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 not the same man"
Just like when we are trading the markets, when you are trading the market its never the same market because a moment to moment the dynamics are slightly different in term of who is in the market, why are they in the market, volume all this factors, and so there can be some similarities, it can be an uptrend, each uptrend has a uniqueness as well and every time you are trading from day to day you are actually changing to because experience from today will shape your brain in term of how you then approached markets tomorrow, you are not the same person tomorrow as you were today.
We have been consistently shaped by our experiences, so that really important to remember because a guess the old fashioned notion of discipline about having a plan, trading the plan.
And there is certainly good value in that but it's been researched in the US where they are looking at how do the best fund managers straight out, how they perform.
And one of the interesting things that are coming through is flexibility, what they call in military flexible responds, and that ability to have a plan but it's knowing when to stick to a plan and know when not to stick to a plan.
Lots of time spent on planning and preparation is really important but also at the moment to recognise the need to be flexible, and you can maximize your market returns, you need to develop you judgement and that flexible response.
When I talk about discipline its not just about having a plan and following the plan, its really about having a plan and then knowing when to follow the plan and when not to, and that is about judgement and that is developed through experience and through feedback loop and evaluations, not a short-term process and that's a goal.
That is part of becoming best trading self.
I have to return some videotapes...
Just like when we are trading the markets, when you are trading the market its never the same market because a moment to moment the dynamics are slightly different in term of who is in the market, why are they in the market, volume all this factors, and so there can be some similarities, it can be an uptrend, each uptrend has a uniqueness as well and every time you are trading from day to day you are actually changing to because experience from today will shape your brain in term of how you then approached markets tomorrow, you are not the same person tomorrow as you were today.
We have been consistently shaped by our experiences, so that really important to remember because a guess the old fashioned notion of discipline about having a plan, trading the plan.
And there is certainly good value in that but it's been researched in the US where they are looking at how do the best fund managers straight out, how they perform.
And one of the interesting things that are coming through is flexibility, what they call in military flexible responds, and that ability to have a plan but it's knowing when to stick to a plan and know when not to stick to a plan.
Lots of time spent on planning and preparation is really important but also at the moment to recognise the need to be flexible, and you can maximize your market returns, you need to develop you judgement and that flexible response.
When I talk about discipline its not just about having a plan and following the plan, its really about having a plan and then knowing when to follow the plan and when not to, and that is about judgement and that is developed through experience and through feedback loop and evaluations, not a short-term process and that's a goal.
That is part of becoming best trading self.
I have to return some videotapes...