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The author is a psychotherapist who does trading on the side, presumably when the therapy business is slow. Being a trained scientist you can argue about whether psychotherapy is a true science , he applied what he knows best psychology to the problems traders have -- intuitively traders tend to go through emotional roller coasters a lot. This is a book that documented some of these sessions not always with traders and attempted to draw some general lessons about Very disappointing.
This is a book that documented some of these sessions not always with traders and attempted to draw some general lessons about "psychology of trading".
It could be a reasonably good book under a different title, say "Random thoughts from a psychotherapist", but "psychology of trading" is way out of the league of this book -- and the subtitle "tools and techniques for minding the market" is borderline misleading as a title. Being a psychotherapist with a long history of practice, the author has an interesting array of client stories to relate.
If these are not illuminating, they are at least an interesting collage of people and their problems. Being a presumably good therapist, he will also be able to convey some key insights of the business. For example, he mentions that the purpose of therapy is to "comfort the afflicted and afflict the comfortable".
I thought that was cute. Unfortunately, the list of the bad part is somewhat longer. In "How to read a book", Adler and van Doren tell you to X-ray the book in order to understand the general message. You know the author is going to play hide and seek.
Unfortunately, this turned out to be the case. But some of the stories are downright weird, leaving you with big question marks in the shape of WTF floating in front of you. You ask, do we learn anything about trading after all? When the lessons are finally revealed, they often feel like flimsy narrative to support some vague principles that sounded good. I thought this was a very interesting piece of insight into how they work. But listen to the lesson when it applies to trading: "This can be tremendous help in trading, as well.
And it gets worse. Later on, the author explains that forehead skin temperature is associated with cortex activity and he will not issue a trade if the temperature is "below baseline". Except it is not. I did a cursory research on forehead temperature with brain activity and found no scholarly article to conjecture and support the belief that lower temperature than baseline means something. There is no citation in the book to support the argument. This to me is worse, as it is not voodoo-presented-as-voodoo, but voodoo cloaked in scientific robe.
I get it that Dr. S needs to make a living and establish himself as an expert in some field and get a reputation to attract clients as well as speaking opportunities. And who knows, to those traders who read books a year, there might be a lot of insights new to someone. Of course, YMMV. But proceed with caution. Not only will it help you understand your trading psychology but it will help you understand your psychology in general.
How to break out of self-defeating loops, attain a level of self-awareness that is rare, and learn to understand why you do things instead of just acknowledging that you do them.
This has helped my trading a lot and has had a profound effect on my state of mind, Ill be completely honest. Such an incredible book for traders.
Dr Brett Steenbarger is a professional Psychiatrist and also a Trader. There is no other better qualified person I could think of to write this book about Trading Psychology. Book contains various examples of real patients who have variety of different mental problems and past that cause personality and social disorders.
Dr Steenbarger explores his deep perspective of these psychotherapy and relates it to trading psychology various issues that many traders Superbly written, fascinating book. Dr Steenbarger explores his deep perspective of these psychotherapy and relates it to trading psychology various issues that many traders face.
I believe that success as a Trader really comes down to two points, Edge and Psychology. This book is one book that can help tremendously on Psychology of trading and also psychology to live a happier and more fulfilling life. If you are a Trader or an investor, and you havent herd of Dr Brett Steenbarger, I strongly recommend you read this book earlier the better.
Trading Psychology 2.0 by Brett N. Steenbarger PDF Download
The Psychology of Trading: Tools and Techniques for Minding the Markets
Download: The Psychology Of Trading By Brett N. Steenbarger.pdf