{"id":798,"date":"2018-03-12T06:00:37","date_gmt":"2018-03-12T13:00:37","guid":{"rendered":"https:\/\/www.steadytrade.com\/?p=798"},"modified":"2019-04-05T14:03:14","modified_gmt":"2019-04-05T21:03:14","slug":"daily-trading-coach","status":"publish","type":"post","link":"https:\/\/www.steadytrade.com\/daily-trading-coach\/","title":{"rendered":"The Daily Trading Coach Part 1"},"content":{"rendered":"\n
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Traders need to be focused on self-improvement; you can never beat or \u201cmaster\u201d the market. To succeed, you must have a growth mindset and work to make yourself stronger, faster, and smarter each and every day. So the question is, “what is a daily trading coach?”<\/span><\/p>\n\n\n\n

With that in mind, today\u2019s episode is going to address a very commonly asked question fielded by veteran traders: what books do you recommend? Taking a slightly different format in this two-part episode, Tim and Stephen will address several salient points from a highly recommended trading volume entitled <\/span>The Daily Trading Coach<\/span><\/em><\/a> by Brett Steenbarger. <\/span><\/p>\n\n\n\n

About the book<\/b><\/p>\n\n\n\n

The Daily Trading Coach<\/span><\/i> is one of Tim\u2019s favorite trading books. It\u2019s broken down into 101 short lessons which are kind of like \u201cdaily devotionals\u201d for traders. These mini lessons are meant to be read one a day and are extremely digestible and helpful. This is a book you can read chapter by chapter and improve over time. <\/span><\/p>\n\n\n\n

Lessons from the book<\/b><\/p>\n\n\n\n

For the episode, Stephen chose several topics from the book; both hosts address them and offer their thoughts based on their very different points of trading experience. <\/span><\/p>\n\n\n\n

Topic 1: Should you give up as a trader? <\/b><\/p>\n\n\n\n

Every trader has been there: feeling tired of being wrong and losing money, and ready to throw in the towel. The excitement that they once had upon greeting the market now feels more like dejection. But are these really signs that it\u2019s time to give up, or do you just need to adjust your approach and expectations?<\/span><\/p>\n\n\n\n

Listen, we can\u2019t all be a superstar trader like <\/span>Roland Wolf<\/span><\/a>, but what kind of progress should you be making to show that you\u2019ve got what it takes to be a trader? Tim and Stephen offer some honest thoughts on this sticky subject. Tim addresses the easy entry into trading and how it can give traders a false sense of expectation; Stephen offers insight on the idea of following your dreams versus knowing when it\u2019s time to call it quits. They also offer some sensible ways to honestly evaluate if your progress (or lack thereof) is indicating that it might be time to turn to a different endeavor. <\/span><\/p>\n\n\n\n

Topic 2: How to deal with performance anxiety<\/b><\/p>\n\n\n\n

Performance anxiety occurs when we worry too much about outcomes, and it affects how we perform. This anxiety can plague individuals in any number of settings, from tests to playing sports and beyond. It\u2019s also one of the most common problems among traders. So what\u2019s to be done?  <\/span><\/p>\n\n\n\n

As Stephen says, trading can feel \u201cworse than going on a first date sober\u201d. Tim and Stephen discuss common causes of trading anxiety and frequent mental traps that traders can fall into. Desperately wanting to be right can have a deep impact on your expectations, which can create a lot of pressure. Tim offers his thoughts on how a trading plan can be a huge part of overcoming trading anxiety. Moreover, it\u2019s less about maintaining positive expectations and more about focusing on performance itself. <\/span><\/p>\n\n\n\n

Topic 3: The importance of rules (and how to stick to them)<\/b><\/p>\n\n\n\n

Rules matter when it comes to trading, and they can help reduce losses. Basically, rules are checks on our impulses that keep us doing the right things, even when we don\u2019t want to. So in trading, how do we \u201cstay on the right side of the road,\u201d so to speak? <\/span><\/p>\n\n\n\n

Tim and Stephen address why rules matter, and how to know when you need to adhere to them a little better. For instance, if you\u2019re going to the maximum pain point on every trade? You might need to change your approach. As Tim says, learning lessons by \u201cburning your hand on the stove\u201d isn\u2019t always a bad thing in the long term! <\/span><\/p>\n\n\n\n

Got questions? <\/b><\/p>\n\n\n\n

Do you have a question about something in this (or any) episode? Be sure to visit the <\/span>\u201csubmit your audio\u201d<\/span><\/a> section on our website to ask your question; it might just be featured on the air! <\/span><\/p>\n\n\n\n

Thanks for tuning in to the Steady Trade Podcast! Stay tuned for weekly episodes covering every aspect of how to be a steady trader with long-term, reliable success! <\/span><\/p>\n\n\n\n

Did you love this episode? Be sure to leave an <\/b>iTunes review<\/b><\/a>!<\/b><\/p>\n\n\n\n

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