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10,000 hours to greatness and the Mastery Asymptote

  • #41
  • Jan 17, 2011 8:10pm Jan 17, 2011 8:10pm
Quoting Forexcube
Hi Rufus

Two weeks ago you've ask me the following:

"...Could you share a little about Psychology in trading and how you see it from your training. ...Anything else in your education that may fit...I know it would be a bit of time so if you can't I understand...To keep from getting to much non F5 info in this thread...A few days ago I started another on this topic. http://www.forexfactory.com/showthread.php?t=274297. Trade safe and I always look forward to your posts" under...
Thank you FXcube

Hey all..... If you get a chance to...look at FXcubes profile page and you will see why I asked the above thing. Not only is he a great trader but he also has a background of understanding that many will benefit from. I always look forward to anything he posts. Between he, Cruicial Point, and countless others, we have the potential for some very practical uderstanding of how are minds work in the Forex and where we need to improve our thinking.

So enjoy and soak up then apply the knowledge

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #42
  • Jan 20, 2011 5:49am Jan 20, 2011 5:49am
The psychological aspect of trading is related to the topic of dicisionmaking under condition of uncertainty

see also

http://www.marketfocusing.com/downloads/rationality.pdf

http://www.trading-naked.com/library...20focusing.pdf

http://www.facebook.com/pages/Macro-...9226392?v=wall
/ ... clarifying decisions ... /
  • #43
  • Jan 24, 2011 12:06pm Jan 24, 2011 12:06pm
Hi Rufus

Have put some general aspects at

http://www.forexfactory.com/showthre...249257&page=99
and one page before.

It's more a focus at the psychological dynamical aspects in the human being.

May be there could be some ideas for other traders by developing some more successful activities.

Feel free to prove.

Kindest regards
FXcube
  • #44
  • Jan 31, 2011 10:34pm Jan 31, 2011 10:34pm
I have started posting PDF's on the first post in the thread. I am not sure how much of what it will allow me to do. I thought I would start getting information laid out so all can find it.

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #45
  • Jan 31, 2011 10:53pm Jan 31, 2011 10:53pm
Thank you Rufus!
  • #46
  • Feb 4, 2011 5:09pm Feb 4, 2011 5:09pm
Quoting CrucialPoint
Just took the test and also got INTJ
Have no idea what my IQ is but I am also INTJ. Now what?
  • #47
  • Feb 4, 2011 5:58pm Feb 4, 2011 5:58pm
INTJ's will per definition fail in trading.
  • #48
  • Feb 4, 2011 8:13pm Feb 4, 2011 8:13pm
Quoting foracy
INTJ's will per definition fail in trading.

I guess The INTJ's that are successful never got the memo.

Also scientifically Bumblebees cannot fly....But no one told the Bumblebee..

Rufus :nerd:
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Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #49
  • Feb 4, 2011 8:21pm Feb 4, 2011 8:21pm
For those interested in the psychological dynamics behind economics and trading I'd recommend reading:

- 'The art of war' by Sun Tzu. This is not psychology per se, but everyone should read it first as it really highlights the essentials of human psychology relative to winning: know thyself and know your enemy (the market). OP was kind to provide it in a pdf.

Most useful topics belong to applied cognitive/social psychology such as:

- motivation and performance (the importance of setting goals)
- prospect theory (Kahneman and Tversky, 1979; learn about risk aversion and how we deal with losses/gains)
- reasoning: decision making processes (eg., heuristic vs. algorithm; novice vs. expert)
- cognitive bias (eg., selective memory, perceptual/cognitive fluency, availability, anchoring and adjustment, hindsight bias, confirmation bias, above average effect, etc)
- success (eg., locus of control, Rother, 1954) versus. failure (ie., blocking vs. panicking)

Psychoanalytic material can also greatly improve your trading. Topics of here interest are:

- ego (Freud)
- gratification/self-control
"To hold, you must first open your hand. Let go." - Lao Tzu
  • #50
  • Feb 4, 2011 8:26pm Feb 4, 2011 8:26pm
Quoting vox dei
For those interested in the psychological dynamics behind economics and trading I'd recommend reading:

- 'The art of war' by Sun Tzu. This is not psychology per se, but everyone should read it first as it really highlights the essentials of human psychology relative to winning: know thyself and know your enemy (the market). OP was kind to provide it in a pdf.

Most useful topics belong to applied cognitive/social psychology such as:

- motivation and performance (the importance of setting goals)
- prospect theory (Kahneman and Tversky, 1979;...

Hi all..I put an "Art of War" pdf on the first page. I will look into the others
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #51
  • Feb 4, 2011 8:48pm Feb 4, 2011 8:48pm
Ah, one of my favorite quotes:

Quote
"Aerodynamically, the bumblebee shouldn't be able to fly, but the bumblebee doesn't know that, so it goes on flying anyway."
-Mary Kay Ash
at the time this statement couldnt be disproven but with more knowledge now we know why
  • #52
  • Feb 4, 2011 9:18pm Feb 4, 2011 9:18pm
Quoting Rufus
Also scientifically Bumblebees cannot fly....But no one told the Bumblebee..
Don't believe and repeat anything that you hear. That applies to trading too

http://en.wikipedia.org/wiki/Bumblebee#Myths
  • #53
  • Feb 4, 2011 9:36pm Feb 4, 2011 9:36pm
Quoting kostas1
I am also INTJ. Now what?
hey kostas..... my test said isfj...... what now....

//---

if someone puts in 20 hours a week, that would be about 1000 hours a year..... or 10,000 hours in ten years......

....

in the 70's we traded commodiites.....

in the 80's we traded real estate.....

in the 90's we traded stocks.....

now in the new millenium we trade forex......

no dang wonder i keep losing..... as soon as we have it mastered we change the game...... figures.......h
to trade and code, keep both simple... no call to impress....h
  • #54
  • Feb 4, 2011 9:52pm Feb 4, 2011 9:52pm
Quoting Adal
Don't believe and repeat anything that you hear. That applies to trading too

http://en.wikipedia.org/wiki/Bumblebee#Myths
Ahah yes that is indeed true. It is called illusion of truth or illusory truth effect in social cognition. It's a implicit memory manifestation that consists in rating repeated statements (regardless of their objective truth/false status) as truer than new statements. It is very difficult to eliminate. One cannot counter this effect through explicit recollection of a statement's source. Politicians and marketing people use and abuse it for ages.
"To hold, you must first open your hand. Let go." - Lao Tzu
  • #55
  • Feb 4, 2011 10:25pm Feb 4, 2011 10:25pm
Quoting Rufus
Hi all..I put an "Art of War" pdf on the first page. I will look into the others
Hey Rufus! I can help you with that if you'd like to.

Two more recommendations:

- Black swan theory (by Nicholas Nassim Taleb)
- What the Dog Saw (a series of articles turned into a brilliant book by Malcolm Gladwell). This guy knows a lot about a lot of different fields, notably psychology and economics. Great read for traders and non-traders alike.
"To hold, you must first open your hand. Let go." - Lao Tzu
  • #56
  • Feb 5, 2011 12:12am Feb 5, 2011 12:12am
Quoting vox dei
Hey Rufus! I can help you with that if you'd like to.

Two more recommendations:

- Black swan theory (by Nicholas Nassim Taleb)
- What the Dog Saw (a series of articles turned into a brilliant book by Malcolm Gladwell). This guy knows a lot about a lot of different fields, notably psychology and economics. Great read for traders and non-traders alike.
We have a great used bookstore in town and I will look there tomorrow.

Thanks

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #57
  • Feb 5, 2011 1:32am Feb 5, 2011 1:32am
Quoting foracy
INTJ's will per definition fail in trading.
Crap! This means that I should give back all my profits up to now (serious case of bumblebee....)
In that case, I should find a loosing method. Anybody can point me to a loosing system then?
  • #58
  • Feb 5, 2011 1:44am Feb 5, 2011 1:44am
Quoting hayseed
hey kostas..... my test said isfj...... what now....

//---

if someone puts in 20 hours a week, that would be about 1000 hours a year..... or 10,000 hours in ten years......

....
I agree my friend. I have to agree with the 10,000 hr idea. In my personal experience and with a rough estimate I was logging 10-12hr of daily trading/observing the market. This means that in a year I was logging around 2500 hrs per year (assuming 220 trading days). At the end of 2010 I completed around 4yrs of trading and only then I became profitable (which means that 10,000hrs is not far from the truth).

Kostas
  • #59
  • Feb 5, 2011 6:24am Feb 5, 2011 6:24am
Quoting vox dei
- What the Dog Saw (a series of articles turned into a brilliant book by Malcolm Gladwell). This guy knows a lot about a lot of different fields, notably psychology and economics. Great read for traders and non-traders alike.
Did a quick search and found out the essays have been published as a book, but one can access them for free: http://en.wikipedia.org/wiki/What_th...External_links
If you don't risk, you don't ever have to lose.
  • #60
  • Feb 5, 2011 7:01am Feb 5, 2011 7:01am
Quoting Rufus
We have a great used bookstore in town and I will look there tomorrow.

Thanks

Rufus
Cool.


Quoting bug
Did a quick search and found out the essays have been published as a book, but one can access them for free: http://en.wikipedia.org/wiki/What_th...External_links
Yes. Just after posting here, I've also found out that Gladwell has made most of the essays available to public in his site
"To hold, you must first open your hand. Let go." - Lao Tzu
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