Last week I moved homes to end an epic nomadic journey. A journey that has taught me many valuable lessons; here is one lesson I believe to be very relevant to the trader and his PsyQuation journey.
We travel through life accumulating “things”. Many of these possessions are useful. But we also pick up a lot of worthless “things” that simply take up space and in some cases are harmful to ourselves, families and environment.
Life’s unnecessary baggage
When you move you get an opportunity to reassess whether these “things” need to come along on the next part of the journey. Are they needed, are they just there for show on rare occasions, are they a waste of space, are they harmful? Moving gives us the opportunity to pause and reflect on our routines and ask questions we don’t get to ask too often, and then get rid of unnecessary baggage.
Trading is exactly the same, as we go through our trading career we pick up habits, some of them are bad habits. The problem with habits is they become automatic, they reside in an unconscious part of our psychic makeup that it is rare for us to become consciously aware of them.
A parent, a psychologist, a mentor would typically advise you to cut negative people out of your life. The reason being people you spend time with influence your attitude and thoughts more than you think. The same applies to bad habits and confusing analytical tools.
How to get rid of unwanted trading baggage?
It is for this exact reason that PsyQuation’s has adopted a less is more attitude to its dashboard. Instead of the standard statistical overkill, leading to analysis paralysis the PsyQuation app dashboard provides a cutback approach with a simple panel:
Equity $, Profit $, Performance %, Max DD, VaR – open positions, Alerts Open.
The PsyQuation Alert System acts as another mechanism to pause and reflect on unwanted trading habits providing the trader with Alert Suggestions and an Alert Board to help clear the way forward to more profitable trading. We will do a separate post on the alert ecosystem and how traders will work with it, stay tuned……….