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Most liked posts in thread: Tools used by top discretionary traders

  1. DeepState

    DeepState Multi-Strategy, Quant and Fundamental

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    Almost finished reading "Tools of Titans" by Tim Ferris. It would be easier to count the number of incredible people in this compendium who did not meditate, or pursue another similar activity, as part of their daily ritual. Meditation or some form of mindfulness looks about as fundamental to these people as exercise.

    Many have a very structured routine in the morning. A set of steps that gets them up and in to their peak zone. It's deliberate. Meditation is, for some, one part. Exercise in the morning features highly. There are all sorts of beliefs about nutrition and some other rituals to increase robustness to adversity (like living on next to no money for a week every quarter).

    These may not be sufficient to create outstanding performance in some field, like trading. However, sure seems like a sensible way of bulding some basics to get your body, mind and spirit in to the state to create what you can from a day.

    Also, there seems to be a set of books these people read that is beyond random. I think I might make it the basis of my reading list in the early part of this year. It looks interesting.
     
  2. Lone Wolf

    Lone Wolf

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    I think this is a a very important point. Training plans are designed to elicit a positive response from the person. It's not just about how good the plan is but how well you respond to it.

    The other part I feel goes with this is focus and commitment. When the average Joe looks at the elite, I think they often underestimate the behind the scenes effort they put in to get there in addition to their natural ability. Not only do you need a training plan that you respond well to, but you also need to be putting in the consistent effort required to get a response.

    I think it's important that effort is focused in the right place, on a structured plan designed to produce a positive response. Many people, such as myself, expend much effort but get nowhere because that effort was not appropriately focused. Look at the local gym for example, people spend many hours every week in the gym doing random exercises but six months later they look no different. Then they quit. It's not because they were non-responders, they were unfocused and thus didn't give themselves the opportunity to see a response.

    Anyway, that's my 2c. Now I should take my own advice.
     
    OmegaTrader, Trembling Hand and CanOz like this.
  3. captain black

    captain black

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    It's not a "structured" form of meditation but I'll often start the day with a paddle or bushwalk. The avatar picture in my profile is my favourite spot to go and sit. I often trade the ES in the early morning but when I'm not I'll head down to this spot just on sunrise. It's a 5 minute drive and a 10 minute paddle. It's a lagoon that's off the main river and is always full of birds.

    The action of paddling a kayak is quite meditative as well. I've been going to this spot for about 35 years. I also have the picture as a background on all my monitors/laptops.

    Like with trading, different things work for different people, I've always found it a great way to clear the mind and keep things in perspective.

    Katarapko-May2015_02.JPG
     
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  4. Trembling Hand

    Trembling Hand Can be found on the bid

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    They also employ a lady to push a tea trolley with cakes. Should I do that too? :D Also not too sure how many discretionary traders are left at any of the IB
     
    skc likes this.
  5. Trembling Hand

    Trembling Hand Can be found on the bid

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    Wouldn't it be of more use to have a thread "Tools used to become a top discretionary trader".

    You have to be careful about confirmation bias when looking at causation and success. Some of the biggest talent factories have woeful facilities. Some of the leading countries in various performance fields produce proportional large success in spite of a low level of overall development compared to other countries.

    Could one fool oneself in being occupied with vague trivialities endlessly to distract yourself from the fact that you are doing it to run from the real work and reality?
     
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  6. Trembling Hand

    Trembling Hand Can be found on the bid

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    The steps to success are an endlessly complex task to try and unravel. Most of the truly outstanding ones in business and trading were first movers. Have a look at any rich list or the Market Wizards series of books.

    One thing that is rarely pushed in books/pop culture etc on the paths to success is response rates. When you look at any group of elites in the performance field you are looking at people who have found a niche that they for whatever reason improve more than the average population for any give amount of effort. Year after year they are pulling away from the average and no matter what the 'average' does they cannot match that level of improvement. Its well know in talent identification in sports that you can prescribe a certain load and test after it and you get nonresponders, avg responders and then high responders. As a talent identifier you are only interested in the high responders. Sitting in a classroom learning something new its clear that the above applies too. Some people get sh!t quickly, others take time and the rest will never get it.

    I've been from time to time in all three groups. The trick I reckon is not to waste your life being a non-responder...... Just move on to the next thing.... fast.
     
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  7. Gringotts Bank

    Gringotts Bank

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    Let's stick to the science rather than guessing what influences disc. trading success.

    From the article quoted above.

    x.jpg.png
     
    captain black likes this.
  8. Wysiwyg

    Wysiwyg Everyone wants money

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    Goes without saying this practice is discouraged in Northern Australia. :eek:

    ////////////////////\\\\\\\\\\\\\\\\\\\\\\\

    The eye of providence says you have to pay for their tools.
    http://www.discotrading.com/
     
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  9. skyQuake

    skyQuake

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    Definitely agree with this, though how far it will affect an established discretionary trader with a solid playbook is my question.
    When its the same trade taken a thousand times before, P/L swings just become 'whatevs'
     
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  10. Trembling Hand

    Trembling Hand Can be found on the bid

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    GB you seem to have a a new approach every other day. I've been a fulltime trader for longer than a decade and have only traded 6 instruments with close to the same approach. (well 98% of my trading anyway)

    Accumulated load...... it's hard....
     
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  11. Trembling Hand

    Trembling Hand Can be found on the bid

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    LOL you skip your meditation ses today?

    Have a look at what Modest has done. Thats the way to do it. Actually admitting that consistent work is what is required no matter how hard it gets. Documenting it and daily assessment. Not like yourself who comes up with a different stupid idea every second day to cover up your laziness, lack of skill and out right cluelessness.

    Lets face it if you have been at it for more than a few years and you're not well on your way you are a non-responder. There is no way around it. No amount of sitting quietly on a rug is going to change you from poor to great. What may help though is actually doing some constant work on the same thing day in day out. Or do what most including myself do once they realise they are making no progress. Quit. It will make you a much better person and happier.
     
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  12. Klogg

    Klogg

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    You might want to take a breath or two before posting again...

    The two people who just posted seem to be some of the most knowledgable on this forum. Yet, when they comment, you take offense to it... Ego never helps.
     
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  13. CanOz

    CanOz Home runs feel good, but base hits pay bills!

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    Nah, not necessarily, depends on time frame. I'm a fan of Macro, but daily weekly CONTEXT is more relevant if you're an intra-day equity index trader. Context is also very relevant intra-day equities....
     
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  14. Gringotts Bank

    Gringotts Bank

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    You know I know you know what's up. And yes, employ a tea lady if it helps you get in the zone.
     
  15. Gringotts Bank

    Gringotts Bank

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