In presentations regarding trading psychology and why traders find it so hard to be profitable, I often refer to a paper titled An analysis of the profiles and motivations of habitual commodity speculators by W. Bruce Canoles, Sarahelen Thompson, Scott Irwin Virginia, Grace France (Journal of Futures Markets Volume 18 Issue 7 October 1998) This…
Recently I chatted with David Hobart who is a former prop trader turned high-performance coach to professionals around the world. Click on the player image below to be taken to the interview.
The number one problem I currently hear from portfolio managers, team members, and traders in financial markets is “burnout”. That’s not surprising, given the list of challenges from 2020: Keeping up with markets that have changed trends multiple times within the year; Maintaining perspective amidst uncertainties regarding COVID-19 and implications for health and safety; Working…
Italian psychologist Massimo Piattelli-Palmarini was once asked why people keep making the same mistakes. He said: Inattention, distraction, lack of interest, poor preparation, genuine stupidity, timidity, braggadocio, emotional imbalance, ideological, racial, social or chauvinistic prejudices, and aggressive or prevaricatory instincts. More here – Collaborative Fund
For most fund managers there is nothing more important than adopting a long-term approach. This enables them to insulate themselves from the noise and random fluctuations of financial markets, and hopefully exploit them. Yet for many this is simply not possible. Perverse and misaligned incentives, the desire to measure everything over meaningless time periods and…
Recently I had a chance to catch up with Jack Pelzer and Dan Hodgman of Limit Up where we talked about all things trading psychology. You can find additional episodes of their podcast here. It was actually wonderfully refreshing to sit down and talk to two younger traders who were not obsessed with the prospect…
To get into the Mentor Program, you need to register for Priority Notification. Make a pact with yourself now that no matter what the economy is doing, you’re determined to become an ultra-versatile trader capable of sniffing out hidden profits in the sharemarket. It’s that’s what you’re after, we can show you how to…
Trading is a difficult profession – its difficulty comes not so much from mastering the technical aspects since these are always overstated by the magic indicator fools but rather in coming to terms with the psychological and emotional difficulties that arise. In part, these difficulties arise because of perceptions as to how easy trading is…
There are many worthwhile candidates on Wall Street for the Greatest Trade of All Time. There’s Jesse Livermore’s bet that the stock market would fall in 1929. He pocketed something like $100 million in profit, akin to $1.5 billion today. There is George Soros’ 1992 bet that the British pound would fall against a basket…
Here are a few highlights from our conversation: I think of philanthropy as something that is not genetic, it is learned, and it was something that my dad reinforced pretty much from the time I was a kid. I’ve always had this view that success is not a straight line up. If you read the stories of…
It was getting dark when I hit the first riffle of my trip down Utah’s Green River in a canoe. My plan was to set out while it was cool and log some mileage before nightfall, but dusk came on quicker than I thought. Because I’d been in a rush to launch, my gear wasn’t…
Charles “Chuck” Feeney, 89, who cofounded airport retailer Duty Free Shoppers with Robert Miller in 1960, amassed billions while living a life of monklike frugality. As a philanthropist, he pioneered the idea of Giving While Living—spending most of your fortune on big, hands-on charity bets instead of funding a foundation upon death. Since you can’t…
Raven, a six-year-old chimpanzee, became the 22nd most successful money manager in the USA after choosing her stocks by throwing darts at a list of 133 internet companies. The chimp created her own index, dubbed MonkeyDex, and in 1999 delivered a 213 per cent gain, outperforming more than 6,000 professional brokers on Wall Street. More…
Chris Tate and Louise Bedford’s 6-month, repeat-for-free Mentor Program will help you develop a fabulous trading lifestyle, where you call the shots. To get involved, register for Priority Notification. Yes, there’s a waiting list. Yes, a lot of people miss out every year. The only way to get involved is to stick up your hand…
