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The Daily Trading Coach PDF

370 Pages·2009·3.66 MB·English
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P1:JYS fm JWBT039-Steenbarger January9,2009 15:45 Printer:Yettocome vi P1:JYS fm JWBT039-Steenbarger January9,2009 15:45 Printer:Yettocome The Daily Trading Coach i P1:JYS fm JWBT039-Steenbarger January9,2009 15:45 Printer:Yettocome Founded in 1807, John Wiley & Sons is the oldest independent publish- ingcompanyintheUnitedStates.WithofficesinNorthAmerica,Europe, AustraliaandAsia,Wileyisgloballycommittedtodevelopingandmarket- ing print and electronic products and services for our customers’ profes- sionalandpersonalknowledgeandunderstanding. TheWileyTradingseriesfeaturesbooksbytraderswhohavesurvived the market’s ever changing temperament and have prospered—some by reinventing systems, others by getting back to basics. Whether a novice trader, professional or somewhere in-between, these books will provide theadviceandstrategiesneededtoprospertodayandwellintothefuture. Foralistofavailabletitles,visitourWebsiteatwww.WileyFinance.com. ii P1:JYS fm JWBT039-Steenbarger January9,2009 15:45 Printer:Yettocome The Daily Trading Coach 101 Lessons for Becoming Your Own Trading Psychologist BRETT N. STEENBARGER JohnWiley&Sons,Inc. iii P1:JYS fm JWBT039-Steenbarger January9,2009 15:45 Printer:Yettocome Copyright(cid:1)C 2009byBrettN.Steenbarger.Allrightsreserved. PublishedbyJohnWiley&Sons,Inc.,Hoboken,NewJersey. PublishedsimultaneouslyinCanada. Nopartofthispublicationmaybereproduced,storedinaretrievalsystem,ortransmittedin anyformorbyanymeans,electronic,mechanical,photocopying,recording,scanning,or otherwise,exceptaspermittedunderSection107or108ofthe1976UnitedStatesCopyright Act,withouteitherthepriorwrittenpermissionofthePublisher,orauthorizationthrough paymentoftheappropriateper-copyfeetotheCopyrightClearanceCenter,Inc.,222 RosewoodDrive,Danvers,MA01923,(978)750-8400,fax(978)646-8600,oronthewebat www.copyright.com.RequeststothePublisherforpermissionshouldbeaddressedtothe PermissionsDepartment,JohnWiley&Sons,Inc.,111RiverStreet,Hoboken,NJ07030,(201) 748-6011,fax(201)748-6008,oronlineathttp://www.wiley.com/go/permissions. LimitofLiability/DisclaimerofWarranty:Whilethepublisherandauthorhaveusedtheirbest effortsinpreparingthisbook,theymakenorepresentationsorwarrantieswithrespecttothe accuracyorcompletenessofthecontentsofthisbookandspecificallydisclaimanyimplied warrantiesofmerchantabilityorfitnessforaparticularpurpose.Nowarrantymaybecreated orextendedbysalesrepresentativesorwrittensalesmaterials.Theadviceandstrategies containedhereinmaynotbesuitableforyoursituation.Youshouldconsultwitha professionalwhereappropriate.Neitherthepublishernorauthorshallbeliableforanylossof profitoranyothercommercialdamages,includingbutnotlimitedtospecial,incidental, consequential,orotherdamages. Forgeneralinformationonourotherproductsandservicesorfortechnicalsupport,please contactourCustomerCareDepartmentwithintheUnitedStatesat(800)762-2974,outsidethe UnitedStatesat(317)572-3993orfax(317)572-4002. Wileyalsopublishesitsbooksinavarietyofelectronicformats.Somecontentthatappearsin printmaynotbeavailableinelectronicbooks.FormoreinformationaboutWileyproducts, visitourwebsiteatwww.wiley.com. LibraryofCongressCataloging-in-PublicationData: Steenbarger,BrettN. Thedailytradingcoach:101lessonsforbecomingyourowntradingpsychologist/ BrettN.Steenbarger. p.cm.–(Wileytradingseries) Includesindex. ISBN978-0-470-39856-2(cloth) 1.Stocks–Psychologicalaspects. 2.Speculation–Psychologicalaspects. 3.Investments–Psychologicalaspects. 4.Self-helptechniques. 5.Personalcoaching. I.Title. II.Title:Becomingyourowntradingpsychologist. HG6041.S7572009 332.6(cid:2)4019–dc22 2008041524 PrintedintheUnitedStatesofAmerica. 10 9 8 7 6 5 4 3 2 1 iv P1:JYS fm JWBT039-Steenbarger January9,2009 15:45 Printer:Yettocome What?Agreatman?Ialwaysseemerely theplay-actorofhisownideal. —FriedrichNietzsche v P1:JYS fm JWBT039-Steenbarger January9,2009 15:45 Printer:Yettocome vi P1:JYS fm JWBT039-Steenbarger January9,2009 15:45 Printer:Yettocome Contents Preface xiii Acknowledgments xvii Introduction 1 CHAPTER 1 Change: The Process and the Practice 3 Lesson1:DrawonEmotiontoBecomeaChangeAgent 4 Lesson2:PsychologicalVisibilityandYourRelationship withYourTradingCoach 7 Lesson3:MakeFriendswithYourWeakness 9 Lesson4:ChangeYourEnvironment,ChangeYourself 11 Lesson5:TransformEmotionbyTrace-Formation 14 Lesson6:FindtheRightMirrors 17 Lesson7:ChangeOurFocus 20 Lesson8:CreateScriptsforLifeChange 23 Lesson9:HowtoBuildYourSelf-Confidence 25 Lesson10:FiveBestPracticesforEffectingand SustainingChange 29 Resources 32 CHAPTER 2 Stress and Distress: Creative Coping for Traders 33 Lesson11:UnderstandingStress 33 Lesson12:AntidotesforToxicTradingAssumptions 37 vii P1:JYS fm JWBT039-Steenbarger January9,2009 15:45 Printer:Yettocome viii CONTENTS Lesson13:WhatCausestheDistressThatInterferes withTradingDecisions? 40 Lesson14:KeepaPsychologicalJournal 43 Lesson15:Pressing:WhenYouTryTooHardto MakeMoney 45 Lesson16:WhenYou’reReadytoHangItUp 48 Lesson17:WhattoDoWhenFearTakesOver 51 Lesson18:PerformanceAnxiety:TheMostCommon TradingProblem 54 Lesson19:SquarePegsandRoundHoles 58 Lesson20:VolatilityofMarketsandVolatilityof Mood 61 Resources 64 CHAPTER 3 Psychological Well-Being: Enhancing Trading Experience 67 Lesson21:TheImportanceofFeelingGood 67 Lesson22:BuildYourHappiness 71 Lesson23:GetintotheZone 73 Lesson24:TradewithEnergy 77 Lesson25:IntentionandGreatness:ExercisetheBrain throughPlay 79 Lesson26:CultivatetheQuietMind 83 Lesson27:BuildEmotionalResilience 86 Lesson28:IntegrityandDoingtheRightThing 89 Lesson29:MaximizeConfidenceandStaywith YourTrades 91 Lesson30:Coping—TurnStressintoWell-Being 95 Resources 97 CHAPTER 4 Steps toward Self-Improvement: The Coaching Process 99 Lesson31:Self-MonitorbyKeepingaTradingJournal 99 Lesson32:RecognizeYourPatterns 103 Lesson33:EstablishCostsandBenefitstoPatterns 106 Lesson34:SetEffectiveGoals 109

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If my mother represented nurturance in my life, my father, Jack Steen- barger, has embodied the virtues of hard work, achievement, and love of family.
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