steven Goldstein

Trader Performance Coach,Executive Coach.investment Bank Trader for 25yrs. Co-host of the AlphaMind Podcast.

[steven Goldstein @Alphamnd101]

I want to be a pilot - Learn for 5 years
I want to be a Lawyer - Get a degree then learn for 5 years
I want to be boxer - Practice for 4/5 years.
I want to be an athlete - Practice for many years.

I want to be a Trader - Start tomorrow.

Any guesses why so many fail??🤔🤔🤔🤔

[steven Goldstein @Alphamnd101]

Great Paradoxes of Trading

When you go into trading with the goal of making money you’re less likely to succeed.

When you go into trading with a a goal of succeeding, you’re more likely to make money.

[steven Goldstein @Alphamnd101]

Every trader suffers periods were they aren’t making money. Profits aren’t evenly distributed & randomness is a feature of the terrain.

That’s why managing your capital carefully when your not feeling the market is vital.

Making Money is Not That Difficult, Holding-On to it is!

[steven Goldstein @Alphamnd101]

How true is this of your own trading journey?

"Whenever we learn a skill, we frequently reach a point of frustration - what we are learning seems beyond our capabilities. Giving in to these feelings, we unconsciously quit on ourselves before we actually give up." Robert Greene

[steven Goldstein @Alphamnd101]

By default: If trading can make you a lot of money, it’s either a highly skilled job which takes years of patience to learn, or it’s a lottery (which it isn’t)

Go figure.

[steven Goldstein @Alphamnd101]

I’ve never been a fan of Option Selling by inexperienced traders. If there’s an area of trading where expertise is vital needed it’s managing short options. That brokers are allowed to promote the running of naked short options to inexperienced traders is close to criminal IMO.

[steven Goldstein @Alphamnd101]

The ability to admit you are wrong, accept it, learnt from jt, let go and move on, is the greatest common denominator I find amongst all the best traders and managers I’ve worked with and coached.

[steven Goldstein @Alphamnd101]

Becoming a trader is a process & an art that takes time.

Have faith, stay the course.

[steven Goldstein @Alphamnd101]

If you are afraid to do something, which with the benefit of hindsight may look really dumb, then my guess is trading is not for you.

If on the other hand you can accept potential failures as the price you pay to win, then trading may just be the right job for you.

[steven Goldstein @Alphamnd101]

Fooled By Randomness’ by @nntaleb is 20 yrs old next month.

I believe it’s the most inciteful book you‘ll ever read about markets, risk, and how you act in markets.

That’s why it’s #1 on my suggested reading list for new clients and has pride of place on my bookshelf

[steven Goldstein @Alphamnd101]

During my career, I often found myself staring blankly at screens, somehow believing that the longer I stared the more likely they were to turn my way. -

What I could have done with all that time!!!!!

[steven Goldstein @Alphamnd101]

A winning system is great, but YOU must make it work for YOU

Being mentored is useful, but YOU must make their advice work for YOU

A great coach can help you finesse your trading, but it’s down to YOU and YOU alone in the moment

👉It’s not the Market YOU conquer, but YOURSELF.

[steven Goldstein @Alphamnd101]

Purpose before Goals

A major error many traders make is setting (unrealistic) goals.

Set goals, but let them emerge from your purpose. Goals set without consideration to your purpose or l often create problems where purpose then becomes set by your goal and not reality.

[steven Goldstein @Alphamnd101]

Favourite Chart Patterns (if you have one).

My fave 3:
- Cup & Handle
- Failed Head & Shoudlers
- Falling Wedge in an uptrend.

[steven Goldstein @Alphamnd101]

Good luck with that tapering... My view is that growth is going to be much slower than expected in Q3 and the CB's will be looking to do more QE, not less.

[steven Goldstein @Alphamnd101]

There’s few things more disruptive to trading than feelings of regret.

Sometimes in trading you do everything right and still lose. If you allow the pain of regret from that outcome to change your subsequent choices, you’ll be more damaged by that than the bad outcome itself.

[steven Goldstein @Alphamnd101]

Great traders don’t just learn a system, they virtually decode the markets then build an approach, system, method fitted to themselves.

That why just learning a system/method alone isn’t the answer, merely a starting point.

That’s why this Performance Model is how it’s done👇

[steven Goldstein @Alphamnd101]

The Technical Model of Trading.(99% do this). Learn a system/technique and away you go.(Easy, Quick, Cheap)

The Performance Model of Trading (Winners do this). Focus your trading around yourself, develop yourself, incorporate techniques into your practice.(Hard, Timely, Costly)

[steven Goldstein @Alphamnd101]

I’m watching many traders slagging Fed’s Powell off this morning.

Trading is a job where you are shifting your mind, opinion, view based on what ‘ever-changing data’ is implying. That’s what you literally do for a living. So why slag off others who have to do the same!!!

[steven Goldstein @Alphamnd101]

Whilst you’re busy putting your energy into trying to figure out where the market’s going, those who succeed are busy trying to get better at what they do. One of the tools many of them use is journals

New AlphaMind Podcast🎙
🎧 https://t.co/o5YnONCknE https://t.co/yZ3dXVI2Ie