Short cut your trading learning curve with Dr Brett Steenbarger part 2 on how to become an elite trader.
Mindpower – Louise Bedford
Trading psychology is SO important.
If you want HIDEOUS results from the market do these things:
- Be captain random and don’t use a written trading plan
- Play the blame game
- Let fear drive you
- Let your ego run amok.
To get the big bucks in the markets you have to be consistent responsible and brave and have excellent trading psychology. Money is attracted to emotional maturity and your level of financial satisfaction will rarely exceed your level of personal development.
In this interview, we discuss how to deal with drawdowns in the markets so they don’t traumatise us (5.45 mins) and with a psychologist of Brett’s calibre I had to broaden this question and ask him how to deal with drawdowns in life. (9 mins)
We look at the massive advantage prop firms have in trading performance (10.30 mins) and the importance of a trading ‘family’ in getting results.
At (15.05 mins) Brett looks at the value of reverse engineering your winning trades and studying what you have done well. As he says ‘The expert trader is inside of you.’
I couldn’t let Brett go without asking him about discipline and the importance of structure. (16.15 mins)
I loved interviewing him.
To find out more about Dr Brett Steenbarger go to traderfeed.blogspot.com or google his articles in Forbes magazine.
To read Brett’s book Radical Renewal go to leadingrenewal.blogspot.com