Product Description

Praise for The Daily Trading Coach

"A great book! Simply written, motivational with unique content that leads any trader, novice or experienced, along the path of self-coaching. This is by far Dr. Steenbarger's best book and a must-have addition to any trader's bookshelf. I'll certainly be recommending it to all my friends."
—Ray BarrosCEO, Ray Barros Trading Group

"Dr. Steenbarger has been helping traders help themselves for many years. Simply put, this book is a must-read for anyone who desires to achieve great success in the market."
—Charles E. KirkThe Kirk Report

"'Dr. Brett', as he is affectionately known by his blog readers, has assembled a practical guide to self coaching in this excellent book. The strategies he outlines are further enhanced with numerous resources and exercises for the reader to refer to and keep the principles fresh. I enthusiastically encourage anyone interested in bettering their trading and investing to read this book and keep it on their desk as a constant source of learning."
—Brian Shannon, www.alphatrends.netauthor of Technical Analysis Using Multiple Timeframes

"Dr. Brett has distilled his years of experience, as both a trader and a psychologist/coach, into the 101 practical lessons found in The Daily Trading Coach. Those lessons provide effective strategies for coping with the stumbling blocks that traders often face. This book should be a cornerstone of any serious trader's library."
—Michael Seneadzaequities trader and blogger at TraderMike.net

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Product Details

Publisher	Wiley
ISBN	0470398566
Features	ISBN13: 9780470398562 Condition: New Notes: BUY WITH CONFIDENCE, Over one million books sold! 98% Positive feedback. Compare our books, prices and service to the competition. 100% Satisfaction Guaranteed
Format	Hardcover
Author	Brett N. Steenbarger
EAN	9780470398562
Label	Wiley
Dewey Decimal Number	332.64019
Studio	Wiley
Number Of Pages	368
Title	The Daily Trading Coach: 101 Lessons for Becoming Your Own Trading Psychologist (Wiley Trading)
Publication Date	2009-03-23
Manufacturer	Wiley

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Customer Reviews

Worth The Read, But Not Spectacular

Review by T.A.J., 2010-08-15

In many sections, I felt the book could have just as easily been titled "The Daily Weight Loss Coach" or the "The Daily Relationship Coach" with a pass of the find & replace feature. Much of the content is very general in nature or just common sense. Unlike other books in my trading library, it did not change the way I trade, but I still feel it was worth the read. The book would probably be of more benefit to somebody just starting a career as a retail trader.

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It's all there

Review by Glenn Corey, 2010-06-30

Trading is probably at least 70% psychological, and traders are lucky to have psychologist Steenbarger on their side. He has thought long and deeply about trading and knows the issues that beset traders. This book is full of practical, actionable, and results-producing lessons and exercises. Dr. Steenbarger tends to focus on short-term traders, but that shouldn't deter longer-term traders from reading it as well. If you do the exercises in the book and take seriously all the lessons, your trading is sure to improve. There is also a section for additional resources at the end of each chapter if you want to go into more depth on a particular topic. This is a great book for traders.

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The author's most "mass market" friendly work so far, yet one of the best on trading psychology

Review by ServantofGod, 2010-02-21

I gave very high ratings to the author's previous two books. However, I remarked that they are for professional trading trainers and trainees preferably with intermediate knowledge on psychology. Eventually, the author had presented the "mass market" this great work which it can digest. Very useful indeed. A must for any serious trader's collection!

Below please find some of my most favorite passages for your reference:-
When you think about your thinking by adopting the perspective of a self-observer, you no longer buy into negative thought patterns. pg42
A trading career is a marathon, not a sprint; the winners pace themselves. pg78
When we pursue goals in an effortful manner, we build intentionality and free will. pg80
A different facet of well-being is serenity: a mind free of distracting thoughts and feelings. It is vital to elite performance: a mind at peace is one that can be fully focused on market patterns. pg83
Success does not consist in never making mistakes but in never making the same one a second time. - George Bernard Shaw pg99
To keep yourself solution focuse, you want to ask yourself, "What did I do well today? What about this trade did I do right?" You will find that, over time, your performance is varied. pg113
When you talk aloud your thoughts and feelings, you no longer identify with them; you listen to them as an observer. pg117
Our coping is mobilized when we imagine anticipated stressful situations, preparing us for when those situations actually occur in trading. pg127
Consider two coaching scenarios.....1# "How could you be so careless? You just ruined your week. Do you realize what will happen if you continue to do this...." 2# C'mon, you're a better trader than that! Remember last month when you put together a string of winning days?...." 1# mirrors a sense of failure....2# doesnt avoid the problem, but starts from the premise of good trading. It mirrors encouragement and a reminder of the trader's strengths. pg144
I find it helpful, during trading, to periodically remind myself, "It's not about me." pg178
Tangible rewards for your success are among the strongest positive reinforcers. pg206
You dont have to diversify by trading many markets. You can diversify by time frame, directionality and setup pattern (trending, reversal). pg247
Anyone who fights for the future lives in it today. -Ayn Rand pg261
It's okay to be emotional; it's not okay to let emotion change your management of risk. pg281

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Greatest "self-help" (in the best sense) trading guide, but especially for the person wounded by trading badly

Review by Brett Robbins, 2010-02-04

What distinguishes this book (I don't know his other works so I can't refer to them but a cursory sampling of them here at Amazon induced me to try this one out first) from other trading books I've read is that Steenbarger unabashedly incorporates "self-help" elements into his overtly psychological approach to becoming a professional trader. I'm aware of the stigma attached to the self-help genre as a whole, but in Steenbarger's case these elements emanate from extensive academic training in psychology (from the "About the Author" section of the book near the back: "Brett N. Steenbarger, PhD is clinical associate professor of psychiatry and behavioral sciences at State University of New York Upstate Medical University in Syracuse, NY"), so his self-help angle reflects what seems to be a genuine concern with helping people--a refreshing antidote to the many dry, analytical, impersonal tomes on trading out there (which isn't to imply that the latter don't have their place--they do--but they're useless if you haven't first mastered various inner aspects of professional trading).

I emphasize Steenbarger's self-help emphasis to distinguish it from the emphasis of another, more famous (but not necessarily better) writer, Mark Douglas, author of _The Disciplined Trader_ and _Trading in the Zone,_ both classics (and for good reason) in their field, whose insights about trader discipline, while incisive, are hardly inspiring. And for me, it's what endears me most to Steenbarger. The writer I've encountered who's come closest to equaling this profound sense of connection Steenbargers makes with his audience is Dr. Alexander Elder, although while Elder establishes his rapport through humor and familiarity, Steenbarger establishes his through perspective, compassion, and insight into how optimism and realism aren't necessarily mutually exclusive.

One thing I must say, however, is that those who haven't been trading for awhile may not benefit as much from this book as those who have--and especially those who have already lost a great deal of money. Steenbarger even implies as much in the way he titles his chapters: "Change: The Process and the Practice"; "Stress and Distress: Creative Coping for Traders." These are the FIRST TWO chapters of the entire book! Indeed, this is obviously a work intended to help the already-wounded trader get back on his/her feet and this time do it right. Steenbarger emphasizes the necessity of the professional trader eventually having to consider trading well from the standpoint of a fear-based need rather than a luxury-based desire--a revelation, again, that usually only comes to those who have already been severely wounded by trading badly. If this is you, this is your book. If it isn't, and you stick with trading, it eventually WILL be--unless it's already too late.

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When You Are Ready, the Teacher Will Come

Review by B. Smallwood, 2010-01-21

In Googling "Trading Coach" this morning, I came across "The Daily Trading Coach". I read the reviews and looked through the sample and Googled the author. I've been trading for about 10 years and I'm admitting that I've never been good and it so unless I want to give it up, I need to change how I trade. That's why I bought this book. I'm spending a month of vacation time from my job to get my act together since I'm going into my 60th year and want very much to be able to trade to supplement a pension in my retirement. Quite a bit of pressure. So to grapple with the fear that I have of destitution in old age, (just kidding) I'm setting up a better trading process; journaling, determining a pre-market routine, figuring out how to make trading a business, etc. It's complex so it's important to get organized and have a system down on paper to work with, a business plan. I've never sat myself down to do that.

I've worked in both the textbook industry and the educational field and just in reading the preface and intro. of this book and seeing how Mr. Steenbarger has laid the text out and is using multimedia through his website, I am impressed. I see the danger here as one of being overwhelmed with data, but the author is obviously a man of great accomplishment and organization, and a lack of organization, dedication and consistency have been my downfalls. I'm looking for help to stop speculating and make trading a business. I've learned a lot about trading in the last 10 years. Now I need to apply it in an effective manner.

I'm going to use this book as a workbook. I'll go into it looking for what applies to my trading of the day, read some about the subject, then be led through a wealth/maze of information on-line, helped to assess it's use and organize the information into my trading plan. A good way to keep myself on track... like having a coach at my side when I want some assistance to work on something specific to my trading challenges. I'm thinking I've found the teacher/coach I am ready for, and it's ME, with a little help.

Happy Trading

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