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ffirs qxp 8 30 06 4 30 PM Page i, Enhancing, Trader. Performance, ffirs qxp 8 30 06 4 30 PM Page ii, Founded in 1807 John Wiley Sons is the oldest independent publishing. company in the United States With offices in North America Europe Aus . tralia and Asia Wiley is globally committed to developing and marketing. print and electronic products and services for our customers professional. and personal knowledge and understanding , The Wiley Trading series features books by traders who have survived. the market s ever changing temperament and have prospered some by. reinventing systems others by getting back to basics Whether a novice. trader professional or somewhere in between these books will provide. the advice and strategies needed to prosper today and well into the future . For a list of available titles please visit our Web site at www. WileyFinance com, ffirs qxp 8 30 06 4 30 PM Page iii. Enhancing, Trader, Performance, Proven Strategies from.
the Cutting Edge of, Trading Psychology, BRETT N STEENBARGER. John Wiley Sons Inc , ffirs qxp 8 30 06 4 30 PM Page iv. Copyright 2007 by Brett N Steenbarger All rights reserved . Published by John Wiley Sons Inc Hoboken New Jersey . Published simultaneously in Canada , No part of this publication may be reproduced stored in a retrieval system or transmitted in. any form or by any means electronic mechanical photocopying recording scanning or other . wise except as permitted under Section 107 or 108 of the 1976 United States Copyright Act . without either the prior written permission of the Publisher or authorization through payment. of the appropriate per copy fee to the Copyright Clearance Center Inc 222 Rosewood Drive . Danvers MA 01923 978 750 8400 fax 978 646 8600 or on the web at www copyright com . Requests to the Publisher for permission should be addressed to the Permissions Department . John Wiley Sons Inc 111 River Street Hoboken NJ 07030 201 748 6011 fax 201 748 6008 . or online at http www wiley com go permissions , Limit of Liability Disclaimer of Warranty While the publisher and author have used their best. efforts in preparing this book they make no representations or warranties with respect to the. accuracy or completeness of the contents of this book and specifically disclaim any implied. warranties of merchantability or fitness for a particular purpose No warranty may be created. or extended by sales representatives or written sales materials The advice and strategies con . tained herein may not be suitable for your situation You should consult with a professional. where appropriate Neither the publisher nor author shall be liable for any loss of profit or any. other commercial damages including but not limited to special incidental consequential or. other damages , For general information on our other products and services or for technical support please.
contact our Customer Care Department within the United States at 800 762 2974 outside. the United States at 317 572 3993 or fax 317 572 4002 . Wiley also publishes its books in a variety of electronic formats Some content that appears in. print may not be available in electronic books For more information about Wiley products . visit our web site at www wiley com , Steenbarger Brett N . Enhancing trader performance proven strategies from the cutting edge of trading. psychology Brett N Steenbarger , p cm Wiley trading series . Includes bibliographical references , ISBN 13 978 0 470 03866 6 cloth . ISBN 10 0 470 03866 7 cloth , 1 Stocks Psychological aspects 2 Speculation Psychological aspects . 3 Investments Psychological aspects 4 Stockbrokers Psychological aspects . I Title II Series , HG6041 S758 2007, 332 6401 9 dc22 2006013294.
Printed in the United States of America, 10 9 8 7 6 5 4 3 2 1. ffirs qxp 8 30 06 4 30 PM Page v, For Margie my partner in unchanging youth. ffirs qxp 8 30 06 4 30 PM Page vi, ffirs qxp 8 30 06 4 30 PM Page vii. To hold an unchanging youth is to reach at the, end the vision with which one started . Ayn Rand, ffirs qxp 8 30 06 4 30 PM Page viii, ftoc qxp 8 30 06 4 29 PM Page ix.
Contents, Introduction xi, Acknowledgments xvii, Author s Note xix. CHAPTER 1 Where Expertise Begins 1, CHAPTER 2 Finding Your Performance Niche. as a Trader 20, CHAPTER 3 Building Competence 49, CHAPTER 4 Strategies for Cultivating Competence 78. CHAPTER 5 From Competence to Expertise 108, CHAPTER 6 Mechanics Tactics Strategies 135. CHAPTER 7 Performance Dynamics 164, CHAPTER 8 Cognitive Techniques for Enhancing.
Performance 192, CHAPTER 9 Behavioral Techniques for Enhancing. Performance 213, Afterword The Making and Remaking of an. Expert Trader 235, Conclusion 249, ix, ftoc qxp 8 30 06 4 29 PM Page x. x CONTENTS, Appendix Resources for Performance 257. Bibliography 265, About the Author 273, Index 275.
flast qxp 8 30 06 4 29 PM Page xi, Introduction, The greater the difficulty the more glory in sur . mounting it Skillful pilots gain their reputation. from storms and tempests , Epictetus, his is a book forged from storms and tempests Roughly one year. T after the publication of The Psychology of Trading I left the pro . tected world of academic medicine to tackle the rough and tumble. world of proprietary trading in Chicago Gone were orderly therapy ses . sions in my Syracuse office Now my day started at 4 05 A M and proceeded. into evenings a steady blur of tracking overseas markets updating. research commuting into the city moving from office to office to help. traders as they traded and then returning home to prepare for the next. trading session If The Psychology of Trading was my view from the ivory. tower my integration of academic psychology and practical trading . Enhancing Trader Performance is my perspective from the trenches And. quite a view it has been , THE WINDING PATH FROM TRADING PSYCHOLOGY. TO TRADER PERFORMANCE, So much has happened since late 2002 when I sat in the food court of Weg . man s grocery finishing my book plunking away at my laptop sipping my. coffee My e mail inbox is fuller than it was back then it stands at 432 as. I write and I ve encountered traders from just about every conceivable. setting and market My personal web site and research blog register thou . sands of hits weekly including a surprising number from Europe Asia . and the Pacific Rim Each day I hear of the hopes dreams frustrations . xi, flast qxp 8 30 06 4 29 PM Page xii, xii INTRODUCTION.
and hurdles of traders around the world Such is the privilege and the. challenge of work in the trenches , Nothing however could have fully prepared me for the frontline expo . sure I faced at Kingstree Trading LLC in Chicago No longer was I merely. talking with traders about trading Now I was in the trading live real time . It is one thing to talk about what to do when a trader is caught in adverse. market movement with a thousand lot on It is quite another to work with. someone while that thousand lot is veering into the red at 12 500 a tick . Day after day on those front lines you learn a lot about trading and traders . You also learn quite a bit about yourself , This book reflects that learning . Every worthy book is like a symphony It is held together by a theme. that it explores and develops One of my great joys as a writer is that The. Psychology of Trading continues to sell as well today as it did when it first. hit the bookshelves I believe this is because its central theme that the. emotional problems faced by traders are extensions of the same problems. we all face in dealing with life s risks and uncertainties was both unique. and empowering transcending the simplistic advice too often associated. with trading psychology , I did not want to write another book until I had one that embodied an. equally promising theme For those of us devoted to writing a book is. something precious It is an opportunity to communicate with the many. people present and future that we will never be able to meet There is. very little of permanence that we leave behind when we depart this earth . Books even more than wealth or kin have the potential to outlive us to. make their mark on those yet unborn When you re an author you don t. want to squander that opportunity You want to do it right . And yet writing a book is like living a life You start with a set of plans. neatly outlined in your head only to look back later and wonder how you. could have possibly gotten to this point Edges of leaves contours of. clouds hills and plains there are very few straight lines in nature Nature. is jagged and rough bent and twisted She may not be neat but she s real . Real like a life lived Real like words flowing from an author s hand The. best we can hope for in books as in life is that we ve been faithful to our. themes that we ve followed their twists and turns with integrity . There have indeed been many twists and turns on the path to this. book but the theme has remained constant Trading is a performance dis . cipline and trading performance can be cultivated through the same. kinds of training activities that generate expertise in such diverse. domains as athletics chess and the performing arts That theme has led. me to scour research on performance scrutinize the training programs of. athletes elite military troops and medical professionals and especially . flast qxp 8 30 06 4 29 PM Page xiii, Introduction xiii. study the traders I ve worked with all in a quest to identify the ingredients. of sustained trading success , If I try to summarize the fruits of this quest in a single sentence my.
conclusion would be Trading performance is less a function of what. traders learn than of how they learn it Expertise is the outcome of a. process This process has clearly identifiable features and important appli . cations to the development of traders We see this process at work among. Olympic athletes and we witness it in world class manufacturing plants. and educational programs The what of learning is always changing . Physicians must keep up with the latest research traders face different. market conditions every few years The how of expertise development . however is a constant The same processes that generated exemplary per . formance in ancient Greece are present today in every field in which out . comes matter , Winding my way through performance research and the daily work. with traders perhaps my greatest shock has been the recognition that a. significant proportion of emotional problems affecting traders result. from departures from the principles of sound training When traders do. not find the markets and trading styles that match their talents and person . alities when they do not employ systematic training to translate talents. into skills and when they violate prudent risk management in eager hopes. of rapid profits they create needless frustrations and even traumas . Having never experienced a structured training process and built the. competence and confidence conferred by such learning these traders are. ill equipped to adapt to changing market conditions This no doubt has. been my most eye opening experience in trading s rough and tumble. world that trading success in the present so rarely ensures future suc . cess Market conditions and the edges that we find in markets change. so radically that ongoing success is guaranteed to no one The winners in. this trading world are not only those who train but those who sustain. enhanced learning processes That is why this book is not only for those. traders looking to make themselves successful but also for those seeking. to remake themselves , I hope that these pages drawing upon the insights of researchers and. practitioners far more steeped in the cultivation of expertise than I will help. traders think and rethink what it takes to achieve elite performance in. this most rewarding and challenging of arenas There is much in the trading. world that promises you success as a function of what you learn chart pat . terns indicator readings software displays and self help skills There are. few guideposts to the how of expertise My deepest wish is that Enhancing. Trader Performance becomes such a guidepost for you not only in trad . ing but in every area of your life in which performance counts . Enhancing Trader Performance Proven Strategies from the Cutting Edge of Trading Psychology BRETT N STEENBARGER John Wiley amp Sons Inc ffirs qxp 8 30 06 4 30 PM Page iii

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