Trading Psychology 2.0 from best practices to best processes by Brett N Steenbarger : [PDF Download]

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“When you’re up to your eyeballs in heating bills, the first thing you do is stop turning up the heat when it’s all escaping through the gaps in your windows. And that’s what Calvin did. His first step, after meeting with me, was to take a vacation.

He stopped trading and went to an amusement park destination with his son for a long weekend. It was quality time and, to Calvin’s surprise, his ex-wife approved of his taking time away from work to get closer to his son. When Calvin returned, he had a heart-to-heart talk with his girlfriend over a relaxing dinner and found out that it was his preoccupation with trading and markets that led her to distance from him.

She felt that she was a number-two priority, and that hurt. Toward the end of the trading break, I met with Calvin and his assistant and I asked each of them, independently, to generate a list of what needed to be improved in trading. Not surprisingly, there was strong agreement between the lists.

The number-one priority for both of them was the need to get off the desk and away from screens during the day to review ideas and positions and plan actions rather than react to price oscillations. Making that as a team commitment had particular force for Calvin: He liked his assistant and did not want to let him down. Another improvement that they targeted was the setting of very specific rules for entry execution.

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