A Strong Trading Mind
- Thread starter amitrandive
- Start date
How Can Competent Traders Become Great Traders?
http://traderfeed.blogspot.in/2014/09/how-can-competent-traders-become-great.html
What is most important is that your good trading actually be your practice. That means, per the recent post, that you dissect your performance and identify precisely what you are doing well (so that you can replicate it) and what you could do better (so that you can improve upon it). The key here is turning your observations regarding strengths and weaknesses into specific plans and goals that become actionable in subsequent trading. That is what turns mere review into deliberate practice. It also means that your best trading becomes your best practice.
Now suppose you want to try something new in your trading. In that situation, it can be very helpful to return to simulation mode outside of trading hours and rehearse how your idea would play out in a moving market. I recently came up with an idea for an entry pattern that was unique. I spent the better part of a weekend morning reviewing past markets and seeing how the pattern played out over the past couple of years. That helped me refine the pattern considerably and now I'll be ready to try it out in real time with a one or two lot. Crawl-walk-run. Turn the trading into practice, but don't allow practice to interfere with profitability. Simulation mode provides all the experience with none of the risk. You can always add the risk element by trading the new ideas in small size.
To sum up, more trading is not necessarily more practice. Indeed, more trading can instill bad practices. And more time in front of screens is not necessarily more practice. Deliberate practice means doing, obtaining feedback on results, and then correcting performance. If you're a competent trader wanting to become a great trader, you need to identify what you already do greatly and leverage that into more consistent success. Once you're consistently profitable, your further financial success may well come from managing more capital, not from continually tinkering with your trading.
http://traderfeed.blogspot.in/2014/09/how-can-competent-traders-become-great.html
What is most important is that your good trading actually be your practice. That means, per the recent post, that you dissect your performance and identify precisely what you are doing well (so that you can replicate it) and what you could do better (so that you can improve upon it). The key here is turning your observations regarding strengths and weaknesses into specific plans and goals that become actionable in subsequent trading. That is what turns mere review into deliberate practice. It also means that your best trading becomes your best practice.
Now suppose you want to try something new in your trading. In that situation, it can be very helpful to return to simulation mode outside of trading hours and rehearse how your idea would play out in a moving market. I recently came up with an idea for an entry pattern that was unique. I spent the better part of a weekend morning reviewing past markets and seeing how the pattern played out over the past couple of years. That helped me refine the pattern considerably and now I'll be ready to try it out in real time with a one or two lot. Crawl-walk-run. Turn the trading into practice, but don't allow practice to interfere with profitability. Simulation mode provides all the experience with none of the risk. You can always add the risk element by trading the new ideas in small size.
To sum up, more trading is not necessarily more practice. Indeed, more trading can instill bad practices. And more time in front of screens is not necessarily more practice. Deliberate practice means doing, obtaining feedback on results, and then correcting performance. If you're a competent trader wanting to become a great trader, you need to identify what you already do greatly and leverage that into more consistent success. Once you're consistently profitable, your further financial success may well come from managing more capital, not from continually tinkering with your trading.
How would you prevent impulsive decisions trading?
https://jkonfx.com/blog/2015-01-29-...rview-with-senior-therapist-dr-sheri-jacobson
Impulsive and risky decision-making, like any risky behaviour, is often connected to some form of avoidance. And what we are avoiding is usually some sort of worry or emotional upset. Are you seeking a distraction or a 'high' to avoid facing something that is bothering you? Do you have unresolved issues in other areas of your life or from your past that have you acting recklessly on a regular basis? When is the right time to face up to and sort these issues out?
How about now? Otherwise, if your impulsivity is only around trading, use delay tactics. Set a timer and don't allow yourself to act until it goes off. One of the best things to do is to get yourself out of your mind for a few moments. A brisk ten minute walk can help. Not only does it get you into a new environment, exercise also releases hormones that help us feel good, and when we feel good we want to make good decisions.
https://jkonfx.com/blog/2015-01-29-...rview-with-senior-therapist-dr-sheri-jacobson
Impulsive and risky decision-making, like any risky behaviour, is often connected to some form of avoidance. And what we are avoiding is usually some sort of worry or emotional upset. Are you seeking a distraction or a 'high' to avoid facing something that is bothering you? Do you have unresolved issues in other areas of your life or from your past that have you acting recklessly on a regular basis? When is the right time to face up to and sort these issues out?
How about now? Otherwise, if your impulsivity is only around trading, use delay tactics. Set a timer and don't allow yourself to act until it goes off. One of the best things to do is to get yourself out of your mind for a few moments. A brisk ten minute walk can help. Not only does it get you into a new environment, exercise also releases hormones that help us feel good, and when we feel good we want to make good decisions.
How Your Words Impact Your Success
http://www.success.com/article/rohn-how-your-words-impact-your-success
If you have a limited vocabulary, you will also have a limited vision and a limited future.
Sometimes the subtle difference in our attitude, which can make a major difference in our future, can be as simple as the language we use. It’s the difference in even how you talk to yourself or others. It’s consciously making a decision to quit saying what you don't want and to start saying what you do want. It’s faith—believing in the best, hoping for the best and moving toward the best.
Instead of saying, "What if somebody doesn't respond?" start saying, "What if they do respond?" Instead of saying, "What if someone says no?" say, "What if they say yes?" Instead of saying, "What if they start and quit?" say, "What if they start and stay?" Instead of saying, "What if it doesn't work out?" say, "What if it does work out?"
When you start thinking and saying what you really want, then your mind automatically shifts and pulls you in that direction. And sometimes it can be that simple—just a little twist in vocabulary that illustrates your attitude and philosophy.
http://www.success.com/article/rohn-how-your-words-impact-your-success
If you have a limited vocabulary, you will also have a limited vision and a limited future.
Sometimes the subtle difference in our attitude, which can make a major difference in our future, can be as simple as the language we use. It’s the difference in even how you talk to yourself or others. It’s consciously making a decision to quit saying what you don't want and to start saying what you do want. It’s faith—believing in the best, hoping for the best and moving toward the best.
Instead of saying, "What if somebody doesn't respond?" start saying, "What if they do respond?" Instead of saying, "What if someone says no?" say, "What if they say yes?" Instead of saying, "What if they start and quit?" say, "What if they start and stay?" Instead of saying, "What if it doesn't work out?" say, "What if it does work out?"
When you start thinking and saying what you really want, then your mind automatically shifts and pulls you in that direction. And sometimes it can be that simple—just a little twist in vocabulary that illustrates your attitude and philosophy.
Sometimes when you have outgrown the situations in your life, and you are not aware, or do not have the courage to move on ~ life will move on you. You may have been told that your company is going in another direction. You knew it was coming, and you didn’t prepare yourself. Now you are angry, and feel you were wronged. You have to move on.
Your relationship of many years may have ended and you were devastated, confused and shocked. You are in pain, feel disillusioned and full of despair. However, it is time to move on. Your mind is reeling and your heart feels as if it has been ripped out and handed to you on a platter. As hard as it will be, you have to shake it off and move on. Moving on does not mean that you give up. Moving on means that no job, relationship, house, or any other thing is worth your sanity.
Do not focus on the things that you have lost. You can always get these back and much more. Focus your mind. Get still. Go within. Tap into your GREATNESS and move on!
Les Brown
Your relationship of many years may have ended and you were devastated, confused and shocked. You are in pain, feel disillusioned and full of despair. However, it is time to move on. Your mind is reeling and your heart feels as if it has been ripped out and handed to you on a platter. As hard as it will be, you have to shake it off and move on. Moving on does not mean that you give up. Moving on means that no job, relationship, house, or any other thing is worth your sanity.
Do not focus on the things that you have lost. You can always get these back and much more. Focus your mind. Get still. Go within. Tap into your GREATNESS and move on!
Les Brown
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