* Suppose a blog integrated backtested trading signals with updated market information: intraday sentiment (how large traders are leaning), sector and intermarket themes, relative volume/volatility, etc.
* Suppose a blog integrated teaching and coaching with all the above, structuring learning time before and after market sessions
* Suppose a blog seamlessly integrated input from participants for mutual learning
* Suppose a blog could update real time screening of stocks and sectors to identify what's moving and trending and what isn't
* Suppose a blog could highlight original research based on historical patterns, methods for executing trades effectively, and successful strategies for money management--not just trade "setups"
What you would have is a kind of virtual trading group: a way to move from fragmented "education" to actual training. It would also be a way to overcome the isolation of independent trading and enjoy a level of decision support normally possible only within large trading firms.
Get ready. 2010 isn't so far away.
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19 comments:
Great post. In addition to this I envision groups of people who trade in likewise fashions in a chat room calling out signals as they see them unfolding in real time. The group benefits from having more eyes and ears and the individuals can act on the info that is useful and ignore the rest. A virtual trading team.
*Excellent* idea, Cathy. I see this in trading firms all the time: groups and teams form within the larger trading group, based on thinking and trading in "likewise fashions". The mutual support and learning are tremendous aids to performance--
Brett
Nice Doc...we're really self-actualizing now ;-)
Lots of eyes, one brain...it's the "Borg Blog"!
Great weeknd all.
charleS
It sounds very,very exciting Dr Brett.But how will you cope with the numbers?
Gary
Cathy.....I'm working on it.
Exciting stuff Dr. S.
This is a great idea and jobs in general will probably morph into this format in the future.
How do you discriminate between competent and incompetent participants? Groups as Brett knows, often stratify at competence levels. How do you keep a group feeling but partition the various comfort zones?
Love your work Brett, you are so intense.
Dakota
Dr Brett
Take the weekend off - you have earned it! I need to change my text message bundle for higher usage...
So can we hope to have a service like this offered in 2010???
Thanks for all your great posts!
Dave
Brett,
Awesome! By the way, the daily content you post has been especially excellent in recent weeks. For example, the disection of a recent trade, discussions of your trading methods/mechanics, etc. Very helpful/enlightening, and most appreciated!
Thank you,
Joe F.
Brett, you already are a big part of my trading, sentiment, study, analysis and self-coaching! This virtual group is indeed already here, just waitting for a formal approach to calling trades, maybe a discussion board?
The chat room or Skype group would be the next step for sure! Count me in!
Cheers!
Gustavo
Looking forward to 2010!!
Dakota, In reference to competent vs incompetent. I envision a set of group eyes, not necessarily saying buy this and sell that. More like I'm seeing divergence on the 15 minute, etc. Participants can then do as they please with the collective info.
"Toto, I've a feeling we're not in Kansas any more."
teehee.
Yup, Dakota, Brett is very intense. Lovely, isn't it?
About 30 minutes ago, I was doing the tape reading thang for CME, and saw the selling drying up at 261.55, got in quickly at 261.80, and rode it up about 2 bucks to a target defined by remembering seeing a big seller there on the way down. All the time, I am wondering, am I imagining what I am seeing? Would have been great if there was a bunch of tape readers who could keep real time contact with each other.
Very cool concept.
I like Cathy's idea, but how does this fit with doing one's own work and trading ones owned ideas?
I have to echo Dakota's comments as my experience is even controlled environments, Telechart Platinum as an example, tend to turn into "chatter" rooms where 95% of the conversation is noise.
As always, thanks for your focused efforts.
Bear
Maybe I am too cynical, but I don't see how this trading by committee or disseminating of ideas benefits the lower end of the food chain. If you spoon feed trading themes or even more specifically trading signals how will those trying to learn the craft actually make any progress. One has to get sweaty palms sitting with their own positions rather than someone elses ideas to truly gain an understanding of themselves and the trades they are making. I'm all for mentoring, but believe Dakota brings up an excellent point. How is forming a group like this any different than signing up for a fee based newsletter(other than potentially no fees)? Usually the only one profiting from the newsletter is the guy writing the copy. I know I probably offend many readers of the site declaring a group trading effort barely differs from watching Cramer rant and rave(good luck making money following that entertainment superstar). Make use of Dr. Brett's psychological methodology and figure out the trading side of it on your own! Put your hand up if you are consistently making money trading and still find the overwhelming desire to view this site pre-open gagging for the theme of the day.
Hi Dr. Brett, regarding the 'issues' with I just read in the comments from 'virtual group' and the experienced traders leaving, I think that one possible solution would be in recording the experienced traders comments for two results. One is that the comments made from experienced traders are rather valuable and most likely have been developed by that trader over time and is more than just a comment, but a gem of wisdom, thought out and edited and rewritten in their mind as to be valuable enough to be repeated. So if there was an area on the blog or chat room where a few of these extraordinary contributions were made available in an archive, then perhaps the experienced traders would realize that their contributions were valued highly as they should be, and maybe a small thanks and positive stroke would occur as they realized how highly they are valued. Maybe less experienced traders could even refer to the experienced trader's contributions or to the experienced trader directly. Just a thought of how to possibly retain experienced traders because one commenter said that they had that problem. - J
Terrific idea. Must make sure there is some positive reinforcement for the experienced traders to participate. For me, just the process of refining my ideas and getting them into writing provides value. That is one reason I started my blog.
I must say that visiting http://www.reapertrades.com/ is an example of learning how to trade with others using the web. Its quite interactive. Roughly 30 comments are written on the daily trading posts. All including trades, price breakout points, timing when to get in and out, etc.
It seems to me that Twitter already is starting to take on this "trading room" function. I am following about 50 people on Twitter right now including people like Dr. Brett, various other blogger/traders, journos, etc. I am adding my trades and ideas to the stream, but only to the extent that they help others will I get followed in turn.
Clearly, I think this experience is accelerating my learning curve, as I previously traded in a very isolated manner.
Providing value for participation to the highest-level contributors remains the open question.
Well we don't care too much about the lower end of the food chain except for what liquidity they bring us. After the fact, shared reflections probably are the best value to be had in this kind of environment. I'm responsible for what I think and what I trade, can't imagine asking someone to share their edge with me, world doesn't work like that. Our mentor Brett helps with thought process and this is way more than i can expect from anyone. Just a day end group therapy would be great. Couldn't imagine dealing with the blog noise in addition to all the filtering of market noise I do already. Diety bless everyone, no exceptions.
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