Thursday, March 19, 2009

Coaching Yourself for Self-Control: Lesson From The Daily Trading Coach

Some good news this week: The Daily Trading Coach is now shipping from Amazon and a contract has already been signed for a Japanese language edition.

The book, unlike my first two, is explicitly structured as a self-help book for traders, focusing on 101 lessons for changing patterns of thought, emotion, and behavior. It also includes ideas for managing a trading business and using Excel to identify historical patterns in markets. My thanks to the many excellent trader/bloggers who contributed their original coaching ideas to the book.

Here is a segment from Lesson 53:

"Suppose someone hijacked your computer as you were trading and suddenly switched the screen from your markets other some other, random ones? Suppose your mouse was taken out of your control and clicked on trades that you didn't want? I guarantee, if that happened to you, you'd become very upset. You would not tolerate someone controlling your computer or your mouse. You would do everything in your power to regain control of your equipment. That has to become your attitude toward the hijacking of your mind [by negative thought patterns]."

Keeping cognitive journals, performing experiential exercises to challenge your self-talk, reframing automatic, negative thought patterns: there are many techniques for shifting how you perceive yourself and your markets.

Are your ways of thinking helping or hindering your performance? Are you actively framing and reframing your views of markets, or are impulses, needs, and fears hijacking the ways in which you think? My goal with the book is to provide tools that enable you to become your own coach and psychologist, so that you are controlling your trading--not the reverse.


Jeff Pietsch CFA Esq said...


Donn Carroll said...

Where can we buy the PDF version?

CoG said...

Hi Brett,

I NEED your new book in audiobook format! PLEASE say you will do it?

Jerry Roy

IDkit aka Ana said...

Brett, thank you for the reminder especially on Lesson 53.

Having a negative thought pattern should be followed by a positive action ie keep a list of emergency numbers on our trading desks.

At the HK Money Show, the Master Trader/Investor speakers spoke of scenarios to markets which are negative as well as positive thought patterns, to find the 'sweet spot' (Linda Raschke)

BTW the show ended yesterday and I am off back home sweet home to rest this morning, with a sustained twisted left foot all this time!

Becky said...

Love the your advice. I too believe that you can only blame/count on yourself to make positive changes in your own life. This ties in well with a great book I just finished reading titled, "Little Voice Mastery" by Blair Singer.

This book has taught me that it all starts and ends with me. I know I knew this all ready, I just didn't know how to utilize this knowledge till after reading Blair's amazing book. If you are interested, the author is offering a download of a free chapter in pdf or mp3 on his home page.

hcarstens said...


JMJAtlanta said...

I was just notified by Amazon that your new book is on its way to me. I have high expectations. If it is anything like "Enhancing Trader Performance" I'll be impressed.

moo said...

Dr Brett,

You have made a huge difference for me for the betterment of my trading ways.

I ordered the book immediately.

Thank you for all you do.


Brett Steenbarger, Ph.D. said...

Hi Donn,

The PDF version will be available from the Wiley site and Amazon will be carrying a Kindle version, but neither have been released yet. :(

I'm making inquiries as to the timing of that release and will post to the blog when I learn. Thanks for the interest--


Brett Steenbarger, Ph.D. said...

Hi Jerry,

The expense of an audiobook production is usually too great to justify for a trading book (which typically falls well short of bestseller sales volume), but I will look into it. Thanks!


Brett Steenbarger, Ph.D. said...

Hi Ana,

I like that idea of following a negative thought pattern with a positive action. Thanks--


Brett Steenbarger, Ph.D. said...

Hi Becky,

I'm not familiar with that book, but will look into it. Thanks for linking and recommending--


Brett Steenbarger, Ph.D. said...

Hi JMJAtlanta,

I look forward to your feedback! Thanks--


Brett Steenbarger, Ph.D. said...

Thanks, Moo; my hope is that this latest book will be practical and helpful in taking traders to that elusive "next level"--