Interesting Article

damianoakley · Oct 20, 2006

Hi All,

Just come across the following article.

It talks about what really makes us successes or failures in any endeavour, not just trading.

Thought it might be of interest,

http://money.cnn.com/magazines/fort...0/30/8391794/index.htm?postversion=2006101715

Thanks

Damian

andycan · Oct 20, 2006

Practice makes perfect

that sealed it for me
good article Damien

turtle trader · Oct 20, 2006

Thanks Damian, that's a very good article. How can we, as traders, use deliberate practice then?

I would say that 2 things we talk about regularly could be included in a deliberate practice regime:

1 - Sticking to our trading plan day in, day out;
2 - Maintaining a trading diary/journal.

Is there anything else we can do in the way of deliberate practice?

damianoakley · Oct 22, 2006

I would say that in trading, practice manifests itself in the process of getting into a regular daily routine.

As a trader finds a strategy they are comfortable with, they can settle into the daily practice of extracting profits as per the rules of their system.

The longer this daily routine is performed, the more efficient and streamline the trader becomes in executing his strategy.

Thus - practice makes perfect.......

Thanks

Damian

SOCRATES · Oct 22, 2006

The lightbulbs...

damianoakley said:
I would say that in trading, practice manifests itself in the process of getting into a regular daily routine.

As a trader finds a strategy they are comfortable with, they can settle into the daily practice of extracting profits as per the rules of their system.

The longer this daily routine is performed, the more efficient and streamline the trader becomes in executing his strategy.

Thus - practice makes perfect.......

Thanks

Damian

Yes, I agree with you.

Additionally, the lighbulbs........

....you can see there are several of them....have to go on....for everythng to be meaningful.

How are they made to go on ?

By self generated current of the right voltage at the right time and not necessarily by repeating thngs again and again.:cheesy:

No internal generation = no lightbulbs, simple.

timsk · Oct 22, 2006

damianoakley said:
I would say that in trading, practice manifests itself in the process of getting into a regular daily routine.
As a trader finds a strategy they are comfortable with, they can settle into the daily practice of extracting profits as per the rules of their system.
The longer this daily routine is performed, the more efficient and streamline the trader becomes in executing his strategy.
Thus - practice makes perfect.......

Hi Damien,
I agree with the sentiments expressed above: good article. Additionally, I concur with most of your comments, but I would add that it is imperative to guard against complacency, lest the market comes and bites you up the **** when you least expect it!

Tim.

jsd · Oct 23, 2006

Detail.

damianoakley said:
Thus - practice makes perfect.......

Thanks

Damian

I thought it was Perfect practice makes perfect?

Yet I guess if we make wonky saw cuts 1000 times then we will of perfected that maybe.

Check your architraving, and hinge cut outs on your doors at home ? are they a result of a student who's been taught perfect practice makes perfect or the rough sloppy finish of a student who's been taught practice makes perfect. ?

There is a world of difference to the outcomes with just 1 simple word missing from the thinking from the off.

Pippppin · Oct 23, 2006

Surely it is practice makes perfect, not perfect practice makes perfect

how can practice be perfect?

The whole point is that by practising you can achieve perfection, or close to it, and thus not need to practice

Or am I being a pedant?

rols · Oct 23, 2006

Pippppin said:
Surely it is practice makes perfect, not perfect practice makes perfect

how can practice be perfect?

The whole point is that by practising you can achieve perfection, or close to it, and thus not need to practice

Or am I being a pedant?

My understanding is that imperfect practise does not make perfect. Imperfect practise has the negative effect of reinforcing mistakes by practising them. Hence perfect practise is the ability to repeat imperfection with purpose, self awareness and intent to improve so conscious incompetence eventually becomes the magic of direct knowing or unconscious competence.

SirFrancis · Oct 23, 2006

Practise on your organ!!

The Ten Commandments of Organ Practise
Thou shalt practise every day, even if only for a short period.
Thou shalt NEVER practise faster than thou canst play perfectly, for it is written: Perfect Practise Makes Perfect.
Thou shalt NOT put off working on the hard parts; David did not invite Goliath to come back after tea.
Thou shalt work out a usable fingering, inscribe it on thy papyrus and NEVER vary from same, for Fumble Fingers Find Fate Fickle.
Thou shalt never apologise for thy playing, nor say "Oops!" when thou makest a mistake, for thou wilt only draw attention to things which otherwise would never be noticed by the thick people.
Thou shalt practise each composition in short segments; that thy fingers may not break off more than thy mind can chew.
Thou shalt listen ... and not only to organists, for it is written: What this untidy world needs is fewer organists and more musicians who can play the organ
Thou shalt NOT play pedals without shoes ... for thy Odor-Eaters may be spent, and besides, it leads to sloppy playing.
Thou shalt begin and end each practise session with something thou canst play readily, that thou mayest not be discouraged.
Thou shalt always remember that thy practise is a labour of love and that by persistence (oft proved by thyself in other undertakings) thou canst bring to pass many wonders.

Finlayson · Oct 23, 2006

the secret to success is the constancy of purpose

Jay

andycan · Oct 23, 2006

in a perfect world practice would most likely make perfect
being pedantic about a statement does not help the good intentions the phrase is ment in
from my perspective to practice your craft means you eventually aim to master it this isn't woodwork this is trading, trading is possibilities never certainties but over time the aim is to rule out possibilities with statistical certainties this is and can only be achieved by practising
will we achieve perfection? no chance! but certainly better to aim for greatness than mediocrity

rols · Oct 23, 2006

andycan said:
in a perfect world practice would most likely make perfect
being pedantic about a statement does not help the good intentions the phrase is ment in
from my perspective to practice your craft means you eventually aim to master it this isn't woodwork this is trading, trading is possibilities never certainties but over time the aim is to rule out possibilities with statistical certainties this is and can only be achieved by practising
will we achieve perfection? no chance! but certainly better to aim for greatness than mediocrity

Strongly disagree.

For those wishing to enlighten themselves further may I recommend this
http://virtualschool.edu/mon/Quality/PirsigZen/

andycan · Oct 23, 2006

rols said:
Strongly disagree.

For those wishing to enlighten themselves further may I recommend this
http://virtualschool.edu/mon/Quality/PirsigZen/

And your point is???

rols · Oct 23, 2006

andycan said:
And your point is???

If you have to ask this question then there is no point.

andycan · Oct 23, 2006

rols said:
If you have to ask this question then there is no point.

im asking because i dont see you point as valid
enlighten me

rols · Oct 23, 2006

andycan said:
im asking because i dont see you point as valid
enlighten me

Self Mastery is the key to success whether it be at nuclear physics or growing orchids.

To say as you did "this is trading not woodworking" emphasises the external object and not the self.

BTW. Ever heard of Antonio Stradivari?

andycan · Oct 23, 2006

i totally agree self mastery is one of the keys to success but to achieve that mastery you have to have practised at it it does not come naturally thats the point on this side of the discussion i was referring to there are many other factors, i was giving one point of view from one side of many sides
and i have never heard of Antonio Stradivari, i suspect he is a woodworker of sorts from my country

wasp · Oct 23, 2006

rols said:
Self Mastery...

Is that the shortened version :cheesy:

Not au fait with this new slang these days...

SOCRATES · Oct 23, 2006

rols said:
Self Mastery is the key to success whether it be at nuclear physics or growing orchids.

To say as you did "this is trading not woodworking" emphasises the external object and not the self.

BTW. Ever heard of Antonio Stradivari?

Be quietly satisfied there are a select few who remain silent but wholly agree with you. Emphasis on the external object is the norm. But because it is the norm it does not mean it is the desired benchmark by any means. But it is the easiest benchmark that can be adopted in mainstream. For this reason alone any further comments you make along the path of reasoning you have so far pursued are doomed to be misinterpreted,,or misunderstood, or misapplied or all three. But I personally wholeheartedly agree with the viewpoint you express.

Interesting Article

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