Tuesday, March 02, 2010

Help Shape the Upcoming Webinar!

In my last post, I announced next week's free webinar on stepping up your trading performance; see that post for details and registration information.

Quite a few people have asked me if the session will be recorded and archived for those who cannot attend live. That is always my preference. I've asked the hosts and I'm pleased to report that it will be recorded and made available online. When the archived session is posted, I will link to it via this blog.

I would like the webinar to be as helpful for traders as possible. I never do canned talks for groups. My goal is to tailor presentations to the needs and interests of attendees.

So what would you like to get out of the session?

What issues are you dealing with in your trading performance?

What would help you move to that next level of performance?

If you have suggestions for topics and issues to address, please leave them as comments to this blog post. I may not be able to get to all of them in an hour's time, but will do my best to tackle the issues of greatest concern to readers.

Thanks again for your interest!



Radek Dobias said...

Thank you for your gracious query, Brett.

Speaking for myself, I would love to hear an outline of what you perceive are the stages of development (from zero experience, to newbie, to intermediate, to advanced, to expert, and finally to a master trader). Specifically, I am interested in the intra-personal dynamics that enable one to move from one stage to another.
To summarize:
1) What are the stages of development for traders? Characteristic issues at those stages? Weaknesses? Challenges?
2) What specific dynamics ("stage connectors") do you see functioning that enable traders to move from one stage to the next? What meta-skills do you think are most valuable for making transitions along the path of development?

I think you know what I mean. ;)

Curtis said...

On my mind:

* How to position size to maximize return. I know you've stated that your goals are very modest, in line with a modest percentage per year, but taking more risk seems to offer more return. You've touched on that by showing without a better edge, only volatility is increased. You've also noted that the best traders apply more capital when they are more sure. Buffet said, don't reach for a bucket but a thimble. I estimate around 8% max risk per trade would allow for up to 12 losers in a row of MAX risk. This a bit more then the 2% often cited.

* Whether or not or how a trader should diversify across time frames, ideas, and markets. Related to increasing size, if one has more capital then it seems that there are more ways to apply that capital but not necessarily as simple directional trades. Should one focus on simple directional trades or more complex ideas where diversification? That is another question.

* How to get to the higher energy level you mention. How to maintain that instead of being dragged down.

* You've noted that "staying out of market" is a primary sign of a good trader but also that it is possible to learn every day. If trading is about not doing something then how is one suppose to work on getting better?

* You noted that your ability went up when you didn't predict but you've, also, chided simple methods as being unlikely to continue to work. In my limited experience, I found my ability did go up when I focused on prediction. But, that I often missed low hanging fruit, such fruit could be picked by automated or mechanical methods. So, basically how to execute.

* How do you squeeze out and make losses smaller? I often sell out at a relative high when wrong. You've noted that trapped traders exiting at obvious points provides opportunity (but you also dismissed running stops below trend lines). I've employed the concept of a double stop, a max stop loss and a risk stop loss to try to help from getting pure execution.

* How do you keep flexible?

Most important would probably be how to execute

Michele said...

Well, for me the main problem I'm facing is how to literally take my trading to the next level. Thanks to you, I've started keeping a performance log. Based on that, it appears that if I traded exactly what I've been doing but with 10 times the size, I actually could make a living trading.

However, something is preventing me from taking that step. I have the capital available, but I just can't make myself put in an order for 1000 shares where I've been buying 100. How do you make that "leap of faith"?

Las said...

How self destructive tendencies may manifest in ones trading and what to look for. How to identify poor trading / lack of experience from purposeful losing at the subconscious level.

Jaime said...

I would like to learn more about different performance metrics to use and how to integrate them into an analysis routine.
How can a trader use the results of such analysis to develop a self improvement and training program that incorporates tools you mention in your books and blogs like journaling, bio feedback, visualization or other techniques?

Salsaman said...

How to stand firm on your position until proven incorrect, rather than micromanaging the trade (and often given up early at a loss)

joe said...

Brett, As an intermdiate trader, trading the E-mini futures, I have encountered all the trading demons a newbie trader has to face up to and I have survived. Now finally able to make a few bucks day in and day out, I am worried about the demons that highly successful traders must face and survive. I have heard many second hand stories of highly successful traders blowing out a multi-million dollar account with one or two bad trades, and then never returning to their former trading success. Even Jessie Livermore ended up taking his own life after his accounts were blown out? I know it is hard to make it in this business of trading, but once you make it how hard is it to keep it?

SeekMocha said...

I've been reading "Enhancing Trader Performance." More information about designing the entrepreneurial "Self Training" program, along with currently available resources would be helpful. Some advice about how to identify and avoid the training scam artists would be appreciated.

Scott Trader said...

I'm working on "trading in the zone". Free of any "tilt" related issues. You've touched on this subject many times, but it is one of those paramount issues that all traders face -- so keep it coming. Attention span issues. Always a challenge. Just a simple analog windows 7 clock "gadget" a great tool for increased time awareness. Any suggestions on how to foster expanded contextual awareness too would be great. It's one thing to see the individual metrics providing clues but it's quite another to zoom it all out into a whole. Checklist work a major focus of mine right now. I'm finding it a great tool to help to minimize impulsive trades. This is a great topic. Thank you.

Jerry said...

Overcoming psychological obstacles to trading bigger and taking larger positions....not taking enough risk

RONIN said...

WHen do you PRESS?

Soberba Insônia said...

Could you bring some words up about switching trading regarding money pursuit for only trading self-knowledge pursuit?

Could it someone (in your view) become a good trader even if money isn´t in the agenda?

And then, if once reached such good trading skill, the person could just at his will make large sums?


ziko said...

I would like to hear few suggestions on what sort of brain exercises we could do improve our information processing skills....thanks

Lr said...

Hi Brett,

I am a budding Fx trader. I cant seem to be able to breakthrough of a certain equity level in my account. For a few times I have lost big and recovered back to that level but it seems that I lack something to breakthrough of that.

I have listened to some of your advices of constantly repeating the routines that I do when I make some of my most successful trades. Will try harder.

Thanks alot.


DreamJOBZ said...

Dear Brett, G'day


What I would like to hear,

1. Online Trading Journal,(already seen your thread, but looking for clarity.
2. Sharing is the knowledge to a closed circle, but up to what level.
3. Consistency in trading.

and many more but I will restrict myself to this.

Be Awesome,
Raj, DreamJOBZ

Thomas said...

Thank you for the webinar. I would like to see some discussion on elements of useful journal keeping, maybe with some ideas for goal setting for short, medium, and long term.

ramps said...

I also would be keen to hear something about the most common stages of development.


Moz said...

Thanks Brett, for doing the webinar,

For me, the next step is to no when to walk away and when to keep battling it out on the bad days.

I am profitable for 4 out of 5 days per week, but its the one bad day each week where I end up back where I started. Sometimes I will be up for the whole month then waste it away in a few days. Something happens in my head and I make silly mistakes.

How do you recognize the pattern, and either stay out or catch yourself before the loses mount. I have tried daily limits, but my fighting spirit when down keeps me trying.

I believe if someone was next me, they would spot the pattern straight away.

How do individual traders keep tabs on there discipline day in day out?


Isam Laroui said...

Brett, I think Curtis mentioned this already, but I would really like to know your opinion on the "specialist" vs. "generalist" divide.

Are most of the successful traders you know extremely specialized, i.e. trade only one product, one time-frame, and even beyond that, one system or even one direction or one time of the day?

Or is it the case that the most successful traders can play several partitions and adapt their trading to the market conditions?

anonymous said...

Could you talk about the impact of chat rooms on performance?

journeyman said...

Hi, Can you also request your book publisher WILEY to keep your books for sale in India. I have not been able to find them at leading book stores and buying it from amazon is just so costly in terms of shipping it becomes unaffordable for a amateur like me...Please also remember 1$= Rs.46 and that makes every thing too damn costly.

Thanks a lot

NQ Trader Jay said...

Hi Brett, here is my question, How do I recognize and remove strong thoughts or feelings that are influencing me without my conscious awareness?

Here is some detail on this from my blog post:

Here's the chart to go with yesterdays' errors. This morning I realized that this error had a deeper mental component. I have missed the entries on the opening surge on most of the recent days. It wasn't ok with me, I guess I wasn't over it. I didn't know that about myself, so once again, a thought or feeling that was just under the surface, in the mildly subconscious, influenced my actions.

I have worked out many of those over the past 18 months. Why else would I break two of my rules? How could I allow that to happen? Because a stronger thought or feeling in my subconscious over ruled my conscious thoughts. Tricky stuff. So this little f*ck*ng programmed in 'virus,' ruined my mental operating system. My question to Dr. Brett is, How do I find these and eliminate them?

It's not all bad, of course, because I knew pretty soon that I was wrong, I tightened up my stop, and let it hit and did not re-enter. I knew something serious was going on. There were legit opportunities later on, but I guess I was subconsciously freaked out more than I admitted to myself since I just didn't trade again. Not a bad thing.

Today, there was a move up. This time, I felt the frustration, said something to myself about how it sucked, then calmed down and correctly analyzed that there was no opportunity. Then when midday arrived, I saw an entry after trend change, but I was hungry, I called the entry on StockTwits, then I went and ate food. I was ok with that. That is actually an improvement also. Then I dealt with missing opportunities all the way down. Then I correctly entered some setups on the bounce and correctly killed one and broke even on other. I was functional. And now because of today, I feel great. This is how I want to feel. This is my goal.

A. Blum said...

Thanks for doing this Dr.

Can you talk about the balance between over thinking and being impulsive?

Inga said...

Dr. Brett,
thanks for doing the webinar. I have a million dollar question - how to effectively overcome self-sabotage? How come that being an intermediate trader, one would still take trades against their rules? What are the key elements to prevent the self-sabotaging?

Thank you, and I look forward to the webinar,