I'd like to highlight a few key points I like from his post-
- Traders develop plans and trade patterns that simply don't work; they're based on randomness.
- 90% don't/can't sustain the process of keeping a substantive journal. Among the group that does journal, well over 90% of the entries are about themselves and their P/L. I almost never see journal entries devoted to figuring out markets.
-In every performance field of note--from Olympic athletics to Broadway--performers spend more time in practice than in formal performance. That is how expertise develops. The ratio of "practice" time (time spent on markets outside of trading) to trading time is a worthwhile indicator of a trader's prospective success.
Dr. Steenbargers book- Enhancing Trader Performance: Proven Strategies From the Cutting Edge of Trading Psychology (Wiley Trading)
How do traders enhance there trading skills while the market is closed?
-Record the Trading day and review it later using screen capture software like Camtasia studio or !Quick Screen Capture
-Review your charts and setups
-Back Test your strategies
-Review your past trades, look at trade frequency, share size, max drawdown, max gain
-Review the trading day with tick replay feature if your charting software provides that feature (sierra chart, NeoTicker, eSignal)
-Trade on a trading simulator if your broker has that feature (InteractiveBrokers)
-Review your trading journal to find trading mistakes you keep making, so you can focus on improving those problem areas
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