Sunday, March 21, 2010

Becoming a Self-Aware Trader

"When you are your own trading coach, there is always a part of you that stands apart from your decision-making and execution, observing yourself and exercising control over what you do and how you do it. The real value of the trading journal is that it structures the process of self-awareness and helps make it more regular and automatic. If you were walking on a familiar street, you would hardly think about how you walk; everything would be on autopilot. If, however, you were taking the same walk in a minefield, you would be exquisitely self-aware, conscious of every step that you took. Trading is neither a walk in the park nor a minefield...perhaps it's more like a walk in a beautiful, but somewhat dangerous park. You want to be absorbed in the walk, but alert and aware at the same time. That is the function of the trading journal: it enables you to monitor yourself, even as you are immersed in what you're doing."

The Daily Trading Coach, p. 102


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5 comments:

Edgehunters said...

Hi Dr Brett

Yet another great post.

I must say that every time I visit your blog I ALWAYS leave it either motivated, educated or both.

I genuinely mean that so keep up the good work.

Mark

Brett Steenbarger, Ph.D. said...

Many thanks, Edgehunters. I appreciate the feedback--

Brett

mash said...

Dr Brett,
I have made some spectacularly foolish losses in trading recently..
Though i had seen your blog earlier but this time i found..hell the secrets i have been looking for have all been given by you...
i am in the process of reading all your posts, starting a journal.
analyzing my mistakes(unfortunately those were so basic in nature that there is hardly any value )
Hope i learn to do the right things in a controlled manner and GROW as a trader....
THANKS A LOT...

NDru said...

Hi Dr Brett!

Been reading your posts for quite some time now and I thoroughly enjoy them!

Just a question on keeping a trading journal. Are there any sites that you particularly like or recommend?

Brett Steenbarger, Ph.D. said...

Hi NDru,

The stocktickr.com site has interesting journaling resources--

Brett