The Importance of Training for Peak Performance
"Nothing is more common than the notion that you learn to trade by trading. I humbly ask you that you check that premise...
"Every Performance field I have researched progresses from knowledge acquisition to skill drilling to simulated performance to real time rehearsals.
Despite this seemingly obvious truth, we see few traders attempt to learn through training. Instead, they approach trading in the amateur mode, only to lose money and court frustration."
That's not to say that traders can't learn trading through dedicated screen time. Concentrated screen time can greatly shorten a trader's learning curve.
The secret to trader's longevity as a traders: "Know when to say when". When you lose the maximum amount allotted for that day, e.g. 2% put the mouse down and call it a day. Make this your motto "Tomorrow is another day". But stay there and watch the market till the end. Nothing beats healthy chart time. That is the mind-set of a professional.
The Core trading skills boil down to pattern recognition. The trader who spends high-quality screen/chart time is more likely to internalise patterns than trader whose market contact is intermittent.
This is not the perspective that most traders possess. And yet there is no reason to trade, and they fool themselves into the notion that their trading provides learning experience. Yet we can see clearly that a novice boxer would not learn from getting in the ring with a champion.
He would get KNOCKED OUT" Brett Steenbarger
Proper Training is Trading Psychology, sustaining the mind-set as well as the skill level of the performer.