3 Things you can learn from Charles Kirk

Charles Kirk has been mentoring a group of traders for couple of years and he holds a annual retreat for them every year. Last week he had the annual retreat for his group and based on his discussion and observation of the group he wrote a long post on his The Kirkreport Members site. Three things out of that stand out as very important learnings.

• Those who have performed the best in the group are those who have learned methods to separate their opinions and beliefs away from their trading decisions. In other words, they have improved because they no longer seek to trade their opinions, but rather to exploit opportunities they see especially when they conflict with their internal viewpoints.
• Traders who have learned to “turn off” and “tune out” of all (or most) media input (including social networking) are outperforming significantly. The performance spread between those who read a lot online versus those who don’t is so significant that if you saw the difference you would radically change how you spend your own research time.
  
  
• Those in the group who have been focusing on developing one method/one strategy are faring far better than those who manage multiple systems. Those traders who have a tendency to switch and constantly tweak their systems and approaches often underperform during multiple time frames.