The AlphaMind Podcast

#94 Steven Goldstein: 35 Years of Trading Lessons Learned

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Jul 18, 2022
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ANECDOTE

Early Trading Career and Challenges

  • Steven Goldstein's trading journey began in 1986 as an assistant on a Japanese bank's desk, experiencing the intense volatility of the 1987 crash.
  • He transitioned from arbitrage and market making into directional trading, facing various market challenges and learning through experience.
INSIGHT

Value of Trading Desk Community

  • Being part of a trading desk creates a collective learning environment, which provides valuable real-time market insights.
  • Trading alone at home lacks this social feedback, making risk management and recognizing pain trades harder.
ANECDOTE

Ego Trap and Trading Losses

  • After a successful year, Steven became arrogant and attached his ego to his trades, ignoring colleagues' warnings.
  • This mindset prolonged his losing streak as he refused to exit losing positions, illustrating psychological pitfalls in trading.
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