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102 – Mr Trading Psychology; Must Listen Dr Brett Steenbarger Interview

Ep. 102 – Mr Trading Psychology; Must Listen Dr Brett Steenbarger Interview

This week on episode 102 of the Two Blokes Trading podcast:

  • Our legendary guest Dr. Brett Steenbarger serves up a superb mix of knowledge bombs and F bombs while providing must listen thoughts and pointers for traders at all levels.

 

Guest Interview: 

 

Dr. Steenbarger is a Clinical Associate Professor of Psychiatry and Behavioral Sciences at SUNY Upstate Medical University in Syracuse, New York. He has worked as a performance coach for hedge fund portfolio managers and traders at some of the most well-known financial institutions in the world.

 

He is also the author of several best-selling books on trading psychology that we have listed below.  As the author of the http://traderfeed.blogspot.com/  he covers the psychology of traders and markets, emphasizing recent research and application in psychology and behavioral finance.

 

Check out his full bio here:  https://www.blogger.com/profile/11988667917563876202

 

Dr. Brett was kind enough to write a blog post about one of our audience questions.  Check it out below:

 

http://traderfeed.blogspot.ca/2018/04/a-deeper-look-at-emotions-and-trading.html

 

Main Topics Discussed:

  • We learn all about Dr. Steenbarger’s credentials (spoiler alert….He’s done some epic stuff;)
  • He leads us down the path of when he decided that working with traders was for him. Hint; it involves flying computer mice, payouts, and a wh0$e.
  • Shifts in market regimes and changing of trends.
  • A huge emerging theme of adapting to shifts in markets. Trending, emerging, range bound, mean reversion, low and high volatility….
  • Why traders don’t do a good job of detecting shifts within market regimes and the stress it causes.
  • Most problems are not primarily psychological; they tend to be caused by not recognizing and adapting to the market shifts.
  • Working with traders to help identify what type of trading environment we are in.
  • All about using Relative Volume (rVol) to understand when market moves are likely to keep moving or stall out.
  • How to understand the NYSE Tick ($TICK)
  • How to blend rVol and $TICK to understand the current trading session.
  • Why people have psychological issues with trading.
  • Sticking to your system guarantees that you faithfully continue to do the wrong thing.
  • Why having a play book is a good thing.
  • How to not think in terms of “time” when trading and how to show this on your charts.
  • Sometimes having an edge comes from looking at old things in new ways.
  • Is there a way to emotionally learn to hold on to a trade to larger target after seeing it go against you a few ticks? Listen in for the Answer!
  • Strategies to deal with watching your profit in an open position move against you.
  • What makes people participate in manias or bubbles like cryptocurrencies even though it’s obvious there is not enough value to warrant the price? Listen in for the Answer!
  • Trading using momentum.
  • Understanding the dominant cycles within the markets.
  • What are the main differences psychologically between big fund traders and retail traders? Listen in for the Answer!
  • What pressures do asset and portfolio managers face.
  • What are some of the regular psychological challenges that the big money traders face? Listen in for the answer!
  • What is the most effective way to emotionally detach yourself from a trade? Is this even a good thing to try and do? Brett goes pretty deep here and you can read his blog post about this very question:
  • http://traderfeed.blogspot.ca/2018/04/a-deeper-look-at-emotions-and-trading.html
  • How losses become threatening.
  • Unreasonable Goals and the reasons behind them and some solutions.
  • Trading is a performance based activity and it takes time to get through the learning curve to become the best.
  • Hope versus rational planning.
  • The big threat is not failing to succeed in the markets; it’s failing to succeed in life.
  • So much more!

 

Where can you learn more about Dr. Brett Steenbarger?

Epic Blog:  http://traderfeed.blogspot.ca/

Forbes Contributions:  https://www.forbes.com/sites/brettsteenbarger/#6d31a62a30ee

Twitter:  @steenbab or https://twitter.com/steenbab

 

Books by Dr. Brett Steenbarger:

  • Trading Psychology 2.0 – From Best Practices to Best Processes
  • The Daily Trading Coach – 101 lessons for Becoming your Own Trading Psychologist
  • The Psychology of Trading – Tools and Techniques for Minding the Markets
  • Enhancing Trader Performance – Proven Strategies From the Cutting Edge of Trading Psychology

 

Resources mentioned by Dr. Steenbarger:

  • Check out John Ehlers books and website for some great work on market cycles and timing trends http://www.mesasoftware.com
  • Mike Bellafiore and SMB Capital http://smbcap.com/
  • Book by Mike Bellafiore: One Good Trade – Inside the Highly Competitive World of Proprietary Trading and The PlayBook

 

 

Want to Talk Shop with the Two Blokes Community?

Go to www.twoblokestrading.com/discord and you will automatically be taken to our Discord invite page where you can log in or sign up to be directed to our group.

 

Please keep it classy in a Two Blokes sort of way and feel free to contribute stuff of value.

 

Two Blokes Exclusive Opportunity

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