Looking for a Trading Coach?

Discussion in 'Psychology' started by Gyles, Sep 10, 2007.

Looking for a Trading Coach?

  1. Yes

    42 vote(s)
    39.6%
  2. No

    64 vote(s)
    60.4%
  1. hausse

    hausse

    Inability to follow a profitable system is probably caused by lack of capital and/or lack of trust in the system. The latter can be overcome by understanding what the system is based on and thorough testing. The former by not trading until sufficient capital is available or by willpower. Another possible reason could be bad execution - things like not running the system in time, not updating data, not giving the orders in a timely manner. This one can correct by willpower as well.

    When I used a system once upon a time I tested it thoroughly before starting actual trading and then didn't follow it properly due to fear of losing caused by undercapitalization. The way the mind works - mine at least - seems to result in underperformance when not taking all system signals but picking them. This dawned on me and I took care to get the system signals only and blocked other influences like looking at charts, watching market tv, reading newsletters. I then forced myself to take all signals despite undercapitalization and became successful with it.

    Experts maybe wouldn't approve of that but they have different interests than moi, like selling books or keeping clients etc.. My risk, my decision, my result.

    Helpful to me was also understanding that successfully applying a system is a process which takes a lot of time. This process consists of many small steps - the individual trades. Over time the positive expectancy would show in profitability but it is still a process. And I need to allow it to unfold and not stand in the way.

    Also, one should be aware that there are no guarantees for success, no sure things. At least not to my knowledge. If one can't accept that then trading is quite difficult. Every level of success is possible but nothing is guaranteed. Trading a system is a business decision.
     
    #31     Sep 23, 2007
  2. DrEvil

    DrEvil


    Respectfully I disagree. If you have a system/setup which you have tested (I prefer hand testing myself) over a sufficiently long period you will know all there is to know about the success of the system/setup. That's where the confidence comes from.
     
    #32     Sep 23, 2007
  3. there is so much to say about this i cant type it all. mb :D
     
    #33     Sep 24, 2007
  4. Brandonf

    Brandonf ET Sponsor

    Agree 100%. One of his non trading books, A pattern for daily living- is by far the best self help book ever written, and its the basis for all of his trading books as well. Its about the size of your hand and is around 100 pages long, shouldnt take more than an hour and a half to read. It changed my life.
     
    #34     Sep 24, 2007
  5. Gyles

    Gyles

    What I had wished to state was this, that while testing your systems and if the results are good. Then, everything is fine. However, the moment you reach the $3000.00 stop loss mark that you use in the actual sense (reality) of trading you are bound to be scared. In this fear, you can and might spoil your trades.

    Therefore, it is not the case of laziness but a simple bitter truth that even if the system is a good one, you are unable to trade is as per the conditions as it may go against your conscience or personality.

    Machines (including computers) deal with just plain facts and figures and not the other emotional factors which may have to be dealt with.

    Hence, I once more ask my question, as I wish to know as to what is better to understand what you can and what you can not follow before doing trading via the system.

    As the saying goes "Little knowledge is dangerous" and "it is better to be forewarned and forearmed". So, better be laughed at, than later on if I lose money just because I could not ask some questions.
     
    #35     Sep 27, 2007

  6. Good post Mike.

    I thought grob's one about the problems being "learnt" and physiological rather than psychological was interesting. Although as usual he was overcome with grandiosity and couldn't recognize when he was in agreement with people like steenbarger.

    Steenbarger talks about behavioural ways of overcoming programmed mistakes (ones where you do the wrong thing and can't even detect the thought that caused it).

    Denise Shull with ANNA talks about ways of dealing with the problems Mike talks about.
     
    #36     Sep 27, 2007
  7. 1st things is to avoid like the plague the website you posted!
     
    #37     Oct 1, 2007
  8. Is that relevant to my question? :confused: :confused: :confused:
     
    #38     Oct 1, 2007
  9. yea about as relevant as that spamming link.
     
    #39     Oct 1, 2007
  10. Surdo

    Surdo

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    #40     Oct 1, 2007