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Enhancing Trader Performance: Proven Strategies From the Cutting Edge of Trading Psychology (Wiley Trading) [Kindle Edition]

Brett N. Steenbarger
4.2 out of 5 stars  See all reviews (4 customer reviews)

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Product Description

Product Description

Through his own trading experiences and those of individuals he has mentored, Dr. Brett Steenbarger is familiar with the challenges that traders face and the performance and psychological strategies that can meet those challenges. In Enhancing Trader Performance, Steenbarger shows you how to transform talent into trading skill through a structured process of expertise development and reveals how this approach can help you achieve market mastery.

From the Inside Flap

Trading is a performance discipline, and like Olympic athletes, elite military troops, and performing artists, traders can structure their development to achieve competence and expertise. Through his own trading experiences and those of individuals he has mentored, Dr. Brett Steenbarger is familiar with the challenges thattraders face and the performance and psychological strategies that can meet those challenges. In his first book, The Psychology of Trading, Dr. Steenbarger provided a framework for understanding and overcoming the mental obstacles to successful trading. Now, in Enhancing Trader Performance, he goes a step further and shows you how to transform talent into trading skill through a structured process of expertise development. Straightforward and accessible, this comprehensive guide: Discusses the importance of finding an optimal fit between your trading talents and interests; the markets you trade; and the ways you trade those markets Explores how you can enter into a learning process that will cultivate your tradingcompetence and expertise Introduces the concept of learning loops, which enable you to make progressive improvements in your trading methods Breaks down performance into three components—mechanics, tactics, and strategy—and examines the role of each in generating trading success Illustrates how you can coach yourself with practical cognitive and behavioral techniques that rapidly change problem patterns and build new, positive ways of thinking and behaving When you enhance your performance as a trader, you replace a small piece of randomness with intention. This enables you to make more informed trading decisions as you make your way through today′s dynamic markets. Filled with in–depth insights, practical advice, solid research, and detailed examples, Enhancing Trader Performance offers an innovative approach to market mastery.

Product details

  • Format: Kindle Edition
  • File Size: 890 KB
  • Print Length: 304 pages
  • Publisher: Wiley; 1 edition (2 May 2008)
  • Sold by: Amazon Media EU S.à r.l.
  • Language: English
  • ASIN: B008NC0UJI
  • Text-to-Speech: Enabled
  • X-Ray:
  • Word Wise: Enabled
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (4 customer reviews)
  • Amazon Bestsellers Rank: #411,824 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Most Helpful Customer Reviews
9 of 9 people found the following review helpful
5.0 out of 5 stars The best there is 11 May 2011
Format:Hardcover
First review I have ever written, so apologies if its poorly done, but this book stands out so much in the field of trading literature i feel compelled to share a review.

If I read one more 'trading' book advising to 'just keep calm during a trade' or 'trade in the green' or 'run your winners and cut your losers' I will know i have just paid good money for some kindling. This is where Steenbarger stands out.

Steenbarger's book is not so much a book on how to trade, but how to LEARN to trade using examples from other fields of excellence. It is clear from start to finish that the author has genuine trading experience and his examples of working with real life traders is also apparent. The work on how 'experts' develop to their level is the key and is well presented.

This wont' tell you how to trade, but if you're willing to put the time in, build the learning structures, and pursue excellence in the field of trading, you will find this book invaluable at speeding up your learning experience, there are no shortcuts, and you could apply the principles in this book to any other field equally successfully in attaining excellence.

Good luck.
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11 of 11 people found the following review helpful
5.0 out of 5 stars Outstanding 14 Aug. 2009
By PureSymmetry VINE VOICE
Format:Hardcover|Verified Purchase
I cannot believe that this book hasnt yet gotten a review. This book is outstanding. Absolutely applicable lessons in becoming and being all you can be. The good doctor blows away some existing misconceptions about what it takes to excel in trading.. Buy it, use it.
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4 of 4 people found the following review helpful
5.0 out of 5 stars Astonishing 5 May 2013
By Paulli-
Format:Hardcover|Verified Purchase
I wont repeat what others have already said.. but what you really need to know is that it is nothing short or bewildering, why other books on trading that dont deal with these issues of Psychology and self sell more. This is where the rubber meets the road and glory isnt found in some indicator or quickly cobbled strategy with little edge, those well lorded strategies DONT WORK, following others DOESNT WORK. UNDERSTANDING YOURSELF FIRST DOES WORK!. This is good for us who believe in this material because the others who dont are in serious trouble. If youre reading this and you agree, let me tell you with persistence and will, and diligence understanding yourself and implementing these principles to the highest standards you are most likely than not going to make it compared to those who wont bother with this material. Good luck Traders. stay focused... glory and freedom come quicker than expected when you focus on this subject matter.
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0 of 1 people found the following review helpful
2.0 out of 5 stars Two Stars 5 Oct. 2014
By Sam
Format:Hardcover|Verified Purchase
Not really for me
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Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com: 4.5 out of 5 stars  35 reviews
57 of 63 people found the following review helpful
3.0 out of 5 stars Entertaining but long winded 27 Sept. 2007
By Amazon Customer - Published on Amazon.com
Format:Hardcover|Verified Purchase
If you read the bullet points above, you have a good idea of what this book covers. Note that you must take these bullets LITERALLY! Where it says discusses, explores, and introduces ... don't expect anything more.

My grouse with this tome is that I have almost finished it and still have not learned how to coach myself "with practical cognitive and behavioral techniques that rapidly change problem patterns and build new, positive ways of thinking and behaving".

If time is money, then the value of this book goes down because it is unnecessarily long winded. As such I can only give this 3 stars.
38 of 42 people found the following review helpful
4.0 out of 5 stars For professional trading trainers and trainees 29 July 2007
By ServantofGod - Published on Amazon.com
Format:Hardcover
I gave a high rating to the author's first book "Psychology of Trading" with a review title "Well researched and written, but not for the mass" in that it suits perfectly those with medium or above knowledge of psychology. It's hardly a coincidence, that the second book of the author is also targeted at the professionals, or, to be specific, professional traders who can enjoy systemized training/mentoring offered by their institutions. For traders like me who dont have such priviledges, nearly half of it became quite irrelevant and remote. Definitely worth a read, especially the part elaborating the linkage between practice and expertise, but not as useful nor insightful as fans of his first book might expect.

p.s. Below please find some of my favorite passages for your reference.

Competence precedes confidence: Winning mindsets result from mastery, not the reverse pg 4

When you have found your niche, you dont need discipline to do the right things; you wont want to do anything else. pg 29

Markets, like people, have their personalities; our relationships with markets will profit to the extent that there is compatibility. pg 35

Evolution occurs when we are so taxed that we must make fresh adaptive efforts. The expert is one who continually adapts to extraordinary performance demands. pg 119

How to trade and what to trade are subordinate to when to trade. pg151

Amateur traders turn into professional traders once they stop looking for the next great technical indicator and start controlling their risk on each trade. - John Carter pg 156
53 of 62 people found the following review helpful
5.0 out of 5 stars Don't just read it. Absorb it. 11 Dec. 2006
By John Forman - Published on Amazon.com
Format:Hardcover|Verified Purchase
First, to keep things totally above board, let me state for the record that Brett Steenbarger wrote the forward to my book, The Essentials of Trading. He and I became aquainted through my editorial work with Trade2Win. When my book was near completion, I asked Brett to give it a look knowing that he was involved in trader training and development. The forword followed from that.

Brett's new book, Enhancing Trader Performance, is his second, following on the heels of his extremely successful and worthwhile initial release, The Psychology of Trading. I would not, though, call it a sequel. While the latter part of the new work does bring in major elements of what the first book covered, the majority of it has a quite different focus

Enhancing Trader Performance is primarily about developing trading expertise. As someone who has spent his fair share of time teaching and coaching on a variety of levels and in different theaters of pursuit, some of which were extremely competitive and performance oriented, I was immediately grabbed by Brett's presentation. And it never let me go - literally pages of notes later.

This book may not be for everyone. It clearly has a bias which leans more toward the full-time and/or short-term trader than someone who traders longer-term and/or on a more part-time basis. This is a natural function of Brett's work helping professional traders with their development and to overcome performance hurdles, along with his own personal efforts in the market, which are short-term in nature as well.

That said, there is still a ton of extremely useful material for any trader, new or experienced. Enhancing Trader Performance provides a sort of roadmap toward developing trading expertise. This isn't about the mental part of actually making trades and managing positions. Rather it is more a discussion of how one becomes more than just a competent trader.

Coaching is a major theme, with Brett clearly being a proponent of traders having coaches who can assist them in their development similar to the way they would an athlete. I personally tend to disagree with the way he uses "coach" and "mentor" interchangably as I consider the two to be different, but that does not detract from the overall message. Importantly, since it can be difficult for the individual trader to get in to a good coaching relationship, Brett shares plenty of tips and advice for how a trader can be their own coach.

The one major carryover from The Psychology of Trading is the use of the stories of actual people - either real or composite. They really help to drive home the points Brett is making, and in a fashion easily relatable by the reader.

In short, read this book if it is at all your objective to excel at trading. More than that, take your time and really absorb it. Read it once, then read it again. I know I will.
12 of 13 people found the following review helpful
4.0 out of 5 stars Read author's first book first 7 Dec. 2008
By Jackal - Published on Amazon.com
Format:Hardcover|Verified Purchase
The key point in this book is that expertise is different from competence. This is obvious, but you will still learn from this book. Brett provides references to elite sports research as well as examples from daytraders. Since Brett is bridging two worlds he can add something very unique.

How does this book compare to his earlier The Psychology of Trading: Tools and Techniques for Minding the Markets? That book was focused on emotions and trading. The current book focuses on learning and trading. If you sometimes get emotional in front of the sceen, I would recommend that you start by reading the first book. If you like it, then you can also read this book.

Personally I find that Brett is hammering on the same point a bit too much in the second book. The point is useful, but not sufficient for five stars. Still it is a helpful book.

Finally, if you are looking for anything like a quick solution, you will find this book useless. The book asks certain questions relating to yourself that you need to think about. If you follow Brett's advice you are in for a lot of work.

I have written several short reviews on trading books. The best way is to compare the score on the books I've read. Many reviews on amazon.com are just glorious 5 star reviews. I use all five categories; sorry but everything isn't "great". Books rated 5 are very good. Books rated 4 are good solid books well worth reading. Books rated 3 can be bought by some people who read a lot or have very specific needs. Books rated 1 or 2 I would not recommend buying or reading. Naturally all in my humble opinion.
12 of 15 people found the following review helpful
5.0 out of 5 stars A Book For Traders - and a Wider Audience 13 Feb. 2007
By Jeffrey A. Miller - Published on Amazon.com
Format:Hardcover
Greatest Strengths

The greatest strength of this work is the authoritative combination of theory and practice. Dr. Brett draws upon a body of theoretical literature showing a logical progression from building competence, moving from competence to expertise, and using that expertise to become successful. It is the whole package presented by a great writer who understands the theory.

Unlike many works where the strictly academic approach renders them inaccessible to most readers, this book is fun. Each theoretical step is salted with examples from those who have achieved great success by implementing the principles. The reader learns about how noted athletic performers like Dan Gable, Wayne Gretzky, Muhammad Ali, and Lance Armstrong employed the specific methods described. This does not mean, of course, that these athletes had all read the relevant literature. Instead, they learned or developed key methods on their own. Nonetheless, their success demonstrates the power of the theories.

For traders, another great strength of the book is the application of theory to practice. Because of his personal work in observing and helping traders with their problems and methods, Brett's writing really comes to life. Anyone has done some trading will recognize the characters in themselves or someone they know. Any trader has experience many of the same foibles as the featured characters, who are all real traders. The reality of the examples gives the lessons and advice the ring of authenticity.

Wider Applications

While the book is aimed at a trading audience, it is quite useful for anyone engaged in competitive activity where performance is measured. This is not just about trading. Those competing in athletics or games of the mind will find the work most helpful. Our own experience involves competing and coaching people in competitive activities like bridge, backgammon, chess, sports handicapping, poker, and debate. Nearly every chapter has lessons for those striving for success in these fields.

An Important Lesson

There are also important lessons for the individual investor. So much of today's marketing makes it seem easy for anyone to beat the market. Enhancing Trader Performance shows that learning the key lessons to become successful is hard work. It requires a level of commitment that many would not have. It is better to know this before starting, than to learn the hard way.

Summary

Briefly put, this is a must-read for traders and for system developers. It is also recommended for those engaged in any competitive activity. Finally, it is useful for individual investors. Taking the time to understand the problems faced by top traders is the first step. Those unwilling to make the time commitment to read and learn are unlikely to achieve long-run success. Read this book first!
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