Trading the Ranger Way

Trading the Ranger Way - Trading the Ranger Way: Training...

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Trading the Ranger Way: Training the Elite Trader Brett N. Steenbarger Linda Bradford Raschke Brace E. Barber Author’s Note: A version of this article appears in the September, 2002 issue of Stocks, Futures, and Options Magazine (www.sfomag.com). Ranger School created a concentration camp-like atmosphere at the physical training (PT) pit. Large stadium lights stood around the perimeter of the area, and their glow cut through the blackness of the early morning. It gave us the eerie feeling that tall fences and armed men in watch towers were just beyond our vision in the darkness…We stood in box formations doing the various exercises commanded of us. After warming up, and especially after running, our heated bodies gave off steam like hot cups of coffee on a cold morning. In a way we were trapped, though voluntarily. We had signed our lives over to people we didn’t know with the expectation that they would subject us to pain. Ranger students aren’t necessarily guided by their left brain. Brace E. Barber Ranger School: No Excuse Leadership p. 109 The article you are about to read is a unique application of trading psychology. It is the product of an unusual collaboration between an Army Ranger and leadership expert (Brace); a master trader and educator of traders (Linda); and a professional psychologist/trader/researcher (Brett). In this article, we are going to challenge your notions about what it takes to become an elite trader of options and futures. Our goal is not to comfort your afflictions and reassure you that you’ll be a great success in the markets. No, in the Ranger tradition, we are here to afflict your comfort. We are going to push you a bit beyond the boundaries of your normal thinking by introducing a new model for developing trading success. That push is important because, as we shall see, becoming part of any elite requires driving yourself beyond your self-defined boundaries. Ready to challenge yourself? HOOAH! Let’s roll… Lessons From Brett: The Anatomy of Greatness Psychology is not just the study and treatment of emotional problems. A large body of recent research has focused on individuals who are super-normal: those who have been highly creative, productive, and successful in their fields of endeavor. Summaries of this work can be found on Brett’s webpage: www.greatspeculations.com/brett.htm and in his forthcoming book on The Psychology of Trading (Wiley; January 2003). Consider some of the more provocative findings:
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Highly successful individuals in sports, science, and the arts are distinguished by the amount of time they spend in intense, deliberative practice. Most have spent multiple hours each day for a number of years refining skills and immersing themselves in their craft. They find pleasure in this immersion and sustain a high degree of concentration during their practice sessions. Highly successful individuals across various fields are successful because they are
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This note was uploaded on 10/21/2010 for the course BUSINESS 19450 taught by Professor Goldberg during the Fall '10 term at Saddleback.

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Trading the Ranger Way - Trading the Ranger Way: Training...

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