9/19/2021

How can you get confidence to be able to handle your own account and make 100 million dollars


You need correct market knowledge and correct skills. That will require effort and time. Once you start on that journey you will start gaining self efficacy.

The most important determinant of your success in trading or in your personal life is your self efficacy beliefs.

Once that is in place your self talk will change to "hey I can do this", "hey I don't have all the answers but I am confident of finding the answers", "hey I know how to bounce back from setbacks" .

Self efficacy beliefs are task specific. So your personality is determined by hundreds of self efficacy beliefs you built throughout your life.

The process of developing self efficacy beliefs is at peak when you are a child and a pre adult. For many of us in our adult life we stop actively growing (except for our weight -:) . We operate at a certain level of self efficacy beliefs and get stuck in a orbit. Unless events or life events, or opportunities force us to examine our belief we become very comfortable with them

When people attempt trading some find early success and some find early setbacks. That experience sets your self efficacy beliefs. Some people give up believing markets are too difficult or manipulated or beyond my understanding . Their self efficacy beliefs dictate their behavior.

Once your self efficacy beliefs specific to trading change you will start experiencing success. That does not mean you will not have setbacks. If you have high self efficacy you will find a method. If you don't have it, even the most profitable method will not work for you and you will keep finding faults with methods.

Self efficacy beliefs is the biggest determinant of your trading success. This is true of life as well. Your self efficacy beliefs determine your success in any domain. Unless you work on self efficacy you will find many inhibitors and will be constantly dissatisfied with any method, guides, videos, or instructions, or site. You will constantly chase new methods, new scans, new claims, new gurus, new newsletters, and so on.

The self efficacy beliefs theory is not some tin foil hat theory I coined or invented. Albert Bandura first wrote about self efficacy in 1977. His research on self efficacy is considered most influential in developing social learning theories. His work revolutionized our understanding of human behavior, destiny, character, personality, and so on. He is considered the greatest living psychologist.

Anyone who has taken a course in educational psychology or worked in training industry or in human resource field would be very familiar with Albert Bandura's work.

He defines perceived self-efficacy as people's beliefs about their capabilities to produce designated levels of performance that exercise influence over events that affect their lives.

Self-efficacy beliefs determine how people feel, think, motivate themselves and behave.

He postulates that self efficacy beliefs determine whether or not a certain behavior or performance will be attempted, the amount of effort an individual will contribute to the behavior and how long the behavior will be sustained when obstacles are encountered.

Every immigrant who came to this country for last hundreds of years had high self efficacy beliefs. People with high self efficacy beliefs left their poor and difficult circumstances to come to this country to find better life. All that they had when they came to this country was high self efficacy beliefs and few dollars. They had the confidence that somehow they will build a better life in the New World.

If you go to Ellis Island you will see the stories of people with high self efficacy beliefs who left poverty, famines, religious persecution, imperial regimes, and came to this country. There is an half an hour documentary they show and if you see it , it is a very emotional story of people with high self efficacy beliefs leaving their country, families, friends behind to come to this country and build a new life and new future for themselves and their next generation.

Same way self efficacy becomes very critical in learning complex skills like trading and if you want enduring edge and success.

Psychologist have found that self-efficacy beliefs help determine how much effort people will expend on an activity, how long they will persevere when confronting obstacles, and how resilient they will be in the face of adverse situations. The higher the sense of efficacy, the greater the effort, persistence, and resilience.

Profitable trading involves all these challenges. You need to put in lot of effort to understand and internalize key concepts like equity selection, entries, exits, risk, risk/reward and then put it all together. In the process you will have several setbacks and false starts. If you have enhanced self efficacy beliefs you will persist in face of such adversities. If you have high sense of self efficacy beliefs then you will spend time mastering trading software, and mastering trading setups and make them work. Absent that you will abandon your effort at first hint of failure.

Learning to trade is not an easy task. It is one of the most challenging task you would handle in your life. Some are lucky and they find success instantly. For rest it is a big battle.

People with a strong sense of self efficacy beliefs approach difficult tasks as challenges to be mastered rather than as threats to be avoided. They have greater intrinsic motivation. That helps them to engage for long periods in activities and helps them overcome repeated obstacles. They do not have discipline problem. You will see this in all people who achieve something beyond ordinary in their life. They are driven people. They have a high tolerance for failure. They don't have all the answers but they know somehow they will find the answers.

Sometime back I was reading a study on entrepreneurs and it says most of the fortune 500 businesses were started by people with less than 10000 dollar. What they had was high self efficacy belief.

Same is true of most successfulness traders. They started with small stake and through trial and error and persistence figured it out and then made great fortunes.

People with high self efficacy beliefs set themselves challenging goals and maintain strong commitment to them, and heighten and sustain their efforts in the face of failure. People with high self efficacy beliefs quickly recover their sense of efficacy after failures or setbacks, and attribute failure to insufficient effort or deficient knowledge and skills that are acquirable rather than external circumstances.

Your self-efficacy beliefs also influence your thought patterns and emotional reactions. This is critical in trading. You should not be overly excited by profit on single trade and same way not get depressed by loss on single trade. At the end of the day trading is probability game. High self-efficacy helps create feelings of serenity in approaching difficult tasks and activities and activities where outcome is uncertain.

If you have low self-efficacy beliefs then often you believe that things are tougher than they really are. As a result this belief that fosters anxiety, stress, depression, loss of discipline, over trading and a feeling of being lost. You are unable to solve your own trading problem.

Psychologists believe that self-efficacy beliefs influence the level of accomplishment that one ultimately achieves. Self-beliefs can also create the type of self-fulfilling prophecy in which one accomplishes what one believes one can accomplish. This further enhances self efficacy beliefs. This leads to higher performance this in turn leads to higher effort and higher accomplishment which in turn further enhances self efficacy.

The goal of this site is to constantly challenge you to enhance your self efficacy beliefs. To constantly goad you to keep working on your self efficacy beliefs. To challenge your existing beliefs. To provoke you to examine your current beliefs. To offer you a template for enhancing your self efficacy beliefs.

If you do that then you will achieve your trading goals. And you will not need this site, or alerts, or alerts with sound effect.

Everyday think of how you can enhance your trading related self efficacy beliefs.

7/30/2021

August Bootcamp August 20th to Saturday August 28th

 If you want to develop an enduring edge, dedicate 9 days to get an in depth look at methods that work.  Many Stockbee members have made these methods work for themselves. 


This bootcamp starts Friday August 20th and will run until Saturday August 28th.


Current Price $450. 


The course includes live and recorded sessions as well as individual assignments. 

https://stockbee.podia.com/august-2021-bootcamp


Live Sessions will be on Saturday , Monday, Wednesday, Friday

Live sessions will have two time to suit most people .

Morning will be 6 to 8 am . Evening will be 8 to 10 PM ( These sessions will be repeat sessions to Suit Euro and US time zones)

The Rest of the days is for video lessons and Deep dives.


What is different in this boot camp compared to previous one..

The time available and technology available to do this allows me to do things differently and go in to significant details. In a 2 or 3 days boot camp it is a race to focus only on  important thing. That is not a constraint here as it is week long effort along with pre recorded videos.

Swing Trading all setups will be covered with added emphasis on execution. It will have Deep dive built in . It will have details on setting scans, charts, orders, etc.

Working People all details will be covered. Again will have videos on all scans , process, daily opportunities and managing them . 401k, TQQQ, Country in Trouble,

Day Trading . All details of my setups and how I execute.

Market Monitor : entire section going in to details of all scans , chats , colors and how to use it.

Situational awareness : details of how to develop and use it

Psychology: details of possible ways to handle trading issues. visualization

Trade Execution

OLC Organizing like crazy to make profits 


The technology allows us to drip content , so once you finish say a deep dive you get to see bonus videos.

Technology allows us to drip more videos post bootcamp based on questions.

Because lot of this is pre recorded it gets over problem of maintaining flow without getting distracted by unrelated questions by participants

All and all this will be very exhaustive bootcamp with anticipated 100 plus videos and background material .


Only way to sign up for it is by using the link.

https://stockbee.podia.com/august-2021-bootcamp

Members feedback

 


Have a setup. Develop mind clarity about it. develop process. organize like crazy around your setup and execute. 

Not everyone can do that. you need high self leadership for this. 

7/16/2021

2021 Bootcamps

 

Euro Bootcamp (This is most popular and recommended)

Rated as best bootcamp so far by members who have attended multiple bootcamps 


https://stockbee.podia.com/euro-bootcamp/buy


Hello fellow members,

I have just gone through the EURO Bootcamp and I'm very impressed.

Euro Bootcamp Review: I'll keep this short and concise, the best trader education I have come across.


April Bootcamp 

Same topics as Euro bootcamp but with more emphasis on tactics.


https://stockbee.podia.com/april-2021-bootcamp/buy


Are the bootcamps very different?

I attended both. There were nuances of learning that were new to me in the second one, so I would recommend getting both. I believe I can get a quick ROI on my investment in these bootcamps as I make the time to review and peruse them, and as I improve my daily practice from knowledge gleaned from them

leroyr



7/12/2021

Swing Trade Only if you understand the game

 


The objective of swing trades is to generate .1 to 5% return on your account per trade while keeping draw downs as low as possible.

Swing trading methods became popular as antidote to trend following methods that were very popular but were leading to wide swings in account and draw downs.

As cost of trading decreased and spreads between bid and ask narrowed they became mainstay of active traders and hedge funds, Wall Street banks and now quant funds.

Swing trading has existed for hundreds of years for the same reason, that is it allows you to grow account without big draw downs like trend followers have. It helps you avoid the ulcers involved in trend following.

At one time largest amount of capital was allocated to trend following methods. Today only relatively modest amount is in pure trend following funds.

Swing trading also evolved as a way for small accounts to grow their account rapidly by doing several trades and not seating in dead trend periods. Schwab lowered commissions to 39 dollars (from typical 100 dollars plus each way) and that led to swing trading boom. Subsequently commissions have kept on decreasing. Now they are zero.

Ever since then Swing trading as a style as coexisted along with position trading and trend following and has become main style of trading. For all the sophistication involved in quant funds, at heart it is just swing trading method using high powered computers.

When you gun for 3 to 5 day moves, you have to do several hundred such trade in a year to make a difference to your account.

Success rates in swing trading is 50% or so. Success rate in trend following is 20 to 25%.

Which means you need to do upwards of 500 plus trade to make big returns in swing trading. A

Swing trading is primarily high volume game with low per trade profitability. You can increase your per trade profitability by increasing your per trade risk or using 80 /20 sell and hold tactic I use.


For a beginner I personally think swing trading is easier to learn than trend following or position trading.

Things you do hundreds of time , you can learn quickly. If you are going to make only 10 position trades in a year, by the time you realize whether you learned anything , years will be gone.

7/08/2021

Do a deep dive

 

If you want to trade a particular setup then do a deep dive on that particular setup on past 1 to 3 years market data.

Look at at least 1000 to 3000 past examples of that setup and note down your observation. From that study create a pattern book.

When you do deep dive look for variation of the setup. Same setup has many variations. Note that down.

Study the range of moves the setup makes. Note what happened before start of the setup. Note what happened during the setup progression. Not what happens when the setup ends. Note the number of days of market moves. Note the magnitude of the moves.

When you do a deep dive like this on 1000 to 5000 setup in short time period of days or weeks you understand this setup and it becomes part of your way of thinking as you have invested significant brain energy in that activity. As a result you become good st identifying it in real time.

Psychologists have word for it called Mastery Experience. That experience changes your beliefs about that particular ability to find that setup.

Once you do a deep dive and you master a pattern next challenge is to execute it in real market environment. This requires innovation and process flows. You try one way of doing it , if that does not work you try another way till you find way to do it. Process hacking is how humans develop ways to make things work.

There is another way you can speed up this process. You watch others do it and then mimic their actions. Human learn many processes and gain knowledge this way. Procedural knowledge is primarily gained this way. The psychologists call that vicarious learning . This can speed up learning very quickly. This is why humans like watching how to videos. Many things we learn this way in single trial.

While you are doing deep dive or attempting to trade this particular setup , the social surrounding and messages you get is important. If while attempting this say your boyfriend keeps telling you , you will never make money trading or it takes years to become good at it then you will be influenced by that social conditioning. As against that you are in an environment where you see other doing it successfully and encouraging you then you put in more effort and try to make it work. Psychologists call it social conditioning.

To do a deep dive like this you need to be in healthy state. If you are suffering from a bad cold on a particular day you may not be able to do this activity. That is called psychologists somatic effect. Our performance depends on our physical and mental well being.

These are proven techniques to speed up learning skills and especially Procedural skills.

So if you want to dramatically improve you trading do a deep dive.