Today's best practise comes from Terry Liberman from WindoTrader. He emphasizes the importance of agreement together with owning your trading information processing system. Years of sense inward developing effective trading platforms bring taught Terry quite a fleck virtually how traders procedure information. His fundamental signal is that nosotros cannot maximize our processing of marketplace position information unless nosotros sympathise our information processing strengths together with play to those. One of the odd features of WindoTrader is the mightiness to overlay information displays on i another, thence that the trader tin halt visualize cost activity on several fourth dimension frames simultaneously. For a highly visual information processor, this tin halt render a pregnant cognitive efficiency.
As Terry points out, the best practise of streamlining information to gibe your processing mode is increasingly important, given the explosion of information available to traders:
"As nosotros know, in that location is no shortage of information because this is the Era of Information Overload on Steroids. The of import matter for those of us who merchandise is to survive able to chop-chop together with easily honor the information that meets our requirements equally to relevance, usefulness, applicability, together with fit.
One agency to mean value virtually information processing is to recognize that information are non information together with must outset survive converted into information through your filters of relevance, importance, together with applicability. Once they buy the farm information together with come across your criteria equally information, you lot straightaway bring cognition together with some agreement of it thence you lot tin halt brand some decisions virtually it. And then, i time it meets your requirements, create upwards one's hear how you're going to deed on it inward alignment amongst your functioning criteria.
To increase your mightiness to collect the information your require together with procedure it, start out amongst the information you lot need, why you lot ask it, together with the do goodness it volition specifically render you lot at this instant inward time. Next, determine both the context together with the content of the information also equally its validity overall together with its validity for you. And finally, invention the specifics for using it together with gaining the most from it inward your pursuit of achieving your finish or goals. To read something fun also equally idea provoking, depository fiscal establishment check out Information Anxiety."
Terry makes a real of import point: trading is, at root, a cognitive process. It is all virtually taking inward data, assembling information into information together with insight, together with making decisions based upon the ongoing streams of information together with insight. How much of what is on our screens is really essential to our determination making? How many screens would nosotros employ together with how cluttered would each covert survive if nosotros solely focused on the information most relevant to our trading decisions?
Streamlining our information processing forces us to mean value virtually our thinking together with follow our chains of reasoning inward generating audio trading decisions. Terry's best practise is non but optimizing our screens; it's optimizing our idea processes together with and then adapting our screens to the best of our processing. More is non better; many times it's fast information processing that is equally of import to trading equally deep information processing. By carefully organizing what is on our screens together with how it is displayed, nosotros tin halt improve the efficiency also equally the effectiveness of our idea processes.
Further Reading: What Trading Teaches Us About Life
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