Trading Coach Expert: Here is the #1 thing that makes a great trader!

Trading Coach Expert:  Here is the #1 thing that makes a great trader!

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hey traders this is blake morrow with trader  summit and with me today i have one of the   co-founders of alpha mine stephen goldstein how  are you today sir yeah i'm absolutely fine thank   you great to be here it's great you know it's  great to have you here and it's great to see   you again i i wanted to tell the traders at home  you know my first experience with mr goldstein   was actually listening to your presentation on the  trader summit you know our online conference that   we had last year and i was fascinated by your  topic and i i'm always fascinated by trading   you know trading coaches you know what you know  some people will call them trading psychologists   but i i really look at you as somebody as  more of a a trading coach and to help traders   along their journey on being successful in  the market so tell us a little bit about   you know your background and why i as a trader  should listen to mr stephen goldstein okay so   you're right i'm a traders  coach a performance coach   um i'm not a psychologist obviously i  delve into those areas you do as a coach   i've actually had a background in trading where  i was a professional trader for 25 years in the   investment bank world worked for some i supposed  to say pretty big names out there credits race   commerce bank um american express  the bank and arms of american express   and i was involved in market making  roles in proprietary trading roles   um predominantly in the foreign exchange of fixed  income space more widely known as global macro uh   and i did that from the mid-80s up till  2010 and then i had a career change um   it was i suppose you could say it came around  as a number of almost by by chance originally   but i decided to develop myself as a coach  and performance coach and executive coach   um with a few i was going to work with leaders  and managers because that's what executive   coaches do but naturally having that trading  background um i found myself drawn towards   doing a lot of performance coaching helping  people that i've known in the market for many   years working with them people in various roles  not just trading brokers risk managers analysts   but i i found myself deviating more and more  towards what was my community which was traders   um so i've worked for a number of years with you  say professional traders bank traders hedge fund   traders and then progressively return trainers  that wasn't my audience for many years but they   started calling me um it's like three or four  years ago i started getting a few return traders   calling me and then we started a podcast uh  which is the amp for my podcast with mark randall   um who you've just had on recently um and  hey you've been a guest on it by the time   this might be up that episode might be  out and it was a great episode we recorded   um so you could say that i where i come from which  is slightly different these i've been in the shoes   of traders i've i've got the bruises i've i've  been beaten up several times by the markets and   i was still standing so i know what they've  been through you know i was gonna say that's   probably one of the most important aspects of of  having a trading coach if you will is is saying   hey you've been there you've you've done it you've  been you've had the bad trades you've had the good   trades you've done it all i've had my gut wrenched  down and pulled out through both sides of my body   and twisted around and then stuck back in there  and that's what markets do sir right did you right   i'm glad we could laugh and smile about  it right now but you are 100 correct so   so over the last 10 years you know i'm hearing you  morphed into you know moving from from you know   a lot of institutional to some retail traders  um you know more recently but it does sound like   you're more than just a trading coach it sounds  like it it to me that that you go deeper than   that because where does it really start for a you  know i tell people i don't do the technical stuff   i don't do the skill or stuff that that's more  what a mentor would do you know people come to me   um it's about who they are it's the person behind  the trainer you know it's about the performance   of traders around them understanding  what the job is who they are how they   bring themselves to the job the process side of  it you know i i talk about these three lenses   which is how you should look at trading and  one lens is the technical knowledge fundamental   element the tangible stuff the stuff you can learn  um how you look at markets how you understand   markets how you find value how you price value  how you you know your understanding of market   direction yeah you know where you're looking  for a risk reward um in the job that's quite   a technical element aspect and we do our analysis  we follow the prices we we hear different people's   opinions we read information that's quite tangible  that's quite easy to learn everyone can do that   we can all become pretty good at that sure the  next part is the performance lens but that's the   part no one really works on or if they do  work on they give very little attention to   but that is the game that is the whole game the  other bit doesn't really you know it matters but   it's not the game you know and that's the  bit that people do not work on and develop   and then there's a third lens which is the self  lens because there's someone doing all that   and that's you you know and people they put even  less attention to developing themselves i was just   going to say that's got to be the one that re that  gets the least amount of attention from traders is   is what's happening in here right and then  all three lenses overlap they're not unique   they're not independent you know you have to be  strong in all three of them so this is overlap   which is a focus and that becomes the focus of  good training so i i work very much i would say   on the whole i would work predominantly  on the south then next is the process   but i also work on bringing that in that analysis  i don't teach people analysis i don't talk about   a particular stock or a commodity or you know a  bond or a currency price you know they they get   that from someone else a mentor or a system  they've learned um it's about bringing all   that together a combined process that they  can make into something that works for them   and i had that funny enough 15 years into my  career i i i managed to last 15 years somehow   keeping my head above water um some good years  some bad years and then i was a beneficiary of   this coach that i worked with who took me through  that journey and the next 10 years i suddenly be   fulfilled all my potential as a trader um and  that's that's kind of what i do now i work with   people and helping them fulfill their potential so  let me let me ask you this um you've been you've   been with uh you you and mark uh randall and by  the way that was a really fun interview for for me   and and hopefully for mark as well and i  think for people to to watch it we've had   a lot of people watch um that particular video  but you've only been partnered up with mark   for the last couple years so so what what's  your what's your core business that you have   that runs uh i guess in parallel with alpha mind  well that that's that's the business i could have   for our cubed okay and for our if you  want to check it out that's really the performance   coaching executive coaching that the trainer  development work portfolio management development   work that's what i've built up over the last 10  years um i have a couple of collaborations so   one is out for mine with mark i also collaborate  with another coach in the markets and i have a   couple of other collaborations with other people  not always working with people in the financial   markets it's working with people in business  generally leadership development uh lots of   different areas i have a little bit of voluntary  work i do on the side as well when i coach some   charities who need some uh who you know they they  they need some help but they you know you want   to make sure that the money that they raise goes  into the charitable causes they follow so you know   i have these arms arms to what i do um but you  know it's it's they're all different elements of   the same chip thing which is personal development  traded development human development of the person   okay well let me ask you this then based on your  experience you and and this is something that   you know i want traders that are watching this  right now to to be able to identify with with this   based on your experience you're sampling you know  obviously with not you know you know finding any   specific cases that of somebody that you've worked  with what would you say is the most common i i   don't want to call it a trait but what is the most  common thing that you see about traders that need   help where could you say oh that's pretty  common i see that more often than not   okay so so someone called me up yesterday he  said uh you know he's been trading for quite a   few years works in a prop firm um he says look  yeah i just got this problem in my discipline   but my ability to stay focused poor trigger to  to not over trade and then sometimes you know   it's all these things and i said you know you  and 99.9 of everyone else that i speak to and   i said you know the irony is you've probably got  lots that's really good about what you do you   know you've been doing this for a few years you're  obviously successful you know you want to become   better that's basically what you want and that  that's what people come to coaching for they don't   really come to coaching because they're failing  they come to coaching because they realize they   can achieve more they've got more potential and  they're not fulfilling it that's what sports   people use coaching for you know you're a guy  who's playing tennis and you want to get better   you know you don't go there because you're failing  you go there because you know you can go up   a notch or two or even three or you know and you  look at the pro players they have teams of coaches   you know everyone has a higher level but they  can't get there on their own they need support   they need to work with people they need help  and they want to invest in that that's you know   that's that's that's huge and that's that's  a really really key point that you bring in   bringing in there i mean i think traders think for  some weird reason that you know i'll be able to   trade and i can do this on my own and i don't need  to you know subscribe to some research and i don't   need some self-help i can just read a book here  and there and i can watch cnbc and i'll be fine   yeah think of think of a development curve and  i i'm trying to think which way your viewers are   looking at it but it goes up very sharply and  quickly in the early days of trading you know a   lot of people make some good money some successes  in first six months or first year and then it goes   and it comes all the way back down and they're  like damn this is a lot harder than i thought   okay there's some sort of realization some dawning  that you know maybe i've been lucky until now or   maybe i just a good wave to start with sure and  then there's this long slow often a month-to-year   development journey that goes like that it  goes upwards slowly and over time you become   better at it things start to make sense  you start to develop some winning habits   that takes a long time now what happens for a lot  of people is they're not going to last it they're   going to run out of money they're going to run  out of support they're going to have a good wheel   all those things that they need to last that  learning journey learning journey is really   important you know i i meet a lot of guys who  could have made it but didn't because they ran   out of time or money you know capital they  needed a wife or a girlfriend said you know   we need to keep this roof over our head we need  food on the table sure you know i i gotta pay my   gym membership i want to go on holiday you know i  want a christmas present you know all those things   you know and you're running out of time so the  question is how do you accelerate that learning   journey how do you make it quicker and that's what  coaching does that's what people use in school   that's what people use in leadership and  development that's what you know you're a military   man you know the military does basic training and  an accelerated training for all those purposes   you know it's to accelerate what is a long  process and make it happen you know no one   becomes a fighter pilot overnight let alone  weeks and months it takes years right and   and what they do is they try and accelerate that  process and they use their own forms of coaching   that's what coaching is it's just if you  get that process quicker you get to that   point a little bit faster then you're more  likely to survive the journey that makes that   makes so much sense to me and i'm sure it does to  everybody that's listening in from home or office   so let me ask you this from a takeaway  as a trader um what have you found that   that has accelerated performance the the  the easiest for most so what is your most   common tweak that you've given a trader or you  know your your sample size of traders that you've   worked with over the years what is that one thing  you you can say that's a pretty common denominator   that has really helped across the curve the  most okay this is probably going to sound a   little bit flippant but helping them to let go you  know i don't think so i don't think so elaborate   well you know i i i tell people that you  know i'm probably really a letting go coach   you know and getting people to let go of the  things that are holding the back those chains   that are holding them down that are  blind in the back and they're not always   from trading they're often from life you  know they're often from their early years   their early experiences their their fears and  their greed do they fear they're going to miss out   you know their their self doubts their unhealthy  beliefs that you know that belief that i just   have to find the best analysis or the best system  that's all i need and you know and they believe   that that next trade is the one that's going  to make all the money that's going to you know   buy the lamborghini that's going to be parked  out there at the end of the week you know that   they can become a millionaire overnight all these  really unhelpful beliefs and behaviors and habits   you know training is a process you know and  it's a performance a lot you know and it's got   so many different aspects and facets and and we  do you know we we create these attachments which   just cause it's it's like baggage right like yes  yes and they're not easy they're within us you   know they're deep within us they're not they  don't even reveal themselves until you start   exploring it yeah um so you know if i could  if you know the greatest traders i work with   i call them masters of letting go you know some  of them are unbelievable you know but they almost   make it without calling it letting go their arch  practice so the number one kind of attribute and   you know people think there is this way you've got  to be as a trainer you've got to be super risky   or you know super you know systematic know this  i i meet people who are really risk averse i   mean people are really excited for intense  who achieve great performance as traders   you know it's not about that it's you've got  to be who you are you've got to bring yourself   to the job the best yourself okay so  it's you know it's just letting go of the   these hang ups and that's not easy to do  because we don't even know where they are yeah i'm assuming you as as a coach are going  to be working with traders you work with   traders to identify those things and what  those might be those those little triggers   yeah yeah you know well it's not easy to find  you know i i you know when we do this coaching   we have a series of conversations i use some  models which i've brought in which you know   help unpick the bones of their trading and unpick  what's going on at a deeper level you know and it doesn't reveal itself easily and actually  most of us are resisting revealing that because   that's quite an uncomfortable place a lot of the  times it goes up it sure is well well stephen i   i want to say that you know i'm spending this time  with you that i'm gonna my biggest takeaway is hey   you know to be a better me to be a better trader  sometimes i just got to let go and um you know to   find out more about what you do in your podcast  which by the way i'm i'm i i know you you and   mark interviewed me on your podcast i'm looking  forward to to listening to it myself and i know   some of our traders are going to be listening to  that as well but how do you find out more about   you and what you do right so just go to alpha r  cubed that's word alpha the letter r from risk   and cubed dot com um or go to  which is the partnership i have with mark   you can follow us on twitter i'm at when i  alphamind101 mark is for mind 102. um he's a   coach as well as you know and you know there's  a lot of stuff that we do between us and we   both do stuff individually as well um linkedin you  know stephen goldstein just connected me on there   i've got group as well we've got group half mind  group um and you know that that's those are the   avenues that you can reach me through so that uh  the podcast that you do how often do you do those   um we've kind of originally we were two weeks  apart now we're kind of moving into three weeks   apart because as you know that's quite intense  yeah it is um and you know when you're trying   to do a job as well and i do a little bit of  training still on the side it's just a hobby it's   not a living but you know i like to keep my hands  inside personally i'm watching markets as well   um so so you know trying to balance all these  things with life as well and family and friends   you know it it it takes a lot of time  so we moved it to three weeks apart   you know but we've got some great people  coming up on it over the next few months i   won't mention any names yet we're still just  finalizing them but that people are gonna   you know bring some really great conversations  to to our audience and to people out there   well that's awesome well i look forward to our  next conversation maybe what we can talk about   the next time that we made is you know when  when uh when you're talking about that that   you know that trader curve when when they first  you know they hit their peak then they come down   you know i'm assuming there are certain events in  the markets that you've seen over the years that   create those types of those types of uh curves for  a lot of traders whether you're talking about you   know the the crypto spike and then fall back in  you know 2017 2018 or dot-com bubbles or you know   those types of events that actually create that in  traders so i'm i'm excited for maybe the next time   that we can speak and talk a little bit in more  detail about that yeah yeah absolutely the black   swans all right well steve thank you so much for  your time today i know i know all the traders here   at uh at trader summit are getting a lot from this  conversation remember you can click down below   in the link of this video to get to stephen  goldstein himself and uh and and and also uh   get to some of your podcasts that you've posted on  trader summit as well so thank you so much again   for spending your time with us thank you thank you  for having me it's been a pleasure and some great   questions as well all right we'll have we'll have  a great day and we'll talk to you soon thank you

2021-10-16 17:37

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