|Examine your beliefs|
Traders trade their belief
Unless your belief change nothing happens.
Behaviour flows from beliefs.
So if you want to change how you trade your beliefs must change.
Beliefs are often enduring and difficult to change.
When you change your beliefs your mental models change.
This is the task for new trader: How to develop right mental model for trading.
If you believe there is an edge in trading earnings or momentum or value, or growth or mean reversion
you will put effort in to making that style and it work for you.
You will put software/databases for efficiently trading a method.
Absent that you will flirt from one method to another.
Will chase whatever is flavor of the day.
After one year you would still struggle.
By not following a method and taking trades based on whatever someone says,
sometime you will be lucky but you will not be consistent.
If you want to be consistent you need a trade setup which you trade day in and out.
Beliefs change is the foundation of everything.
|Self efficacy beliefs are important|
Learning is complete and behavioural change happens only when "self efficacy beliefs" change.
Your success in trading will be a function of your self efficacy beliefs.
the performance difference between two individuals
ultimately boils down to their self efficacy beliefs.
Every year thousands will try trading, the few who survive and prosper do so
because in the process of learning they enhance their self efficacy belief.
Self efficacy belief is your own judgments of your capabilities to organize and execute a plan of action.
Self efficacy beliefs change through 4 processes out of which most important is mastery experience.
(I have written about self efficacy a lot in the past)
The process of achieving mastery experience involves purposeful engagement in tasks and activities.
A interpretation of the results of those tasks and actions. After that the interpretations is used
to develop beliefs about your own capability to engage in subsequent tasks or activities of similar kinds
and act in concert with the beliefs created. This is the goal of any trader who want to learn to trade.
Mastery experience is not available as a pill like the blue pill which you get,
and once you take it presto magical things happen and
you furiously start washing your vintage car.
Your key challenge as a independent trader is to develop a plan for gaining mastery experience yourself.
How can you do it.
If you can answer that 75% of your trading problem will be solved.
|What is your trading plan for today morning||10 minutes spent on developing a plan will significantly improve your trading.|
|What is your plan if your view is|
bullish on overall market
|If you are bullish you should have breakout anticipation list ready.|
|What is your plan if your view is|
bearish on the overall market
|If you are bearish have probable shorts list ready.|
|What "method" is driving your|
bullishness or bearishness
Is it logical or based on questionable premise
or second hand information.
The most critical thing for you is to have your own judgement about market.
It does not matter what Faber says or Gartman says or Prechter says
or some Harry, James, or Barry says.
Unless you understand how to shut out the noise from all other sources and form
your own opinion based on your own logical method
you will have little progress in your trading.
Become "methodology" and "process" focused and not "opinion" focused.
Whenever you read any opinion look at what process or
method lead that person to arrive at that opinion.
If you know that you can replicate that opinion.
If you see anything on this site it is process focused.
Similarly you need to develop your own processes and fine tune it.
That process orientation will give you long term success in trading.
|What is your pre market trading plan for trading|
What data sources you must monitor
in the morning for that
If you identify a good trade in pre market
how will you enter it
Have you thought of where you would put stop,
how much you will risk on them
What will you do if after entry it does not act
Where and how will you exit the trade
If you set up everything you will have a trade factory.
Trading opportunities will show up and then your task is to execute those trades.
There is an edge in execution.
Think like a athlete. They mentally rehearse their moves.
Pre think everything.
If you do this 30 days in a row it becomes automatic.
That is the implicit learning principle.
Many people in the beginning come with the attitude that they will start trading,
then in few weeks buy a island in some sunny place.
Then will issue buy and sell order while army of bikini clad girls hover over them.
Before you start dreaming about trading while some bikini clad girl gets you a drink and
another waxes your ear hairs, you first need
to put in efforts to master trading and get organised.
|What is your plan for managing :"each" of|
What is driving that decision
|You don'y have to write it down, but the process of thinking about it is critical.|
You need to develop this discipline.
Are you serious about your trading?
If you are serious about your trading and want to build an enduring edge the Stockbee Member site might help you. Members tell me they have tried lot of things before coming to my site and it has offered them the most extensive and detailed methods to swing and position trade.
It is only for those who want to develop their own self sufficient trading method. It is not a stock picking service. It is service for you to build your own scans and trading method to have your own daily pick based on your method.
Be warned it will take you time to learn to trade. Learning to trade is difficult art and unless you are willing to spend months or years to perfect your strategy and also develop your mental edge you are unlikely to succeed in this game. Unless you understand that no site, no service, and no mentoring is going to work.
Why traders come to stockbee?
The member site is one of the most recommended site for learning to trade by other traders and bloggers. You will see no advertising, no hard marketing, no promotions, no free offers, no affiliate marketing, no incentive to other bloggers to promote the site, no constant twits self promoting the site, no free trial and no tall claims of making you instantly wealthy, and yet the site attracts new members everyday. Members come from all walks of life and all kinds of trading size and trading styles.
You will see that many trading bloggers have been using my market timing methods, scans , stock ranking lists and chart templates. They have developed their own methods based on my methods. Many paid newsletter site recommend my site to their subscriber for learning about trading and market.
Over the years thousands of traders have been members and those who benefited from the learning talk about the site to others or talk about the methods used and that is how new members learn about the site.
What will I learn in the members site?
The members site will give you in depth understanding to develop your own trading method. The emphasis is on making you self sufficient and confident of your own trading method and style.
As a member you will learn the basics of swing trading, momentum investing, growth investing and risk management.
You will learn about Stockbee Trend Intensity Breakouts method that uses momentum based swing trading to find 3 to 5 day swing trades for 8 to 40% profit.
You will learn about Stockbee Episodic Pivots Breakout method which uses Post Earnings Announcement Drift (PEAD) to find stocks that had a game changing earnings and that are likely to rally for 3 months to 12 months.
You will learn about Stockbee Dollar Breakout method that uses momentum, range expansion and swing trading approach to find 5 to 40 dollar moves in high priced stocks.
You will learn about Stockbee Lemonade Strategy for 401k which uses market timing and momentum to invest in 401k. You will get weekly update on how I am using the strategy on our 401k to do allocation decision.
You will learn about Stockbee Market Monitor method for market timing using breadth. It allows you to avoid risky periods in market and allows you to identify market turns. It is used for 401k allocation decisions.
You will learn about Stockbee Double Trouble method to find stock with confirmed upside momentum using anchored momentum and that are likely to continue their up move.
You will learn about Stockbee Night Time is Right Time method to find news catalyst based trade ideas for short term day trade and swing trade.
You will learn about Investor's Business Daily’s IBD 200 list and how it can be used to find swing trading candidates for explosive moves.
You will learn about Telechart 2000 and how to use it effectively to scan for swing and position trade ideas and to set up your 401k strategy.
You will learn about Jesse Livermore Range Breakout, Darvas Box setup, and many other member shared methods.
You will learn how to set up your own scans, select right kind of stocks, how to set up stops, when to enter , when to exit, how much to risk, how to track your trades and all other details about trading. You will learn about developing your own methods and not relying on others for trade ideas.
The site has hundreds of videos and trading methods and variation of methods. Members help each other in developing the methods and share actively their research and finding. A collaborative spirit allows you to get input from others on your trading ideas or problems.
The site gives you opportunity to interact with some of the most successful traders and learn from them about their trading methods. It is a vibrant community with members from different background and experience willing to help each other. The emphasis is on continuous learning and up gradation of market knowledge and setup knowledge. The members range from hedge fund employees, financial advisers, active swing traders, investors and new traders.
If you are looking to develop your own trading strategy the membership site might be for you. You have to be willing to put in the effort to build your own method. There are no silver bullets offered on members site. Every method, every scan, every nuance is detailed and all possible help is offered to design your own method.
Do you have a trial?
If you are just looking for trial you are better off trying thousands of other trading sites that offer free trial or one month trial and offer you promise of riches.
It is for those who are ready beyond the trial phase and ready to put serious months or years of efforts to learn to trade on their own. It is for those who want to learn to find their own fish.
The free blog has all the details about the methods I trade and if you go through the posts highlighted in the sidebar you will learn about them.
How can I become a member?
To sign up go to www.stockbee.biz and follow the sign up process. The site uses Paypal for payment processing.