia of Psychotherapy (pp. 349-358).
Steenbarger, B. N. (2002). Single-session therapies. In M. Hersen & W. Sledge (Eds.), Encyclopedia of Psychotherapy (pp. 669-672).
Steenbarger, B. N., Dewan, M., Kaplan, E., Manring, J., Budman, S. H. (2002). Training in administrative psychiatry. In M. Shore (Ed.) Handbook of Administrative Psychiatry (2nd ed).
Steenbarger, B. N., & Budman, S. H. (2000). Brief therapy. In A.E. Kazdin (Ed.), Encyclopedia of Psychology.
Steenbarger, B. N., & Budman, S. H. (1998). Principles of brief and time-effective therapies. In Koocher, G. P., Norcross, J. C., & Hill, S. S. (Eds.), The psychologist’s desk reference (pp. 283-286). NY:
Budman, S. H., & Steenbarger, B. N. (1997). The essential guide to group practice in mental health: Clinical, legal, and financial fundamentals. NY:
Sunday, August 3, 2008
Saturday, July 26, 2008
Music expresses that which cannot be said and on which it is impossible to be silent. ~Victor Hugo
Wednesday, July 2, 2008
* Seek Targeted Change - Change efforts are most likely to be effective if they are targeted to very specific changes in thought, feeling, and/or behavior;
* Stay Active - Change occurs from *doing* things differently, not just by talking to someone or by writing in a journal;
* More is Not Better - Brief therapists emphasize intermittent helping, leaving people on their own to practice and apply newly learned insights and skills, not encouraging dependence on a helper;
* Build on Strengths - People have many positive, adaptive qualities. Building on those reinforces health, confidence, and self-efficacy;
* Efficiency as Well as Efficacy - Brief therapy emphasizes time-effective methods for change, keeping the helping process affordable and not too burdensome;
* Strike While the Iron is Hot - Work on problems while they're occurring; changes are most likely to stick if they're rehearsed in realistic settings and situations;
In practice, this philosophy has me working very intensively with people for relatively short periods of time, using very hands-on techniques for altering problem patterns and applying those techniques to many situations. Weekly or monthly interactions are simply too infrequent to sustain the momentum of change; once progress has been made, then it can make sense to space meetings out over time to encourage the long-term internalization of the changes and guard against relapse.
To encourage this intensive interaction, I do not charge people for time spent on the phone or interacting by email (a far cry from the practice of coaches who run the meter at every possible opportunity); I want no barrier to regular contact. But once that contact leads to change, the goal is for the trader to sustain the process himself/herself, not meet for unlimited interactions with only a vague focus and agenda.
There is much in the brief therapy philosophy that traders can apply when they're acting as their own coaches. That will be the focus of my next post.
Wednesday, June 25, 2008
Well, here's the proposed cover for the new book. It will be divided into 101 short "lessons", each covering a specific aspect of or approach to the coaching/developmental process and offering specific exercises to incorporate into a daily routine.
Every major approach to the change process will be covered; quite literally I'll be showing readers how to be their own "brief therapists" and then apply the methods to their trading.
My goal is to write the most complete, most practical self-help book possible. More to come!
Saturday, June 14, 2008
1) A Hybrid Structure - The new trading book will be both a print text and an electronic resource (e-book). The book will include links to a variety of Web-based resources, many of which will be on this site, so that readers can go into depth on topics of their choice. These links will be updated regularly, so that the book will always be up to date. Many of the links will be to audio, video, and graphic features, so that the book will facilitate multimedia learning without being burdened with the expense of color graphics, an included DVD, etc.
2) Interactive Features - Readers of the book will be able to share questions, comments, and ideas through this website, so that we can readily learn from one another. In addition, I will be setting up an email account specifically reserved for use by book readers, so that they can ask me questions about the book and ways to apply the ideas to their own trading. The links will be built into the text, so that online readers can simply click and interact with each other and with me.
3) Trader-Friendly Reading Format - Many traders don't have time to read lengthy books; this is one reason blogs have become so popular. The new book is written as 101 short lessons, each with a specific focus and concrete techniques and resources to use for particular trading challenges. These lessons are several pages each, with a very practical focus. They can be read in order or used as a reference work, so that when problems arise, you can turn to the appropriate lesson and begin work on the issue immediately.
I am very confident that the book will contain more information--and more concrete-usable skills and ideas--than any of the high-priced seminars and services currently offered by the self-anointed gurus. It will link with ever-expanding multimedia content, and it will facilitate communication with the author and with other readers. And the price will be reasonable, very reasonable--well within the budgets of beginning traders.
I'm betting that traders can go much further than most people realize toward learning how to become their own psychologists. With the integration of online, multimedia resources into traditional books, publishing is entering a new era--an exciting period in which ideas and skills can now be illustrated and demonstrated, not just described. The book will no longer be a one-way communication from author to reader, but a starting point for ongoing conversations and education. With enhanced content, books can actually teach, not just inform.
There are so many problems and concerns in the world these days: economic, political, ecological--you name it. Amidst those problems, there are exciting things happening all around us that make this a fantastic time to be alive. New technologies promise to extend the mind's grasp and accelerate learning. My hope is to take a small step toward this vision. I look forward to taking that step together.
Monday, June 9, 2008
Vertical Solutions: creative market ideas and resources for testing trading ideas.
Daily Speculations: a range of insights about trading, markets, and life from Victor Niederhoffer and Laurel Kenner.
Quantifiable Edges: offers tested trading ideas in blog and newsletter, including a tracking of (very solid) performance.
Market Tells: loads of market data and indicators, tested trading patterns, and an excellent trend-catcher system.
SentimenTrader: tested market patterns, sentiment analyses, and insightful commentary.
Trading Success: Ray Barros is a coach and experienced trader who offers plenty of resources for traders to mentor themsleves.
Twitter Trader: My Twitter service that posts to the TraderFeed blog (or to you directly if you subscribe; it's free), highlighting trading themes, news, and updated market indicators.
If you know of free or commercial services that are unusually helpful in aiding traders' growth and development, feel free to post in the comments section. I have found the above resources to be especially fertile sources of inspirations and insights.
Friday, May 30, 2008
Wiley will be the book's publisher, and the book will contain several new elements not found in either of my two other trading books or in the Trader Feed blog. I'll be blogging about the book as I'm writing it to keep readers posted about its features and its development. In the interim, if you have topics you'd like to see covered in the text, by all means leave your suggestions as comments to this and future posts.
One of the topics I'm most excited about covering is one that I've been wanting to share for quite a while, but haven't figured out the right venue until now: how to use Excel to identify historical patterns in markets. Part of self-coaching is training yourself to find potential edges in the markets; the new book will be the first resource I'm aware of to tackle that training.
Thanks for the interest!