* MARKET THEMES FROM MONDAY: Stocks opened strong, with the risk themes in gear: weak U.S. dollar, strong commodities, rising Treasury rates. After consolidating near Thursday's price highs, consistent buying pressure led to a slow rise through most of the session. New 65-day highs hit a fresh peak for the market rally, indicating that the rally has retained significant strength. Once again, we're seeing that dips are short-lived and shallow, as money managers are afraid of missing the bull move.
* OVERSEAS/OVERNIGHT NUMBERS: Monday 11:30 PM CT - Australia, Reserve Bank (central bank) announcement; 4:00 AM CT - EU, PPI; 8:30 PM CT - Australia, imports, exports.
* EARNINGS: ADM, CAR, CNO, ED, CVS, EMR, ETR, KFT, TM, UBS, WFMI
* WORTH READING:
-- Thanks to a very astute reader for this article on the secret to world-class performance;
-- A wise trader calls attention to this article on one crucial secret to success;
-- Valuable life lessons from Irwin Yamamoto;
-- Beijing concerned about overheated stock market;
-- Asia on the rise in early trade;
-- Race to debase world currencies.
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1 comment:
http://soccernet.espn.go.com/feature?id=664864&sec=europe&cc=3888
Doc, is this something retail/professional young traders face as well, given that it is a similarly high performance field?
I understand you have written about this in your books, but this live example might help further to provide insights into a high performance field.
Just my 2cents as follows... I guess there are a few parts to this article;
1) Expectations; internally or externally generated, it has to be achievable and promotes steady growth instead of "fly me to the moon".
For example, in the article the footballer (soccer in US terms) states that the entire weight of the club/nation was on his shoulders; specific to traders, is the need to carry an entire family based on the trading income too much a burden to bear, that trading itself becomes an anxious and entirely unenjoyable affair?
What about the comment in the article that mentions the player saying
"everybody in Germany knows your name, you have reached the top and outside your door is a Mercedes. Is this it? Is there not anything more than this?"
Odd enough, when it comes to great professionals in their fields, the money that comes with their achievements isn't really the #1 thing on their minds; sure, it pays the bills, but they don't really care.
I guess with experience through hard knocks or with coaches, such mental expectations can be fine tuned.
2) Skills; not only execution skills which is crucial, but also the mental ability to adapt at higher levels where the stakes are much higher.
In the article, the player described is very talented (I agree, because i've seen him play); meaning that he has great skills at a young age... but when going into a higher plateau, he is unable to perform and adapt his expectations/perspectives to suit the higher level of demand from all angles to the situation.
Is this merely something that differs to each individual? Or did the player/trader/player's coach fail to build the expectation of what might come at higher levels of performance?
I remember that Doc, you mentioned about how there is no "minor league" in trading to hone your skills and this might be an additional obstacle to overcome in trading.
3) Coaches/support; as with the earlier article about "grit", I think its a pretty darn important role as well.
With reference to the article, the player mentioned that
"When I was writing autographs I tried to give the fans something personal. But the second question they asked me was always: What car do you drive or how much money do you make? This really made me depressed,"
Does this perhaps have a little connection to the reason/motivation for one's trading?
It is a rather odd situation where in trading/financial world, the results are measured by $$$, but surely one does not want to be judged as a person based on that?
Perhaps, in addition to the importance of having a team as mentioned in previous articles, is the fact that if the team has a healthy mix of traders with different trading styles, methods, aspirations... a sort of social feedback forms each individual traders' personal expectations and resilience by simply through such interaction, which is beneficial in such a high performance field.
The traders' coach, family, peers, managers all come into play to treat the trader as a professional, not as the commodity that the trader trades so often, which will gradually add to the self-esteem, confidence and resilience of the trader- characteristics that distinguish the great professionals from their peers, irregardless of field.
Once again Doc; thanks for opening my eyes to different perspectives of viewing various fields, in particular the competitive ones- I used to be one of those who boos such players!
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