In this “Best of Limit Up!” rebroadcast, hear Dr. Brett Steenbarger discuss his latest book, Trading Psychology 2.0, as well as some of his best tips on avoiding common pitfalls and how to keep a trading journal as a way to learn from trading mistakes.
Dr. Brett Steenbarger is a multifaceted trading coach that specializes in the psychology of trading, having published four books and maintaining a blog on the subject. He also holds the position of Clinical Associate Professor at The State of New York College in Syracuse, New York.
[03:56] What makes the best traders the best
[05:57] Being self-aware in trading performance
[07:36] Red Flags
[11:42] Passion for trading vs. passion for markets
[14:54] Core elements for a successful trading journal
[24:07] Work, family, and personal life balance
[24:47] Trading psychology 2.0 as an update on first book
[25:36] What’s changed his thoughts on applied trading psychology
[27:47] Open outcry vs. electronic trading
[29:39] Common pitfalls: overtrading
[31:20] Common pitfalls: not sticking to lost limits
[33:06] Common pitfalls: overconfidence
[34:56] Common Pitfalls: accepting losses
[37:21] Dwelling on losing trades
[38:56] One thing you’d tell your past self about trading
[41:55] How to detach from markets
[43:04] Growing a small trading account
[44:40] Impatience in trading
[45:58] Most important characteristics of a trader
Check out Dr. Brett Steenbarger’s Blog at http://traderfeed.blogspot.com/ and on Twitter @steenbab
Podcast episode production by Dante32.