Welcome to the first official episode of the SteadyTrade Book Club!
Today, the festivities begin with one of host Tim Bohen’s picks: “The Daily Trading Coach” by Brett Steenbarger.
According to Tim, if you struggle with trading, odds are there’s something going on in your brain that’s holding you back. One of the best ways to deal with these roadblocks? Reading and reflection.
In the episode, Tim Bohen, Stephen Johnson, and Kim Ann Curtin (aka The Wall Street Coach) share their thoughts on the book. Read along with the crew –– and share your thoughts! Leave a comment below, or tag us on social media using the hashtag #steadytradebooks.
Want to see what book is coming up next? Check out the full schedule and synopsis for each book in this episode.
About the Book
“The Daily Trading Coach” is one of Tim’s all-time favorite trading books. He considers it a must-buy and must-read for new traders. The book is broken down into 101 bite-sized lessons that are set up almost like a “daily devotional.”
The short lessons are meant to be read one a day, and they’re extremely easy to follow and helpful. It’s a book that you can keep on hand and take in one lesson at a time.
If you’re a longtime SteadyTrade listener, the title of this book might sound familiar. That’s because Tim and Stephen have discussed it before…
SteadyTrade Book Discussion
So … what did the hosts think? Here are some highlights:
Tim: Well, obviously Tim loves this book. In the episode, he shares his personal favorite lesson, which might not be the one you’d expect (just kidding … it’s totally the one you’d expect).
He also shares how one of his biggest takeaways from the book is how traders have a responsibility to cultivate a mixture of methods that are distinctly their own.
Stephen agrees. Traders should work to learn from each other and figure out what works best for them. Copying someone else simply doesn’t work!
Stephen: Stephen admits that he prefers some other books when it comes to trading psychology. This book offers great tips for getting started, but his complaint is that just doesn’t dig deep enough.
Nonetheless, he sees the value in this book for traders with limited schedules. It’s a perfect handy volume for a commute, for instance.
Also, Stephen’s interested in the idea that your personality translates to your trading style. So nervous people are generally nervous traders. Impulsive people tend to be impulsive traders, and so on. Identifying your style is an important step to helping you improve.
Kim: One of Kim’s favorite things about this book? It’s versatile. She felt that many of the lessons are applicable not just to trading … but to life in general.
She’s always curious about what makes her more awake, conscious, and aware. She found that many of the book’s lessons were helpful in pointing her in the right direction.
Her favorite lesson? That would #8, which relates to how we’re all operating under roles that we’ve adapted to based on time and experience. And that can lead to a problem … When we operate under these “scripts,” we can be typecast in life … and in trading.
So how do we break out of the box? All three hosts share their thoughts.
Did You Read the Book Too?
Did you read along with the crew? Got something to say? Reach out and say something, anything! Our hosts love to hear from listeners.
Thanks for tuning in to the SteadyTrade podcast. Stay tuned for weekly episodes featuring the hottest topics for aspiring traders.
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