BarroMetrics Views: Ensuring Trading Success II
Yesterday, we ended with a question. Essentially I asked: how do we make the transition from knowledge to skill?
In Ultimate’s case, it’s the format of the twelve-week webinars – webinars that follow the videos and 2-day seminar. Their format is my contributional to educational theory.
Anders Ericson found that effective learning needs a format and feedback.
- Set goals for the lesson.
- Plan action to effect the goal
- Provide feedback on the efficacy of the action.
- If the action furthers the goal, continue. If not, loop steps 2-4.
He also found that more immediate the feedback to the action, the more effective was the feedback.
Using this format, in the twelve weeks, Ultimate seeks to inculcate habits of Mind, Money and Method.
The numbers that have gone through Ultimate, at this point, are not statistically significant (less than 30). But, the results are encouraging. For me, the test is whether the attendees will be able to continue with the results they attained in Ultimate. So far, that seems to be happening.
For example, in Ultimate II, we had two attendees that ended with a negative expectancy return. One is re-taking Ultimate III and the other, Gavin, knew what he needed to do.
Yesterday, out of the blue, I received this Whatsapp:
Did 7% return for may
73% success rate
Thanks for your assistance again’.
Now Gavin is a -5minute trader. And, as such, needs a high win-rate. He has always been a successful trend trader; his difficulty was to find a way to distinguish early in the day whether the SPI was going to be a sideways or trending day.
For me, the May stats would mean Gavin had improved if his trades in May took place in sideways markets. So, I dropped him this line:
Congrats on your results.
I hope you don’t mind a few questions:
* For May was the SPI moving sideways or trending?
* If you consider what you were doing, say March, April, what are you doing differently now?
* If you had to select a single, repeatable behaviour that has made the difference in May, what would it be?
I ask so you can focus on the game changer”.
His reply was that the SPI had been trading a sideways mode. For that reason, his May trading is a significant breakthrough. Still early days, but if he keeps on his current track, he’ll be another of Ultimate’s success stories.
Here’s the Course content….