The Daily Trading Coach by Brett Steenbarger - futures io
futures io



The Daily Trading Coach by Brett Steenbarger


Discussion in Psychology and Money Management

Updated
      Top Posters
    1. looks_one ZTR with 11 posts (11 thanks)
    2. looks_two Big Mike with 4 posts (11 thanks)
    3. looks_3 cclsys with 3 posts (15 thanks)
    4. looks_4 mokodo with 2 posts (10 thanks)
      Best Posters
    1. looks_one cclsys with 5 thanks per post
    2. looks_two mokodo with 5 thanks per post
    3. looks_3 Big Mike with 2.8 thanks per post
    4. looks_4 ZTR with 1 thanks per post
    1. trending_up 12,356 views
    2. thumb_up 66 thanks given
    3. group 13 followers
    1. forum 29 posts
    2. attach_file 7 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 125,000 members
  • Genuine reviews from real traders, not fake reviews from stealth vendors
  • Quality education from leading professional traders
  • We are a friendly, helpful, and positive community
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts
  • We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

(If you already have an account, login at the top of the page)

 
Search this Thread
 

The Daily Trading Coach by Brett Steenbarger

(login for full post details)
  #1 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,075 since Jun 2009
Thanks: 32,539 given, 98,507 received

Amazon:
Amazon.com: The Daily Trading Coach: 101 Lessons for Becoming Your Own Trading Psychologist (Wiley Trading) (9780470398562): Brett N. Steenbarger: Books



I bought this book on my new Kindle, and I am really enjoying it. It's the first of Brett's books I've read, and I can assure you it will not be the last.

This book is all about psychology. And when it comes to trading, that is really key. Entries, exits, sure -- but following your rules, improving yourself, goal setting, etc, this is where the money is.

I don't need or want a book that talks about when to enter a position, what I wanted this book has delivered - how to fine tune the emotional side, the frustrations of not following my own rules, get some pointers and tips on how to set proper goals, etc. And it is all done in the context of trading, so it hits home. While a generic psychology book may prove useful too, having the author directly relate it to trading helps me interpret it.

Go buy this book!

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following 9 users say Thank You to Big Mike for this post:

Can you help answer these questions
from other members on futures io?
need help writing easylanguage radarscreen weekly perfor …
EasyLanguage Programming
Simple "runner" code
EasyLanguage Programming
AutoTrendHforRad indicator in a strategy "direction …
NinjaTrader
Is there a way to rename an existing trade?
MultiCharts
options data for chart
NinjaTrader
 
Best Threads (Most Thanked)
in the last 7 days on futures io
The Crude Dude Oil Trading System
77 thanks
Spoo-nalysis ES e-mini futures S&P 500
67 thanks
I finally blew up an account
58 thanks
FIO Journal Challenge - April 2021 w/Jigsaw Trading
37 thanks
The tiyfTradePlanFactory indicator
36 thanks
 
(login for full post details)
  #2 (permalink)
 Dusty909 
Vancouver, BC
 
Experience: Intermediate
Platform: Ninjatrader
 
Posts: 19 since Aug 2009
Thanks: 7 given, 7 received

Hey Mike,

How do you find the kindle for reading trading books? I have a sony reader and I find for books with lots of charts it doesn't work out that great because the chart ends up being too small to be legible on the screen and there are sometimes text wrapping issues.

Reply With Quote
 
(login for full post details)
  #3 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,075 since Jun 2009
Thanks: 32,539 given, 98,507 received



Dusty909 View Post
Hey Mike,

How do you find the kindle for reading trading books? I have a sony reader and I find for books with lots of charts it doesn't work out that great because the chart ends up being too small to be legible on the screen and there are sometimes text wrapping issues.

Well I've only looked at a few charts, mainly because books with charts is not my immediate focus, but what few I have seen don't bother me. I have the regular Kindle 2, not the larger DX. About four books in my collection out of 20 or so say "Optimized for Larger Screen - Kindle DX", because they are very chart heavy.

But I found that zooming works fine, it auto rotates to best fit and seems quite legible, good enough resolution. But overall, this is clearly a disadvantage to an e-reader. Sometimes charts are one or two pages away from the paragraph describing them, so you have to flip back and forth if it really requires intense study.

Nonetheless, I've sold all my paperback/hardcover's and converted to e-books and am not looking back.

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #4 (permalink)
 cory 
the coin hunter
virginia
 
Experience: Intermediate
Platform: ninja
Trading: NQ
 
cory's Avatar
 
Posts: 6,044 since Jun 2009
Thanks: 857 given, 7,916 received


Big Mike View Post
..
Nonetheless, I've sold all my paperback/hardcover's and converted to e-books and am not looking back.

Mike

looks like you are heading in the right direction.



Quoting 
Baron Robertson's "Five Rules For Life":

1.) Automate everything.
Use online payment services to pay recurring monthly bills (business and personal). Use your computer or phone calendar to automatically remind you of important events. Look at all tasks from the perspective of how they can be automated, and therefore cleared from your plate...forever!

2.) Don't make simple things time consuming or complex.
Email is simple and convenient. So don't spend half your day checking it every 10-minutes. Check it once or twice per day and be done with it. And you don't need a 20-page agreement to cover a simple business transaction. One page is plenty.

3.) Avoid information overload.
Stop spending time consuming useless news and information. You don't have to spend hours each day reading or watching news or "staying current" just because friends and co-workers are doing it. Instead, use that time for rule #4.



4.) Challenge yourself.
Set new goals for yourself and be rewarded beyond measure when you achieve them. Commit to improving your physique. Read an educational book that is outside your comfort zone. Develop new relationships with people who can mentor you, or better yet, with people who can be mentored BY YOU.

5.) Think different.
Feel free to structure your world in unorthodox ways. Example: you drive your Toyota to your $3,000 per month office so you can spend 50 hours per week checking email, chatting on the phone, and doing repetitive tasks. Instead, get rid of the Toyota, ditch the office, automate everything, and spend that $3,000 per month on the Ferrari that you now drive to Starbucks once each day to check your email and handle important tasks while sipping on a cappuccino. Life is good! :-)


Reply With Quote
The following 10 users say Thank You to cory for this post:
 
(login for full post details)
  #5 (permalink)
 cclsys 
Sydney, NS
 
Experience: Intermediate
Platform: Ninja
Broker: Zen-Fire
Trading: TF,S,GC
 
cclsys's Avatar
 
Posts: 607 since Nov 2009
Thanks: 248 given, 392 received

His articles page:
Brett Steenbarger Articles on Trading Psychology and Trading Techniques

Ongoing blog:
TraderFeed

Thxs for the reference to his work.

Visit my futures io Trade Journal Reply With Quote
The following 2 users say Thank You to cclsys for this post:
 
(login for full post details)
  #6 (permalink)
 Blz17 
Seattle
 
Experience: Beginner
Platform: NinjaTrader Interactive Brokers
Trading: 6B
 
Posts: 225 since Jun 2009
Thanks: 135 given, 270 received

Found this chart on Vix and More via Steenbarger's blog and thought it was interesting.

Blz

Attached Thumbnails
Click image for larger version

Name:	Traderstagedevelopmenetmodelv20.gif
Views:	498
Size:	76.3 KB
ID:	5347  
Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #7 (permalink)
 cclsys 
Sydney, NS
 
Experience: Intermediate
Platform: Ninja
Broker: Zen-Fire
Trading: TF,S,GC
 
cclsys's Avatar
 
Posts: 607 since Nov 2009
Thanks: 248 given, 392 received

A sobering appraisal of the 'edge' a daytrader needs to generate consistent income.

https://www.brettsteenbarger.com/How%20Large%20An%20Edge%20Do%20You%20Need%20For%20Daytrading.doc

Visit my futures io Trade Journal Reply With Quote
The following 6 users say Thank You to cclsys for this post:
 
(login for full post details)
  #8 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,075 since Jun 2009
Thanks: 32,539 given, 98,507 received


cclsys View Post
A sobering appraisal of the 'edge' a daytrader needs to generate consistent income.

https://www.brettsteenbarger.com/How%20Large%20An%20Edge%20Do%20You%20Need%20For%20Daytrading.doc

Ash,

Thanks for the link. It's a great reminder, indeed. Who wants to start a new brokerage?

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to Big Mike for this post:
 
(login for full post details)
  #9 (permalink)
 ZTR 
 
Experience: Advanced
Platform: NinjaTrader7
Broker: Mirus RCG/Zen-Fire
Trading: CL & 6e, looking at ES, ZB and AU again.
 
ZTR's Avatar
 
Posts: 2,099 since Nov 2009
Thanks: 1,099 given, 1,392 received

Been reading The Daily Trading Coach By Brett Steenbarger. This is my attempt to put into practice his Lessons.

The 1st section deals with change. You need to define specific changes and work on the one or two that will most impact your trading results. He states that it is not just enough to set goals you need a way to track them. So, one of my goals this week is to use limit orders rather than market orders, tried today, but didn't get filled right away. So, today didn't do too well with this. Tomorrow I will spend a little more time determining the best price I can reasonably expect and place an order based on that.

My next goal dove-tails with this; basing my stop loss orders on the chart, not a fixed number of pips. If I can accomplish these goals I will inherently take less absolute risk.

His next recomendation that I am acting on is keeping a Trading Journal. I actually keep 2. One is a running narrative of what I am seeing in the market, including psychological aspects. The next is what I post on this forum.

He suggests that a trader list your most important rules. This is a goal I will work on completing over a few weeks. Currently am a know it when I see it trader. That makes writing trading rules difficult. However if I believe that this looks like a rule as I think about it will write it in my trading narrative. Eventually, the rules will flesh themselves out and wil be added to the list. One of my most important rules is asking the question, Do I really have an edge before making this trade.

Getting into the Zone. To me this is the most important state a trader can be in. When it happens it is like I can feel the flow and my Traders Intuition kicks in. On a day like that there are constant AhHa moments. Some days I feel in it and days like today, I feel off- balance and out of synch with the price action. The difficulty today was that I had a bias, rather than accept what I was seeing. The ES was in a rising trading range, I had expected a move up to 1084, then a pull back, didn't happen. It took a while to recognize that bias was keeping me from acting on signals.

I plan on reading a few lessons each week and reviewing what I have learned. I hope others take Big Mike's invitation and engage in this introspective exercise so we can learn from each others experiences.

Visit my futures io Trade Journal Reply With Quote
The following 3 users say Thank You to ZTR for this post:
 
(login for full post details)
  #10 (permalink)
 cclsys 
Sydney, NS
 
Experience: Intermediate
Platform: Ninja
Broker: Zen-Fire
Trading: TF,S,GC
 
cclsys's Avatar
 
Posts: 607 since Nov 2009
Thanks: 248 given, 392 received


Z, I found that post really interesting and helpful and (selfishly) encourage you to keep going with sharing how you are working with things you are reading from Steenbarger.

Right now I am also working on getting into a clearer mindset about what rules are and are not in terms of what is helpful/unhelpful and what can be defined and changed versus what cannot. (Boy, that sounds complicated.)

Whilst the wind was howling outside and already -18 celsius without the windchill factor which gets it down below -40 celsius, and I was wrestling with a panel that had torn loose last night to protect plumbing infrastructure etc. etc. had the following begnning-level insight which came through chrystal clear for a change:

The main purpose of any rule is so that you can evaluate your performance. So yes, there are entry and exit rules based on your backtesting/knowledge etc. but the main reason for having a rule is that rules are there NOT to be broken. That way, if you break the rules you can evaluate yourself in terms of that. If consistently breaking one rule, have to find out why. Are you doing the right thing and the rule needs to be changed because it was a bad rule anyway? Or is the rule preventing you from doing something bad? Either way, the existence of the rule draws a line in the sand in terms of evaluating whether or not and how you do and don't follow it.

So the main point of the rules is to provide a marker for trading behavior which is why the best rules are those that you can work on and are not entry/exit rules that are dependent upon market behavior. I am still working on finding more rules like that.

One or two I came up with yesterday are:

Use LT chart before trading to mark key SR levels on trading chart.

Then only trade after watching the charts - and nothing else - for at least 15 minutes.

If still not 'in the zone' do something about it to get into it. First step is being aware of state of mind rather than just charging forward.

Along with this, try to gauge the degree to which have too much of a bias going into the campaign and if so, clear out.

If am seeing good reasons for going either long or short right now, market is not clear or I am not clear = same difference. So wait until a clear bias emerges and one not based on initial expectations from early study of LT chart etc. There is no hurry to catch initial move after unclear situation or state of mind.

Of old the skilled first made themselves invincible to await the enemy's vincibility.
Invincibility lies in oneself. Vincibility lies in the enemy.
Thus the skilled can make themselves invincible.
They cannot cause the enemy's vincibility.
Thus it is said: 'Victory can be known; it cannot be made.'
Visit my futures io Trade Journal Reply With Quote
The following 7 users say Thank You to cclsys for this post:
 
(login for full post details)
  #11 (permalink)
 ZTR 
 
Experience: Advanced
Platform: NinjaTrader7
Broker: Mirus RCG/Zen-Fire
Trading: CL & 6e, looking at ES, ZB and AU again.
 
ZTR's Avatar
 
Posts: 2,099 since Nov 2009
Thanks: 1,099 given, 1,392 received

Rules:

Buy when all 3 MA are crossed
Sell when all 3 MA are crossed
Buy on Bounce off CMA
Sell on Bounce off CMA
Buy on Failed Al Brooks 1 pip break down failure
Sell on Failed Al Brooks 1 pip break up failure
Buy on Trendline Bounce
Sell on Trendline Break
& Vice Versa for TL's

Attached Thumbnails
Click image for larger version

Name:	ES 03-10 (8192 Volume)  2_2_2010_1044_Rules.jpg
Views:	235
Size:	256.0 KB
ID:	7555  
Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #12 (permalink)
 Trader.Jon 
Near the BEuTiFULL Horse Shoe
 
Experience: Beginner
Platform: NinjaTrader
Broker: MBTrading Dukascopy ZenFire
Trading: $EURUSD when it is trending
 
Trader.Jon's Avatar
 
Posts: 500 since Jul 2009
Thanks: 401 given, 184 received


ZTrade101 View Post
Defining Rules is easier than I thought

It is following and executing rules that is damn difficult!

Reply With Quote
 
(login for full post details)
  #13 (permalink)
 ZTR 
 
Experience: Advanced
Platform: NinjaTrader7
Broker: Mirus RCG/Zen-Fire
Trading: CL & 6e, looking at ES, ZB and AU again.
 
ZTR's Avatar
 
Posts: 2,099 since Nov 2009
Thanks: 1,099 given, 1,392 received


Trader.Jon View Post
It is following and executing rules that is damn difficult!

I'm going to find out Monday if I can make myself follow the rules - that is the internal battle that must be won to be a consistent trader. Too many things happened this week to keep me from being able to dedicate much quality time to trading.

& Today I dealt with a hard crash of 7b8. Revo an uninstaller - Thanks Zondor - can be necessary to remove stuff 7 (&6.5) leave behind when doing an uninstall. Also, 6.5 wouldn't work after 7 crashed. Really? Seriously?

So, tomorrow morning I have to rebuild my workspace, then having a SuperBowl Party. So, decided to cut myself some slack (Brett says be nice to yourself) and act on last week's goals:

  • Follow the rules
  • use more limit orders.

Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #14 (permalink)
 ZTR 
 
Experience: Advanced
Platform: NinjaTrader7
Broker: Mirus RCG/Zen-Fire
Trading: CL & 6e, looking at ES, ZB and AU again.
 
ZTR's Avatar
 
Posts: 2,099 since Nov 2009
Thanks: 1,099 given, 1,392 received

2 Trades 18 pips.

Attached Thumbnails
Click image for larger version

Name:	92010Trades811.JPG
Views:	160
Size:	55.2 KB
ID:	7817  
Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #15 (permalink)
 cunparis 
Paris, France
 
Experience: Advanced
Platform: Market Delta & Ninjatrader
Trading: ES
 
cunparis's Avatar
 
Posts: 2,565 since Jun 2009
Thanks: 1,162 given, 2,081 received


ZTrade101 View Post
2 Trades 18 pips.

Pretty sweet. Keep it up.

Follow me on Twitter Reply With Quote
 
(login for full post details)
  #16 (permalink)
 ZTR 
 
Experience: Advanced
Platform: NinjaTrader7
Broker: Mirus RCG/Zen-Fire
Trading: CL & 6e, looking at ES, ZB and AU again.
 
ZTR's Avatar
 
Posts: 2,099 since Nov 2009
Thanks: 1,099 given, 1,392 received

Did my reading this morning and reached the half way point in the Daily Trading Coach.

Struggling with Lesson #37 - Building Consistency By Becoming Rule Governed. While last week was difficult, I was able to made a few trades that followed the rules, & 2 that did not. This week I've identified setups that will be the focus of my entries - 3 MA convergence & Ladder Patterns I've identified at major turning points: Double tops & bottoms, Failed Failures and Churn Zones.

Lesson # 40: Worked on imagery. Visualized seeing the setup, determining the risk and using limit orders for entry with a Stop in place to catch the move if limit is not filled & feel that the risk is well defined.

Lesson 46: Began to participate in the ES Skye Room to foster positive trading relationships. Helping others and them helping you is very positive motivation & works both ways.

Lesson 47: Plan to get a massage this week.

Lesson 49&50: Will continue to identify my mistakes in my Journal - No hiding there. Connect with the costs of those mistakes and work hard to catch myself before making them again. So, work hard to define the risk and select a setup that naturally has the lowest risk. .

Have configured my computer to make NT7b9 preform well (Ran 5 continuous Replay days in one go, loaded with custom indicators). Will spend use workspace for 2 weeks without change.


Goals For this Week:
  • Concentrate on my main setups.
  • Enter with limit orders.
  • Continue participating in the ES Skype Room
  • Keep my journal up to date.
  • Get a Massage.
Sounds like a plan I can accomplish.

Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to ZTR for this post:
 
(login for full post details)
  #17 (permalink)
 soumi71 
Toronto
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Zen-Fire
Trading: CL , 6E
 
Posts: 200 since Jun 2009
Thanks: 759 given, 271 received

Sounds awesome Ztrade !! you are inspiring me to stick better to my rules !! keep posting ,
Cheers
soumi

"Risk more than others think safe.
Dream more than others think practical.
Expect more than others think possible.
Care more than others think wise"
Reply With Quote
 
(login for full post details)
  #18 (permalink)
 ZTR 
 
Experience: Advanced
Platform: NinjaTrader7
Broker: Mirus RCG/Zen-Fire
Trading: CL & 6e, looking at ES, ZB and AU again.
 
ZTR's Avatar
 
Posts: 2,099 since Nov 2009
Thanks: 1,099 given, 1,392 received

Said I had to do this - be accountable.

Went back and looked at my biggest mistake lately. Saw your posting Soumi71 and wanted share what happens when you violate your own rules.

Been saying I wanted to use limit orders and be patient. ES had a Double Bottom at 1079.50, I waited, I should have anticipated.

Entering at 2 pips above the bottom, with a 4 pip stop loss had the lowest risk, by waiting I took a 4 pip loss and missed the rally of the day.

When you follow your rules and plan trades accordingly success comes.

The ES is really lively tonight. Lots of small traders are pushing the ES. Retracements are amazing. I should have bought @ the Churn Bar, another Rule But you can't Trade 24/7.

Attached Thumbnails
Click image for larger version

Name:	ES 03-10 (8192 Volume)  2_16_2010_Laddrer.jpg
Views:	140
Size:	214.3 KB
ID:	8201   Click image for larger version

Name:	ES 03-10 (8192 Volume)  2_16_2010_Rally.jpg
Views:	124
Size:	254.0 KB
ID:	8202   Click image for larger version

Name:	ES 03-10 (8192 Volume)  2_17_2010_1207.jpg
Views:	117
Size:	179.4 KB
ID:	8203  
Visit my futures io Trade Journal Reply With Quote
The following 2 users say Thank You to ZTR for this post:
 
(login for full post details)
  #19 (permalink)
 ZTR 
 
Experience: Advanced
Platform: NinjaTrader7
Broker: Mirus RCG/Zen-Fire
Trading: CL & 6e, looking at ES, ZB and AU again.
 
ZTR's Avatar
 
Posts: 2,099 since Nov 2009
Thanks: 1,099 given, 1,392 received

Need some time to implement the lessons learned in the first half of this book.
Will be Sim trading NT7 and posting in the Pushing NT7 beta to its breaking point thread.

Plan on using Chart Trader and Advanced Trade Management to see if NT7 can do the same things I relied on when using NT6.5.

Additionally, I will be reading Ord's The Secret Science of Price and Volume
Hope to develop/&or tweak some indicators based on what I learn and from discussions with other traders interested in Price and Volume.

Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #20 (permalink)
 darthtrader3.6 
wny
 
Experience: Intermediate
Platform: ninja, excel
Trading: YM, equities
 
darthtrader3.6's Avatar
 
Posts: 86 since Jan 2010


ZTrade101 View Post
Struggling with Lesson #37 - Building Consistency By Becoming Rule Governed.

I think part of the issue with this is there is kind of a paradox with discretionary trading...
You have to trade the plan, the plan needs to be exact...but how not exact can the plan/strategy be that you don't just trade algorithmically instead?

Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #21 (permalink)
 ZTR 
 
Experience: Advanced
Platform: NinjaTrader7
Broker: Mirus RCG/Zen-Fire
Trading: CL & 6e, looking at ES, ZB and AU again.
 
ZTR's Avatar
 
Posts: 2,099 since Nov 2009
Thanks: 1,099 given, 1,392 received

Now that NT7 seems stable it is time to stop beta testing & start beta trading.

Will work on making sure I am following my rules and will be posting in my new Price, Volume & the Dom Thread.

Will start reading the 2nd 50 chapters this week.

R.I.P. Andy Zektzer (ZTR), 1960-2010.
Please visit this thread for more information.
Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #22 (permalink)
 ZTR 
 
Experience: Advanced
Platform: NinjaTrader7
Broker: Mirus RCG/Zen-Fire
Trading: CL & 6e, looking at ES, ZB and AU again.
 
ZTR's Avatar
 
Posts: 2,099 since Nov 2009
Thanks: 1,099 given, 1,392 received

Wednesday, March 10th at 6:30 PM Central Time; 7:30 PM Eastern Time in the U.S. To register for the session, sign up at the Go-To-Webinar sign up page. There may be limits on the number of participants, so please sign up promptly if you're interested.


TraderFeed: Free Webinar: How to Get to the Next Level of Trading Performance

R.I.P. Andy Zektzer (ZTR), 1960-2010.
Please visit this thread for more information.
Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to ZTR for this post:
 
(login for full post details)
  #23 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,075 since Jun 2009
Thanks: 32,539 given, 98,507 received


ZTrade101 View Post
Wednesday, March 10th at 6:30 PM Central Time; 7:30 PM Eastern Time in the U.S. To register for the session, sign up at the Go-To-Webinar sign up page. There may be limits on the number of participants, so please sign up promptly if you're interested.


TraderFeed: Free Webinar: How to Get to the Next Level of Trading Performance

Very nice, hopefully this webinar can be downloaded or recorded for later viewing. If so, please upload it here

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to Big Mike for this post:
 
(login for full post details)
  #24 (permalink)
 dnof 
san francisco, ca
 
Experience: Intermediate
Platform: NinjaTrader
 
Posts: 45 since Nov 2009
Thanks: 42 given, 27 received

I am going to attend the webinar, but I think Brett has indicated that it will be recorded and available afterwards.

Reply With Quote
 
(login for full post details)
  #25 (permalink)
 ZTR 
 
Experience: Advanced
Platform: NinjaTrader7
Broker: Mirus RCG/Zen-Fire
Trading: CL & 6e, looking at ES, ZB and AU again.
 
ZTR's Avatar
 
Posts: 2,099 since Nov 2009
Thanks: 1,099 given, 1,392 received

The most important reinforcements learned from Brett's Webinar.
  • Having a balanced life is essential for progressing as a successful trader.
  • Taking breaks, both mini & extended during the day.
  • Exercise regenerates the body & improves mental health.
You need diversified interests and balance in you life. Personally I enjoy chess, orchids, cooking, wine, motorcycles/bicycles, Giants Baseball @ At&T park on a summer afternoon, and producing photo-based art (see my profile & FaceBook page).

When taking breaks do something not related to trading - no coding. As an example I play on-line chess, or mist my orchids, or run down to the store and get ideas for dinner, then decide what wine I want to open for dinner - a lot harder than it sounds.

Exercise is what I miss most in life, but I should be able to resume this in the future. See Covert Bailey's Fit or Fat for a great plan. Exercise is evolutionarily rewarded and helps your mental as well as your physical health. Both essential for being a successful trader.

R.I.P. Andy Zektzer (ZTR), 1960-2010.
Please visit this thread for more information.
Visit my futures io Trade Journal Reply With Quote
The following 2 users say Thank You to ZTR for this post:
 
(login for full post details)
  #26 (permalink)
 max-td 
Frankfurt
 
Experience: Intermediate
Platform: NinjaTrader
Trading: FGBL 6E B4
 
max-td's Avatar
 
Posts: 1,754 since Jun 2009
Thanks: 2,309 given, 924 received

there we go :






max-td
Reply With Quote
The following 2 users say Thank You to max-td for this post:
 
(login for full post details)
  #27 (permalink)
 ZTR 
 
Experience: Advanced
Platform: NinjaTrader7
Broker: Mirus RCG/Zen-Fire
Trading: CL & 6e, looking at ES, ZB and AU again.
 
ZTR's Avatar
 
Posts: 2,099 since Nov 2009
Thanks: 1,099 given, 1,392 received

Still stuck on the 1st half of this book.

My trading has suffered due to my health problems. I know - no excuses - but I really have a good one.

Plus, Moderating is a stimulating, yet distracting, task that gives me personal satisfaction when trading is too hard to accomplish. Noticed that my attention span is really short. It is fine to daze out when reading posts, beta testing or marking up charts, checking key works and seeing if indicators posted work in NT7... Daze out during in a trade & you can blow up your account. I once missed a Fed Announcement & took a $750 loss. Make sense?

Trading is really hard work that requires constant concentration, at least for me, if I can't get into the zone then my trading suffers. Have read some interesting posts lately on this - BigMike's Thread, cunparis' & many more, but have been unable to implement much of it.

Hope that will change soon as I am finally responding to photopheresis & can get off the steroids and methadone (that is a dangerous combination that causes mania then a crash).

Plan on reviewing the 1st 50 chapters this week and see how well I do following my rules, posted above and in my Journal.

I've said it before & I'll say it again: I am so glad I found this Forum, it is like cognitive psychology on a computer.

Thanks to everyone here trying to help each other.

R.I.P. Andy Zektzer (ZTR), 1960-2010.
Please visit this thread for more information.
Visit my futures io Trade Journal Reply With Quote
The following 2 users say Thank You to ZTR for this post:
 
(login for full post details)
  #28 (permalink)
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
 
tderrick's Avatar
 
Posts: 1,588 since Sep 2010
Thanks: 4,260 given, 2,529 received

I have been meaning to order this book for months. I just pulled the trigger. The only thing standing
between me and success, are my emotions. I appear to have the technicals well in hand. I just need the
confidence to execute the trade when my instincts tell me to and not second guess.

I hope this book will put me over the top


AJ
Nashville, Tennessee


"Life On The Edge of SR"
Follow me on Twitter Visit my futures io Trade Journal Reply With Quote
The following 2 users say Thank You to tderrick for this post:
 
(login for full post details)
  #29 (permalink)
 mokodo 
Bridgwater, UK
 
Experience: Beginner
Platform: Ninjatrader
Broker: MB Trading
Trading: Forex
 
mokodo's Avatar
 
Posts: 384 since Jun 2011
Thanks: 525 given, 346 received

I have churned through plenty of trading books - haven't we all? And this a firm favorite. I originally read it and thought yes that was interesting, and then returned more often as I realised the part that psychology plays. I have read it three times and I am currently noting up each lesson - and undertaking the exercises. About half way through doing that. I do this in my break between am and pm trading sessions which brings the good doctor to my side. That helps enormously as I can then thumb through and re-read any lesson which is relevant from the morning session and on which I want to focus for the afternoon.

My advice is to get Dr. Brett by your side too!

Thought I might summarise here any of the lessons or take aways I glean from the book for anyone who hasn't yet got it on their desk. Whilst trying not to hi-jack the thread of course.

know thyself
Visit my futures io Trade Journal Reply With Quote
The following 3 users say Thank You to mokodo for this post:
 
(login for full post details)
  #30 (permalink)
 mokodo 
Bridgwater, UK
 
Experience: Beginner
Platform: Ninjatrader
Broker: MB Trading
Trading: Forex
 
mokodo's Avatar
 
Posts: 384 since Jun 2011
Thanks: 525 given, 346 received

The book is organised in 10 chapters and has 10 lessons in each. The lessons are bite-sized and can be read in a few minutes. There are tasks to undertake for each lesson. So there is a clear a structure to the learning and it does not have to be taken 'front to back', you can read and apply what ever is relevant to you.

Here are the chapter titles:

1. Change: The Process & The Practice
2. Stress & Distress: Creative Coping For Traders
3. Psychological Well-being: Enhancing Trading Experience
4. Steps Towards Self-Improvement: The Coaching Process
5. Breaking Old Patterns: Psychodynamic Frameworks For Self-Coaching
6. Remapping The Mind: Cognitive Approaches To Self Coaching
7. Learning New Patterns: Behavioral Approaches To Self-Coaching
8. Coaching Your Trading Business
9. Lessons From Trading Professionals: Resources And Perspectives On Self Coaching
10 Looking For The Edge: Finding Historical Patterns In Markets

The thrust of the book is that no one else is going to help you out, so you better get used to doing it all for yourself. This is the idea of 'self coaching' where you do have to take on two roles: trader and coach.

It helps to take on a different persona for the coach, as you will be asking yourself plenty of questions "Mike, why did you put on that trade - did you check the set-up with your plan?" That sort of thing.

Another constant feature is that change is absolutely necessary and very hard to do without succumbing to relapse. Say it with me "RELAPSE IS THE ENEMY OF CHANGE!". Luckily Dr. Brett devotes much of the book to the techniques for change and there are plenty of options, so you are likely to find a few that work for you.

Another benefit of the book is that you can read a lesson and the associated task in a short break from trading. This is wonderful. If you have let yourself down, got into some negative self talk, etc. just reach for the book and apply the relevant lesson. This has the effect of immediately becoming objective about the issue at hand.

A biggy for the Dr is the importance of journaling your thoughts, feelings, what's going on in your life outside trading. Why? Because on review patterns emerge - good and bad - and it is from those that areas to be work on become clear.

So how has it helped me, and here my thought about the first three lessons which should give you a taste.

Lesson 1: Overcome relapse by setting goals with emotional force. Use fear to deliver that emotional punch, what are the consequences of NOT sticking with the change I am working on.

For example I was working on letting my trades run to profit target, I used to pull them early. So I had written down and stuck to the wall behind my monitor:

I WILL LET MY TRADES RUN TO TARGET OR ELSE I WILL NOT ACHIEVE THE REWARDS MY WELL DEVELOPED SYSTEM CAN PROVIDE ME WITH. ALL THAT HARD WORK AND PATIENCE WILL BE UNDONE.


Lesson 2: How visible is you trading coach. (remember it's you!). Review your journal and make a tally of positive comments and negative comments. If comments are phrased negatively ask why are you being so hard on yourself. You first need a positive relationship with your coach to make any progress at all.

Lesson 3: Make friends with your weakness. This is a beauty and I have integrated it into my trade cards. Note down any errors you make on trades and put a $value on them. See if there is a pattern there? Add up the cost of each error type and make a target for the next week/month to make a reduction in that particular error. This is no different to a company tracking its returned products, warranty claims etc. Errors are unavoidable - nobody is perfect but we can work on getting closer to it!

Hope that helps

know thyself
Visit my futures io Trade Journal Reply With Quote
The following 7 users say Thank You to mokodo for this post:


futures io Trading Community Psychology and Money Management > The Daily Trading Coach by Brett Steenbarger


Last Updated on October 3, 2012


Upcoming Webinars and Events
 

NinjaTrader Indicator Challenge!

Ongoing

The Cold Hard Truth: Maybe I Am Not Good Enough w/Chris Gray @ Earn2Trade

Elite only

HIRO Indicator by Spotgamma in Bookmap w/Brent Kochuba @ SpotGamma

Elite only

NEW BlackBird Features + FOREX Support w/Jeremy Tang @ SharkIndicators

Elite only
     



Copyright © 2021 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada), info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts