BarroMetrics Views: Does it Work?
I received a couple of emails asking how my beta group was going. You remember I posted a while back about a group coaching course I was testing.
The short answer is: “I don’t know”. But, I will know by the end of the month. You see, the group is ‘sitting for its final exam.’ The members are on their own for April, and we’ll know by the end of April whether they have had a breakthrough.
You will recall that I had invited the members to take part in the beta because:
- They had all attended some my courses,
- Had worked hard at integrating the knowledge, but
- Had little to show by way of profitable results.
Qualitatively, I can sense a quiet confidence, but the proof of the pudding will be how consistently they execute their rules when trading alone. Interestingly, I also learned a lot:
The most important lesson was that except for the very motivated, the seminar/webinar instruction model will probably not produce successful traders. Some of the reasons why I say this:
- Traditional education fails to pay enough attention creating a vision, and a set of value-driven goals and plans. For one attendee, this aspect was the most important. It was knowing the reason he wanted to trade, gave him the motivation to keep to his rules. I don’t know about the others; but on thing is clear: all are keeping to the processes established in class. That’s a huge plus!
- The group coaching also showed that there was some gap between ‘what I meant’ and how my instruction was interpreted.
- And, while the members understood the material, at the beginning they failed to appreciate the importance of a framework in the application of their rules. Once they created their framework, consistent execution became the norm. Perhaps because……
- ….the group meetings provided an environment of accountability – it was easier to keep to the rules than explain why they did not.
- Finally, for as long as I can remember I have asked seminar attendees to keep psych and equity journals; and for as long as I can remember, this request was honoured by its breach. This time, the members kept their journals and learned from them. Amazing!
Let’s see what the end of April brings. I am looking less at the profit and loss, and more on whether adhered to their processes.