Trader Psychology: Every Elite Trader Has These Six Qualities With Dr. Brett Steenbarger

Trader Psychology has long been recognized as a huge component of any traders long term success as a trader. In this video, we interview world renowned trading psychologist Brett Steenbarger in connection with research that he performed about the major traits that distinguish elite traders from the rest of the pack.

#TradingPsychology #stockmarket #daytrading

[dequanalbury]

Six Qualities of Elite Traders
1. Capacity for Sustained Focus
2. Originality & Creativity
3. Learned From Mentors & Great Traders
4. Emotional Resilience
5. Attention to Detail
6. Always Working to Improve their Game

Great and valuable video. Thank you, Dr. S!!

[Frankincensedjb]

As the son of an Ivy League educated mechanical engineer with advanced degrees, and as a former college professor myself, I can tell you that several of these qualities are good for most anyone in the workaday world, and they're qualities I learned from my dad, on through college and on the job. To be a trader, you certainly need a self-starter, entrepreneurial mindset. There's no time for the lazy and unmotivated, so sustained focus is essential. And like anything, you have to start somewhere, so start with someone you trust and connect to. Not everyone can be YOUR mentor. I always preached attention to detail to my students, because no employer wants to hire the mentally lazy to screw up for a good salary, and as a trader you're dealing with your own money, so that should be enough motivation. One last thing I can tell you is that ALL highly successful people are CONSTANTLY learning, and NOT just in one field or from the obvious places. A diverse background of knowledge will always come to your aid, no matter what you do. I suggest you read books on critical thinking as well. Your mind is your money muscle. God bless.

[mustafabaris]

Here is another list that is probably just as good :

1. Having an edge
2. Delayed gratification
3. Extreme patience
4. Self discipline
5. Having a curious mind
6. Having a simple life away from drama and toxic people.

Like that list ? How about try this list that is also just as good :

1. Having no ego
2. Being processed oriented rather than profit oriented
3. Mindfulness
4. Ability to stay humble even after extreme profits
5. Ability to visualize negative outcomes to avoid catastrophic mistakes
6. Accountability

Also not bad huh ? Well, how about this that might be just as good :

1. Passion for trading
2. Ability to recognize certain patterns ( Pattern Recognition )
3. UnStubborness ( Ability to admit you're wrong and change course )
4. Creating a strategy that suits your own personality
5. Ability to measure progress
6. Choosing being progressive over perfection

I guess you guys get the idea..Do not get bogged down on such lists of certain characteristics written by psychologists . Everyone is different and everyone trades differently.. Trading is a game of psychology and there is only one crucial thing you need to figure out : How do I become a consistently profitable trader ? The ultimate goal in this game of trading is to become consistently profitable..Once you work towards this goal and as you achieve it over time you will be able to write down your own characteristics that have made you a consistently profitable trader..

[MIchaelGuzman]

These are very valuable rules for anybody who wants to get rich trading. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $210k now to put in the market.

[georgerobinson]

Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking the bold steps we need in other to reach our goals.

[VampirusX]

The whole vid is a big confirmation for me! I am glad, I found it!
My personal rules:
- Never be fixated on profit
- Don't fell for FOMO. Set a daily limit for living and everything above is only allowed at strong signals!
- ALWAYS stick to your rules
- Never stop improving (as discussed in the vid) your strategy (if possible). Don't change fundamentals to go drastic steps because of market movements.
- Trading is NOT a game! If you get bored from a slow, choppy market, quit for the day. Concentrate on what you are good in don't try a new terrain out of boredom.

[johntutty]

It's not about the money it's about getting the trade right.Strategy, Skill, Discipline.

[MiikeFaber]

The right investment can get you ahead in no time.The pandemic has shown us just how quickly decades of planning, investing and saving can be completely upended. This could mean your current financial plan might leave you without enough money to last your retirement. A recent Vanguard study found that, on average, a hypothetical $500K investment would grow to over $3.4 million under the care of an advisor over 25 years, whereas the expected value from self-management would be $1.69 million, or 50% less.

[brianmercado]

Well, I’m 68 years young, and during Covid19 I started learning how to trade CFDs online. I have had a great time learning the ropes. I agree that we will all make mistakes, and those mistakes teach us how nit to get bitten by the same mistake. One has to have an entrepreneurial attitude. As an entrepreneur one will have everyone telling you that you can’t do this or that, and you must have the ability to accept failure, without giving up. At the moment I make around 300% per annum on the limited investment that I was able to make, of $50, 000-. I have listened to your successful traders who struggle with up-scaling. I think I would also struggle with that. All that I do is I use less and less of my capital to continue to make what I consider to be an acceptable income. That way I can afford to make a large error without stopping out. Thanks for your videos. They draw our attention to things that we have forgotten.

[scottporter]

I’ve been playing competitive video games for the last few years. My transition to fast pace small cap momentum trading has been pretty good. I’m fascinated on this being a talked about topic.

[realtimeforextraderthebrut]

Absolutely FABULOUS video!!!!
Thank you for sharing.
Sharing knowledge benefits the whole of the Trading World.

[charleswilliams]

Always thinking outside the box and constantly improving myself.

[OvidiuRauca]

One of the best webinars I have seen lately Dr. Brett comes closest so far to the legend Mark Douglas.
1. Capacity for Sustained Focus
- I have a BSC in computer science so I know I have the capacity for sustained focus probably more on the deep thinking part as I like to envision different trading scenarios but I do enjoy scalping also.
2. Originality & Creativity
- not sure how I would stack up here, probably on the lower end since I like to do what works
3. Learned From Mentors & Great Traders
- 100% agree great mentors are best success predictors by far
4. Emotional Resilience
- I used to be depressed after a losing trade, now I know losers are normal and would be madness to think otherwise but still it is the hardest part of trading for me as I tend to trade my PNL and screw up good trades.
5. Attention to Detail - I like to put my SL above/below pockets of liquidity and I enjoy polishing my excel sheets stats bordering

6. Always Working to Improve their Game - I agree, as long as you have a solid base otherwise it can be equally destructive


4 and 2 would like to know who to improve

[denvercolorado]

This interview helped me identify the traits in me that I can build on to become a better trader. thank you for interviewing Dr. S.

[gitatjendana]

I feel lucky to have access to this talk. Thanks SMB Capital.

[KimberlyBarkdoll]

I don't know how anyone can give this a thumbs down. If you are a mature person and can be self reflective, consider external feedback, etc. You will see that these are all things that would make you a better trader. And, actually, that other mentorship companies say the same thing, in a different way. Of course, most of them are book readers and have coached with this Dr.'s book in the past also ;)

[aztradescrypto]

I know I have majority of these traits. One thing I have to admit though is I never learnt TA per say from mentors since It was all self taught. I personally couldnt afford mentors or courses at the very start of my trading career, but I did research to find out what other traders did as mistakes and prevent myself from going through that experience. I was ALWAYS attentive to what traders experienced. even 6 years later, im still attentive.

[justinholtgrave]

Always working to improve my game has helped me learn great strategies ideas but it causes me to want to alter my strategy every 3-5 trades.
I am now testing all 3 of my entry strategies with for 20 trades each to finally find the best entry strategy for my setup after 3+ years of going back and forth.

[dekutube]

Outstanding!

I have known for awhile that I want to trade weekly to 30 days out... not daily ... not long-term, etc.

So important to Know Thyself!

[Bigdaddyt]

This wasn’t only great for short term trading, but great for value investing. Thanks for the continuous great content smb.