|
PureBytes Links
Trading Reference Links
|
Thanks for the link to this interesting article. They make a number
of
good points and I do have a lot of respect for Brett Steenbarger. He
has taken solid psychological research and has found creative ways to
apply it to trading. I like his work.
This article, though, shouldn't make you feel hopeless if you're not
one of the few traders who have been trained in a professional
trading
firm. Many good traders haven't had this experience. No doubt
having
all this training and support described in the article would be of
value, but I also doubt all is lost if you don't have these things
and
learn on your own, part-time.
I think it's important to keep in mind that the authors are vested in
this model. They designed it and earn a living from it. It is
natural, therefore, to think this is the best way to learn. Even
though it sounds very complete and very good (and it does, for sure),
not data are given to substantiate the claims. For example, what is
the average return over the first two years for all traders entering
the training program? This is a basic statistic that would be
helpful
as a first step in evaluating this model.
That's probably not enough, though. It could be that this same group
of traders would have achieved similar results on their own, without
the training. Perhaps this group of selected traders are just highly
motivatated and would find a way to succeed no matter what the
obstacles. (This is self-selection bias in the sample.) Thus, to
truely be confident that these claims hold water, a more thouroughly
controlled, independently conducted study would be needed. New
traders
randomly assigned to the training group and to a control group can
then
be compared. From that point, inferences can be drawn. Until then,
as
well-articulated and reasoned as they are, these are still mainly
someone's opinions.
Whit
--- In equismetastock@xxxxxxxxxxxxxxx, "metastkuser"
<andysmith_999@xxxx> wrote:
> http://www.sfomag.com/
> Good article for anyone new to trading.
>
> The article mentions that entry level folks in professional trading
> firms have the advantage of having better tools, mentors at their
> disposal, and they do trading for a living rather than part time.
Ouch.
Yahoo! Groups Links
<*> To visit your group on the web, go to:
http://groups.yahoo.com/group/equismetastock/
<*> To unsubscribe from this group, send an email to:
equismetastock-unsubscribe@xxxxxxxxxxxxxxx
<*> Your use of Yahoo! Groups is subject to:
http://docs.yahoo.com/info/terms/
|