Oil N' Gold - Resources for Serious Traders
The Role of Somatic Markers in Trading Decisions Print E-mail
Tutorials | Articles | Written by Brett N. Steenbarger |
I think this is one of my more important articles: a perspective on trading psychology from the field of cognitive neuroscience. In past posts, I have emphasized the importance of controlling the body's level of arousal as a fundamental trading skill, because so many psychological disruptions of trading are state-dependent.
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Five Guiding Principles of Trading Psychology Print E-mail
Tutorials | Articles | Written by Brett N. Steenbarger |
When I recently participated in an online chat presentation for John Forman, I assembled my ideas into ten basic principles that have guided my thinking about the psychology of traders and the psychology of markets. In the very near future, if my testing continues to be promising, I hope to present a market indicator for swing traders that rests firmly upon these principles.
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Five Guiding Principles of Short-Term Trading Print E-mail
Tutorials | Articles | Written by Brett N. Steenbarger |
I recently posted five guiding principles of trading psychology. Those are big concepts that help me understand traders. Here are five guiding principles that I draw upon in understanding the psychology of the marketplace:
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Disgust Yourself: A Framework for Rapid Behavior Change Print E-mail
Tutorials | Articles | Written by Brett N. Steenbarger |
A while back, I posted on the topic of "brief therapy for the mentally well". Brief therapies are collections of methods designed to promote rapid changes in patterns of thinking, feeling, and acting. Much of what I do as a psychologist is help traders become their own trading coaches by applying brief techniques to their own situations. Some resources for learning brief change techniques can be found in this post and in my two trading books.
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Trading and Information Processing: Why Traders Sabotage Themselves Print E-mail
Tutorials | Articles | Written by Brett N. Steenbarger |
We sometimes hear traders say that they are sabotaging their own pursuit of success. They don't act on what they know, and sometimes they act even though they know better. Usually, traders attribute these problems to personality difficulties. In this post, however, I'm going to suggest that such "sabotage" has a very different source: one that is rarely acknowledged among trading psychologists and coaches.
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Why Traders Plan Trades But Don't Trade Their Plans Print E-mail
Tutorials | Articles | Written by Brett N. Steenbarger |
Consider the following advice: 1)Trade what you see; 2)Trade the plan, and plan the trade; 3)Don't let emotions interfere with trading; 4)Don't overthink trades; go with your feel for the market.
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Marc Greenspoon: A Visit With a World Class Trader Print E-mail
Tutorials | Articles | Written by Brett N. Steenbarger |
In past posts, I have tried to describe the qualities that I have observed among very successful traders. I've also attempted to outline specific steps that traders can take to make themselves more successful. In this post, let's make the discussion more concrete by taking you inside one of my visits with a trader I consider to be among the best in the world.
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Performance Coaching: When It Works, When It Doesn't Print E-mail
Tutorials | Articles | Written by Brett N. Steenbarger |
A large body of research literature on the topic of short-term behavior change suggests that a variety of methods are quite effective. Indeed, compared to control groups, people who utilize cognitive, behavioral, and solution-focused techniques improve on average by a full standard deviation in their target goals (more well-being, less distress, better functioning).
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What We Can Learn From Trading and Poker Print E-mail
Tutorials | Articles | Written by Brett N. Steenbarger |
A Google search for "poker and trading" yields quite a few articles on the topic. Indeed, I've found that many short-term traders enjoy poker and are quite good at it, including the world-class trader I recently wrote about. Let's take a look at some of the similarities between Texas Hold'em poker and trading and explore their implications:
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Changing Your Self Talk By Talking to Yourself Print E-mail
Tutorials | Articles | Written by Brett N. Steenbarger |
From the time we become self aware, we conduct an internal dialogue. We question ourselves, berate ourselves, congratulate ourselves, and make plans for ourselves. As I emphasized in my book, our self talk represents the "I" speaking to the "me". Just as we have relationships with others, our self talk is a manifestation of our relationship to ourselves.
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Money Flows in the Stock Market: Reversal or Continuation? Print E-mail
Tutorials | Articles | Written by Brett N. Steenbarger |
I recently posted on my use of momentum, strength, and sentiment data to assess whether markets are gaining or losing directional tendency. If there's a fourth leg to the table, it would be volume. In particular, I have been impressed by the relative dollar volume flow data and their ability to distinguish strong from weak markets.
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