Showing posts with label training. Show all posts
Showing posts with label training. Show all posts

Thursday, December 17, 2020

an advise for aspirant traders

One of my friends has asked me to recommend some good books to learn trading

well, here are the two which immediately come to my mind...

1. Trading for a Living - Dr.Alexander Elder

2. Reminiscences of a Stock Operator - Edwin Lefevre


Best learning though is by doing.  Hardly any Marwari learns trading from books IMHO

And best doing is by playing small, not fearing losing, noting every observation, making a small simple system and improving it continuously

Pl watch movies on stock trading

Gafla and Margin calls are excellent

Reading "how to trade" books is the surest way to get lost. You'll learn all the wrong things full of how claims. It will be extremely difficult and costly to unlearn them later. 

Absolute basics and definitions are there on Google. 

One of the reasons i didn't get lost was because I read no book. Just inspirational books of champions in market

Avoid learning technicals first. Technicals are like fertilizers and pesticides which kill the healthy trading bacteria inside budding trader's fertile mind. Later on, becomes impossible to switch to natural organic gaming trading sense. 

Play the trade, don't trade the trade. Be cunning and wise. 

Touch technicals only after understanding the game and tactics behind it. Nobody guided me and was fortunate to get back on the highway after wandering for years

Operators want you to learn technicals. They know what technicals are indicating and they know poor ducks are trading on technicals

Technicals don't lie but only if you learn to interpret them yourself and not by using codebook provided by dropout trading teachers and authors

Saturday, September 6, 2014

winning is not a big thing

so many times i see traders jump at small or big profits which they themselves know was more of a fluke or stroke of luck.

one way to know whether any profit was a fluke or pre-conceived is to ask oneself - will i fear in the similar trade next time? would i enter another trade with the same logic/method/reason? did i have one?

if u r fearful, in most likelihood, u were lucky. it was  chance that trade went right.

if it is not repeatable, it is a fluke, or to put in more respectfully, a lucky trade.

this is precisely the reason why we see traders make money in a trade and lose it all (if not more) in the very next.

winning an occasional trade is good enough motivation for amateur traders to keep losing!

many times we don't even come to know that the winning trader has lost it all, because while the winning trader is a "news" and hence visible, the same trader doesn't hit the limelight when he/she loses. rather, he/she consciously goes off the radar (not for hiding, probably, but to recuperate)

so, winning is not a big thing (certainly losing is neither) but winning repeatedly is! in other words, knowing that you are going to win is a sign of having made it!

when winning is surprise, it is surely not a surprise!

this is precisely the reason why i repeatedly felt bad at making money because in heart of hearts, i knew the reality!

losing, for a learning trader is an honest friend! it tells the truth.....in face.....and leaves no false images (misconceptions) in one's head!

winning, if not with a solid foundation, is a treacherous friend! never believe it! never be befooled by it!

Monday, March 11, 2013

million dollar traders

pl find below links to the 3 part bbc series "million dollar traders"

i recently came across these and watched them. these are 1 hour each 3 parts of an "experiment" wherein 8 shorlisted novice traders are given 1 million dollars to trade (after ofcourse basic training and under watchful expert eyes)

what a series this is! what an experiment it turned out to be!

every novice, ambitious (& even others) must watch these. all tensions and emotions and dilemmas and triumphs etc are beautifully (and at times in raw ugly manner) exposed!

watching these and other videos will add to any trader's learning curve.

enjoy.


http://www.youtube.com/watch?v=v6ciY8u04Kk
http://www.youtube.com/watch?v=ML4ObTeYLhg
http://www.youtube.com/watch?v=pWkzAvE5aQQ

Friday, February 25, 2011

training, not just education

"(trader's development).....is typically a lengthy one

and involves numerous setbacks

as well as milestones.

what sustains the growth process

is a very strong interest in the performance field

and a learning process that nurtures continued motivation

and a sense of growing mastery.

talent and interest will not turn into expertise

if they are not channeled into ongoing learning,

review of performance,

and efforts at improvement.

this is why traders require training

(like a physician or Olympic athlete)

not just education."



-Dr.Brett Steenbarger
Author of The Psychology of Trading

Tuesday, February 1, 2011

3 levels of trader training

there are three levels of a trader's training.
--
at first level
a budding trader is supposed to
learn the technique of
(1) trading
(2) consistently / repeatedly
(3) with tamed fear
(4) with control over the trade
(5) with cool head
and
(6) profitably
(7) with surety to a reasonable degree!
--
only
after this
the trader reaches
level two of training.
--
in this second (advance) level
he needs to find
safe and effective ways
to leverage
his
proven technique
to build his networth!
--
in the third level
the trader
has to learn to manage
his millions
to keep gliding
like an eagle high in the sky
without much fluttering of wings!
--

cost of training

do u have any idea

how much does it cost to do MBBS these days?

how much does it cost to do B.Tech. from a good engineering college?

what does it cost to do an MBA from a top management institute?

how much does it cost to get a pilot's license from a flying school?

any idea how much you need to shell out

to become a trained

"qualified"

experienced

professional

stock trader?

it is, in my opinion

one of the best

and yet

the cheapest

professions on earth!

provided you are willing to learn

at the cost of

every drop of sweat

and blood!

Wednesday, January 26, 2011

emotions,inexperience& trained gut (words from masters)

"there is a big difference

between trading emotionally and trading from your gut.

...trading emotionally means reacting to fear and hope, which can destroy your trading decisions.

...trading from your (trained) gut is different.

inexperienced right-brain traders are susceptible to acting on ideas

based on feelings drawn from erroneous principles

because they have not sufficiently trained their right brain in proper trading principles.

they have not yet supplied the right brain

with enough of the raw material required to make proper judgments.

for this reason, the gut reaction of the novice trader will often be wrong."

- Curtis Faith

Monday, November 29, 2010

coaching a champion!

many people ask me

"if you know this much about trading how come u r not a millionaire urself?"

"u teach stock trading thru technical indicators but u urself don't have a proven history of stock market success."

i always knew that i knew a few things which i could train others on.

but the above logic given by the critics was always somewhere in my mind

till i got the answer which gave words to what i always believed.

here it is...

---

Günther Bosch is a Romanian-German former tennis player.

He played tennis in the Romanian Davis Cup team.

He was the Romanian "number three"

always in the shadow of Ilie Nastase and Ion Tiriac .

So, are these credentials sufficient to secure him a place in tennis history?

Probably not?

hold you thoughts....

---

My second example is of a cricketer who had a brief first-class career with Queensland in 1978-79

in which he played in 7 matches and hit 160 runs.

He also played league cricket in England.

He never played at the test level.

Does this stand him any chance to have a place in cricket history?

Probably not?

---

Now for some reality check.

Günther Bosch shot to fame when he coached Boris Becker in becoming the first unseeded player and the youngest to win at the Wimbledon in 1985 at the age of 17!!!

He today holds a thesis on "psychology in tennis"!

The cricketer mentioned above is non other than John Buchanan who was appointed the coach of Australian Cricket team in 1999 and who propelled the team to unprecedented success.

At one stage his record was 15 wins from 15 games played.

I also have reverse example of champions (whom i don't wish to name) who proved to be disasterous coaches....!!!

---

While i don't intend to say that i am a Gunther or Buchanan by any stretch of imagination

neither do i intend to say that i am a great trading coach

all i want to say is that

i strongly felt that i had a few important things to tell the budding traders

and that i need not be a trading champion myself to make champions out of you!

a coach can be successful without being a champion himself or herself

but a champion generally doesn't become a champion without a coach!

Sunday, October 17, 2010

Top Gun!

When I was in class 10 in K.V. HMT Pinjore in 1987

one of my juniors was Vinod Mittal

a young mischievous, sharpminded but academically weak boy

not too much in the good books of teachers!

After completing his 12th standard after somewhat struggle

someone guided him to apply for the post of Airman in Indian Air Force.

An airman in IAF is equivalent to Sepoy in the Army and Seaman in the Navy.

He got selected.

His parents must have been happy for their shaky son having got a stable job

but somehow the young restless Vinod wasn't.

He knew that he had settled for the entry-level post in IAF

He knew that though he had got a job, his flight in life was also capped.

He knew he was different but his academic weakness and insecurity caused by it had sealed his ambitions.

He started his training for the Airman.

He used to see trainees of his age being moulded into pilots on the same airbase he was posted at.

One day he came to know about a lateral entry scheme wherein 1 or 2 airmen who were highly talented but somehow had landed in the airman's uniform were given a chance to qualify for pilot's role.

1000 airmen were shortlisted and Vinod Mittal was one of them.

Out of those 1000, 10 were shortlisted and Vinod Mittal was one of them.

Out of those 10 only 2 were finally selected and Vinod Mittal was one of them.

Thereafter we lost track of the lucky man!

--------------

After almost 2 years one fine Sunday of 1992, I was strolling in the famous Yadvindera Gardens in Pinjore with my childhood friend Ashish Dewett when we saw a dashing young man say hello to us!

In front of us stood a smart guy with minimal hair on his head, chest out, head held high, smile on his tough face and proud shining eyes behind dashing Aviator Rayban!

Flight Lieutinent Vinod Mittal !!!

We were amazed beyond words !!!!!

We shook hands and sat in the cafeteria nearby.

There the Flight Lieutinent shared his amazing story...

After having got selected for the pilot's training

He had been further marked for the training as a FIGHTER pilot

not only this, he was further marked to the fighter pilot for a CHOPPER and not jet.

To be a fighter pilot of a combat chopper is arguably more demanding than being the fighter pilot of a jet!

Perhaps because choppers can't fly high and fast enough to escape the enemy missiles that easily!

But choppers can strike the places and the way no jet can!!!

"Why do your lips seem as if you have been training as a boxer?" I asked him jokingly.

"Training!" he replied.

"A squadron leader trains two pilots in one go inside the cockpit after the theory session.

My trainer makes me and my buddy pilot sit on his either side inside a cockpit near his elbows.

Then he gives us a situation and asks for the answer.

We have to reply in a flash.

If we delay our response or give a weak or wrong response

BanG! hits his elbow on our cheek or chin!

My lips often come in the way!" he gave a 1000 watt smile.

"Tell us more about the training." Ashish asked Flight Lieutinent Vinod Mittal.

"Inside our cubicles, right in front of our study table we have pasted a huge poster of the cockpit.

This way we are always programming our minds to get accustomed to the cockpit.

The cockpit has become our world.

On the front wall of our cubicle, right in front of our beds

we have written formulae and readings and instructions

so that whenever we are lying in our bed but awake

we keep revising and repeating them.

These readings and formulae and instructions have to pop out of us in a flash when the situation comes.

We have to be the best.

Afterall, a nation is at stake!"

-----------------------------------

If only we traders train the way the IAF trains its fighter pilots!

for we are no less than fighters pilots

and that too of a chopper which is an easy target of the market missiles!