January 16, 2019

Brett Steenbarger: The Importance Of Deliberate Practice In Trading

Video duration: 3m19s

Record date: August, 2018

Dr. Brett Steenbarger considers trading as a performance activity similar to sports or chess:

"What traders need to focus on is that trading is a performance activity no different from sports no different from chess acting and so in any performance activity it requires practice it requires feedback about how we're doing efforts at getting better and better and so we see successful traders going through a certain kind of learning curve where they're constantly learning from their experience changing what they do improving what they do redoing relearning always evolving."

 Brett also stresses the importance for traders to work in teams:

"One of the techniques that's worked very well with the developing traders I've worked with is to learn in teams (...) Traders will team up and learn together. They will keep a journal of their results, have a daily report card that they keep about what they've done well, what they need to improve and they share that with each other so that each trader is learning from everybody else which doubles or triples the learning."

You can find Dr. Steenbarger's books on Amazon.com:

Trading Psychology 2.0: From Best Practices to Best Processes (2015)
The Daily Trading Coach: 101 Lessons for Becoming Your Own Trading Psychologist (2009) 
The Psychology of Trading: Tools and Techniques for Minding the Markets (2002)