{"id":45058,"date":"2017-02-28T10:32:43","date_gmt":"2017-02-28T15:32:43","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=45058"},"modified":"2017-02-28T10:34:05","modified_gmt":"2017-02-28T15:34:05","slug":"5-inspirations-from-dr-steenbargers-master-class","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/5-inspirations-from-dr-steenbargers-master-class","title":{"rendered":"5 inspirations from Dr. Steenbarger’s Master Class"},"content":{"rendered":"

Yesterday I posted 21 key takeaways<\/a> from Dr. Steenbarger’s recent Master Class at the TradersExpo.<\/p>\n

\"\"<\/p>\n

 <\/p>\n

During the introduction of the Master Class Dr. Steenbarger challenged us to write down our goal for our time with him. \u00a0I wrote, “To be inspired with ideas to teach and train our guys better!” He promised not to stop teaching until each of us had achieved our goal. \u00a0For me, he delivered.<\/p>\n

Today, I would like to share 5 inspirations from the Master Class to train our traders better.<\/p>\n

1. Develop a revised checklist for One Good Trade. \u00a0I developed a template for a good risk\/reward trade in One Good Trade<\/em>. \u00a0Dr. Steenbarger cited the important work of Etul Gawande in The Checklist Manifesto\u00a0<\/em>for improving surgical procedures. \u00a0Gawande’s work has been expanded to developments of best practices for other high performance activities. \u00a0I would like to review and revise my original checklist in One Good Trade<\/em> for our traders on the desk.<\/p>\n

2. Place pictures around your desk of what is most important to you. \u00a0Dr. Steenbarger mentioned this best practice for his own trading. \u00a0I love this idea. \u00a0It is hard to take one losing trade too seriously when you are surrounded by pictures like this one:<\/p>\n

<\/p>\n

3. Identify areas to improve and then set specific goals so that you do in fact progress. \u00a0Dr. Steenbarger shared that too many just identify areas of improvement, but do not take the next step of setting specific goals to progress. \u00a0One trader, who I am coaching presently, needs to size up on his best trades to take his trading to the next level.<\/p>\n

We have made excellent improvement smoothing out his PnL, by focusing on routine over PnL. During this class, it struck me what to work on next with this trader. \u00a0Next month we will focus on getting bigger in his best trades. \u00a0Not to actually solve this issue next month. \u00a0But to begin focusing on how he wants to get bigger. \u00a0In what setups he wants to size up. \u00a0Have the trader focus his detailed review on grading his performance for sizing up. \u00a0With the goal of in one quarter the trader knowing the setups he must size up, not forcing other trades with size, and letting those big trades come to him.<\/p>\n

4. To become a distinct trader you must leverage your personality and cognitive strengths. \u00a0On our desk, we expose our traders to different setups during Trader Development, that they can gravitate towards. \u00a0They are taught to choose strategies that highlight their cognitive and personality strengths. \u00a0 Asking traders to submit to coaches for review, their personality and cognitive strengths, and how this matches the way they are attacking markets, would be a excellent addition to their training.<\/p>\n

5. Find your stable regime and trade bigger. \u00a0I was fascinated by Dr. Steenbarger’s insight into his own futures trading, where he excels when the market regime is stable. \u00a0For the intraday trader, we would define this mostly after the period of price discovery- after the open. \u00a0Traders need to understand those opportunities where they can trade bigger as the risk\/reward is better. \u00a0There are periods where the risk is definable. \u00a0The risk is stable. \u00a0It is not that you will be right. \u00a0It is you know where you are wrong and that that loss is manageable. \u00a0Are we taking more risk when these opportunities visit? \u00a0After thinking through this and listening to Dr. Steenbarger’s lecture, my sense is traders should identify and increase risk during their “stable regime” setups.<\/p>\n

The point of this post is not solely the 5 inspirations to help our desk. \u00a0I hope the takeaway is that you want to seek out your moments of inspiration. \u00a0What are you doing to improve your trading\/teaching? \u00a0Staying in the same place, is not an option.<\/p>\n

*no relevant positions<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Yesterday I posted 21 key takeaways from Dr. Steenbarger’s recent Master Class at the TradersExpo.   During the introduction of the Master Class Dr. Steenbarger challenged us to write down our goal for our time with him. \u00a0I wrote, “To be inspired with ideas to teach and train our guys better!” He promised not to stop teaching until each of … Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":45060,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[617,438,676,75,5327,2386,5326,1193,653,1354],"class_list":["post-45058","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-comments-2","tag-617","tag-class","tag-dr","tag-dr-steenbarger","tag-inspirations","tag-master","tag-steenbargers","tag-trader-education","tag-trader-training","tag-trading-coach"],"yoast_head":"\n5 inspirations from Dr. Steenbarger's Master Class | 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\/5-inspirations-from-dr-steenbargers-master-class\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 inspirations from Dr. Steenbarger's Master Class | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Yesterday I posted 21 key takeaways from Dr. Steenbarger’s recent Master Class at the TradersExpo.   During the introduction of the Master Class Dr. Steenbarger challenged us to write down our goal for our time with him. \u00a0I wrote, “To be inspired with ideas to teach and train our guys better!” He promised not to stop teaching until each of ... 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