Podcast with Dr. Brett Steenbarger!

[jjones11 1]

Im currently struggling with not letting my P/L for the day bleed into my daily life.  I find that if I traded good, I go into my day feeling slightly more optimistic and motivated. When I have a bad trade day, I let it get to me and I feel like I have this cloud of failure hover over me for the first few hours of my day.  I tell myself what I could have done better and consciously make myself aware that I should not be so hard, which helps. But I think my subconscious says otherwise.

My question is How do you not let Daily P/L bleed into day to day life?

Thanks!

 

[dellen 4]

Hello, and thanks for the podcast.  My question would be if you have already identified something you want to modify in your behaviour related to trading, what do you think is the best way to cement that change quickly and effectively.

Thank you,

[Goh 1]

Thank you Dr. Brett Steenbarger for taking the time for BBT members, and thank you Andrew and BBT moderators for coordinating this.

1)      From psychology point of view, what do you think are the benefits of trading with a community like BBT?  What should members look for from such communities?  Do you have any observations (both positive and negative) about BBT community compared to other day trading communities that you have encountered?

2)      What common traits do you see in successful traders?  (effect of trader’s character on trading)

3)      Does becoming successful in trading have positive impact on traders’ psychology/traits/character? (effect of trading on trader’s character)

 

[WilliamH 67]

Thank you Dr. Steenbarger for taking the time to help all of us at BearBullTraders.

Most of us are very familiar with your books and have read them multiple times and absolutely love everything you write. 

Yet still, many are still dealing with the same psychological issues from before reading your books.

We completely understand no book on its own can solve any of our problems, but I would love your insight

on how we go from

     Point A. LEARNING and UNDERSTANDING how extremely important and critical our psychology is to our trading 

     to

     Point B. Making a lasting change on our psychology from what we learned and understood from your teachings.

 

I think that leap is by far the absolute hardest part of trading . . . turning knowledge and inherently knowing what to do,

to ACTUALLY doing it and putting that knowledge into practice.  I think this leap is where so many traders fail.

Would love your insight and practical steps for all our traders who might be in that boat.

[Mark H. 0]

What are the key changes in a new trader who is losing/breaking even and they become a consistently profitable trader.

[JD 49]

There was something that came up in the trade reviews session and I’ll quote William’s question to the chatroom.

- “There’s other reasons why we are not following our rules or setups that has nothing to do with the actual chart. Someone had a bad trade from yesterday, someone lost money earlier today on a trade. How does this happen to all of us when we know that this is the last thing we need to do in trading to be successful?”

- Why do traders have good trades where they follow their rules and stick to their setups in their trading plan but on other days they fall into bad trading, rule breaking and take mediocre setups or no setup at all. How do we take steps to overcome these issues?

- I find myself hesitating in the morning and pass on good setups after 5 to 15 minutes into the open then end up taking setups that aren’t as good later on in the morning after about 1 or 2 hours from the open. Most of the time I am really patient but sometimes I feel like I am too patient. What are some steps I can implement to overcome this?

Edited July 26, 2019 by JD
Updated Post

[jbone777 2]

On 7/2/2019 at 8:28 AM, PeterD said:

My (first) question:  They say "never trade with scared money." However, I always say that all my money is important to me, so all of it is scared. As a result I am a chronic "under-trader". How do you recommend I/anyone get over my fear of losing money to be able to effectively trade the set-ups I know will work if I can just put my money on the line?

 

Thanks!

I will second this question and maybe add a little to it. I find myself fearful of "new" stocks. I mostly play AMD MU AAPL and hesitate on other stocks, usually spotting good setups but not taking them as I dont "know" how the stock behaves. Is this stock usually influence heavily by the SPY? Does it have the potential to be very chaotic with wild price moves? Does it respect the VWAP as much as others do? these questions prevent me from taking these great setups and I find myself missing out most of the time.

- Jbone (Justin) 

[Guest WolfOfPort]

What's your advice to better follow rules/plan during a trade? What are some things top earning traders do that many amateurs do not?

 

[Guest Rrh]

For someone who just went into the market not knowing what they are doing. I have become addicted. Why is trading worse than gambling for some?

I think about not trading live anymore and I always go back and look at the market on my phone or run off to my laptop any chance I get and get into a trade. Often while watching small kids. There is the option to paper trade but I still trade with money, why do some people have a hard time controlling? What can we do? 

[ewill 10]

How can I speed up my thinking?  I can often see that something is about to happen, but can not quite react

fast enough.  Sometimes it is about not trusting my educated intuition and waiting for too much confirmation thereby

taking an unforced loss, but sometimes it is just not being able to see/think/press fast enough and I wonder if there is a way

to learn to take faster actions.

Thank you!!!

[Guest LoneWolf]

How to overcome the fear of price spikes? Most of the times when I'm in a trade and there's a halt of momentum for a few moments, I always start contemplating that if a price spike occurs in the unintended direction, I'll be forced to take a loss higher than expected due to it crossing over my SL. This mentality always makes me anxious and hinders my decision making during a trade.

 

Thanks!

[Guest adam Ben]

is it possible for a retail trader to become professional using the same 'retail traders' trading strategies ?!

 

[Guest LoneWolf]

 I don't know if it's just me, but every weekend when market closes and it's been a day or two in which I haven't looked at the charts, I feel like I'm going to forget everything. Is this normal? Does it go away with time? 🙂

I'm still pretty new to day trading.

Thanks!

[Guest uri or]

On 6/12/2019 at 4:17 PM, Ryan W said:

Bear Bull Traders is happy to announce that we will be doing a podcast with Dr. Brett Steenbarger on Friday, July 26th!

We ask that you please submit any questions that you have for Dr. Steenbarger in this forum and we will present the questions to him. Andrew and Robert will be speaking with Dr. Steenbarger in this podcast.

Please post any questions you have on trading psychology for Dr. Steenbarger in this forum below!

Details:

Date: July 26th, 2019 12PM ET

Location: Recording will be posted to YouTube

what do you suggest for a day trader when he is  waiting for a trade 

[Guest Robert]

How do you know when to increase your bet size? Before a trade and and a trade goes in the direction you anticipated?