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Mastering the Mental Game of Trading: Harnessing the power of the inner self to fuel trading outperformance
Mastering the Mental Game of Trading is a groundbreaking exploration of the psychological intricacies that define success in the world of trading.
Drawing on extensive experience as a performance coach and former trader, Goldstein presents powerful models and theories that challenge readers to reflect upon their own mental, emotional and behavioural challenges when engaged in trading.
Goldstein introduces the Performance Process Cycle, a unique framework that serves as a guiding roadmap through a trader’s journey, illuminating the complex interplay between risk, uncertainty, and the human psyche. He also unveils The Two Approaches Theory of Trading , which transforms trading into two distinct practices, each with its own philosophical underpinnings.
This book transcends the typical trading literature, delving deep into the art of achieving high performance in the face of uncertainty. Whether you’re a novice trader seeking to build a solid foundation or a seasoned pro looking to hone your skills, Goldstein’s insights will provoke profound introspection about your own trading behaviours and actions.
Mastering the Mental Game of Trading is your key to unlocking the secrets of trading success in today’s complex markets.
Drawing on extensive experience as a performance coach and former trader, Goldstein presents powerful models and theories that challenge readers to reflect upon their own mental, emotional and behavioural challenges when engaged in trading.
Goldstein introduces the Performance Process Cycle, a unique framework that serves as a guiding roadmap through a trader’s journey, illuminating the complex interplay between risk, uncertainty, and the human psyche. He also unveils The Two Approaches Theory of Trading , which transforms trading into two distinct practices, each with its own philosophical underpinnings.
This book transcends the typical trading literature, delving deep into the art of achieving high performance in the face of uncertainty. Whether you’re a novice trader seeking to build a solid foundation or a seasoned pro looking to hone your skills, Goldstein’s insights will provoke profound introspection about your own trading behaviours and actions.
Mastering the Mental Game of Trading is your key to unlocking the secrets of trading success in today’s complex markets.
344 pages, Paperback
Published January 16, 2024
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Displaying 1 of 1 review
April 29, 2025
The author is a financial markets trader who in later career became a coach for traders. The underlying premise is that trading is uniquely stressful and traders need tailored support to help them deal with the psychological pressures. The key organizing framework of the book is a Performance Process Cycle, involving four stages of being, producing, performing, and "letting go." Traders can go off-process, such as into a "tilt" state in which ego-driven behaviors may interfere. Think of a poker player who a player loses their concentration and makes rash decisions, perhaps becoming emotional.
One wonders at the end of the book what is different about trading from, say, being a social worker, teacher, or even training in the gym. When I do a deadlift, for example, I go through five steps - stance, grip, positioning, setting my back, execution... and then letting go or reflecting on what I have just executed. After each rep. So I think that there is nothing new about the framework. It is useful to highlight where things can go wrong.
Unfortunately the author succumbs to introducing many well-known external frameworks into the book that are seemingly inserted to add credibility, but are not well covered, nor integrated. Hence, you will read about Tony Robbins, Maslow's Hierarachy of Needs, cognitive biases (loss aversion, confirmation bias...) to mention a few. It is unclear how these are consistent with the arguments presented and I would have preferred a more thorought discussion and analysis of the relevance of cognitive biases, for example.
I found it a frustrating book because many aspects needed more careful discussion and integration. And, if you think trading is stressful, try being a firefighter or A&E first responder. I have less sympathy for traders.
One wonders at the end of the book what is different about trading from, say, being a social worker, teacher, or even training in the gym. When I do a deadlift, for example, I go through five steps - stance, grip, positioning, setting my back, execution... and then letting go or reflecting on what I have just executed. After each rep. So I think that there is nothing new about the framework. It is useful to highlight where things can go wrong.
Unfortunately the author succumbs to introducing many well-known external frameworks into the book that are seemingly inserted to add credibility, but are not well covered, nor integrated. Hence, you will read about Tony Robbins, Maslow's Hierarachy of Needs, cognitive biases (loss aversion, confirmation bias...) to mention a few. It is unclear how these are consistent with the arguments presented and I would have preferred a more thorought discussion and analysis of the relevance of cognitive biases, for example.
I found it a frustrating book because many aspects needed more careful discussion and integration. And, if you think trading is stressful, try being a firefighter or A&E first responder. I have less sympathy for traders.
Displaying 1 of 1 review