The Daily Trading Coach MP3 CD – Unabridged, May 10, 2016

Honestly, one of the best books for trading psychology. I would put this up there as an essential for anyone that wants to take trading seriously or go full-time . I never write reviews, but this warranted one. so far only halfway through, but I am highlighting and learning so many things and just gaining so much gems throughout each chapter. This will go up there as one of the best books for trading that I’ve read with my career and I could not emphasize how great this book is

The Daily Trading Coach, 101 Lessons for Becoming Your Own Trading Psychologist. Brett N. Steenbarger Ph.D."Dr. Brett, as he is affectionately known by his blog readers, has assembled a practical guide to self coaching in this excellent book". So writes Brian Shannon of Alpha Trends on the back cover.Dr. Brett is indeed a truly remarkable person, one who has two memorable trading books to his credit already, "The Psychology of Trading" and "Enhancing Trader Performance". These books provide an incredible amount of really useful information delivered in a writing style which is easily understood and which flows well. You may wonder what else needs to be said and why it takes 349 pages to say it. Simply stated, this book addresses an issue to which far too little attention has been paid until now. Everybody accepts without question the fact that all world-class performers, in a great number of fields such as archery, basketball, chess, gymnastics, golf, playing any musical instrument and tennis, there are of course many others, receive constant coaching, feedback on their performances and advice. The resources open to traders however are quite limited. There are for instance a significant number of different trading styles, as well as many different underlying entities available for trading.Golfers, for example, realize that they should take lessons from someone of similar build, and approach to the game. Traders have a far more difficult task because of the number of variables involved as well as the shortage of coaches and mentors advertising a particular approach to a particular underlying security, be that security a stock, a bond, a mutual fund, a futures contract, or a currency cross traded on Forex.On a recent post on his excellent website, Dr. Brett gives details of the way in which nascent doctors are trained and the time necessary to achieve the required skills. In any of the endeavors I have mentioned, it takes several years to become fully competent, with only a small percentage of students achieving Master status. There are number of excellent trading coaches available, but their services are quite costly and it is simply not possible to achieve the necessary immersion in the subject without joining a trading firm on a full-time basis. This is not a viable option for most people, so for many traders a system of personal trial and error has to take the place of formal training. This situation has been changed by the arrival of this book.Dr. Brett is remarkably generous with all the time and effort he puts into his website and blog. Some months ago I suggested to him that he should make a modest charge for this work, but he told me he did not wish to do so. He has used his experience and the lively exchange of opinions with other bloggers and his own readers to build this book of 101 lessons, showing anyone with the necessary drive and interest how a significant improvement can be made in trading performance.Each lesson is designed to provide the guided imagery and the necessary enthusiastic energy to turn change into routine, converting the new behavior to second nature. Each lesson should be taken one day at a time in any order. When it is applicable, additional information will be posted on the Become Your Own Trading Coach blog, the address being given in the book. It may also be found through his website, [..]I believe the information in this remarkable book is worth hundreds of dollars, as it will supply you with the wherewithal to become self-reliant and self-sufficient. The beauty of Dr. Brett's method is that it requires a good deal of personal commitment to and work on the project but the results will be highly gratifying and may be carried into all areas of one's life. The book is beautifully produced in the characteristic and pleasing style of the trading books published by John Wiley and Sons Inc. Hoboken New Jersey. As befitting a book of this length and density, it comes in hardcover.This book receives five stars. I wish there were more available as it is that good.Humphrey E. D. Lloyd, MD

Best book to support your journey thru your daily trading ups and downs

What distinguishes this book (I don't know his other works so I can't refer to them but a cursory sampling of them here at Amazon induced me to try this one out first) from other trading books I've read is that Steenbarger unabashedly incorporates "self-help" elements into his overtly psychological approach to becoming a professional trader. I'm aware of the stigma attached to the self-help genre as a whole, but in Steenbarger's case these elements emanate from extensive academic training in psychology (from the "About the Author" section of the book near the back: "Brett N. Steenbarger, PhD is clinical associate professor of psychiatry and behavioral sciences at State University of New York Upstate Medical University in Syracuse, NY"), so his self-help angle reflects what seems to be a genuine concern with helping people--a refreshing antidote to the many dry, analytical, impersonal tomes on trading out there (which isn't to imply that the latter don't have their place--they do--but they're useless if you haven't first mastered various inner aspects of professional trading).I emphasize Steenbarger's self-help emphasis to distinguish it from the emphasis of another, more famous (but not necessarily better) writer, Mark Douglas, author of _The Disciplined Trader_ and _Trading in the Zone,_ both classics (and for good reason) in their field, whose insights about trader discipline, while incisive, are hardly inspiring. And for me, it's what endears me most to Steenbarger. The writer I've encountered who's come closest to equaling this profound sense of connection Steenbargers makes with his audience is Dr. Alexander Elder, although while Elder establishes his rapport through humor and familiarity, Steenbarger establishes his through perspective, compassion, and insight into how optimism and realism aren't necessarily mutually exclusive.One thing I must say, however, is that those who haven't been trading for awhile may not benefit as much from this book as those who have--and especially those who have already lost a great deal of money. Steenbarger even implies as much in the way he titles his chapters: "Change: The Process and the Practice"; "Stress and Distress: Creative Coping for Traders." These are the FIRST TWO chapters of the entire book! Indeed, this is obviously a work intended to help the already-wounded trader get back on his/her feet and this time do it right. Steenbarger emphasizes the necessity of the professional trader eventually having to consider trading well from the standpoint of a fear-based need rather than a luxury-based desire--a revelation, again, that usually only comes to those who have already been severely wounded by trading badly. If this is you, this is your book. If it isn't, and you stick with trading, it eventually WILL be--unless it's already too late.

This book (along with Mark Douglas' Trading in the Zone) has absolutely changed the way I trade. I would either have continued to throw away my money or would have given up trading altogether had I not read this book. Overall, It's an easy read, BUT it's a lot to take in. It's a book that should be read with patience and care. Do yourself a favor: take your time with this book. Don't try to rush it. Actually implement the lessons into your trading routine.