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Ep. 542: Trading Psych Mega Episode with Michael Covel on Trend Following Radio

Trading Psych Mega Episode with Michael Covel on Trend Following Radio
Trading Psych Mega Episode with Michael Covel on Trend Following Radio

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Please enjoy my monologue Trading Psych Mega Episode with Michael Covel on Trend Following Radio. This episode may also include great outside guests from my archive.

In this episode of Trend Following Radio:

  • Envy and happiness
  • Fear of losing vs Fear of missing out
  • Mental accounting
  • Expert discretion
  • Efficient market theory
  • Human ego
  • Warren Buffett and his trading strategy
  • Passive investing
  • Sigmund Freud’s impact on trading
  • Standard deviation as a proxy for risk
  • Matching “the benchmark”
  • Systems theory
  • Money management vs. Position sizing
  • Ed Seykota’s trading and psychology strategies
  • Tom Basso’s trading and psychology strategies
  • Yoga
  • Training your brain how to think

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Ep 399: Brett Steenbarger Interview with Michael Covel on Trend Following Radio

Brett Steenbarger
Brett Steenbarger

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My guest today is Brett Steenbarger, a Clinical Associate Professor of Psychiatry at New York State University, author of “The Daily Trading Coach,” “The Psychology of Trading,” and “Enhancing Trader Performance.” His newest work is “Trading Psychology 2.0: From Best Practices to Best Processes.” He is a trading coach, psychologist, author, blogger, and stock index trader.

The topic is trading psychology.

In this episode of Trend Following Radio we discuss:

  • The emotional “buy in”
  • Checklists
  • Finding a smooth equity curve
  • Repeated performance vs. deliberate practice
  • The role of fitness and health in trading
  • The moment of now
  • Systems trading vs. discretionary trader
  • Relationship between volatility and volume

“The fantasy of easy riches collides with the reality of what you need to do to prepare to win and I think that creates quite a dissidence for many beginning traders and ultimately leads them to leave the field.” – Brett Steenbarger

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Ep. 239: Brett Steenbarger Interview with Michael Covel on Trend Following Radio

Brett Steenbarger
Brett Steenbarger

My guest today is Brett Steenbarger, a Clinical Associate Professor of Psychiatry and Behavioral Sciences at SUNY Upstate Medical University in Syracuse, NY.

The topic is Trend Following.

In this episode of Trend Following Radio we discuss:

  • What a “flow state” is, and why it’s important
  • How Steenbarger has seen flow connect to the trading world, and the importance of matching your level of difficulty and challenge
  • Risk and risk tolerance
  • The logical and psychological sides to risk
  • “What have you done for me lately” attitude for investors
  • Why we don’t grow if we stay within our comfort zones
  • Process vs. outcome
  • The psychological burden of certain fee structures
  • Some of the common characteristics of successful traders
  • Slow thinking, deep thinking, and fast thinking
  • Where we’re headed regarding prescription drugs related to the mind
  • Trend trading vs. mean reversion
  • Contextualism
  • Trend following vs. momentum trading
  • How people actually behave vs. how they describe their behavior

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A Trader’s Self-Evaluation Checklist

Some key questions asked by Brett N. Steenbarger, Ph.D. in his ‘A Trader’s Self-Evaluation Checklist’?

Are trading losses often followed by further trading losses? Do you end up losing money in ‘revenge trading’ just to regain money lost? Do you finish trading prematurely when you’re up money, failing to exploit a good day?

Do you cut winning trades short because, deep inside, you don’t think you’ll be able to make large profits? Do you become stubborn in positions, turning small losers into large ones?

Is trading making you happy, proud, fulfilled, and content, or does it more often leave you feeling unhappy, guilty, frustrated, and dissatisfied? Are you having fun trading even when it’s hard work?

Are you making trades because the market is giving you opportunity, or are you placing trades to fulfill needs — for excitement, self-esteem, recognition, etc. — that are not being met in the rest of your life?

Nice.


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