Thursday, April 22, 2010

Thanks to Readers: Lessons From The Blog

Dear Readers,

I am absolutely humbled by the large number of heartfelt responses to my recent blog post announcing that I will be winding down the blog. I've experienced many gratifying moments in my career, but few can compare with today. To be able to be a part of so many people's personal and professional development is a real honor.

In response to a question that many readers raised, yes, I will do everything I can to keep the blog up and archive "best of" posts. If, as expected, I do join a trading firm on a full-time basis, it is likely that my contract will prevent me from doing new writing. There is just too much room for conflict of interest if the firm is sharing its positions with me and then I'm writing about markets for the trading public.

Similarly, if I'm developing coaching innovations for the firm, they don't necessarily want me sharing those with others, including competitors.

So, for a while, I will take a break from writing. For many of the same reasons, I will need to take a break from trading.

I look back on the opportunities that have come from the blog--the books and book sales, the coaching opportunities, the valuable contacts and colleagues--and the return on the investment of my time has been immense. It's been phenomenally rewarding personally and emotionally, but it's also contributed to many hundreds of thousands of dollars of income. All without subscriptions. All without advertising.

And that's the thought I want to leave you with: If you put yourself out there, share your best ideas, reach out to people, and give more than anyone ever could expect you to give, you'll attract the right kinds of people--and the right kinds of opportunity. If you have passion and you have talent, make yourself visible: the best people will find their way to you and everyone will benefit.

Thanks again for your kind and warm support--

Brett

*

36 comments:

rightcross said...

You are a class act and one of the good guys in an industry rife with charlatans. I applaud you sir.

Gustavo Delgado said...

Hi Dr. Brett,
I am just realizing you will make a break on the blog writing.
You can`t imagine how valuable has been your writings for me as a person and, of course, as a trader.
I wish you all the success you deserve and hope some day you can come back to blogging. I will be waiting.
Thanks a lot,
Gustavo, from Cartagena de Indias, Colombia, South America.

Flowtastical said...

Wow Doc,

I just read the post. Man I gotta say I've been prop trading for a year and I just reached profitability. I really couldn't have made it without your blog and your books.

Every other site on trading pretty much sucks. You mean so much to us. Thx for everything.

Flowtastical said...

Wow Doc,

I just read the post. Man I gotta say I've been prop trading for a year and I just reached profitability. I really couldn't have made it without your blog and your books.

Every other site on trading pretty much sucks. You mean so much to us. Thx for everything.

Valentin Rossiwall said...

Dear dr. Brett Steenbarger,

your books and blogposts have contributed on such a high level to my development as a trader you can not imagine it. especially for people who don't recieve training at a firm or a top university and only find cheap books that really teach you nothing about trading. it's a pitty you won't be sharing all your experiences anymore but i understand that you are taking this step. what i found so encouraging is the fact that you did this work for free. no stupid ads, no deals, no bullshit. it made me trust in your work and gave me certainty that it IS possible to be consistantly profitable.

it would be lovely to hear from you now and then so we can follow how you are doing. your posts on life and personal development have inspired me a lot and also it helped me to find out if trading is really what i want to do with my life. it is a peek performance field and that's something YOU tought me the best from everyone out there.

i wish you much success,

valentin r. from austria, europe

Biffermas (Chris) said...

Dr. Brett, thank you so much for sharing your expertise with us over the years. Your advice and insights have helped this lonely trader immensely. For what it's worth, you've made a profound difference in my life.

Daniel said...

Hey, Dr. Brett-

Have you considered licensing this blog to a professional 'archivist'? Someone who would facilitate efficient access to the vast database, in an orderly fashion?

Somebody professional in the library or archival bsn. They wouldnt change anything or editorialize. Maybe act as moderator for a Comments board, at most.

Frankly if you croaked tomorrow three generations of human beings would have food for thought from what you've ALREADY written. It must not be lost, or hard to get at.

It would probably be a labor of love for such an archivist, plus an education for him/her-- and they could devote time and attn you could no longer allot.

I know I would certainly pay some modest membership fee for annual access to such upkept Archives.

Daniel

Mark Nammacher said...

Dr. Brett, you have been the only constant for me through the many years and I have enjoyed your books as well. If asked who has given me the most information and guidance for my trading development, there is only one man that comes to my mind and that is you. A true light for us all.

Best of luck, thanks so much again!

skogie said...

Man, this is hard news to digest. This blog is my guiding light in the market. I hope you'll let us all know where you go so we can look into working with whatever prop firm you go to. Best of luck and many, many thanks.

NHSTO said...

Dr. Brett,

Thank you for this tremendous blog and congratulations on your new endeavor!

In an industry drowning in snake oil. You're one of the very few that I've come across with INTEGRITY. We need more people like you.

As a newbie, who has been following your blog for about year, I have been truly grateful for somehow coming across your sage wisdom on becoming a trader. I have taken as much of your wisdom to heart.

You have helped this newbie move tremendously forward and not blow up within a year of starting. Through your blog I have also found a mentor with integrity.

It is with great regret to hear of your departure - and I sincerely hope that you will maintain an archive and return for the benefit of many others, especially us newbies.

Thank you again and I wish you tremendous success and fulfillment!

Naoki Stepanek

PS. If you ever decide to coach or offer other services for retail traders...

KeepOnTrading! said...

As you wind up your blog Dr. Brett, I would like to say many thanks for all the great lessons you shared with us. You shared lots of outstanding education in trading that cannot be shared by others. Good luck!

Maxy said...

Doc

I congratulate you on your new adventure and wish you the best!
Good-luck on stepping outside your comfort-zone and continuing your growth.

I have never talked to you in person but you have touch, moved and inspired me. I feel like you were there all the time guiding me in my personal and trading life.

Your generosity and integrity is truly inspiring. I take your advice and guidance to heart.

I am relatively young but feel very humble and grateful to have been coached by a giant. I was reflecting on my heroes and mentors the other week. You sir, are both.

Like Gustavo, I will be waiting for your return.

A generous and a heartfelt
Thank You

(you truly are a "play-actor of your ideals")

Don said...

Thank you for all that you give to the trading world. I'll miss your boundary setting and common sense approach to the daily look ahead and behind. Best wishes in your new endeavor and be assured we'll be waiting with hope for your return. Cheers!

James said...

Enjoyed reading your blog. Good Luck with the changes coming up in your life.

chachu said...

This is my first comment about this blog. I failed to comment because my English is poor. Everyday the first thing is reading your blog in net. Like you stop blogging is also lifechanging for me also. Now I realising how valubale and worthy your comments are. For all your services for common man like me THANK YOU, THANK YOU VERY MUCH.

Ben said...

Hello

I wish you would have posted your account balance at the end of each day, with a picture of the account statement.

Then we could see the real results.

Petr said...

Dr. Brett, you offered so much and I've learned only so little (but keep trying). Enjoy your "new" life and be back sometimes in future, please.

Thank you very much.

Petr, from Prague.

Krasimir said...

Brett,

I wish you all the best in your new opportunities! It's been real pleasure to read your blog and to have your books. It helped me a lot in my personal development as a trader. Thank you!

Hemant said...

Thanks so much for everything..out best wishes are with you !

立邦毅德.Alpha研究所 said...

Dr. Brett,
Thanks so much not only for your blog but also the book you've ever written. Hope you all the best in the new position and make the coaching innovation better than ever.

For readers of Dr.Brett, I recommend the book
The Daily Trading Coach by Dr. Brett
. You should find extremely useful in handling trading operation.

Laboratist (CFTe)
Hong Kong

Taichiseal said...

Brett - Best of luck in your next undertaking and I wish you much deserved success in all that you do. Thank you.

Yann said...

Thank you for everything Brett!
Before you leave, where do you get the supply demand figures as well and how do you calculate the adj DSI?

Yann

Forcast said...

C’est vraiment triste
Bonne chance dans votre nouveau projet
Forcast
http://weinstein-forcastinvest.net/

Trader said...

Hello Dr. Brett,

There is one specific post I remember best because it left a deep impression and explained how you view(ed?) your work. You were asked why you "give away" all your knowledge for free. You explained, that it was about academic culture. That it was about building ideas on ideas. That it was about sharing, about giving the most and receiving the most. Ultimately about stimulating each other. This post was exactly 3 years ago.

So, did they finally get you? Now you're writing about "conflict of interest" and not sharing new ideas with others for "competitive reasons".

And I'm really wondering is this really just about your personal development or is it just plain and simple about income?

As you wrote, your work brought you some great income, so I hope it's not just about getting more.

Please don't get me wrong. I'm not blaming you. I also have to feed a family. I'm deeply thankful for your work and as you can see I read your posts very carefully and for quite a long time now. This is by far the best trading source on the web and I would hate to see it disappear just for the "good" old business rules.

Your blog is different, you are (were?) different and now I'm really irritated.

I sincerely hope that you will find a way to at least keep on posting about trading psychology topics and keep the archives available. I truly hope they won't be closed for "competitive reasons".

I wish you all the best for your future and hope to hear from you from time to time.

Link to the post mentioned:

http://traderfeed.blogspot.com/2007/04/trading-psychology-and-stock-market.html

nzbryant said...

Brett

That almost brought tears to my eyes. Seriously. Good on you.

I have, I think, enormous love and talent re: trading. I have almost reached 10,000 hours in learning and practice. I sometimes sit from 8am Saturday to well past midnight (yes 18 hours straight), hardly moving, testing new ideas and refining my product.

The problem is I cant get regulated as a fund manager by the Financial Services Authority (UK) while my day job is finance (where I am a regulated rep). I need much more money before I can quit day job.

Best

Jack N said...

Thank you Dr. Brett. You have kept me entertained with your knowledge. I cant thank you enough. Wish you the best

InVivoAnalytics.com said...

Trader - There is a trend of free finance and economic blogs (including mine) closing down. In no particular order, these were my reasons:

1. Burnout. Blogging takes a lot of time. I have no idea how Dr. Brett kept it up, even if he has a full time wife looking after the house and kids.

2. Trading is not like gardening. If you disclose your edge, others can use it, making it disappear over time. Others will simply repackage your work and sell it because they are skilled at marketing.

3. Given #2. above, you have to decide what to disclose and what to keep private, and obviously, the material that gets published for free is (at least perceived to be) less valuable.

At some point, it makes no more sense to do it.

Teresa Lo
InvivoAnalytics.com

Vijay said...

Thank you Dr. Brett for the wonderful posts over the years. I have always marveled at your dedication, sincerity, timeliness, and penchant for testing and sharing new ideas. I have learnt much from your postings.

Best wishes for continued success ahead! God Bless!

Trader said...

Hi InVivoAnalytics,

I'm sorry to read a lot of frustration out of your comment and that your blog didn't go to well for you, as you say.

I can't tell if your first reason is true for Dr. Brett or not. In my perception he didn't make the impression that he is burned out. I'm still just wondering whether his view of "exchange culture" changed over time from academic to businesslike. I'm not even blaming him for this, if it was true, which I don't know. Just challenging his thought process.

About your second point: You're absolutely wrong in my opinion when it comes to Dr. Brett. He can't just be copied and repackaged like that. He's a well educated professional with a career in clinical psychology and a trader. In other words: He definitely knows what he's talking about. And one can read it and feel it in every blog post. That's not an amateur psychologist spreading hackneyed banalities. So, since you referred to marketing, he's got a USP (Unique Selling Proposition) that can't be copied easily and credibly.

And I disagree about your third point. He chose to disclose his knowledge and as he claims himself, " It's been phenomenally rewarding personally and emotionally, but it's also contributed to many hundreds of thousands of dollars of income. All without subscriptions. All without advertising."

Again he expressed it best himself: "If you put yourself out there, share your best ideas, reach out to people, and give more than anyone ever could expect you to give, you'll attract the right kinds of people--and the right kinds of opportunity. If you have passion and you have talent, make yourself visible: the best people will find their way to you and everyone will benefit." You just have to read carefully.

I don't see how his work was perceived as less valuable. On the contrary, he could prove to a large public that he has a deep and profound knowledge. By keeping his knowledge hidden and/or charging more or less large fees for it, he would have never reached so many people with different backgrounds, amateurs and professionals. And I truly hope he's not throwing away all of this and hiding it behind "competitive reasons". Feels a bit like a "betrayal" of the values he proclaimed.

But again, who am I to blame or even to condemn. I don't know what I would do in his situation. It's just a shame for the rest of us.

Cesar Andres said...

Since I found your blog, your posts have constituted one of the most valuable sources of learning I have had about trading and about what it really means to be a trader.

I wish you the very best of luck, Dr. Steenbarger.

Greeting from Guayaquil, Ecuador.

InvivoAnalytics.com said...

Trader - Dr. Brett put a lot of information out there, gave his readers a lot of his time and food for thought.

morgan said...

"Nothing gold stays forever Ponyboy"

Kevin H. Stecyk said...

Dr. Brett Steenbarger,

Congratulations on your new and exciting life changing opportunity. I am sincerely happy for you and your family.

I hope your new position challenges and rewards you in ways you never thought possible.

And, I wish you lots of success and happiness in your new endeavors.

Michael said...

Dr. Brett,
Thanks so much for all your posts, sharing your wisdom, and elevating the trading game to a new dimension.

Michael
www.safe-options-trading-income.com

derek said...

Dr. Brett,

Can't thank you enough for your insights over the years. Yes, I bought your books, but to allow continual free access to timely help topics shows just how willing you've been to share your experience.

Best of luck in your new venture...some group will be very lucky to have access to your personal counsel!

nettencicek.com said...

Hi Dr. Brett,Thank you again and I wish you tremendous success and fulfillment!
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