Find a great mentor

[darktone]

 

[foroom lluzers]

market timing

http://www.trade2win.com/articles/2190-what-happens-when-you-try-time-market

Warren buffet invests , hedge funds try to time the markets .

http://www.cnbc.com/2017/02/25/buff...onkeys-says-hedge-funds-cost-100-billion.html

https://www.google.co.uk/webhp?sour...spv=2&ie=UTF-8#q=market+timing+is+it+possible

 

[piphoe]

market timing ALWAYS matters ...where investing and trading intersect depends on your age.

on avg you have 80 yrs on this planet...first 20 don't count. that's gives you at most 60 to make it work, and for most a lot less; and of course you want to spend it sooner rather later

Imo, investing takes a heck of lot more faith given the longer timeframe and variables thaat come to play over time.

 

[foroom lluzers]

Search on google for "How to master your brain during stress responses "In a stress response , your brain shuts down , during trading activity , you are prone to trading errors and losses.

Three Skills that Help You Master Your Brain’s Response to Stress

1. Mindfulness
2. Cognitive Flexibility
3. Bringing in the Positive

Search google for mindfullness

https://www.google.co.uk/webhp?sour...&espv=2&ie=UTF-8#q=mindfulness+videos&tbm=vid

 

[foroom lluzers]

http://www.trade2win.com/boards/psychology-risk-money-management/194038-no-plan-no-trade.html

 

[piphoe]

you got to put the time in.

must be willing to stare at a monitor for very long times.

 

[foroom lluzers]

you got to put the time in.

must be willing to stare at a monitor for very long times.

Trading is mentally very exhausting , you can not watch screen effectively for more than 6 hours.When you are tired ,you are prone to errors like pilots who mess up

https://en.wikipedia.org/wiki/Pilot_fatigue

https://www.google.co.uk/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=pilot+fatigue

https://www.google.co.uk/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=pilot+fatigue&tbm=vid

 

[piphoe]

Trading is mentally very exhausting , you can not watch screen effectively for more than 6 hours.When you are tired ,you are prone to errors like pilots who mess up

https://en.wikipedia.org/wiki/Pilot_fatigue

https://www.google.co.uk/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=pilot+fatigue

https://www.google.co.uk/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=pilot+fatigue&tbm=vid

speak for yourself. i am well over 12hrs each trading day, and 6-8 over weekends studying the patterns of prior week. i love it.

 

[tradingdojo]

Some of whats been stated doesnt always apply. I mentor a small group of traders that I picked at random... free of charge. I'm still seeking talent ad the group grows.

 

[foroom lluzers]

Some of whats been stated doesnt always apply. I mentor a small group of traders that I picked at random... free of charge. I'm still seeking talent ad the group grows.

how good is your knowledge of trading psychology?

fear , trading psychology , emotions , amygdala Hijack , stress response ,trader's personality , the need to be right , mental preparations for traders , hippocampus shutdown , cognitive biases , wired to lose , mark douglas , mindfullness , self sabotage for traders , traders and uncertainty , stress responses reactive patterns and when mind reverts to subconcious responses

 

[tradingdojo]

I'm no psychologist and I don't agree that this is the secret sauce a mentor can provide. I show my group the most optimal method regardless of anyone's personality. This gives them the confidence to conquer their internal world and become disciplined. It's impossible to ground your resolve without testing a technical method that has proven to work consistently. Your psychological growth stems from your belief in your system. If you don't have a system thats proven itself to you and you're talking about psychology then you really need to take a step back and reassess your progress.

Theres no hand holding in my group. You're taught what works and its up to you to see it for what it is and leverage the information. Not everyone makes it, and I'm wise enough to understand that not everyone is cut out for this. Are you?

 

[dbphoenix]

I'm no psychologist and I don't agree that this is the secret sauce a mentor can provide. I show my group the most optimal method regardless of anyone's personality. This gives them the confidence to conquer their internal world and become disciplined. It's impossible to ground your resolve without testing a technical method that has proven to work consistently. Your psychological growth stems from your belief in your system. If you don't have a system thats proven itself to you and you're talking about psychology then you really need to take a step back and reassess your progress.

Theres no hand holding in my group. You're taught what works and its up to you to see it for what it is and leverage the information. Not everyone makes it, and I'm wise enough to understand that not everyone is cut out for this. Are you?

Perhaps your key phrase here is "your psychological growth stems from your belief in your system." So many beginners and not-so-beginners fail to follow their own trading plans because they don't trust them. This is a particular problem if it happens to be somebody else's plan. In a general sense, this is about "psychology", but more specifically it stems from a reluctance or refusal to do the work and to assume responsibility for one's choices.

 

[tradingdojo]

Ultimately the discipline to test the technical method until you believe in it is the key. It boils down to work ethic. I guess not being lazy is also psychological.

 

[tradingdojo]

In response to what you said about trust being an issue if its someone elses plan. The only owner of "the plan" is the market. We bend to its will, not the other way around.

I don't believe in finding or creating a trading method tailored to the individual trader's personality. This is constantly regurgitated in trading forums but it is misleading. There are a handful of optimal strategies, thats it. In realistic terms there aren't many different ways to catch the low of a period in a bullish scenario. We must develop a strategy that caters to the markets tendencies. Tailoring for the trader is backwards and undisciplined.

 

[foroom lluzers]

we have to get a certain amount of pleasure and stimulation or rewards from our daily activities and what we put into our bodies. If we don't, then we create a pleasure deficit or what is known as "reward deficiency," and are subject to depression, anxiety and poor performance. Each day we have to stimulate our reward pathways adequately if we are to function well emotionally, mentally and physically.

There is a conflict between patience required to wait for the high probability entry , and our phsyche , we can not be sitting idle doing nothing.High probability trading requires sitting patiently for hours and days , can you train them to sit patiently?


Despite what many mentors claim , market timing is very difficult and patience is the key , succesful traders have a lot of it.They will wait for a entry for days ,then they will run their profits for days.If the coaches who claim market timing is easy , they will be on their yachts ,not here.

If everything goes according to plan fine , but when it does not , how do you prepare for system breakdown?

What kind of trading do u coach?swing , day trading or trend trading?

 

[tradingdojo]

I agree that patience is a key factor, but isn't that obvious?

 

[tradingdojo]

There is only one type of trading. Its called trading. Once you've mastered it, you can choose which timeframe to trade within your overall understanding of our current location in the market.

 

[dbphoenix]

In response to what you said about trust being an issue if its someone elses plan. The only owner of "the plan" is the market. We bend to its will, not the other way around.

I don't believe in finding or creating a trading method tailored to the individual trader's personality. This is constantly regurgitated in trading forums but it is misleading. There are a handful of optimal strategies, thats it. In realistic terms there aren't many different ways to catch the low of a period in a bullish scenario. We must develop a strategy that caters to the markets tendencies. Tailoring for the trader is backwards and undisciplined.

Re your first statement, I agree. My experience has been that new traders and failing traders don't focus on the market; they focus on their beliefs about the market (or thoughts or fears or feelings). This places them in a perpetual state of surprise. But rather than do the work of determining just how the market works, they look for courses or trading rooms or software packages or whatever that accomplish the result of the trader trading somebody else's plan, i.e., somebody else's beliefs, fears, feelings. This does not end well. And of course the trader blames the vendor for everything that goes wrong.

As for creating a plan suited to one's personality, the market couldn't care less about the trader's personality. This doesn't mean that the trader can't trade what he wants, when he wants. But the market is the market, whether the trader is focused on a tick chart or a weekly chart of bonds or futures or equities. As you point out, the low of a period in a bullish scenario is what it is. The trader's task is to decide what to do about and how and when, assuming that he's learned to recognize it.

 

[tradingdojo]

There are maybe 2 optimal entry strategies and if you're not doing one of them you're basically doing it wrong. Its about finding that golden technique that the market consistently deems worthy. It exists folks and if you've given up looking for it and decided to go with the "every trader is unique" misconception then theres nothing I can say, except that you gave up too early. It took me 5 years to realize it. How long have you been testing?

Which reminds me. I love people who want to become traders but don't want to backtest. Or claim they don't know how. If you don't know how to backtest then chances are trading is too sophisticated a profession for you. Some people dislike my direct honesty but I just don't have time for delusional people. You either have a gift or you don't. You're either different from most people or your not. Again I'm not a psychologist but I can show you what works.

Until you have something that you've tested thoroughly and know works, you shouldn't really be talking about trading psychology.

 

[foroom lluzers]

Backtesting has no emotions , stress or any phsychological handicaps being back tested .hmm
Backtesting in such an inappropriate environment without emotions , stress or any phsychological handicaps , for which it will not be used , is useless and the dumb trading industry does it.