SMB Brett Steenbarger 8/13/16
Breathing exercises
-building concentration and focus
- Attention span can be trained
- journey to the wild Devine?
- bio feedback devices
- time of tremendous opportunity for individual traders.
What is making people successful in current environment
- uniqueness of perception (ability to see something other people don't see)
- unsuccessful traders look at same charts and stocks that others do.
- when HFT programs look at markets they don't see time at all.
- if you look at a chart and look for bars with expanding volatility you can see if buyers or sellers are in control
- successful traders are playing a different game
- odds are very low if traders are trading strategies that are available everywhere.
- successful traders have developed on a desk with a mentor in a team environment.
- first start out copying their trades than develop your way of implementation
- implementing something quantitative to aid their decision making. (Brett S : models likely hood of 5-10 moves in ES Futures)
- successful traders are deep thinkers and analytical thinkers or fast thinkers with pattern recognition
- you must know your cognitive strengths
- huge institutions are trading momentum strategies, value strategies, volatlity strategies. And they are spending a lot of money trading reversal strategies
- sizing up must be organic and slow like weight lifting you can't go from 200lbs to 400lbs.
- look at things you learned well in your life and reverse engineer it. Figure out how you learn best.
- ground goal setting in day to day reality of the markets and trading.
- what people do first in the morning for their day like tony Robbins has huge benefit
- review day and week goals
- At end of trading day review market helps you be more primed the next day.
- Have routines in personal life that GIVE YOU energy
- when you visualize something you review it often thus making it second nature
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