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The Making of a Trader

I don't understand why is this moved to trading discussion...

The Making of a Trader

This is the model that we are going to take forward with us from today, so we talked about few actions behaviors and approaches, talked about decision-making, awareness of decision making, finding a niche, focusing on a process, keeping a journal, ...

The Making of a Trader

Develop a winning psychology ----------------------------------------------------------------------------------------------------------------------- Cognition---------------------------------------------------------------Affect (motivation, ...

The Making of a Trader

You really need to think about your trading process and how well you are trading, not how much money you are making or losing, get back into the process. What was the quality of my decision process? Good trading habit is keeping a journal. 24% say ...

The Making of a Trader

We touched a point on your trading process and it is important key. The best example on this is: trader had such a big focus on pnl (pips/money), it was the only he cared about. He ended up developing eye twitch, and that occurred at the start of ...

The Making of a Trader

Now let's look at how you can improve decision making. There are 3 dimensions There is a trader, the strategies you trade, and the markets you trade. All traders are unique and different, somewhere there is a perfect blend or the niche where you, ...

The Making of a Trader

So this exercise is really important. You need to also think about Crucial moments. All of us in trading have crucial moments , moments where we are at most risk, so one trader might be when they get into the market and it goes straight away against ...

The Making of a Trader

So great exercise is to start getting the contrast between your best and your worst. The more detail you can get about those 2 the better. But it also allows you to start to get a sense of what's going on in the middle. Am I more towards my best? Am ...

The Making of a Trader

Let's start with Awareness. Performance awareness What factors affect your trading performance and decision making? What helps you to trade and perform well? What stops you trading well, what are the challenges? Think of the time you are trading ...

The Making of a Trader

So we look today the understanding part what is the good decision? For me it's the following the process. We talked about discipline vs process, flexibility, that maybe always sticking to the plan won't give you maximum returns, knowing when to flex ...

The Making of a Trader

This program is to reduce how this factors affect you and improve trading returns. So let's start with what's really important wich is how we can make better decisions? I will give you core approaches so you can make a difference. This is model for ...

The Making of a Trader

Trader tendencies cutting profits running losses taking excessive risk not pulling the trigger chasing losses External factors results/performance environment-desk floor,institution life events market conditions date/time Biases and heuristics ...

The Making of a Trader

77% of people cut profits too early, 58% run losses to far, 35% chased a loss, 73% not pulled a trigger on good trading setup, 69% taken too much or too little risk so these are common trading behaviours and again because the market has a lot of ...

The Making of a Trader

What factors affect your decisions? If we think about good decision really is about good process some will win some will lose, if we can keep that core idea of making the trades of good process, that's fundamental to all trading and i think many of ...

The Making of a Trader

Now when we start to look at process we often think about discipline and I want to make a point here because it's really important and its summed up best by this quote "No man ever steps in the same river twice , for its not the same river and he's ...

The Making of a Trader

--------------------------win -------- lose Good process ----------1------------- 2 Poor process -----------3 ------------ 4 We got 4 possible outcomes, we ignore trades that could be flat scratches, but let's look at trades that could be winners or ...

The Making of a Trader

Evaluate doctors decision on the following scale: 3- Clearly correct, and the opposite decision would be inexcusable 2- Correct , all thing considered 1- Correct, but the opposite would be reasonable too 0- The decision and its opposite are equally ...

The Making of a Trader

There was a survey of 250 traders on what they think is the main factor that was stoping them for maximizing their returns in the market. 76% say psychology is biggest factor. So let's start to have a look at what is a good trading decision before ...

The Making of a Trader