{"id":38256,"date":"2014-07-13T19:47:13","date_gmt":"2014-07-13T23:47:13","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=38256"},"modified":"2014-07-13T19:47:13","modified_gmt":"2014-07-13T23:47:13","slug":"enhancing-trader-performance-getting-acquainted-with-ourselves","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/enhancing-trader-performance-getting-acquainted-with-ourselves","title":{"rendered":"Enhancing Trader Performance: Getting Acquainted With Ourselves"},"content":{"rendered":"

*****David Blair, The Crosshairs Trader, is a blogger\/trader\/educator who does a wonderful job of sharing research on elite performance and how it relates to trading. Below is his latest post for the SMB trading community.***** \u2014 Editor\u2019s Note<\/em><\/p>\n

For anyone who follows me here or at my blog\u00a0know I am focused on the mental aspect of the trading game.\u00a0 In fact, I believe trading is 100% mental from choosing the types of charts you will use to what you will trade to how you will trade it.\u00a0 We all approach trading via mental biases formed from experience and exposure.\u00a0 The science of\u00a0behavioral finance<\/a>\u00a0is beginning to take a leading role in helping investors and traders better understand the\u00a0decision making progress that affects stock prices.\u00a0 We would be wise to study the reasons behind the decisions we make.\u00a0\u00a0In doing so I am sure we would discover hidden biases that when\u00a0properly managed\u00a0could enhance\u00a0our trading performance.\u00a0 It is all a matter of wanting to get better acquainted with ourselves.\u00a0 The following resources will help you begin the journey of self discovery.<\/p>\n

A Visual Guide to\u00a0Cognitive Biases<\/a><\/p>\n

Wow!\u00a0 We have a lot of\u00a0studying<\/a>\u00a0to do!<\/p>\n

Regardless of how disciplined, humans often trade with\u00a0behavioral biases<\/a>\u00a0that cause them to act on emotion.<\/p>\n

Some social psychologists believe our\u00a0cognitive biases<\/a>\u00a0help us process information more efficiently, especially in dangerous situations. Still, they lead us to make grave mistakes. We may be prone to such errors in judgment, but at least we can be aware of them.<\/p>\n

These\u00a0cognitive foibles<\/a>\u00a0that affect all of us have a significant impact on our decision making, whether we are aware of them or not.<\/p>\n

There is no way to\u00a0eliminate bias<\/a>. It\u2019s who we are, and those biases aren\u2019t always liabilities. In investing, taking steps to minimize those biases is how the pros make money.<\/p>\n

A cardinal concept from\u00a0behavioral finance<\/a>\u00a0is that we do not process information about risk, reward, and uncertainty in a purely objective manner.<\/p>\n

When it comes to trading, enhancing our performance inside the charts\u00a0requires an awareness of various \u201coutside the charts\u201d\u00a0thought processing biases<\/a>\u00a0that can adversely affect our outcomes.<\/p>\n

The challenge of helping clients\u00a0overcome the biases<\/a>\u00a0that limit their investment success is complicated by the conflicting emotions that drive their behavior.<\/p>\n

Finance experts have long assumed that\u00a0investors are rational<\/a>, able to process information efficiently, evaluate investment options in an unbiased fashion, and seek to maximize profits while minimizing risks. The reality is often more complex, however.<\/p>\n

Individual investors, in general, trade more than is good for them.\u00a0Behavioral finance<\/a>\u00a0offers several explanations for why this is true.<\/p>\n

Alright biased traders all, it\u2019s time for some study outside the charts!<\/p>\n

 <\/p>\n

David Blair<\/strong><\/p>\n

THE CROSSHAIRS TRADER
\nwww.thecrosshairstrader.com<\/a><\/strong><\/p>\n

no relevant postions.<\/p>\n","protected":false},"excerpt":{"rendered":"

*****David Blair, The Crosshairs Trader, is a blogger\/trader\/educator who does a wonderful job of sharing research on elite performance and how it relates to trading. Below is his latest post for the SMB trading community.***** \u2014 Editor\u2019s Note For anyone who follows me here or at my blog\u00a0know I am focused on the mental aspect of the trading game.\u00a0 In … Read More<\/a><\/p>\n","protected":false},"author":290,"featured_media":35366,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1935,456],"tags":[3441,593,1609,848,1420,144],"class_list":["post-38256","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-david-blair","category-trader_development","tag-enhancing","tag-failure","tag-learning","tag-lessons","tag-performance","tag-trader"],"yoast_head":"\nEnhancing Trader Performance: Getting Acquainted With Ourselves | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/enhancing-trader-performance-getting-acquainted-with-ourselves\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Enhancing Trader Performance: Getting Acquainted With Ourselves | SMB Training\" \/>\n<meta property=\"og:description\" content=\"*****David Blair, The Crosshairs Trader, is a blogger\/trader\/educator who does a wonderful job of sharing research on elite performance and how it relates to trading. 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