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Ryan W

Podcast with Dr. Brett Steenbarger!

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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 

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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?

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Guest Hikak

Does he uses volume profile indicators for analysis.

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10 hours ago, Guest Hikak said:

Does he uses volume profile indicators for analysis.

I believe the questions he will be answering are more related to the psychological aspect, not technical one

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I self diagnosed with obsessive compulsive behavior, which reflect in trading is that I have to read or study  trades all the off market time . If I don`t , I will feel guilty and blame myself for any loosing or break even trades. 

" Do it , right now!" " must to do it!"  those two are the barriers I am trying to overcome right now.  

Any suggestions, Dr. Steenbarger?

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What are some of the techniques that can be used to control emotions like fear and excitement during trading?

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1: How do you keep the trading emotion separate with all the rest of the life. I live in Australia and work from 9-5. Market opens at 11:30 PM here and I am already tired to death at that time. I try to avoid coffee as I won't be able to sleep if I have one. Also, I go for a workout at around 8-9 PM to get rid of all the job/day stress and start fresh for my trading session at 11:30 PM. Can you please provide your insights on how can I not let my job/life in general stress impact my trading at night?

I believe it's comparatively easy if you trade first thing in the morning after a good night sleep but for me trading is at night. Sometimes I make stupid trades at night and after 5-6 hours of sleep, I wake up and feel like I made stupid mistakes just because I was tired/not in the correct state of mind.

2: I started live trading recently. Been a member of BBT since March this year and my live trading is going green for the most part. How can I keep euphoria out of my trading because sometimes I feel like I can trade more and make more specially when I had a green session the day before. Obviously I lose money if I keep trading beyond my 1% profit mark. This happened to me on 23 July 2019 when $KO was in play. I made 1.3% of my account on $KO but then I kept trading and ended up the day 2% down. I know I need to work on my trading psychology as now it will take me more than 2 days to get my account to the level it was previously (based on 1% gain/day) but if you have any feedback/ideas for me to adapt, I am all ears. 

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Posted (edited)

From Chapter 6 - The Evil Spiders

How does a new trader become more accustomed to the ''metacommunications'' of the market? I know that I can memorize all the Japanese candlestick patterns I want, draw trendlines and supports and resistances, scan previous charts and databases, which all portray the ''communication'' of the market and what it is doing... but these patterns will mean nothing if I do not understand why and how people and the market are doing it. Would it just be time, repetition, and practice? As Tony Robbins states "repetition is the mother of all skill."

 

From Chapter 4 - Traders Out Of Their Minds

Also, what could a new trader do to discipline himself more to look at the charts objectively at all times? As you wrote in Chapter 4 and how traders have Mind #1 and Mind #2... "People lose money in the markets because the person who places the trade very often is not the same person who manages and closes the trade. Quite literally, another self has taken over - another mind."

When I am not in a trade, it is easy for me to identify the price action and what the stock might do next. However, when I am in a trade, my vision becomes clouded and I start to "root" for my stock to either go up or down. I am unable to see when the stock is going against me and to plan and trade accordingly. I know the importance of journaling and analyzing yourself so I'm looking into getting EdgeWonk for journaling my trading. Would identifying why I take each trade and writing it down help me to overcome this obstacle over time?

 

Thank you so much for your time!

Edited by James Kim

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My question for Dr. Steenbarger relates to his experiments with using self-hypnosis and the music of Philip Glass to allow his conscious mind to be quiet so that he could gain the insight his subconscious mind was offering.  Whether it was a trading insight he had never consciously considered or the ability to "stop" and go into an unemotional state in the face of stressful situations, I am fascinated.

Dr. Steenbarger, do you have any methods that a trader not specifically educated in hypnosis or psychology can use to begin to explore this area?  I meditate on a daily basis but have never had anything even close to the experiences you've described.

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On 7/23/2019 at 8:44 PM, Jay said:

1: How do you keep the trading emotion separate with all the rest of the life. I live in Australia and work from 9-5. Market opens at 11:30 PM here and I am already tired to death at that time. I try to avoid coffee as I won't be able to sleep if I have one. Also, I go for a workout at around 8-9 PM to get rid of all the job/day stress and start fresh for my trading session at 11:30 PM. Can you please provide your insights on how can I not let my job/life in general stress impact my trading at night?

I believe it's comparatively easy if you trade first thing in the morning after a good night sleep but for me trading is at night. Sometimes I make stupid trades at night and after 5-6 hours of sleep, I wake up and feel like I made stupid mistakes just because I was tired/not in the correct state of mind.

2: I started live trading recently. Been a member of BBT since March this year and my live trading is going green for the most part. How can I keep euphoria out of my trading because sometimes I feel like I can trade more and make more specially when I had a green session the day before. Obviously I lose money if I keep trading beyond my 1% profit mark. This happened to me on 23 July 2019 when $KO was in play. I made 1.3% of my account on $KO but then I kept trading and ended up the day 2% down. I know I need to work on my trading psychology as now it will take me more than 2 days to get my account to the level it was previously (based on 1% gain/day) but if you have any feedback/ideas for me to adapt, I am all ears. 

Night owl say "Hi" here. Not easy at all to trade in the early morning. 

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Hi,Thank you for hosting the podcast. My question that every time I get on a good run I get over confident and that’s when I get hit with my biggest losses,what are the tips that can be helpful to cure over confidence?

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