So i've pretty much decided to do the course and will be signing up in the next day or two. Quite excited actually. There is a definite gap between my methodology's ideal performance and what I actually produce,...and that gap is the result of what goes on in my head.
In the mean time, it would still be great to hear from anyone that has done the course. Thoughts?
He certainly has a good reputation, and the material I've seen seems solid.
My main concern would be that his main business, like a lot of these coaches, comes from private counseling. So just as the free material tends to plug the paid material, the paid material may be designed to plug the private sessions.
If you take the course it would be interesting to hear your experience.
Yes I did the course. It was excellent with a lot of material. It's the kind of course which you can refer back to over and over again, taking little bits from it each time. There are a lot of different techniques discussed, so there may be some things which appeal more than others,...which is the whole point.
I would target this course at people who:
- Have a proven edge in the market
- Have a detailed trading plan which for whatever reason, you battle to follow
All the psychology in the world is not going to help if you don't already have an edge that you know has a positive expectancy over time. If you're still trying to figure out a methodology, or if you're not completely sure that your methodology has an edge then rather put this course on hold. Dr.Menaker mentions this himself a few times in the course. His focus is on remaining true to your methodology,....but you have to have a methodology first.
One more thing, the course is long and it's not something which you can just go through once and all of a sudden you're a rock star trader. It requires hard work and effort to implement the techniques.
So to cut it short,....yes the course is good
Diversification is the only free lunch
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The course has two parts. One part consisting of several webinars, another part consisting of 2 workbook / pdf's. Some of the webinar content is also in his free stuff. But there is still a lot of unavailable stuff in the webinars. The content from the workbooks are unavailable anywhere. The workbooks are essentially the meat of the course because that's what you'll use to do exercises and implement techniques that he discusses.
Basically you watch all the webinars (probably more than once each). Then you get stuck into the workbooks.
Diversification is the only free lunch
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3 reasons traders fail:
not havng and edge
not being able to articulate their edge
not incorparting trading psychology into out plan
Hypothalmus puitiary adrenal access
HPA access controls: stress, mood, emotions, energy storage, immune, digestion
Emotion and cognition are intertwined
how we perceive our world and how we make our decisions
key - ability to tolerate discomfort/pain/idsappointments in our trading and follow our plan
how do you take a loss? promising youself you will do x (white-knucling it through) won't work and then berating yourself afterwards doesn't fix the problem.
Beat yourself up when you don't follow your rules - e.g "next time I'll be more patient."
Will-power is not a sustainable form of discipline. (glucose used up in the stress of decision) - see ego deleption
other ways to develop discipline.
tick by tick pressure - pain when it goes against you and relief when a tick goes with you
e.g Bob - smart hard worker - still not BE in P/L - needs other skills - how you respond to discomfort.
the noise and ambiguity of the market causes pain, anxiety -- answer in him not in the charts
perfectionists like to saty busy.
Emotions help us decide on which information to prioritizing for incoming info - allocate a scarce resource.
Priming by the unconscious
Priming - casino story
Framing - A -B avoid even the perception of loss
We see the market as we are (not as it is) we project our own filter onto the market.
Our current beliefs and actions are governed by experiences linked to unconscious emotional memories.
Emotions are key to forming beliefs
Re-experiencing of emotions tied to the orginal conflict re-enforce current beliefs.
Unconsious emotional memories key to developing beliefs
How a belief continues to be supported by the continued exposure to the emotions that formed it.
Hot state in trading decisions.
Price follows path of least resistance. We seek out comfort and avoid pain, but as a trader we must face it.
Unresolved emotions. Act out your feelings instead of enduring them.
Malcom give back trader. Making money feels good but the last trade cost him dearly. We tend to take less than optimal trades as we go along.
Traders must recognize your own patterns to act in your own best interests. Our brains need info on how to act.
Sleep is crucial
Glucose - willpower - brain uses 25% of our body's glucose. Food determine serotins and neurotransmitters - ammin acids.
Manage your physical body.
Feeelings about our social status. Unconscious emotions fuel feelings but we just let it go. See emotion as a source of info about how we are interacting with our environment.
Emotions effect: attention,perception of risk, causality etc.
We must work with a subset of information aas there is too much to handle.
Effective decision-making requires emotion.
Managing emotions - 3 steps - but reuire ability to identify emtion - takes practise
what emotions will come forward -anticipate (how will I feel in the future if I can the action now)
express your emotion
analysis your emotion
process goals (we do control) vs outcome goals (you dont have control over)
premarket routine - exercise - meditation. real time emotion goals
tyoe 1 & 2 follow your plan - make money or lose money
type 3 & 4 don't floow you plan -make money or lose money
self-directed questions - do them out-load
am I acting best interest right now?
how much pressure am I feeling right now?
Find the right process goals.
Develop the right kind of confidence & focus on process not outcome
Develop confidence that is resislence in the face of disappointements - waiting, losing, missing out all the things we have to face in trading.
Self -understanding (using analytics to become aware of the underlying emotions driving your behaviour)
Self -acceptance (if your ignore your emtions it is much more likely you will act out the emotions. Tto be in the present accepting what is)
Focus on process not outcome (doing the things you have control over builds self-trust - as opposed to focusing on things you do not have control over -the trade outcome. Doing this gives yourself a chance to do something right. and doing this over and over builds psychological capital)
Leverage your strengths
1. Articulate your edge (does it suit you? do you have confidence in it?)
2. Manage you energy - physical and mental and emotional - they are interconnected. Stay hydrated, 2 cups of w for one of coffee,
balanced glucose protien and graze, avoid high glycemic foods, omega 3 fatty acids - fish increase serotonin, Water is key!
3. trade the market not your P&L (write down every time you thing about money)
Good trading to everyone.
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