“The Trader’s Skill Set”
Trading is a specialized, learned skill that requires specialized training and development. Successful traders in the field of trading follow a “Structured Learning Process” for their skill development. Successful traders share these “common learning traits” in their pursuit for trading success, much like others in highly competitive fields including medicine, athletics, performing arts, and pilots. All of these performers, in their given field, are distinguished by the “structuring of their learning processes.” They have engaged in a level of “deliberate and systematic learning processes, coupled with continuous feedback observation, evaluation and assessment of their performance.”
iBullyBear’s “Trader’s Skill Set,” is designed for enhancing a trader’s skill training in addition to cognitive and emotional development through intensive and systematic learning processes while providing them with continuous feedback on their practiced trading performance. This “Structured Learning Process” moves a trader quickly up the learning curve to becoming an elite trader.
“The Trader’s Skill Set” is developed through the following key components of our “Structured Learning Process.”
Skill Assessment
Knowledge Acquisition
Practice
Evaluation
Review, Revise & Repeat
Skill Assessment
A personalized, in depth skill assessment of each trader is absolutely essential. Just as a physician needs to take time to understand a patient’s problems before they undertake the cure, a thorough assessment of each trader must precede the improvement. The assessment divulges what the trader is actually doing in their trading framework. It indicates what the trader’s strengths are, what weaknesses they have, and their currently held biases.
Knowledge Acquisition
Knowledge acquisition for a trader often lies at a level of difficulty just beyond the trader’s skill. A comprehensive model of trading competence is needed to help guide them. A training program with intensive exposure to trading techniques and practices that greatly accelerates the pace at which copying skills become routine is a must. Learning is enhanced as tasks are broken down into component pieces and worked on methodically. Segmentation of the trading process combined with concentrated rehearsal of each component element is the key to knowledge acquisition. This produces a steadily rising learning curve for the trader.
Practice
It’s a given. Repetition cements all learning. Structured practice, sustained over a period of time, delivers high-octane success. Small disciplines, repeated with consistency leads to great trading achievements.
All practice is not created equal. It’s not the quantity of the practice but the quality of the practice that is important for a trader to engage in. Expert level trading success is primarily the result of expert level trading practice. Expert level traders are made by immersing themselves in trading activities with structured, hands-on, repetitive practice. Thus, structured practice, sustained over time, is essential to success.
Evaluation
Because a trader’s self-examination as to their own trading record will most likely slant toward their own biases, an outside, unbiased evaluation of their trading is crucial. Every trader needs to know how to improve their trading performance. A trader must be consistently subjected to evaluation by their trading mentor. The evaluation process will reveal their strengths and weaknesses and any currently held biases. It has been said that “errors and oversights are portals of discovery.” Through the process of evaluation, oversights in practice trading are evaluated and assist in providing valuable lessons for the learning process.
Review, Revise & Repeat
After the evaluation process, a trader must “course correct” to improve trading performance. They do this through the process of “reviewing, revising, and repeating“ new acquired trading techniques and tactics. Traders must review what they have done, recognize what they have learned, identify where improvement is needed, and immediately focus on specific elements of their trading regime until they improve. Structured practice, feedback, and continuous mentorship accelerate the learning curve.