*****David Blair, The Crosshairs Trader, is a blogger/trader/educator who does a wonderful job of sharing research on elite performance and how it relates to trading. Below is his latest post for the SMB trading community.***** — Editor’s Note
The principles espoused in the concept known as deliberate practice can greatly benefit the trader who wants to take his or her game to the next level. Deliberate practice focuses not on the time spent practicing a specific craft (whatever it may be) but on the quality of the time spent in practice. Someone who practices with no plan or purpose for five hours a day will be ill prepared when facing another who practices with deliberation for an hour. This principle applies to athletes, musicians, chess players, and, you guessed it, traders. Traders would do well to take the following information and turn themselves into deliberate traders.
“There’s no evidence of high-level performance without experience or practice.” (Geoffrey Colvin via CNNMoney)
“Scientific research shows that the quality of your practice is just as important as the quantity.” (Corbett Barr via Expert Enough)
“Individual differences, even among elite performers, are closely related to assessed amounts of deliberate practice.” (K. Anders Ericsson)
“What looks like failure is often the foundation of success.” (James Clear)
“In short, great men aren’t born; great men are made, and they’re made through the process of deliberate practice.” (Brett & Kate McKay via The Art of Manliness)
“It [deliberate practice] involves setting specific goals, obtaining immediate feedback and concentrating as much on technique as on outcome.” (Stephen J. Dubner via New York Times Magazine)
“Genuine experts not only practice deliberately but also think deliberately.” (K. Anders Ericsson, Prietula, and Cokely via HBR)
Books on Deliberate Practice Principles:
The Talent Code by Daniel Coyle
Bounce by Matthew Syed
Talent Is Overrated by Geoffrey Colvin
The Road to Excellence by K. Anders Ericsson
Outliers by Malcolm Gladwell
Now, get to work on your deliberate trading.
David Blair
THE CROSSHAIRS TRADER
www.thecrosshairstrader.com
http://www.
Related blog posts:
Your Brain on Neuroeconomics
The Eight Principles of Elite Traders
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