It's hard for almost everyone coming from western culture as it contradicts the idea of more work in = more £ out.jamesg46 wrote: ↑Fri Sep 20, 2019 12:43 amGood point, suppose its human nature to be wanting to make it happen, sitting on hands is rather challenging for me, although I think I'm starting to learn my lesson.eightbo wrote: ↑Thu Sep 19, 2019 7:21 pmbetter than overtrading. taxi drivers don't learn anything when they're sat in 'available' status like you can and in the trading realm you can make money by sitting on your hands waiting for your best setups rather than getting involved in subpar shytejamesg46 wrote: ↑Thu Sep 19, 2019 6:10 pmThere is a section in Thinking, Fast & Slow that described how taxi drivers will sit & wait for fares all day long on hot sunny days but knock off early when its raining. When, like me you cant flip and flop through the markets it would make perfect sense to utilise the time elsewhere, either studying other sports to fill the gap or other strategies... I sat there like a gammon all day with no many fares to take. I suppose on the flip side, through reflection (not data) I'm starting to see which cards suit my style and which ones dont...
It's something I'm working on atm as well, I'm taking 5 trades a day in uk/ire mkts yet watching the whole session then reviewing the trades I took + wanted to take. Something that seems to work well in minimising overtrading is engaging your brain in something else e.g. get deep into a podcast whilst you loosely monitor the mkts in the background until something interesting begins to set up. The clearer you can be on what "something interesting" is, the less energy you can put into monitoring the mkts. I view my trades as a set of 35 or less over the week & I've found framing it that way helps in terms of patience when on day-to-day / market-to-market basis as I know I'll end up with a good chunk of trades when the dust settles. Switching to prac. mode after I've hit my 5 a day satisfies my impatient nature & forces me to prune out 'good but not great' trades in future whilst not giving myself an opening to water down the quality of my trades or later feel guilty for breaking my rules.
Focusing on quality and upping size on those few trades a day is way harder for me than mindlessly chopping around all day taking 50+ discretionary trades but it's a form of purposeful/deliberate practice so you know if you're not at least a little outside your comfort zone you're just practicing naively (so you'd better be satisfied with the results your current skill set fetches you!).
I should add that what we're deliberately practicing needs to be the 'correct technique' i.e. something that's actually going to improve your trading — You can go through the discomfort of learning the precise motions of a bad tennis serve until you have it down cold but would that actually help your game? If it was the first serve you learned you'd probably even be net-disadvantaged for your efforts.
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* Read-Me's:
Key neuroscience behind Deliberate Practice:
Why Practice Actually Makes Perfect: How to Rewire Your Brain for Better Performance
Implementing Deliberate Practice in your trading:Practice Makes Myelin, So Practice Carefully
Understanding the role of myelin means not only understanding why QUANTITY of practice is important to improving your skill (as it takes repetition of the same nerve impulses again and again to activate the two glial cells that myelinate axons) but also the QUALITY of the practice.
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If we practice poorly and do not correct our mistakes, we will myelinate those axons, increasing the speed and strength of those signals – which does us no good.
How to Use Deliberate Practice to Reach the Top 1% of Your Field
Naive vs. Purposeful vs. Deliberate Practice
Deliberate practice is a method of practicing primarily aimed at rapid, continuous improvement. Its goal is to avoid getting trapped on learning plateaus and to keep progressing as effectively as you reasonably can.
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Maneuver Around Plateaus
As you keep moving through the deliberate practice loop, you’ll get stuck at skill level plateaus. When these are encountered, you need to creatively maneuver around them instead of throwing more work at them. This is done by stressing your body and brain in new and different ways relative to the skill.