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From Trading Desks to Coaching: Insights from Steven Goldstein

From Trading Desks to Coaching: Insights from Steven Goldstein

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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 Career
00:00:48 - Transition to Interest Rate and FX Trading
00:01:20 - Move to Credit Suisse and Prop Trading
00:01:40 - Career at Commerzbank and American Express
00:02:25 - Career Crossroads and Transition to Coaching
00:03:12 - Becoming a Performance Coach
00:04:19 - Influence of Performance Coaching
00:04:50 - Early Life and Motivation for Trading
00:06:34 - Initial Experience in Trading
00:06:58 - Starting in Fixed Income and FX
00:07:55 - Reality vs. Movies: Trading in Investment Banks
00:10:10 - Challenges in Trading
00:12:13 - Mindset and Routine in Trading
00:14:29 - Scaling Trades and Risk Management
00:19:15 - Performance Coaching Approach
00:21:44 - Common Issues Faced by Traders
00:24:09 - Trends and Cautions in Current Markets
00:26:18 - Online Prop Firms: Concerns and Changes
00:29:02 - Overcoming Losses and Mental Challenges
00:37:03 - Personal Experiences and Self-Improvement
00:39:10 - Insights from the Book
00:42:35 - Closing Tradition: Question for the Next Guest
00:46:11 - 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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