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Podcast with Dr. Brett Steenbarger!

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Bear Bull Traders is happy to announce that we will be doing a podcast with Dr. Brett Steenbarger.

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:

Location: Recording will be posted to YouTube when ready.

[UPDATE] Thank you for all the submissions. We are locking this post from additional questions.

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Hello,

Could you please comment on the pros and cons of watching your P/L during a trade?

Thank You,

Ed_E

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Thanks guys, please share what you are struggling with, and let us absorb as much as possible from him. I want to ask him about:

 

  • How to Overcome Performance Anxiety: I see many traders having good days, and then they start getting anxiety of bad trading and fall into its trap. 

 

What else?

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What an honor to have Dr. Steenbarger on our community to answer questions. Thank you Andrew and the team for making this happen. 

 

  • Wondering if he has any advice for getting over fears of trading on certain days? For instance I don't like trading on Wednesdays and Fridays because those are the days I lose the most money. 
  • Does he have any recommendations for other authors on trading psychology besides himself and Mark Douglas? 
Edited by Mark D.
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  • Do the elite traders have complex setups (based on complex technical analysis) or simple ones? And do they shoot for Singles/Doubles (1R/2R) or higher Rewards from a setup?
  • What is the typical journey of a trader from Novice to Elite, in terms of trading strategies/setups? 
  • How do someone manage Exhaustion from Trading actively daily
Edited by IamKarthi
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Do the big 5 psychology personality traits determine success of a trader, and if so what traits seem to be most effective and which ones are a hindrance?

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1. non-trading related mental exercises that you recommend before starting a trading session
2. Switching between live and sim without knowing it to avoid any bias or change in style from knowing if it is real or not. Do you recommend this??

 

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Do you belive anyone can become a successful day trade if put time and effort for it?

Can trading the whole day till the market closes result in losing trades?

Is there any thing one can do to not overtrade?

How can one get confidence to pull the triger on good setups, and if this good setup is missed, how to avoid the FOMO of chasing or getting up into stupid trades after that!

 

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Does individuals life and career experiences (positive/negative, success/failure, winner/loser) influence their trading psychology? if so up to what degree, compared with individual's core personality traits influencing their trading psychology?
Comment: I see trading psychology is totally independent topic from learning technicalities on how to take the trade!

Why day trading is attracted by gamblers and have a misconception of stock trading as gambling, which could easily make up most in 90% of traders fail with only 10% success rate?  I could not make up a logical relation between those two! 
Stock trading is performed based on stock's past performance, finding patterns on available wealthy historical information, observations, perform analysis, relate those patterns, apply studies and strategies and predict the direction of that specific stock for that movement. With all these factors it very much increases the winning rate with more accuracy in result with consistent and long term profits which can be made as professional career or business,  unlike Gambling where gamblers with raw emotions betting on odds with only 0.5 or less probability rate with only short term gains. How is gambling compared with stock trading ?

 

 

Edited by Sheela
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From the perspective of being one’s own trading coach, assuming a trader does not have to work through any major issues, which would be your top 5 lessons to use in a continuous improvement loop for improved performance?

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Would like to reiterate, great work in having Dr. Steenbarger on a podcast for the community. I have a view on the mindset for trading, it would be great to here Dr. Steenbarger's view:

There should be neither desire, or fear, or any kind of emotion while preparing for and during trading. Neither a desire to make money, or to even trade successfully, for the very essence of having a desire/fear can sway ones decision-making away from an as objective as possible decision-making process. (The assumption is, that objective decision making is the ideal decision making process). If this is all true, then we should aim for a mindful state during trading, where there is nothing outside of the very present moment, no fear of the future, or regret of the past. The only aim (from a psychological perspective) before preparation and trading should be to enter a mindful state, where emotions are relinquished, and the optimal state for objective decision making is entered. If maintained, losses/wins should have no impact, allowing objective decision making to continue. 

 

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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!

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How do you overcome FOMO when a stock is either rising or falling rapidly straight away at the open of the market?  I have a tenancy to jump into and chase a stock like that, I don't want to chase anything like that but in my head I think about how great that would have been to catch that run and be "one and done" for the day.  I have risk controls on at the moment to dissuade me from this action.

Edited by John
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I have a huge fear of the market and fear of losing which causes me to hesitate and either miss a trade altogether or chase it with a bad entry. It also causes me to take profits way to quickly. I feel like I am caught in a vicious cycle. I am not profitable because of the fear and I am fearful because I a not profitable.  Does this just go away with time and experience or is there something I can do to overcome this fear and break the cycle?

Edited by JG 69

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I am now a break-even trader after two years although my win rate is over 60%.  At first, I thought there may be a gambler inside me making its way out but recently realized it was my desire to win holding me back.  As a successful athlete and having succeeded in building/selling 2 businesses there is a very strong will to win inside my brain.  In fact, I cannot think of losing at anything I truly wanted to "WIN" at.  However, I am starting to think the winner inside me may be affecting my trading psychology and slowing my success.  Currently I am working very hard at trading to find a path to winning because (I am a winner, I am not a quitter, hard work and desire = win, etc).  That last statement used to be very positive for my life now it scares the heck out of me as a trader.

My question is - 

How do others you may or may not have coached turn their winner into a psychology asset?  As of right now the winner has to be carefully monitored as to not blow up my account.

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