Archives of “January 3, 2019” day

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Benedict Carey,, How We Learn-Book REVIEW

  
  Education
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Benedict Carey, a science reporter for The New York Times, has written a fast-paced, well-structured book that should have broad appeal. How We Learn: The Surprising Truth About When, Where, and Why It Happens (Random House, forthcoming September 9) not only summarizes a wide range of research findings that challenge traditional views but offers useful tips for both teachers and students.

BENEDICT

For instance, most people do better if they break out of routines—if, for example, they vary their study or practice locations. Distributed study time is more effective than concentrated study time. Mixing multiple skills in a practice session sharpens our grasp of all of them. Forgetting is critical to learning. And sleep—well, we all know the value of sleep to learning and creating.

Of particularly interest to traders may be the chapter entitled “Learning Without Thinking: Harnessing Perceptual Discrimination.”

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INQUISITIVENESS & COMPREHENSION for Traders

  
  Education
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INQUISITIVENESS:  Just another word for curiosity and is the ever-present desire for information and understanding.  Unfortunately this characteristic can easily turn into  analysis paralysis, wherein the sheer quantity of information overwhelms the decision making process itself.  The solution is to remain focused on a very small segment of the market and is at the very heart of successful trading. There is just too much information out there to ever be able to make sense of it all.  Instead, the idea should be to direct your energy toward your trading methodology and not stray when tempted to.

  COMPREHENSION: This is the trader’s ability to attend to the smallest details of his or her trading plan.  I believe a trader must have rules for entering and exiting a trade before the trade is made.  In the beginning these rules can be in the form of a checklist wherein before each trade all the details of your rules are checked and verified.  With time, the rules become such as a part of your psyche that the checklist is in your head and can be confirmed with quick precision.  The key is to never change the rules. When the rules stay the same your mind will not be able to play tricks on you.

40 Trading Lessons

  
  Education
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1. Trading is simple, but it is not easy.

2.  When you get into a trade watch for the signs that you might be wrong.

3.  Trading should be boring.

4.  Amateur traders turn into professional traders once they stop looking for the “next great indicator.”

5.  You are trading other traders, not stocks or futures contracts.

6.  Be very aware of your own emotions.

7.  Watch yourself for too much excitement.

8.  Don’t overtrade.

9.  If you come into trading with the idea of making big money you are doomed.

10.  Don’t focus on the money.

11.  Do not impose your will on the market.

12.  The best way to minimize risk is to not trade when it is not time to trade. 

13.  There is no need to trade five days a week.  

14.  Refuse to damage your capital.

15.  Stay relaxed.

16.  Never let a day trade turn into an overnight trade.

17.  Keep winners as long as they are moving your way.

18.  Don’t overweight your trades.

19.  There is no logical reason to hesitate in taking a stop.

20.  Professional traders take losses because they trust themselves to do what is right. (more…)

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