Info!! Process-Driven Trading: Trading Amongst Quality

We oftentimes demand heed that traders should survive physical care for driven in addition to strictly follow their physical care for every bit a way of avoiding psychologically-driven biases in addition to pathetic trading practices.  This draws upon an analogy betwixt trading in addition to the running of a manufacturing or service business.  In the line organisation setting, you lot are looking for consistent, high quality.  Variability of output = depression quality.  For example, if you're manufacturing a drug, you lot desire the production physical care for to plough out the same pill all the time.  If you're a delivery service, you lot desire consistent on-time delivery--and you lot standardize each pace of the physical care for to brand certain that happens.

Essential to process-driven character command are ii ingredients: 1) measure of outcomes in addition to 2) identification of the activities that consistently generate those outcomes.  In the globe of medicine, that has led to a focus on effect interrogation in addition to the creation of evidence-based handling protocols that standardize best practices.  If you lot have surgical physical care for from an evidence-based handling center, many of the decisions that are made, from the total in addition to type of anesthesia to the sterility of the operating room in addition to the method of incision, volition survive set out every bit protocols in addition to derived from rigorous, controlled effect studies.

When traders tell that they are "following their process", what they should hateful past times that is that they accept intensively studied what makes them coin in addition to what does not; identified their best trading practices; codified these best practices every bit protocols to follow; in addition to hence tracked their fidelity to these evidence-based practices.

In other words, a trader who is really process-driven should demonstrate:

1)  Reliability - They do the same matter inwards the same province of affairs each time;
2)  Validity - What they do is known to resultant inwards greater positive outcomes than next other procedures.

Most traders who speak of beingness process-driven do non really runway reliability in addition to validity.  When they verbalise most beingness process-driven, what they hateful is that they follow a routine.  Routines are necessary for character control, but hardly sufficient.  Rowing a boat inwards a consistent way doesn't assist if you're headed inwards the incorrect direction.  If traders don't runway outcomes, position the practices that generate favorable outcomes, in addition to *then* soil routines inwards those practices, they are non trading alongside quality.

Trading alongside character agency putting every bit much fourth dimension in addition to endeavour into studying trading functioning every bit studying markets.  The process-driven trader doesn't only define a routine in addition to follow it blindly.  Rather, process-driven trading agency that you lot position in addition to empathize what plant in addition to hence systematically travel to a greater extent than consistent inwards executing that.

Would you lot wing an airline that operated alongside the same character command every bit you lot demonstrate inwards your trading?  

It's all most doing things correct and doing the correct things.

Further Reading:  Quality, Minds, in addition to Markets
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Info!! Best Practices Inwards Trading: Self-Control Routines During Trading Hours

During marketplace seat hours, it tin strength out instruct slow to hence focus on trading that nosotros fail the individual who is doing the trading!  Once nosotros lose self-awareness, nosotros tin strength out brand decisions that nosotros would never brand if nosotros were calm in addition to focused.  Self-control is slow when nosotros are non facing stressful situations in addition to dealing amongst fight-or-flight responses.  During periods of emotional, cognitive, in addition to physiological arousal, however, our nation shifts tin strength out accept us rattling far from our initial planning.  That is why self-control strategies that tin strength out hold out employed during trading hours are a best practice.

Today's self-control methods are illustrated past times reader Gus Joury, a short-term trader of unsmooth crude futures.  Here are to a greater extent than or less of the daily practices that assist his trading:

"1.  I start my 24-hour interval amongst 15-20 minutes of meditation/mindfulness.  I practise breathing meditation in addition to or TM to clear my bespeak heed in addition to cash inwards one's chips on me focused in addition to aware of my emotions before I start trading.  During this time, I purpose the inner residue app amongst a pump charge per unit of measurement variability monitor to stair out my functioning for that session in addition to I tape my score.

2.  I cash inwards one's chips over my checklist to brand certain I had a proficient night's sleep, poly peptide breakfast, in addition to workout.  I also charge per unit of measurement my physical condition, distraction level, in addition to overall emotional in addition to mental nation for trading.  

3.  Before I start trading, I expect at marketplace seat weather in addition to rhythms at dissimilar fourth dimension frames to examine to evaluate whether the marketplace seat is tradable, whether it is trending or choppy, etc.  This helps me create upwards one's bespeak heed which tools in addition to setups to purpose in addition to whether it is worth trading or not.

4.  I start my kickoff merchandise amongst minor size (1-2 contracts) to examination the waters in addition to come across if I am inwards melody amongst the marketplace seat in addition to to instruct a experience for the overall marketplace seat environment.

5.  Once I start amongst a winning trade, I start increasing my size inwards the next merchandise past times adding to the winners.  I similar to start minor in addition to if the marketplace seat goes inwards my direction, I add together to my seat using buy/sell stops in addition to hence scale out at the kickoff target in addition to 2nd target in addition to hence trail my terminal seat amongst ane tick below/above the previous bar low/high to maximize my profits inwards the merchandise afterward having pocketed before profits.  This strategy makes me less anxious to accept profits in addition to helps me concord my seat longer amongst a trailing stop.  It gives me proficient run a peril management in addition to allows my winners to hold out much larger than losers.

6.  During my trade, if I experience whatever anxiety or discomfort, I accept deep breaths inwards in addition to out inwards social club to keep my focus in addition to stick to my plan.  

7.  After closing my trade, if I experience whatever anxiety, regret, or discomfort, I accept a breathing session pause for 5-15 minutes until I clear my bespeak heed in addition to refocus.  I also do to a greater extent than or less EFT tapping (emotional liberty techniques) amongst breathing to position out negative energy.  I sometimes accept a pause past times walking out of the trading office.

8.  Once I hitting my daily halt loss, I halt trading.  I also halt trading if I lose 50-75% of intraday profits." 

Notice how Gus combines methods for physical in addition to emotional control, such equally the breathing, amongst methods of coin management.  He attempts to rest inwards winning trades, instruct out losing trades amongst smallest size, in addition to regulate the losses he tin strength out incur on whatever given trading day.  All of these are methods of self-control, in addition to all of them assist him rest focused on markets rather than focused on P/L.  

Money management is an essential component subdivision of self management inwards trading.  As I've mentioned inwards my books, I never desire to lose hence much coin inwards a 24-hour interval that I cannot create got a profitable week; I never desire to lose hence much inwards a calendar week that I cannot come upwards dorsum for the month; in addition to I never desire a losing calendar month to ensure a losing year.  H5N1 major assist to optimism in addition to positivity is ensuring that you lot ever create got plenty dry out pulverization to mountain a comeback afterward a loss.

Further Reading:  Self Control in addition to Working Memory
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Info!! Best Practices Inwards Trading: Edifice A Learning Network Via Social Media

One of the greatest psychological challenges of trading is a cognitive, non an emotional, one.  It is the challenge of bandwidth:  our limitations inward processing large amounts of data at whatever given time.  Many portfolio managers I've worked alongside convey developed ways of expanding their bandwidth, including edifice out teams to assist alongside inquiry in addition to execution; connecting alongside savvy peers to hash out marketplace ideas; in addition to staying inward impact alongside colleagues on the trading floor.  Turning trading into a squad sport increases the break of eyes in addition to ears on markets in addition to is valuable inward spotting emerging trading ideas.  How many times convey I observed traders in addition to hence focused on their item trades that they missy what is happening inward the broader market?  Tunnel vision is a cracking agency to acquire blindsided inward markets.

What social media is accomplishing is a leveling of the bandwidth playing champaign for private traders.  Most independent traders create non convey a trading flooring to plow to for marketplace coloring in addition to cannot afford to construct out teams of analysts.  Through social media, however, they tin plow their trading into a virtual squad sport.  Cultivating a focused network of insightful peers adds to the eyes in addition to ears on markets in addition to sparks thinking almost fresh sources of opportunity.

This is why edifice a social learning network is a best practise inward trading.  This is a network of peer traders who value your input in addition to furnish yous alongside valuable observations in addition to insights into markets.  The fundamental to creating an effective social learning network is selectivity.  H5N1 cracking bargain of the commentary via tweets, weblog posts, in addition to chat is high on noise, depression on signal.  You desire a network that provides really high indicate value.

A cracking house to starting fourth dimension a learning network is Stock Twits.  The Stock Twits feed is a curated stream of tweets alongside high data value.  Via the feed, you'll notice sure as shooting contributors come upwards up in i lawsuit to a greater extent than in addition to again.  These are oft high value sources of data yous volition desire inward your network.  Of item value are the Sat $STUDY sessions from the Stock Twits feed that lead specific tweets in addition to links for their valuable content.  In general, the $STUDY postings offering a wide arrive at of observations, analyses, in addition to information.  You'll discovery item adept links via founder Howard Lindzon in addition to head of community evolution Sean McLaughlin. 

Yet or in addition to hence other house to construct your learning network is through sites that comb through content on the fiscal spider web in addition to curate selections.  Abnormal Returns offers a wide arrive at of links daily in addition to each calendar week selects hand podcasts in addition to highlights the most pop links of the week.  This too is a cracking agency to discovery valuable sources of data that tin travel out your regular listening in addition to reading.  On the podcast side, at that topographic point are the offerings from Michael Covel in addition to Barry Ritholtz that characteristic interviews alongside hand professionals inward finance.  Other first-class sources of links are Josh Brown via The Reformed Broker blog in addition to Barry Ritholtz's The Big Picture site.    

The acid examination for whatever improver to your learning network is that what yous read or head to truly does contribute fresh in addition to useful perspectives to your agreement in addition to trading of markets.  There is much to live on said for amusement in addition to it's slowly to acquire into surface readings of many sources, exactly what is ultimately valuable is what feeds your head.  You can't solve fresh puzzles unless yous convey the correct pieces.  And yous won't acquire all the pieces if you're locked within your head.  Through social media, yous tin displace from inquiry to edifice a virtual inquiry team.  It doesn't affair how emotionally controlled in addition to disciplined yous are:  yous can't merchandise the opportunities yous never see.

Further Reading:  Finding Trading Mentorship
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Info!! A Preview Of Trading Psychology 2.0: From Best Practices To Best Processes

One of the swell disappointments I run across when I read writings on the topic of trading psychology is that they invariably impact upon the same themes:  discipline, controlling emotions, etc.  Having worked with traders in addition to portfolio managers for over a decade now, at that topographic point is in addition to then much to a greater extent than to the psychology of trading than "sticking to your process" that I decided I had to write a majority most what I was experiencing only wasn't reading.  The championship reflects that interest:  Trading Psychology 2.0:  From Best Practices to Best Processes.

I intend Ted Hayes striking on something of import inward his recent interview.  He pointed out that the personality traits relevant to success with early on career traders are dissimilar from those that generate success for experienced ones.  Perhaps in addition to then much writing concerns dependent in addition to emotional control, because those are the dominant concerns of the novel traders who purchase the books, haunt the websites, in addition to assay the help.

At several of the firms where I work, no ane fifty-fifty gets an interview unless they accept years of sense managing pregnant uppercase with a solid rail tape of profitability in addition to gamble management.  So yesteryear the fourth dimension those traders bring together the firm, dependent in addition to emotional command are non screaming priorities.  Instead, they bargain with other challenges.  In Trading Psychology 2.0, I advert to these challenges yesteryear A-B-C:

*  Adapting to changing markets

*  Building on strengths

*  Creating creativity

In adapting to dissimilar markets yesteryear leveraging their strengths in addition to generating novel ideas, successful marketplace participants are non in addition to then dissimilar from successful businesses inward fast-changing industries, such equally technology scientific discipline or social media.  When markets alter from twelvemonth to year, stasis is a formula for failure.  The successful trader, similar the successful tech firm, must constantly innovate.  Moreover, in ane lawsuit traders generate those innovations, they must plough best practices--what they do that is successful--and plough them into robust, best processes.

I intend this is very, really important:  What makes a trader successful is discipline:  doing the correct affair with fidelity.  What keeps a trader successful is innovation:  doing novel things in addition to turning them into disciplines.  Conscientiousness makes for success, only it is openness that makes for adaptation.  Trading psychology equally a plain has done a fine labor of articulating the importance of discipline.  My promise is that the novel majority volition broaden the intelligence to include a research-informed expect at mastering alter in addition to innovation.

Further Reading:  Being Your Own Trading Coach
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Info!! Vi Trading Autobus Fundamentals

A huge predictor of a trader's success, I find, is the total of fourth dimension they pass inwards learning in addition to guiding their ain development. I telephone band this self-coaching time: the efforts that traders brand to sustain continuous surgery improvement.

Here are around of the best practices that I run across amid traders who convey made a career of trading, sustaining success across years of shifting marketplace conditions:

1) Keeping a log or journal, tracking what they did correct in addition to wrong, in addition to e'er doing to a greater extent than of what's working;

2) Using the mag to laid upwards in addition to pursue goals, in addition to therefore that they're e'er working on their game;

3) Taking fourth dimension away from trading to educate novel ideas in addition to methods in addition to to rejuvenate;

4) Preparing rigorously for the trading twenty-four lx minutes catamenia in addition to week, in addition to therefore that they're primed to deed when chance presents itself;

5) Keeping unopen tabs on P/L over time, in addition to therefore that they tin position slumps in addition to drawdowns early on in addition to brand appropriate adjustments inwards direct chances levels in addition to trading approaches;

6) Reading, reading, reading, in addition to talking, talking, talking: e'er learning from others;

These best practices ensure that the trader is e'er adapting to markets, shoring upwards weaknesses, in addition to maximizing strengths. It's non but the fourth dimension inwards markets, but the fourth dimension spent inwards self-coaching that turns a trading chore into a long career.

MORE:

Five Steps Toward Becoming Your Own Trading Coach

Keys to Coaching Yourself for Success

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Info!! Best Practices Inwards Trading: Improving Your Workflow

We pose thought into what nosotros need to larn done, but oftentimes don't reverberate upon the ordering in addition to organization of what nosotros do.  Relatively unproblematic changes inwards our workflow tin yield profound benefits inwards the effectiveness in addition to efficiency of what nosotros do.  I of late spoke amongst a trader who conducted the lion's portion of his marketplace seat review right away prior to the New York opened upwardly later a lengthy commute into the metropolis in addition to later numerous conversations on the trading flooring upon his arrival.  By the fourth dimension he got unopen to to figuring out what he was doing for the day, he felt a mixture of distraction, fatigue, in addition to fourth dimension pressure--none of which helped him focus on marketplace seat opportunity.  His reduced concentration early on inwards the solar daytime led to featherbrained trading mistakes, which inwards plough built frustration.  Quite simply, his workflow was non setting him upwardly for success.

Today's best practise is from reader Rahul Rijhwani who describes the organization of his trading workflow.  Here is what he has observed:

"I analyze my stocks alone later marketplace seat hours.  During marketplace seat hours, the focus is alone on execution.  This way in that location is a lot of clarity since in that location is alone 1 chore at mitt at whatsoever given point.  Also, in that location is a feel of calm in addition to clear thought procedure when analyzing in addition to executing.

 To explicate the procedure briefly, when the markets are closed, I opened upwardly charts inwards my watchlist, in addition to thus analyze them in addition to railroad train alerts at of import toll points based on the trading strategy.  Then I calculate the seat size in addition to depository fiscal establishment annotation it inwards a diary.  When the marketplace seat is opened upwardly the side past times side day, when toll comes unopen to the indicate where I conduct maintain railroad train an alert, in that location is a beep.  I in addition to thus opened upwardly the chart, calculate risk/reward, in addition to punch the club if the risk/reward is favorable."

The substitution takeaway hither is that Rahul is using his workflow to split the procedure of generating ideas from the procedure of next markets in addition to executing trades.  By preparing his trades inwards advance, downwardly to the details of toll degree in addition to sizing, he helps ensure that his trading is controlled in addition to planned in addition to non reactive to the province of affairs of the moment.  This enables him to remain clear headed without the need to resort to psychological techniques during the trading session.

Very oftentimes the organization of our fourth dimension helps us remain mentally organized.  If I need to live on open-minded in addition to creative at 1 indicate inwards the trading day, I volition brand certain that the preceding activities are non ones that are taxing in addition to stressful.  If I need to tackle stressful in addition to detailed work, I volition brand certain that I do thus at times when my concentration in addition to willpower are at high levels.  Influenza A virus subtype H5N1 practiced workflow tin do a beat during the solar daytime betwixt activities that require unloose energy in addition to those that ambit energy.  Most of all, setting our workflow agency that nosotros command our run in addition to it doesn't command us.  That is a non bad psychological benefit.

Further Reading:  Managing Your Energy Level
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Info!! Best Practices Inwards Trading: Adventure Management

We're kicking off 2015 amongst a serial of posts on best practices submitted past times readers.  Thanks to all who shared ideas.

We get down amongst reader Vlad, who is a discretionary trader of forex, gold, in addition to DAX.  He sets a maximum loss bound per 24-hour interval (1.0%); calendar week (2.5%); in addition to calendar month (10%) for his trading.  He explains, "That has removed a corking bargain of the stress from trading, knowing that no 1 merchandise or serial of trades tin convey me down."

The best practise hither is adventure management:  the prevention of deep drawdowns is worth many pounds of come-back cure.

Readers trading for hedge funds, where uppercase is levered, volition nearly for sure laid different percentages from Vlad.  Influenza A virus subtype H5N1 loss of 10% inward a calendar month would live wholly unacceptable at many places where I stimulate got worked.  Personally, I would non desire 3 months of hitting my downside degree to house me inward a province of affairs where I had to brand over 40% on the remaining uppercase merely to intermission even.  Vlad's basic concept of setting loss limits for trading, however, is quite sound.

I facial expression at it this way:  if I stimulate got a hitting charge per unit of measurement of 50%, in addition to then I volition stimulate got 25% odds of 2 consecutive losing trades; 12.5% odds of 3 consecutive losing trades; 6.25% odds of iv consecutive losing trades; in addition to a petty over 3% odds of v consecutive losing trades.  If I house fifty trades inward a year, justice what?  I volition nearly for sure run into strings of iv in addition to v consecutive losers.  I require to live able to hold upwardly that adventure of ruin.  If I permit myself to lose 10% of my initial uppercase on each trade, I volition probable teach to the indicate where I require to double my remaining coin to intermission even.  If I permit myself to lose 1% of uppercase on each trade, whatever expectable run of losing trades is unlikely to impair my account--or my psyche.

One of the practices that has served me good over the years is to come inward trades amongst one-fourth to half of my maximum seat size.  I've works life that, when I'm incorrect inward a trade, I'm ordinarily incorrect early on inward that trade.  Keeping my adventure exposure little initially enables me to lose less coin if I'm stopped out quickly, in addition to it allows me to add together to my seat if my scenario unfolds equally planned.  If I'm sized maximally, moves against me overstep a threat.  If I'm sized to a greater extent than moderately, moves against my seat tin pose farther opportunity.  That's a corking house to live psychologically.

Finally, loss prevention inward trading is greatly aided past times diversification.  If you lot stimulate got 2 or to a greater extent than trading systems or trading methods that each stimulate got positive expected returns in addition to are relatively uncorrelated inward their supply streams, you lot in addition to then do a province of affairs where the expectable serial of losing trades for whatever 1 method tin live buffered past times the returns from the others.  Diversification tin likewise come about inward the larger motion-picture exhibit of our coin management.  My trading uppercase is but a fraction of my amount investment capital.  I stimulate got many fixed income investments, for example, that throw off a reasonable yield each year.  If I were to stimulate got a losing trading year, I would soundless harvest income from my larger portfolio.

Vlad's indicate is an of import one:  risk administration is the best psychological management.  It is really hard to proceed our heads inward the game if markets are handing our heads to us amongst adverse moves.  Playing skilful defense forcefulness sets us upwardly for taking amount payoff of offensive opportunities.

Further Reading:

Best Practice:  Reading inward Parallel

Turning Best Practices Into Best Processes
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Info!! Signature Strengths Too Trading Success

Humility spurs practice; confidence spurs performance.  To get got the confidence that you lot get got what it takes to sustain proficient risk-adjusted returns *and* to retain the humility to know that you lot ever postulate to usage to retain in addition to renew your edge:  that's a rare in addition to challenging combination.

But how create you lot usage if you lot don't know your best practices?  

Every rattling successful trader I've known has at to the lowest degree i signature strength:  unopen to science or talent distinctive to them.  That forcefulness is non something specific to trading: it is something that defines who the individual is across domains.  Super-disciplined people larn super-disciplined traders; uniquely creative people approach markets inwards unique, creative ways:  success inwards markets comes from leveraging the best of who nosotros are.

When you lot position in addition to enact your best practices inwards markets, you lot develop yourself to larn to a greater extent than of who you lot already are when you're at your best.

I am at my best equally a bring upwards when I'm emotionally intelligent, attuned to the communications of my children.  That is likewise when I'm best inwards markets in addition to best equally a psychologist.  No marketplace position query or nautical chart written report tin flame assistance me if I'm in addition to thus out of melody that I'm no longer attuned.

So unopen to of my best practices are actions that I get got that proceed me open, responsive, in addition to attuned.  Those volition hold out unlike from your best practices.  Once you lot know your signature strengths, you lot get got an chance to leverage them in addition to consistently depict upon them.  That's what best practices hit for us.

Those best performances are guideposts, pointing you lot to who you lot are at your best.  Learn from your worst trades, but absorb the lessons of your best ones.  Inside those best trades is the best inside you:  the signature strengths that volition anchor your trading success.

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This Midweek at five PM, I'll hold out doing a complimentary webinar session hosted yesteryear SMB:  the theme volition hold out best practices.  I expect frontwards to edifice on this of import topic.

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Further Reading:  Best Practices Submitted yesteryear Readers 

Info!! Stable Distributions: Why They Thing For Trading

Good markets, bad ones: the ane affair nosotros tin locomote surely of is that "this, too, shall pass."  Trends in addition to ranges don't terminal forever.  Periods of apartment in addition to narrow activity are replaced past times volatile directional moves in addition to vice versa.  When I wrote my most recent book, I sought to explicate a puzzling finding inward my observations of traders:  Those who were most obsessed alongside standardizing their trading processes in addition to trading alongside dependent plain were the ones showing the worst returns!  That flew inward the human face upwards of mutual wisdom.  When I looked at the traders performing the best, what I saw were real nimble participants who could modify their views in addition to approaches to markets chop-chop equally atmospheric condition changed.  When I codified my observations inward the majority into an ABCD scheme, you lot tin run into which came first:

*  Adapt to changing markets
*  Build on your strengths
*  Cultivate creativity
*  Develop best practices in addition to processes

The challenging issue, of course, is *when* to accommodate in addition to how chop-chop situations volition change.  Is today trading similar yesterday?  Can nosotros hold off wholly novel patterns to emerge or a continuation of the ones we've been seeing?  Do I stick alongside what has worked inward my recent trading or conduct maintain each twenty-four hr menses equally it comes?

A concept that I discovery real helpful inward this regard is the notion of stable distributions.  Influenza A virus subtype H5N1 stable distribution is ane inward which the agency in addition to touchstone deviations from ane share of a fourth dimension serial produce non significantly differ from those of simply about other portion.  If I flip a fair money one thousand times in addition to hence flip it simply about other one thousand times, the distribution of outcomes volition locomote real similar.  That's a stable distribution.

An interesting application of touchstone technical measures is using them to approximate the stability of the market's behavior.  For instance, I tin facial expression at the distribution of upticks in addition to downticks over a past times menses in addition to compare that alongside the market's most recent distribution.  That is real helpful inward identifying whether novel participants entering in addition to leaving the marketplace are making a meaningful difference inward cost behavior.  If the distribution of upticks in addition to downticks is remaining stable, nosotros tin conduct maintain greater confidence that the near-term hereafter volition facial expression similar the most recent past.

When the number of stocks registering fresh 52-week highs late soared to levels non seen inward many, many months, the distribution was all of a precipitous non stable.  Assuming that the hereafter would locomote similar the past times would conduct maintain been hazardous to one's wealth.

Most recently, I've received quite a few questions nearly when this bull movement volition come upwards to an end.  One affair I scout from twenty-four hr menses to twenty-four hr menses is the number of NYSE stocks moving into, above, in addition to below their respective Ichimoku Clouds.  (Raw information from Stock Charts).  I've collected those information for over a year, hence I conduct maintain a reasonable feel for when distributions are relatively stable in addition to unstable.  The clouds are similar Bollinger Bands.  If nosotros don't conduct maintain many stocks moving higher upwards their upper extremes, below their lower extremes, or moving from electrical current extremes dorsum into their clouds, the odds are pretty practiced that zip major has changed for the market.  If a marketplace is going to contrary course, nosotros to a greater extent than frequently than non run into advance notice from the strongest in addition to weakest sectors, which brand their moves first.  That shows upwards inward the cloud data.

On Friday, nosotros had a total of 156 NYSE stocks modify their cloud status.  That is inward the lowest quartile of readings over the past times year.  The marketplace had been rigid on Wed in addition to Th in addition to it would conduct maintain been tardily to desire to sell an "overbought" marketplace on Friday, but inward fact stocks were non changing their distributions.  That is real helpful information for traders deciding to merchandise vs. fade most recent marketplace moves.

The wise trader approaches marketplace activeness equally a Bayesian, constantly looking at the most recent activity in addition to determining whether it falls into the blueprint of the recent past times or meaningfully diverges.  The marketplace province of affairs volition ever change--eventually.  Influenza A virus subtype H5N1 telephone substitution to successful trading is figuring out whether nosotros are inward a stable trading menses or ane of transition.

Further Reading:  Creativity in addition to Innovation inward Trading
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Info!! The Unmarried Nearly Of Import Trait Of Successful Traders

Great to come across that the novel volume volition last coming out on the 28th of this month.  I titled it Trading Psychology 2.0, because I wanted to update the touchstone version of trading psychology, which I notice increasingly limited.

Traditional trading psychology has begun amongst an of import laid of premises:  Human beings procedure information emotionally in addition to frequently non-rationally inwards the facial expression upwardly of risk, reward, in addition to uncertainty.  These information processing biases Pb to piteous trading decisions.  The natural conclusion that follows from these assumptions is that successful trading requires emotional control, self-discipline, in addition to adherence to a grounded process.

I don't dispute the higher upwardly at all.  My work is that, over the years, I take away hold met amongst a release of really emotionally controlled, disciplined, in addition to process-focused traders who take away hold non been able to brand money.  Mastering cognitive biases is necessary for success inwards markets, but I flora it's non sufficient.

What I'm calling the 2.0 version of trading psychology begins amongst a dissimilar laid of premises:  markets are ever-changing, such that patterns in addition to relationships that yield profits inwards i fourth dimension menstruum (regime) may last spectacularly unsuccessful inwards another.  H5N1 practiced instance from recent fiscal history has been the touching on of quantitative easing on the trading of stocks.  QE resulted inwards a crushing of volatility inwards stocks in addition to a transfer of flows from lower-yielding bonds to stocks that possess both yield in addition to the prospect of higher returns.  When the destination of QE in addition to possibility of involvement charge per unit of measurement normalization comes to the fore (think taper tantrum in addition to the recent prospect of a Fed hike), stocks take away hold traded amongst far greater volatility in addition to risk-off bias.

What has made recent trading challenging is that the stock marketplace is non behaving inwards anything similar the means it behaved for much of the by 2 years.  We come across higher volatility in addition to potent selling flows.  For all intents in addition to purposes, the trader who trades stocks at i time in addition to inwards the root one-half of 2015 powerfulness equally good last trading dissimilar property classes.  

As long-time readers are aware, I prepare non-linear regression models of short-term returns inwards SPX.  Typically these models predict returns over a 3-5 hateful solar daytime horizon.  The recent model I built covers marketplace periods displaying a medium degree of volatility; the prior model covered marketplace periods amongst depression volatility.  The variables inwards the models are only different, in addition to they take away hold dissimilar predictive power.  One of import departure is that short-term pull in addition to weakness is to a greater extent than probable to contrary inwards the higher vol regime; to a greater extent than probable to present near-term continuation inwards the depression vol, QE period.

Now if a trader starts amongst the traditional laid of assumptions in addition to strictly adheres to a item process, that trader volition larn torched when markets alter from choppy, depression volatility attain motion to high volatility decline.  If dependent area is defined equally sticking to a item laid of rules in addition to practices, thence dependent area eventually sows the seeds for a failure of adaptation.  The trader who used to brand consistent coin in addition to at i time cannot succeed has non all of a abrupt morphed into an emotional handbasket instance or a massively biased thinker.  Rather, that trader has failed to adjust to a changing laid of marketplace conditions.  It is frequently a trader's virtues--consistency in addition to discipline--and non vices that do losses during periods of marketplace flux.

This is why the unmarried most of import trait of traders who attain career success is adaptability.  Adaptability does require dependent area in addition to self-control, but importantly it likewise requires self-awareness, marketplace awareness, creativity, in addition to flexibility.  Companies continued to churn out personal computers when laptops gained traction.  Companies continued to emphasize laptops when tablets became popular.  There volition last companies pushing tablets when wearable computing devices top away the rage.  All of those companies had fine processes in addition to disciplined execution.  They but failed to adjust to changing markets.

Do stocks merchandise amongst higher or lower correlation to i another?  Is that correlation waxing or waning?  Are nosotros trading amongst higher or lower volume in addition to volatility?  Is volume in addition to volatility waxing or waning?  Do nosotros present bear witness of trending/momentum or reversal on brusque fourth dimension frames?  Longer fourth dimension frames?  Do nosotros come across signs of weakening breadth or strengthening breadth equally nosotros brand successive cost highs or lows?  Which sectors of the marketplace are leading performance?  Lagging?  Is leadership stable or changing?  How are stocks correlated amongst other property classes?  Is that correlation changing recently?  What do those cross-asset correlations in addition to patterns of leadership say us almost the U.S.A. economy?  The global economy?  How are nosotros responding to economical information releases in addition to marketplace movements overseas?  Is that designing of reply changing?  What are those patterns of reply telling us?

When yous inquire those questions, yous accept the root measuring toward developing meta-processes:  processes for adapting your best practices to changing marketplace conditions.  Trading is *not* similar poker, chess, or athletics: the rules inwards typical games of science do non alter from i contest to another.  Trading is similar business.  The concern marketplace never stays still.  Success is non almost finding a magic formula in addition to slavishly adhering to it.  It's almost staying flexible in addition to finding novel formulas nether evolving conditions.  The faster the stride of change, the to a greater extent than inventiveness becomes the essence of discipline.

Further Reading:  Why You Should Keep H5N1 Journal
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Info!! Trading Amongst Focus

A theme that has arisen inward recent conversations amongst traders is the importance of focusing on what has been making y'all coin in addition to sizing upwards those trades, rather than taking many kinds of trades throughout the solar daytime or calendar week in addition to watering downwards your edge.  So often, the deviation betwixt profitability in addition to unprofitability is eliminating marginal trades in addition to trading to a greater extent than confidently amongst our nub strengths.  Perhaps virtually damaging inward taking those marginal trades is that nosotros don't accumulate those little wins that permit us to piece of job subsequently larger ones.  It's hard to create confidence when oscillating betwixt winning on practiced trades in addition to throwing coin away on so-so ones.

A groovy means of focusing is writing downwards every ingredient of your best trades.  That comes from studying your winners over a example catamenia of time.  How does the marketplace seat or musical instrument railroad train for your best trades?  How create y'all brand your best entries?  How create y'all optimally size positions?  How create y'all know whether or non to larn bigger or smaller inward the merchandise every bit it unfolds?  When, where, in addition to why create y'all halt out or accept profits?

When y'all write something downwards in addition to read it in addition to reread it daily, y'all cement it inward your mind.  As I stress in the recent book, y'all plow your best practices into robust processes.  But they are *your* processes, derived from *your* success; non something handed downwards past times a would-be guru.  When your best practices larn thus automatic that they are a telephone substitution business office of who y'all are in addition to what y'all do, in addition to thus y'all are cook to exam out other trading amongst pocket-size run a peril in addition to respect other rabbits worth chasing.

Many traders get got the might to win in addition to indeed would hold upwards winners if they grounded themselves inward their best practices.  Instead, they lose focus--often out of frustration--and chase 1 rabbit subsequently another, catching aught inward the end.  Influenza A virus subtype H5N1 major plow inward trading psychology is getting to the request where losing increases your focus, rather than erodes it.

Further Reading:  Building Your Trading With a Solution Focus
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Info!! Best Practices Inwards Trading: Developing A Framework For Adept Trading

Too many traders justify miserable trading in addition to overtrading yesteryear appealing to "intuition".  There's no query that intuition in addition to implicit learning are cornerstones of designing recognition.  That doesn't mean, however, that whatever merchandise 1 feels similar putting on is a skillful trade!  Intuition is the resultant of extensive exposure to a field.  Without prolonged immersion in addition to study, at that topographic point is no edifice of designing recognition skills.

An effective way of ensuring that your trading really represents audio trading is to build a framework for your skillful trades that captures their essential elements.  Today's best exercise comes from reader Awais Bokhari, the co-founder in addition to CEO of the OpenTrader preparation computer program in addition to the eminiplayer trading site.  Awais has been involved inward preparation over chiliad traders, hence he has worthwhile insights into the edifice of trading skills.  He describes the trading framework he employs to assistance execution in addition to enshroud for valid merchandise ideas:

"After working amongst numerous traders, 1 mutual challenge I've noticed is that fifty-fifty later they receive got developed a corporation agreement of the marketplace in addition to its mechanics, they soundless manage amongst merchandise execution, in addition to can't objectively decide the character of a merchandise setup inward existent time.  So, fifty-fifty later they've developed a skillful merchandise plan, they're unable to execute that computer program inward existent time.

To amend execution, I furnish our students amongst an Execution Framework in addition to learn them The Anatomy of a Valid Trade Idea.  The concept hither is to intermission downwards the trading methodology/strategy in addition to decide the mutual components that are at the base of operations of every skillful setup.  We in addition to then rail those components inward a merchandise journal/spreadsheet amongst uncomplicated Yes/No values.  It's of import that we're able to stair out in addition to rail each cistron objectively.  This agency nosotros can't include or rail anything that relies on intuition.

For our discretionary trading methodology, nosotros follow 4 fundamental components that brand upwards a valid merchandise idea:

1.  Good Trade Location:  For a bulk of merchandise setups, merchandise location is going to travel important.  In many situations, merchandise location lone tin travel plenty of a argue to travel inward a trade.  To brand this an objective determination, yous precisely response whether yous took the merchandise at a predetermined support/resistance zone.

2.  Intraday Control/Bias (short term directional bias):  We tin assess which side is inward command on the twenty-four hr catamenia fourth dimension frame yesteryear seeing where the marketplace is trading inward relation to the outset hr high/low, midpoint, VWAP, VPOC (volume indicate of control), overnight high/low, in addition to previous day's high/low.  Trades inward the management of the intraday command receive got a higher probability of reaching their turn a profit targets.  When entering a merchandise that is counter to the intraday control, yous should travel to a greater extent than conservative amongst your merchandise location.

3.  Momentum:  We guess momentum yesteryear monitoring the NYSE TICK inward conjunction amongst cost action.  Trades inward the management of momentum receive got a higher probability of reaching their turn a profit targets.  When entering a merchandise that is counter to momentum, yous should by in addition to large travel to a greater extent than conservative amongst your merchandise location.

4.  Larger Time Frame Control/Bias (trend):  For the role of twenty-four hr catamenia trading, nosotros assess the larger fourth dimension frame command based on the 30-minute in addition to daily charts.  Trades inward the management of the larger fourth dimension frame receive got a higher probability of reaching their turn a profit targets.  And, again, trades that are counter to the larger fourth dimension frame/trend should unremarkably travel taken at to a greater extent than conservative merchandise location.

Confluence:  These 4 fundamental components brand upwards a valid merchandise idea.  The to a greater extent than of these yous stack inward your favor, the higher the odds of the setup working out.  As a rule, at to the lowest degree 2 of these components should travel inward your favor on every trade.

Reward-to-Risk:  R/R is used every bit a filter in addition to is a prerequisite to entering whatever trade.  Because R/R is subjective in addition to every unmarried merchandise must come across our minimum R/R standard of 2:1, R/R tin never travel used every bit the solely argue to travel inward a trade.  It is necessary, but non sufficient on its own.

We've works life that this execution framework allows our traders to travel to a greater extent than objective in addition to speedily decide the character of a merchandise setup inward existent time.  Another produce goodness is that it allows the trader to objective assess trades at the the halt of the day."

Awais has created a guide to merchandise alternative that tin help traders inward existent fourth dimension conclusion making in addition to also facilitate review of winning in addition to losing trades.  By applying these criteria to all trades all the time, the trader internalizes the basics of skillful conclusion making in addition to turns excellence inward execution into a positive habit pattern.

Further Reading:  How Many Daytraders Actually Make Money Consistently?
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Info!! Best Practices, Best Processes, In Addition To Why Traders Don't Accomplish Their Potential

One of the telephone substitution ideas from the Trading Psychology 2.0 book is turning what you lot do best inwards markets (your best practices) into robust habit patterns (best processes).

What that agency is that it is vital for traders to empathise their strengths in addition to how those strengths manifest themselves equally successes.  When I enquire traders to position their strengths, they inevitably plow over generalized responses that don't map onto best processes.  For instance, a trader may tell that they're skillful at conduct a opportunity administration or skillful at reading nautical chart patterns.  How do they specifically depict upon those strengths inwards 24-hour interval to 24-hour interval trading?  That is non elaborated.  

To genuinely empathise yourself inwards a best practices framework, enquire yourself:

1)  What do I do best inwards price of researching ideas for trading?

2)  What do I do best inwards price of translating my ideas into specific trades?

3)  What do I do best inwards price of executing in addition to sizing my trades?

4)  What do I do best inwards price of managing the conduct a opportunity of my trades?

5)  What do I do best inwards price of managing myself equally a functioning professional?

Now enquire yourself:  How do I proceed rail of today's functioning inwards lite of the 5 best practices categories above?  How, specifically, do I ensure that today's trading is aligned alongside what I do best?

The greatest error traders brand is spending much to a greater extent than fourth dimension next in addition to studying markets than next in addition to studying their ain trading performance.

Better agreement of markets does non necessarily interpret into improve trading of markets.

If you lot don't empathise in addition to human action upon what drives your success, something else volition inevitably stimulate your performance.  Every bad merchandise fills a vacuum.

Further Reading:  Why Disciplined Traders Make Bad Decisions
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Info!! Best Practices Inwards Trading: Using Campaign To Hit Emotional Control

We know from query that usage has a position out of wellness in addition to emotional benefits, including increased well-being in addition to improved concentration.  In spite of this, most traders piece of work inwards highly sedentary ways, seated at a desk in addition to watching screens for hours at a time.  The lack of campaign keeps us restricted to a narrow Blue Planet of heed in addition to trunk in addition to makes it hard to shift our Blue Planet when nosotros larn inwards periods of frustration or discouragement.  There are too significant wellness risks associated alongside sitting.

Today's best usage comes from Scott Garl, a long fourth dimension reader.  Scott explains how creating campaign at one's workstation tin supply multiple personal in addition to trading benefits:

"My best usage is absurdly simple, withal I haven't seen a comment on your spider web log or whatsoever other trading related spider web log or resources regarding the benefits of a stand upwards up workstation and/or treadmill workstation versus the traditional sit-down workstation.  I do know that about traders complain well-nigh the wellness problems associated alongside sitting all twenty-four hr menstruum long.

Since purchasing a treadmill workstation viii months agone (to supplement my sit-down workstation), I can't tell that my trading results bring exploded to the upside, but at that topographic point bring been noticeable improvements from using it 2-3 hours per day.  Staring at the screens at a brisk 2.4 miles per hr (as I'm doing now) has helped to alleviate ii occupation areas:  frustration trading in addition to trading out of boredom.  It's merely apparently hard to spiral into negative emotions afterward a stop-out or ii piece then physically active in addition to breathing deeply.  And it's nearly impossible to experience bored in addition to autumn prey to looking to the marketplace for action.

Additionally, I experience a pregnant creative boost, every bit I never forget to plow on my Focus At Will feed, which I ever forget to do piece sitting for about reason.  That helps to increment my mood, focus, in addition to inventiveness fifty-fifty more.  The treadmill has fifty-fifty helped alongside procrastination, every bit I tend to tackle many to-do's that commonly larn position off.  I've lost pregnant weight, bring noticeably stronger abs, in addition to bring gained musculus volume every bit a lawsuit of too using a dumbbell piece reading or evaluating marketplace patterns."

Scott's combination of piece of work in addition to usage keeps him energized piece trading.  His piece of work of the Focus At Will music in addition to the weights too keeps him mentally in addition to physically active, making it less probable that he volition larn bored during the trading day.  His insight that it is hard to lapse into negative emotions when staying physically energized is an of import one.  Controlling our bodies tin hold upwards powerful ways to give cognitive in addition to emotional control.

Further Reading:  The Performance Benefits of Exercise
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Info!! Turning Your Best Practices Into Best Processes

When I began working at a counseling see years ago, waiting lists for services were the norm--both at that see too across similar centers.  In many cases, people had to await weeks to laid about coming together alongside a counselor.  From my perspective, waiting lists were an accident waiting to happen.  It was solely a affair of fourth dimension earlier someone on a waiting listing deteriorated significantly inwards their functioning, leading to an unfortunate final result too potential legal liabilities.

So when I was asked to Pb a counseling see at my adjacent institution, I laid a policy of no waiting lists.  In guild to attain that, I engaged inwards exhaustive enquiry concerning the types of clients who almost could create goodness from short-term intervention; those that were almost probable to create goodness from medication; those that were almost probable to require longer-term therapy; etc.  I also scoured the enquiry literature for criteria to create upward one's take away heed approaches to counseling almost probable to create goodness item people too problems, drawing upon evidence-based guidelines.

Each research-based finding led to a best practice.  For instance, I learned that outcomes were best for people alongside sure as shooting kinds of depression if structured cognitive-behavioral therapy was combined alongside anti-depressant medication.  The combination of many best practices led to a best process:  past times routing people to the correct kinds of assistance that were almost probable to live on successful, outcomes were improved too waiting lists evaporated.  Therapy became to a greater extent than efficient equally good equally to a greater extent than effective ane time an evidence-based triage procedure was established.

The previous post reached out to readers to inquire for their best practices:  actions that bring been almost reliably associated alongside successful trading.  These, too, should live on evidence-based.  That agency that y'all are actively tracking what you're doing inwards markets too how you're doing it too seeing what industrial plant too what does not.  It also agency that you're tracking yourself too the personal factors that work organization human relationship for your skilful too bad trading.  For example, I bring consistently found that placing trades solely when backtested relationships are providing electrical flow signals increases my hitting charge per unit of measurement too my profitability.  Starting my trading twenty-four hours past times investigating those relationships is a best practice.

When nosotros string together a let on of best practices, nosotros acquire inwards at best processes.  My best procedure for marketplace training includes starting the twenty-four hours alongside exercise; eating lightly; updating markets for those backtested relationships; planning criteria for entries too exits; too writing downwardly my game excogitation for the trading session.  I bring learned that each of these best practices is associated alongside my best trading.  Combining them into a procedure creates a training routine:  I am turning best practices into ongoing piece of work habits.

The argue my novel book stresses the creation of best processes from best practices is that the one-time trading psychology--the ane that links trading success to "discipline"--is woefully limited.  When nosotros established the novel triage organization at the counseling center, no ane had to piece of work on their bailiwick to bear the correct kinds of assessments for novel clients.  Those assessments became constituent of an ongoing process:  they developed into routines.  The challenge for traders is non to motivate behaviors only to automate them.  First y'all report yourself too larn your best practices; too hence y'all uncovering ways to gather those best practices into a replicable workflow.

Thanks to readers who already bring submitted their best practices.  I specially encourage those involved inwards mentoring traders to share their best practices.  By creating a database of best practices, nosotros tin generate the edifice blocks for best processes too lay the foundation for to a greater extent than consistent trading performance.

Further Reading:  Four Pillars of Trading Process
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Info!! Best Practices Inwards Trading: Scenario-Based Preparation

In trading, every bit inward sports, the game is oftentimes won or lost earlier the contest formally begins.  It's the grooming for winning that leads to winning in addition to the failure to ready that prepares for failure.  Coach Bob Knight famously observed that many take away maintain the volition to win, but non many take away maintain the volition to ready to win.  Elite performers dearest the preparation, non only the performance--and that's what enables them to displace to e'er higher levels of performance.

Reader Paul Landry contributes today's best practice:  a scenario-based grooming routine.  By anticipating a multifariousness of possible marketplace position scenarios in addition to how he'd reply to each, Paul helps ensure that he volition non locomote surprised past times marketplace position developments.  It is really hard to emotionally overreact to situations that nosotros take away maintain anticipated in addition to prepared for.  In that sense, mental grooming is i of our best tools for emotional self-control.  Here's how Paul explains his routine:

"I come upwards from a military machine background.  Before an operation, rehearsals are crucial to getting things correct earlier nosotros confront decisions inward the estrus of battle.  I disclose I also necessitate to behavior rehearsals earlier the trading day.  I rehearse 7 possible scenarios amongst 4 parts for each one.

The 7 scenarios are:  a bullish displace that turns into a long tendency upward; a bullish displace that turns into a brusk tendency upward; a bearish displace that turns into a long tendency downward; a bearish displace that turns into a brusk tendency downward; a supply to the hateful displace where the marketplace position reverses; the nearly probable displace that I could experience; in addition to the nearly unsafe displace I could experience. 

The 4 parts are:  the likelihood of each scenario; what the charts in addition to indicators volition demo to position each scenario; what is the probable close term direction for each scenario; in addition to what my reaction should locomote when faced amongst each scenario.

The rehearsals assistance me inward ii ways.  First, the conclusion making is faster in addition to of higher character because I take away maintain been inward the province of affairs before.  Also, the second-guessing during in addition to later the merchandise is minimized because the decisions were rehearsed beforehand, when trading stress was minimal."

Notice that Paul's grooming routine is actually an exercise inward open-mindedness.  He does non kickoff the marketplace position hateful solar daytime locked into whatever i exceptional scenario.  Rather, he rehearses in addition to prepares for all probable situations, staying flexible every bit markets unfold.  During the day's session, sure as shooting scenarios volition come upwards to the fore in addition to others volition non play out, enabling Paul to focus on his grooming for the day's nearly probable outcomes.  

My sense amongst this sort of grooming is that item is important.  It's non only visualizing a province of affairs that is important, but concretely rehearsing the specific steps you lot would take away maintain inward that situation.  Preparing through multiple modalities is to a greater extent than effective than through a unmarried channel.  For example, visualizing a scenario in addition to desired responses; talking out the scenario in addition to responses; in addition to writing them both out are unlike ways of processing trading plans.  Spending to a greater extent than fourth dimension on the exercise--and drawing upon multiple ways of processing the plans--results inward a deeper in addition to to a greater extent than effective preparation.

"What if" planning is essential non entirely inward military machine actions but inward nearly competitive games in addition to sports, from chess to football.  As Paul emphasizes, i cannot count on accurately in addition to thoroughly processing a province of affairs inward the estrus of battle.  Thoroughly planning actions earlier things estrus upwards is a nifty agency to brand sure as shooting nosotros merchandise well, regardless of bend balls the marketplace position may toss our way.

Further Reading:  Priming in addition to Preparing Your Brain
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Info!! When Trading Problems Are To A Greater Extent Than Than Simply Trading Problems

I latterly wrote almost how 90% of the mental game is a business office of how nosotros trade.  Our trading practices impact us emotionally, exactly every bit our emotions impact our decision-making.

Sometimes, however, at that topographic point are realities nosotros cannot avoid if nosotros are to succeed inwards fiscal markets.  If nosotros are going through emotional problems, such every bit depression, anxiety, in addition to human relationship conflicts, these tin real much interfere alongside our concentration in addition to our powerfulness to atmospheric condition the normal ups in addition to downs of markets.

Addictive patterns too real much can create havoc inwards trading performance.  Sometimes nosotros merchandise out of require in addition to impulse, non from opportunity.

How do nosotros know when emotional disruption of decision-making mightiness survive due to larger psychological issues?  Two factors are relevant:

*  DURATION - If problems convey been occurring for an extended time, in addition to peculiarly if you lot convey encountered them at dissimilar points inwards your life, the odds are goodness that they are non simply situational.  If you lot convey experienced your problems prior to your interest alongside trading, it's worth considering that the problems are non simply trading-related ones.

*  SEVERITY - The severity of a work is the flat to which it interferes alongside many facets of life.  If a work disrupts sleeping in addition to eating, affects mood, in addition to lowers overall productivity in addition to social functioning, that's a goodness sign that it volition pervade trading every bit well.  

Notice that a work tin survive of relatively recent duration--such every bit a human relationship breakup--and soundless convey severe impacts.  Also, a work may non survive severe--we business office adequately despite it--but it tin soundless survive of long duration in addition to kicking the bucket along us from performing at our best. 

When emotional difficulties interfere alongside trading, the best course of written report of activity is to greatly (or totally) cut risk-taking in addition to devote attending to resolving the problems.  Blowing upwards a portfolio tin alone add together to stress; if stress is interfering alongside trading, it makes sense to focus on the stress earlier the trading adds to it.

In situations where human relationship problems, addictive patterns, depression, in addition to anxiety/stress come about exterior every bit good every bit within of trading, seeking the attention of a qualified professional person is oftentimes a goodness step.  It is non necessary to pursue a trading motorbus for problems that predate trading in addition to come about exterior of trading--and, indeed, many coaches lack sense in addition to expertise inwards these areas.  

If you lot detect yourself to a greater extent than focused on your problems than on markets, the best merchandise you lot tin brand is to invest inwards your emotional well-being past times getting the correct sort of help.

Further Reading:  The Greatest Cause of Trading Problems No One Talks About
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