Introduction
If you’re searching for how to improve trading psychology, this first-person Q&A captures my conversation as Steve Golding shares hard-won lessons on the inner game: ego, letting go, purpose, process, and presence. I keep his tone and answers faithful to the transcript while fixing grammar for clarity.
Trader Talks QnA
What inspired you to write this book?
I’m passionate about helping Traders get better. I’ve been a Trader for 25 years and halfway through my career I went through a deliberate change process that catalyzed enormous improvements in my performance. Inspired by that, and by my original coach, I became a trading performance coach. I studied coaching and psychotherapy methods that help people change. A publisher loved the frameworks and models I’d been sharing and asked me to put them into a book. Ultimately, trading isn’t just the battle with markets; it’s the battle in here—our battle with ourselves. I wanted the book to be a mirror for Traders, helping them build self-awareness.
Where do you stand on the “mindset vs. strategy” debate?
There’s a phrase I use from mountaineering by Sir Edmund Hillary: “It’s not the mountain we conquer, it’s ourselves.” But you still need the outer game—system, method, strategy, risk management, training. Without positive expectancy and sizing, mindset won’t save you. I often tell people who’ve been trading 6–24 months to first develop fundamentals. The people I coach usually already have that side built. You need both—outer game first, then the inner game.
What is the most common challenge among traders you coach?
The battle with the ego. Everyone has it. We all go on tilt. The challenge is getting to flow—where you and your ego work together and everything aligns behind your process. That requires a strong relationship with yourself. You must like yourself because this job will beat you up. I use a four-quadrant model adapted from psychotherapy; the final quadrant is Letting Go. Great Traders are masters at letting go so they can be present—free from biases, incorrect beliefs, overconfidence, and self-doubt—to execute their process.
How hard is letting go, really?
It’s incredibly hard. Even great Traders I meet might be 5 out of 10 at it—and that’s good enough to be great. The exceptional ones are maybe 7 out of 10. No one is perfect. Years of deliberate work go into mastering letting go. But it’s what separates the best—no result-chasing, no dwelling, no dragging mistakes into the next day.
How can traders get better at letting go and reach flow?
A big part is a journey into yourself and your trading—your risk, probability, uncertainty, and environment. For example, hearing someone in your group nail a six- or seven-bagger can wreck your mindset and lead to bad trading. One anonymized story from my coaching: a top investment bank Trader who was also a top-200 poker player. I helped him find his true edge—not just markets and risk management. He realized people said he “walks away better than anyone else.” After a tough fold that would have won, he paused play, stayed out until his mindset reset, and asked, “In the same context, what would I do next time?” The answer: the same. He practiced self-compassion, avoided “resulting,” and returned the next week to execute brilliantly. That’s letting go.
What does walking away and self-compassion look like in practice?
It means not letting outcomes dictate identity. Check: did it fit my process? Do I need to change? What did I learn? He learned about his opponent and chose not to return until centered. Many people never recover because they change process out of regret. The best give themselves a break—self-compassion—and avoid resulting. His real edge: elite letting go. Same in trading.
Any real-floor examples of ego control?
Back in the CME/CBOT floor days, there was a legendary local. When he lost sync, he’d go back to one-lot until he felt the market again—openly, without ego. Then, when back in sync, he’d size up and smash it. That’s letting go of image, returning to purpose and process.
How does social media affect trading psychology?
It often derails purpose. If you trade to look good, you’ll break rules, revenge trade, and force setups. The legend who sized down publicly didn’t care what others thought. We’re wired for approval—even when alone. I’ve seen bizarre behaviors from seasoned Traders to hide losses from brokers—pure ego. Recognize this wiring and detach from external validation to protect process.
Beyond letting go, what else creates an edge?
I talk about the three Ps of high performance: Process, Purpose, and Presence. Purpose comes first: why am I here? Not a P&L result—your job. Then build a process that serves that purpose. Then be present to it—this is where letting go matters. If ego runs the show, you’re off-process. Regret trades, hope trades—those are ego. Presence realigns action with method and risk.
How do you categorize trading styles psychologically?
I use a Blackjack metaphor: there are two styles—House and Player. House (market-making style) aims for lots of small wins with occasional large losses; costs and risk controls are key; stops can be counterproductive in some spreads/relative value structures (but you need ultimate backstops). Player is like card counting: find favorable setups, size up when odds are in your favor, stay small when not, and always manage risk—stops are essential. The psychology, risk views, and philosophy differ. Know which game you’re playing.
Who exemplifies these styles?
Chris Camillo (social arbitrage) is a Player—tipping odds via unique information—similar to card counting; you can’t go all-in because it’s still probabilistic. Jason Shapiro too, in his way. I was a Player—market momentum, sentiment, leaning in when edge appeared. Mark Minervini—Player. Jim Simons—House. Warren Buffett—Player. George Soros—Player. Citadel—House. SMB Capital houses both styles. Trend following is typically Player; relative value, spread trading, and arbitrage are House. Alignment to style is crucial.
Do you recommend stops?
For Player methodology—yes, I’m a big fan of stops. For House methodology—stops can interfere with the structure (e.g., spreads), though a final backstop is wise. I don’t recommend writing naked calls/puts for individuals; risk tools are insufficient. Using options within a Player framework can be brilliant when aligned with edge and risk.
Where can people learn more about your work?
I have two websites: AlfaRCubed (my coaching business) and AlphaMind (more educational—podcast and workshops). There’s also the Mastering the Mental Game of Trading site. The book is available on Amazon, Barnes & Noble, Waterstones, Kindle, and soon Audible.
Steve Golding Trade Statistics
From the interview, the focus is on psychology and process rather than specific P&L stats. Here are key qualitative performance indicators derived from his coaching insights and personal journey.
- 25+ years trading experience, with a significant mid-career performance breakthrough
- Coached high-performing institutional traders, including top-ranked poker/trader hybrid
- Specialization: ego management, letting go, and aligning process/purpose/presence
- Models/frameworks adapted from psychotherapy applied to trading performance
Key Trading Insights from Steve Golding
Core takeaways to help you improve consistency and learn how to improve trading psychology without changing the authentic tone of the conversation.
- Letting go enables presence; presence enables process execution
- Build outer game first: strategy, risk, sizing, training, market understanding
- Define purpose before goals; align process to purpose
- Choose and commit to your style: House vs. Player; risk and psychology differ
Steve Golding Trading Strategy
This section clarifies strategic frameworks discussed, mapping mindset to method and risk, and helping traders understand the style they truly operate in.
House vs. Player Framework
House style: frequent small wins, occasional large losses; spread/relative value/arbitrage; stops may hinder structure; require robust risk oversight and ultimate backstops. Player style: find favorable setups (edge), size up when odds align, stay small otherwise; stops are essential; examples include momentum, trend, and information-driven edges (e.g., social arbitrage).
Steve Golding Tools
Tools and references mentioned or implied for trading performance work and education.
- Mastering the Mental Game of Trading (book)
- AlphaMind Podcast and Workshops
- AlfaRCubed Coaching Resources
- Bringing Down the House (book on card counting); 21 (film)
Common Trading Mistakes to Avoid
Key warnings and anecdotes from the conversation that derail traders and how to avoid them through presence and process alignment.
- Resulting: judging decisions by outcomes rather than process
- Revenge trading and ego-driven sizing after a loss
- Trading to impress social media instead of serving your purpose
- Ignoring style alignment (House vs. Player) and misusing stops
Conclusion
Improving consistency starts within: purpose first, process next, presence always. Letting go isn’t easy, but it’s trainable. If this helped clarify how to improve trading psychology, share your reflections or questions in the comments, and consider subscribing to continue the conversation on performance, edge, and alignment.