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Thread: Fundamental performance fallacy

  1. #1
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    Fundamental performance fallacy

    Hi traders! Today I want to talk about thing that Dr. Brett Steenbarger (author of the book «Enhancing trader performance») has called «fundamental performance fallacy». It’s an idea that «the harder you work, the better you become in your chosen field».

    Many aspiring beginner traders ask: «Can I become an expert trader?». They want to hear motivational answer such as «Yes, you can – if you put enough time in learning process and will be consistent with your efforts». But let’s face the truth – it’s unrealistic. Expert traders belong to pretty small universe.

    Let’s also remember that trading is a highly competitive performance activity, there are no shortcuts there and learning somebody’s trading system itself will not give the edge – ability to beat the market. So, becoming an expert is not about formal learning but is more about combination of skills, proper mindset, market understanding, understanding big picture as well as market conditions/sentiment and other elusive things. Amount of data can be overwhelming, and experts are those who can sustain attention and commitment to this process at very high level.

    We all know that best performers in any field are hard workers, but have they become experts because of hard work or something else?
    Ability to concentrate that much can’t be just a function of intention only. To have this commitment to process of trading, we should feel that this process appeals to our strengths, gives challenge and opportunity to grow and become the best of what we can be. If there are no strengths, there is no commitment and therefore – it will be impossible to build expertise.

    Trading is a very large world that can offer various trading styles, markets and possible opportunities. Not every person can become a daytrader, but probably your strengths can be applied to systematic mechanical trading, pair trading, spread trading e t.c.

    So, idea is that you should find some niche in trading that will fully absorb your attention and leave you no choice other than to master it. Do you feel this now applied to your trading style or market you currently trade?

    I will give you example from my own trading. Several years ago I was trying to master medium term strategy with options. But actually, it required completely new set of skills that were not my strengths – I should have been involved in fundamental analysis, understand seasonal tendencies and most of the time I had to fade the price action.
    But I’m a breakout trader – I have ability to find particular patterns that can lead to a breakout. So, as you see, options trading could not touch my strengths and eventually it leaded to losses. I realized this as a lesson and decided to switch back to my breakout momentum trading and results became much better – now my strengths were involved and I was back on the road to expertise.

    So, ask yourself – does you trading attracts your attention completely, are your strengths involved? Or maybe you are just «trying to trade»?

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  2. #21
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    when we trade in forex market we use different things in forex market we use different analysis in this market. Fundamental analysis is very important in forex market and people like to use these analysis. In forex market different news comes and different economic activity result shows and market moves according to these news bu we can not trade on every news . we trade on specific new that impact on market.

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  3. #22
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    Forex learning system is quite difficult because on forex education no academic course in University as far i know.This is self learning system. Forex learning system is expensive this I not support because any one can learn free of cost. There is demo trading accunt. All necessary equipment are there free. And I don't think forex learning is a short time course and many people need a very long time to learn and practise in this market to get good profits.

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  4. #23
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    Quote Originally Posted by danjoses View Post
    In accordance with myself I'm sure studying is very important portion of our accomplishment with this enterprise with virtually no studying simply no human body are capable of doing superior trade with this market place there is absolutely no conclude involving studying with this enterprise each and every dealer understand regular something inside brand new with this enterprise along with My spouse and i also imagine that a better information, work, expertise is really a lot necessary with this enterprise.
    learning is the most important process for the trader will be successful in this business and if the merchants do not learn I am sure they will never be successful in this business because after all we as traders must continue to strive in this trade to develop our capabilities in the analysis and analytical skills this should focus on technical analysis and fundamental analysis

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  5. #24
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    my dear sir that's a true statement a very good learning and hard work is much necessary in forex until we will not able to learn where we have to trader in the market and which is good or bad for us till then we can't gain anything from this market a proper learning and knowledge are basic need of a new trader in forex.

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  6. #25
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    I am agree with comang learning is one of the best part of our life until we have not much experience of this market we can't know how to place trade in the market and where we have to make the buy and sell entry along with it our enter and exit position also very necessary in the market. And only a good learning can give us all those necessary items knowledge in forex

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  7. #26
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    Forex is an international place for making money. But this business not so easy to understand and to make money. If anyone want to make money from here then he need to make himself as a skillful trader on Forex business. To be a successful trader we need to develop our performance. To develop our trading skill and knowledge we need to practice more and more and we need to gather more experience. Because trading knowledge and experience can help to make money.

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  8. #27
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    yes that is to work of the focus on to manage the chance with the distinct finales of projection ; to spends and gaining more with the shifts of manage to earn with the difference to call of the focus with the widern of estimation of the expensives acquisition of targeting the distincts of call.

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  9. #28
    Trader dkarev's Avatar
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    trading is about the kinda understanding one is having on the market that will determine if as a trader we are gonna be able to make something from the market when trading and this is why making time to learn about the market is very important,the kinda understanding we have on the market will determine if we are gonna be able to survive doing this business.

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  10. #29
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    never build without sketching.
    that the work to complete the protosevere of the whole system worth the good chance to left the further with the challange of inagurating progressive yielding to keep of the each by the entire subsystem to work as the feature. with the way of accelerating good nature by the customs of the system.

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  11. #30
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    In my opinion learning is the very important part of good performance. If you want to do good performance on your trading then you should gather more and more experience about trading. You have to learn more and more about trading and trading market because all time the market are changing and all time the news are updating. So you need to be updated to get success on Forex business.

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