SMB Capital’s Mike Bellafiore on Dr. Brett Steenbarger’s Master Class

Man, i wish could have attended this class. Below are excerpts from Mike Bellafiore’s posts following the class.

As you should know by now i’m a big fan of Dr. Brett Steenbarger’s work. The technicals attract the beginners, but it’s the psychology that weeds many of them out, and that’s why i focus on this part here on my blog. I don’t care about page views, i try to share what is good insight for people serious about this endeavour, people willing to do the work. And that’s why i barely post about technicals anymore but instead mention @steenbab so much.

He recently did a Master Class at the Traders Expo and Mike Bellafiore kindly shared takeaways and inspirations from the class in 2 brilliant blog posts.

Below are my 8 favorite takeaways, re-organized in a specific order.

  1. To become a distinct trader you must leverage your personality and cognitive strengths.
  2. Constantly keep score of your trading results.
  3. The successful trader studies himself as much as their trading.
  4. Embrace failure as a means to success.
  5. Most identify an issue in their journal, but do not take the next necessary step to develop a solution-based goal to improve.
  6. Study, study, study your successes.
  7. Conscientiousness and resilience build success.
  8. Openness to experience sustains success.

Click here to read the rest of Mike’s takeaways: 21 key takeaways from Dr. Steenbarger’s Master Class

And here is my favorite inspiration (emphasis added):

3. Identify areas to improve and then set specific goals so that you do in fact progress.  Dr. Steenbarger shared that too many just identify areas of improvement, but do not take the next step of setting specific goals to progress.  One trader, who I am coaching presently, needs to size up on his best trades to take his trading to the next level.

We have made excellent improvement smoothing out his PnL, by focusing on routine over PnL. During this class, it struck me what to work on next with this trader.  Next month we will focus on getting bigger in his best trades.  Not to actually solve this issue next month.  But to begin focusing on how he wants to get bigger.  In what setups he wants to size up.  Have the trader focus his detailed review on grading his performance for sizing up.  With the goal of in one quarter the trader knowing the setups he must size up, not forcing other trades with size, and letting those big trades come to him.

Click here to read the others: 5 inspirations from Dr. Steenbarger’s Master Class

The next best thing is Dr. Brett Steenbarger’s latest book: Trading Psychology 2.0, which i own and highly recommend.

SMB Capital’s Mike Bellafiore on Dr. Brett Steenbarger’s Master Class

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