The AlphaMind Podcast - Steve Ward & Simon Coterill: The Power of Trader Journaling.

 
Journaling is one of the most useful activities a trader can engage in to help them become better traders, power their development, and help them refine their trading practice. However, it is also one of those activities that people think is a great idea but is something they think they’ll do another day, or they do a half-hearted effort. The exceptions are usually ‘exceptional people’. People who are willing to go that extra mile, put in the hard yards, take the time to learn about themselves and reflect on their trading. 

Our guests today are Steve Ward and Simon Cotterill. Together they have conceived, constructed, and published an outstanding new book/journal called the ‘Trader’s Mind Journal’. 

Steve Ward will be familiar to AlphaMind listeners and traders more widely. Steven has worked in the field of High Performance over many decades, he worked with Olympic Athletes, High Stakes Poker Players, Leaders in Business and with Traders and Investors in the Financial Markets. Steve realised the similarities between high performance sports and the trading world and developed a performance practice which has helped many traders make lasting improvements. Steven wrote his first book, High Performance Trading, a few years ago. It became an instant hit amongst traders and has seen his reputation in this world soar. Last year he released Bulletproof Trader to great acclaim. 

Simon Coterill came to trading after successfully running a printing company for many years. He started trading in 2010 and since 2014 has been day trading for his full-time career.

Simon focused initially on technical analysis but increasingly recognised the importance of 

Developing his psychology around trading. The Traders Mind Journal started as a project to develop a personal trading journal for his own use, however coming from a printing background, he started to explore the possibility of creating a more formal trading journal structure to use. 

Steve and Simon have been working together over the past couple of years to design, construct and produce the Traders Mind Journal. The journal is a fantastic product which will be hugely useful and valuable to traders as a personal reflection and development tool. 

The Traders Mind Journal is the best ‘published trading journal’ we have come across. We are delighted to announce that listeners of the AlphaMind Podcast can obtain a 15% discount off the face value price of the Trader’s Mind Journal by inputting the code AMP15 when they order the book direct from Trader’s Mind Journal on the website https://www.tradersmindjournal.com/

You can also follow the Traders Mind Journal on twitter https://twitter.com/mind_traders

Episode Links: 

🎧 Podcast: https://link.chtbl.com/Journal
📺 YouTube: https://www.youtube.com/watch?v=y0VVvMGifh8

 

The AlphaMind Podcast
The AlphaMind podcast is co-hosted by Steven Goldstein and Mark Randall, market veterans with over seven decades between them in the financial markets. To find out more visit the AlphaMind podcast website.

The AlphaMind Podcast is produced in partnership with 'The Society of Technical Analysts'.

Followers of the AlphaMind Podcast can gain an exclusive GBP 100 (or local currency equivalent) on the full cost of the Society of Technical Analysts world beating Home Study Course and Home Study Course and Diploma programme. Go to this link to find out more.

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To find our more about the programmes email info@alpha-mind.net

AlphaMind Podcast Episode 51: Steve Ward: Bullet Proof Trader

This week's podcast interview was with Steve Ward. Trader Performance Coach and author of a new book 'Bulletproof Trader: Evidence-based strategies for overcoming setbacks and sustaining high performance in the markets'

Every Trader would love to be bullet proof. To be bulletproof is to be able to survive the mental shots taken at us each and every day in the financial markets. When these shots hit us, they disrupt our thinking, corrupt our decision-making and inflict major damage on our trading and investment performance.

In this episode Trader Performance Coach Steve Ward talks about his latest book, ‘Bulletproof Trader: Evidence-based strategies for overcoming setbacks and sustaining high performance in the markets'. He tells us about the book and also what it means to become ‘Bullet Proof’ as a trader.

Steve also tells us about his journey of transition from Sports Psychologist to leading Trader Performance Coach and author of some of the best-selling books on trading mindset. Including one the most popular books of recent years High Performance Trading.

Steven has worked in the field of High Performance over many decades, he worked with Olympic Athletes, High Stakes Poker Players, Leaders in Business and with Traders and Investors in the Financial Markets. Steve realised the similarities between high performance sports and the trading world, and developed a performance practice which has helped many traders make lasting improvements.

Steven wrote his first book, 'High Performance Trading', a few years ago. It became an instant hit amongst traders and has seen his reputation in this world soar. Bulletproof Trader is the next instalment in a series of books Steve has written on themes related to mindset, performance and psychology in the similar world of trading and sports betting.

You can learn more about Steve at https://performanceedgeconsulting.com. Steve is featured in our list of Books on Trader Mindset, which you can view on this link.

Podcast Episode Links:
🎧Main Link
🎧‬iTunes
🎧‬Spotify

The AlphaMind Podcast

The AlphaMind podcast is co-hosted by Steven Goldstein and Mark Randall, market veterans with over seven decades between them in the financial markets. The podcast delves into the lives and stories of extraordinary guests whose experiences provide a fresh and powerful lens through which to understand the mental, emotional, psychological and behavioural challenges people face when encountering risk and uncertainty in financial markets. To find out more visit the AlphaMind podcast website. The AlphaMind Podcast is produced in partnership with 'The Society of Technical Analysts'.

The AlphaMind Trader Performance Coaching Programme
Our powerful Trader Performance Coaching Programme focuses on helping people develop and improve the key risk skills, abilities and mindsets which contribute to trading performance mastery.

This programme makes use of our unique and powerful ‘Human Alpha Performance Model’ which helps illuminate the human aspects of the risk process as people navigate their way through the Financial Markets. The model helps people make sense of their behaviours when taking and managing risk in the financial markets, whilst the coaching helps people to make key changes and adjustments which drives growth in risk capability and personal performance.

This programme has been delivered over the past 10 years to people at many of the world’s leading trading and investment firms.

Click here to find our more about the programme, or email info@alpharcubed.com.

AlphaMind partner with AlphaRCubed to deliver the Coaching Programme. - AlphaRCubed provide a suite of Training, Development and Coaching programmes aimed at Trading and Investment businesses. View their flip brochure here to find out more about their work.

The AlphaMind Project and Newsletter

The AlphaMind project is a collaboration between AlphaRCubed Ltd and the Mark Randall Consultancy. Its aim is to explore, understand, educate and inform about the key factors which lead to successful trading and investment performance at the human level.

We work with many businesses in the Trading and Investment Industry to help them and their people improve their 'Risk Capability'. Our clients are some of the leaders in the trading world, including names such as Bank of America, Cargill, HSBC, RBS, Balyasny Asset Management amongst many others. If you would be interested to know more about us and how we could help your business. Please email steven.goldstein@alpharcubed.com. 

We will shortly be publishing a regular Newsletter. If you would like to add your name to the Newsletter subscription list, then just sign up at this Newsletter link.

Trading Crimes Against Your Self.

These trading crimes are crimes against yourself.

With these crimes, the perpetrator is also victim, and the price for being caught is 'capital punishment'!

Like most crimes, the perpetrator often gets away with it, which may embolden them to repeat (thus developing bad habits), but eventually they get caught. Mr Market will always find you and Mr Market is an unforgiving judge.

"Mr Market will always find you and Mr Market is an unforgiving judge."

The price extracted by the market can vary. The price may be holding back your progress, or the price may be dramatic drawdowns in capital, or even entire loss of capital and the ability to ever trade again: Permanent exile from the market.

This list below is an unfolding list based on a series of tweets on our twitter feed@alphamind101 presented in a mostly ‘tongue-in-cheek’ style. However, the message is clear, these are behaviours which if they become habitual, will undermine your chances of success.

The list we be updated as new tweets in this series are published. There is no hierarchy to this list.

Trading Crime #1
Removing Stops. A classic mistake of the novice trader. Experience, often painful, teaches most traders this lesson.

There are some exceptions to this crime that more experienced trades are usually able to practice. E.g. Ahead of volatile news, or based on unfolding price action, which lead to a stop adjustment.

Trading Crime #2
Refusing to pay-up because it’s the high of the day (Or sell because it’s the low of the day). Everyone buys the high some time (A new twist on an REM classic).

There are few things more painful than not paying up only to watch the market then race away.

Trading Crime #3
Blaming the algoes, the banks, the funds, the devil, anyone.

Taking responsibility for your outcomes is part of your growth curve. The moment you start pinning the blame on others is the moment you stop learning and start failing. – For blamers, failure is baked in down the line somewhere. – It will get you!

Trading Crime #4
Taking someone else’s trade.
This leads to some of the biggest trading disasters. The perpetrator does not have a plan, the person you copied does. You are flying blind.

Even seasoned traders get caught out with this one, particularly when high expectations are placed on them.

Trading Crime #5
Multiple momentum indicators on your screen.
You only need one weather vane to see which way the wind is blowing. You risk engaging in a massive act of confirmation bias. - I use to be guilty of this one.

Trading Crime #6
Pulling your bid as the market approaches it, only then to chase the market as the it bounces off your level and soars away without you on board.

‘Guilty as charged’ - This behaviour was one of my worst vices.



Trading Crime #7
The short-term trade you fail to cut that becomes a long-term position.
This is your ego failing to admit you were wrong. Who is it fooling? Now you are sitting with a trade you didn’t plan for, pretending it’s the greatest trade ever.

Trading Crime #8
Marrying a position, view or belief.

This one creeps up on you when you least expect it. It rarely ends well. I committed this crime this 8 years into my trading career. It became the biggest setback I ever suffered. I paid a heavy price which set me back years.

Trading Crime #9
Celebrating Prematurely: High Fiving, Fist Bumping, etc, in a trading room.

Never, ever, under any circumstances do this. It might be ok on a tennis court, but remember in a trading room, the market gods will be watching you.

If you ever find yourself doing this. Square everything, grab your coat, head down to the nearest church, synagogue, mosque, temple, or pub, and start praying for forgiveness.

Trading Crime #10 - This is a Big One.......
Not Making Time for Your Family, Friends, Loved ones.

'Trading Failure' is getting to the end of your career, having made a pile of money, but having missed seeing your children grow.

That is a price beyond money. You only have one life.



Trading Crime #11
Caring so much what others think about you, that you do things you shouldn't, or don't do things you should.

Read this article: 'Ego and Trading: A True Trading Horror Story.'

A word of advice. - Most people are too busy wondering what you think about them, for them to be worrying about you - Let it go!

Trading Crime #12
Not listening to your Gut. 

Somewhere along the line you will start to develop intuitions. Some of these may mislead but others will give you advance warning that something is afoot.

Every great trader has at some point cultivated intuition and learned to make it work for them. It becomes a huge edge. It may get you out of trouble, it can lead you in new directions through brilliant insights, and it can become a source of great opportunities.

Gut and intuition, are the art of trading. If you fail to heed your gut's advice at times, you are forgoing a potentially massive edge. But also you have to be willing to accept that it will be imperfect and occasionally will mislead. 

Trading Crime #13 
Seeing what you want to see, hearing what you want to hear.

This can be deadly to your trading health. It’s pure confirmation bias. Fight this crime before it shuts down curiosity & leads you to dark places.

Trading Crime #14 
Waiting for the Perfect set-up or entry.

Go on, admit it, you've done, probably too many times for your own good. - Perfect set-ups and entry's don't exist. Its called risk for a reason. 

Trading Crime #15
Falling to increase your Risk Size as your capital grows.

This one results in real  'Capital Punishment' (get it!).

Failure to do this leaves vast potential profits on the table. See this earlier article 'The Massive Hidden Costs of Not Scaling Up Trade Size'.

Trading Crime #16
Grabbing at Profits before you fear they disappear.

This heinous crime is almost certainly likely to be contradictory to your long-term performance.

Trading Crime #17

Immediately reinstating a 'Stopped Out' position.
We've all done it, and we've all paid the price. But those who repeat this behaviour, pay a very big price.

Trading Crime #18
Running Losses
This is the sibling of Trader Crime 15. It seems like a good idea at the time, but then so do many things we shouldn't do which we later look back upon with deep regret.

It is plain and simple, if you keep doing this, eventually you are going down. You may get away with it, sometimes for years, but eventually Mr Market will catch you. 

Trading Crime #19
The Revenge Trade
Who exactly are you taking revenge on ?

Yes, this is the ultimate crime where you are truly both perpetrator and victim. You are punching yourself in the face.

The revenge trade is complex, very complex. but remember this old Confucius saying: “Before You Embark On A Journey Of Revenge, Dig Two Graves” — with trading however, its just one very deep grave. 

Trading Crime #20
Failing to practice basic Money Management.

You will spend a lifetime in trading hell if you fail to adhere to the basic principles of Money Management. No ifs, not buts, no excuses.  

Trading Crime #21
Chasing Your Tail

A classic error is the desire to make back what you lost. In doing so 'you become lost'. 

Rather than trading to your plan you just go round in circles, like a dog chasing its tail. Try to stop yourself, walkaway, get back to plan, or there will be a heavy price to pay.

Trading Crime #22
Doubling Down

The mind says "If you thought it was good value then, it's even better value now". 

This one doesn't always end in tears at first, but that sets you up for a bigger fail eventually.  
  
There are exceptions, where its part of a pre-prepared plan, but that's a different story.  

Trading Crime #23
Staying with a bad trade, because you are already in it. 

People lose objectivity once they are in a trade. This also extends to the idea or belief behind the trade. This is an 'ego', driven crime. The belief that you are right, trumps an objective assessment of reality. 

This attitude is behind so many other crimes mentioned. Eg. Crimes #1,7,8,11,13,17,18, 21, 22. 

This series of ‘Trading Crime’ tweets will continue to build over coming weeks. Please feel free to share with colleagues and friends, or to keep as part of your own library of Trading resources.

If you have any comments or useful insights to add, please feel free to put these in the comments sessions at the bottom of this post.

Article by Steven Goldstein

Steven Goldstein is a Performance, Team and Executive Coach who focuses on helping improve the 'mindset' aspects of Risk and Financial Markets' people and businesses.

Core to Steven's work is the belief that everyone has the potential, often latent or hidden within them, to surpass where they are and to grow into what they want to be. He views trading as two concurrent battles, one a person has with the markets and one they have with their self. To succeed a person must win both. As a coach, Steven works predominantly on helping his clients win the battle with their self.  

Prior to becoming a coach Steven worked for more than 20 years as a Rates and FX trader at some of the world’s leading investment banks. See Steven's Full Profile.

If you are curious about how Steven could help you or your business, please email him at info@alpharcubed.com. or call +44 (0)7753 446097. 

To know more about the work of AlphaRCubed and their broader performance and growth development services, please view their brochure at this link, or by clicking on the advert below. 

About AlphaMind

AlphaMind is a joint venture between AlphaRCubed and the Mark Randall Consultancy which seeks to help people develop and cultivate optimum mindsets (An Alpha Mindset) for trading and investing success. We offer workshops, group development programmes, and one-to-one coaching to people and individuals in Financial & Commodity Markets

AlphaRCubed offers Trading & Investing Growth Performance and Development Services for private indivudals and businesses involved in trading and investing activities. You can learn more about AlphaRCubed in their electronic brochure here, or via their website.

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What do Marshmallows have to do with Success at Trading and Investing?

Marshmallows: A a light, soft, spongy sweet which typically comes in various pastel colours and shades.
Trading: The act of buying, selling and exchanging commodities and financial instruments, hopefully for a profit.
Not much in common there then!
However, when it comes to success in the latter, there is a rather tenuous link with the former, which might be useful to remember.

Let me explain!

In the late 1960s, an experiment was held at a Nursery School on the campus of Stanford University. The experiment was to become one of the most well known in the field of Psychology, and was to spawn many more experiments of a similar nature.

Marshmallows, Self-Control and Delayed Gratification.

In the experiment children aged from four to six years were led into a small room, where a treat of their choice, usually a marshmallow, was placed on a table. A researcher then told them that they were going to leave the room and that they had two choices with regard to the marshmallow:

They could either eat the marshmallow in front of them right away.
Or
They could wait for the researcher to return (typically some 15 minutes later) before eating the marshmallow. However if they could do that, they would then be rewarded with a second marshmallow.

The researchers observed the children as they somehow tried to avoid eating the marshmallow. Some

would cover their eyes with their hands or turn around so that they could not see the marshmallow, others started kicking the desk, or playing with their hair, whilst others tried stroking the marshmallow as if it were a small animal. However most could not wait, they simply ate the marshmallow as soon as the researcher left. 

[A YouTube video showing highlights of a reproduction of the original experiment can be seen at the end of this article.]

Of the 653 children who went through the original experiment, around seventy percent were unable to resist temptation and never received a second marshmallow. However, the other 30% were able to find a way to resist. What is really interesting however is that the benefits to those who resisted proved to be far more significant and long-lasting than just a second marshmallow!!

Around a decade later, the lead researcher in the experiment, Walter Mischel, decided to follow up on the progress of the 653 children. What he found stunned the world, of the children who were unable to wait for the second marshmallow, or more to the point were unable to delay gratification, most had suffered behavioural problems of some sort. This included poor ability to focus, they struggled emotionally, they had trouble dealing with stressful situations, and they also had problems maintaining relationships. However, the children who had been able to delay gratification were far more settled on all these issues. And when it came to academic performance, the only truly objective data, their average S.A.T scores were around 210 points higher than the children who could not delay gratification. (That’s significant considering average S.A.T scores are 1500).

But Mischel did not stop there, a further 15 years later he again checked up on the progress of the original participants, now in their thirties. Again, those who hadn't been able to wait for the second marshmallow, reported being unhappy with their lives. Some had problems holding down a job or regularly changed jobs, many had significant financial stress, often they reported trouble dealing with their emotions and many struggled to achieve their goals. Also a high proportion had challenges maintaining relationships, many had problems with obesity, and some reported issues with drug addiction. Once again, the children who been able to exercise the self-control to then earn a second   marshmallow, were in a far better place. By comparison, they reported more fulfilling lives, their finances were either strong or under control, and they had satisfying careers and great long-lasting relationships. Furthermore, on average, they earned higher incomes, and had a far lower likelihood of having committed crime or suffering addiction problems.

Trading, Self-Control and Success.

Now back to trading, I had a career of nearly 25 years me as a trader, before becoming a coach who works with traders and fund managers helping to improve performance. I have also been running an active group on LinkedIn for a few years which discusses issues around trading and risk*. One of the biggest problems, I see, and one of the most common topics which come up in our group for discussion, is the matter of discipline and the inability of people to exercise self-control in their trading. The link between marshmallows and success in trading is now hopefully apparent: Learning to delay gratification, to resist temptation and to not give into to impulses are key factors contributing to people’s success in their work as traders and investors. If you can learn to exercise self-control and to become familiar with the idea and concept of working towards delayed gratification, you should start to see improvements in your performance and the start of a journey to stronger returns. However, simple as it sounds, we know it’s not that easy.

Baltazar Gracian: “Let the first impulse pass. Wait for the second.”

I admit, that as a trader myself, it felt good to sometimes 'go with the flow' and ‘to live for the moment’, to 'jump on an idea' or 'be swept away with the crowd'. Sometimes it would work, but all too often those trades were the rotten ones. Yet, one must ask the question there, why I did do them? These were trades which just liberated me from my money and handed it over to someone else. The answer, 'they just felt good', rather like the young children who ate the Marshmallow, they were moments of weakness. A lack of plan, structure or self-control are not healthy philosophies for life, nor a good recipe for success in trading or investment. They leave you vulnerable, exposed and lacking direction. It is at these times that you are most likely to fall victim to unconscious biases, to give into emotionally driven decisions, or to let your ego trample all over your trading.

Of the many successful traders I have worked with or coached, I could not say that any of them based their philosophy on leaving things to chance, they had plans and structure, and were rigid in how they enforced them. This does not mean they can not trade ‘from the seat of their pants’, far from it, in fact the planning and structure which is part of how they work, aid them in being able to to trade in this way. Within what may appear to be a random process, for many of these traders there is a method; an approach and a consistent attitude which result from a plan and which add up to a structure.

Behavioural Change

Learning to change or adopt a new behaviour is not easy, there is no simple switch nor a magic potion. Certainly some people can wake up one day and say from now on I’m going to be different, and for a few weeks maybe they’ll adhere to that new way. But the likelihood is, that within weeks if not months, like the failed dieter, they’ll be back to their old ways. The reason is that old behaviours and ways are firmly lodged, coded and hard-wired into one’s brain and neural paths. True behavioural change takes effort, hard work, commitment and time: It involves physical changes in the brain, and when it comes to making that new behaviour into an ingrained habit, there is no simple answer to how long it can take. The problem is that behavioural change isn’t something that a person just suddenly chooses to adopt, you have to slowly learn a new habit, you have to ‘overwrite’ a new habit over the ingrained existing habit, with constant repetition over time. These steps are something I will cover in a future article, for now however, if you recognize yourself as a potential one marshmallow trader, try and follow the advice of 17th century Spanish philosopher Baltazar Gracian, “Let the first impulse pass. Wait for the second.”

*The LinkedIn Group is called ‘Trader, Trading & Risk Psychology’.

This videoclip shows highlights of a reproduction of the original Stamford experiment.

To find out more about how Chrysalis Performance Consulting can help you or your people improve & enhance Trading and Investment Performance, email us at trading@chrysalis-pc.com or visit our website www.chrysalis-pc.com. for more details. 

You can also view & download our ebrochure at www.chrysalis-pc-ebook.

www.chrysalis-pc.com

Chrysalis Performance Consulting Ltd is the new name of BGT Edge Ltd. 

What you see is often what you 'think' you see, not what you really see!!!

As a trader coach and someone involved in trading psychology education, I often come across simple but well meaning advice given to traders. Whilst I appreciate the good intentions in imparting these nuggets of wisdom, I often find that these nuggets are in reality somewhat banal and meaningless (In fact I often wonder whether many of these people have really traded for a living or run risk - and in many cases it turns out they haven't). 

As an example: One very common piece of advice is : 'Trade What You See, Not What You Think'.

It sound like good sensible advice, and on the face of it, who would argue with it. - But the problem is we don't actually see what we see, rather we see what we 'think' we see. - If you are confused at this stage I don't blame you, but try and stay with me just a little longer. 

I am going to provide a little example of what I mean here; together with a little explanation from the world of Neuroscience.

Take a look at this shape, I am sure you are familiar with this particular illusion or one of its many variants. Much as you look at it, and contemplate it, your intellect tells you that this is impossible, you could not physically build it, but your brain is still telling you that you are basically seeing a cuboid shape.
This happens because we see with our brain and not our eyes. Neuroscience research has found that there are 10 times more neurons (The basic building blocks of your nervous system) going to the eye from the brain, than there are going the other way from your eye to the brain. Your brain receives light from the eye, but its the brain that makes it up into something coherent. Interestingly, the eye actually throws away much of the information it gets, leaving it to the brain to fill in additional information in its own ways. And here is the crux, the brain zooms in on templates from past experience, and is doing this on auto-pilot, you are not even aware of it. - Hence in this example, much as you know that is impossible, your brain still sees a cuboid.  

Just to add to this, our cortex, the outer layer and newest part of the brain, which in humans is vast and gives us the ability to abstract and rationalise; is scanning for similarities between the immediate situation we observe, and our stored experiences. Hence when you read a sentence such as this one: 

Aoccdrnig to a rescherear at Cmabrigde Uinervtisy, it deosn’t mttaer in waht oredr the ltteers in a wrod are, the olny iprmoatnt tihng is taht the frist and lsat ltteer be at the rghit pclae.

You will almost certainly read it correctly as:

According to a researcher at Cambridge University, it doesn’t matter in what order the letters in a word appear. The only important thing is that the first and last letter be at the right place. 

The reason you were most probably able to read the jumbled sentence, is we use context to activate the area of our brain that signals what we expect next. - It is the same with hearing, if we hear a sound that leads us to believe another sound will follow, the brain acts as if we’re already hearing the second sound. - Our brains draw the same conclusions with words and letters. It is possible that you did not get every single word correct when reading a jumbled sentence or passage but will believe they did because the brain will subconsciously go back and fill in any gaps in your knowledge based on the subsequent context. One final little example for you:

 Read out loud the text inside the triangle below:

Almost certainly you said 'A Bird in the Bush' ?

Try it again -  Still 'A Bird in Bush'? --


This time put your finger over the word 'The' and read it again?

I am sure you have it now - The word 'The' appear twice, but almost certainly most of you have missed seeing 'the' twice. - This merely emphasizes what I have written above.


- Is it any wonder that trading sometimes is such a difficult task?

I will leave it at that for now, however for those of you trading on the Non-Farms this afternoon, best of luck, and 'be careful what you see, or what you think you see'.


If you would be interested to know more about my work a as a 'Trader Psychology Coach' and  'Trader Performance Coach', and how we can help you or your colleagues to become a more effective in your job, please feel free to contact me at sgoldstein@bgtedge.com or visit our our website at www.bgtedge.com.