LBRSession - Training Traders for Success Transcript of...

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Training Traders for Success Transcript of Chatroom Class for Linda Raschke’s Traders July 08,2002 lindarasc: 16:20:45 Brett is working with the people in MIT in sharing different thoughts and putting together questionnaires, lindarasc: 16:21:06 and today he is going to talk about subject that uses his paper that we posted for you as a departing point! lindarasc: 16:21:07 So. .. lindarasc: 16:21:17 Welcome back Brett! brett: Hello, and thanks for having me back. brett: I think I'll start by introducing the topic for the day. .. brett: Then by getting into the main ideas. .. brett: And perhaps we'll have some time for questions/comments that can be sent to a moderator. .. brett: And forwarded to me. brett: In this class session, I'd like to focus on issues of training for expertise. .. brett: So I won't be talking about the current market or ways of analyzing the market. .. brett: Anyone interested in that can go to my weblog which is linked at www.greatspeculations.com brett: Today the focus is on how people develop expertise and become proficient at what they do. brett: I have been looking at sports, games of skill, the military, music, etc. .. brett: To try and identify what makes people truly great at what they do. .. brett: With the idea that we might be able to abstract some of these principles and ideas to the training of traders. brett: As we'll see, this will nicely take us to the theme of the article: OODA. brett: An excellent book on the topic has been written by K. Anders Ericsson. .. brett: He has studied experts in various fields and studied how they became experts. .. brett: Here's an interesting quote from his research: brett: "The acquisition of expert-level performance in a domain is very difficult and takes many years. .. brett: with only gradual improvement even under the best circumstances. The key problem for a beginner is to. .. brett: identify a sequence of training tasks with attainable learning goals that will eventually lead. .. brett: to the desired level of performance. Thus the complex and ill-defined goal of acquiring expert performance. .. brett: is broken down into a sequence of attainable training tasks." brett: In fact, what Ericsson is referring to can be seen clearly in military training, and is very relevant. .. brett: for the development of traders. brett: Before troops are sent into simulated battle or actual combat, they engage in a lengthy period of drilling. .. brett: Where they have to repeat certain skill activities again, and again, and again.
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brett: They receive prompt and accurate feedback on a timely basis and use this in a feedback loop to improve performance. brett: The same is true in sports, where there is drilling of individual skills such as dribbling, rebounding, etc. .. brett: in basketball or work on various putting, driving, etc skills in golf.
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This note was uploaded on 08/11/2009 for the course FINANCE Fixed Inco taught by Professor Proflim during the Three '09 term at University of Adelaide.

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LBRSession - Training Traders for Success Transcript of...

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