From Trading Desks to Coaching: Insights from Steven Goldstein
In this episode, I had the pleasure of speaking with Stephen Goldstein, a seasoned trader turned performance coach. Stephen shared his extensive journey in the trading world, starting from his early days in the mid-1980s when he began his career at a Japanese bank in London. He detailed his progression through various roles, including his time at Credit Suisse and Commerzbank, where he honed his skills in interest rate and FX trading. Stephen's career culminated at American Express, where he spent seven years as a prop trader before transitioning to coaching in 2010.
Stephen's transition to coaching was inspired by his own positive experience with a coach during his trading career. He now focuses on helping traders, from professional investors to retail traders, enhance their performance by addressing the psychological and emotional aspects of trading. Stephen emphasized the importance of understanding oneself as a risk-taker and maintaining a positive relationship with oneself to succeed in trading.
We delved into the challenges traders face, such as self-sabotage, emotional control, and the importance of staying on process. Stephen shared valuable insights on managing risk, the significance of having a structured approach, and the necessity of experiencing the pain of trading to learn and grow.
Stephen also discussed his book, "Mastering the Mental Game of Trading," which aims to provide traders with a comprehensive guide to navigating the mental challenges of trading. The book is filled with real stories and practical advice to help traders develop a mindset that increases their chances of success.
00:00:00 - Introduction and Early Career00:00:48 - Transition to Interest Rate and FX Trading00:01:20 - Move to Credit Suisse and Prop Trading00:01:40 - Career at Commerzbank and American Express00:02:25 - Career Crossroads and Transition to Coaching00:03:12 - Becoming a Performance Coach00:04:19 - Influence of Performance Coaching00:04:50 - Early Life and Motivation for Trading00:06:34 - Initial Experience in Trading00:06:58 - Starting in Fixed Income and FX00:07:55 - Reality vs. Movies: Trading in Investment Banks00:10:10 - Challenges in Trading00:12:13 - Mindset and Routine in Trading00:14:29 - Scaling Trades and Risk Management00:19:15 - Performance Coaching Approach00:21:44 - Common Issues Faced by Traders00:24:09 - Trends and Cautions in Current Markets00:26:18 - Online Prop Firms: Concerns and Changes00:29:02 - Overcoming Losses and Mental Challenges00:37:03 - Personal Experiences and Self-Improvement00:39:10 - Insights from the Book00:42:35 - Closing Tradition: Question for the Next Guest00:46:11 - Where to Find Stephen Goldstein
Bookmap Link - https://bookmap.com/members/aff/go/Drake44
ATAS Platform - https://atas.net/?rs=partners_oft290559
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