If you haven’t already seen him in the Live Online Trading Room, meet Quinton!
He is very passionate about learning, trading and is an all round great bloke! He is one of our newer members from Cape Town and here he highlight’s some of his major insights from his first ten weeks of live trading and going through the trader coaching process.
Firstly his results…
Over his first ten weeks of trading, Quinton managed to achieve a return of 15% on his overall capital invested! Nice start….. However, as we have said before, two months of trading doesn’t make a successful trader long term and Quinton to his credit knew this.
The major distinction that myself and the team noticed, was that Quinton immediately focused on where he had made mistakes during the ten weeks, rather than simply focusing on the positive percentage return. This is good news because he is looking at his trading more from a process perspective, rather than a results or financial perspective. It already shows that even this early on in the trader coaching process, he is taking on board the lessons we keep pushing in the Trading Room. Here are some of his insights and observations about his trading.
Quinton’s own insights…
“In one of the trades, I made a classic newbie mindset mistake, I lost my nerve and got out too early in profit, and then the trade went on to target. Another was I jumped in too soon on a few of the trades. I was looking for the right set up, but I could see the risk / reward shrinking, so I jumped in before all the criteria were met. I also jumped in late because of missing the initial set up and then fear of missing out on the trade.
So as you can see he is focusing on where he is going wrong in his process. That’s a good place to start, however….
The next step was for myself and the team to take Quinton further through the trader coaching process. Quinton felt he had been quite lucky to end up with the financial result he achieved. What myself and the team did was to get him to view and dissect his trades for both the negatives (areas to improve) and also the positives.
It’s VERY IMPORTANT, especially in the early days of learning to trade, to condition yourself to take a balanced view about your trading processes, when assessing your trading performance, rather than simply react to either the positive or negative financial result.
His own insight to highlight his failures, brilliantly shows how level headed, planted and honest Quinton has been, as many newbie’s would simply focus on the financial result and as a result, falsely boost their ego and have an over inflated view of how they were doing. However, when he looked at it from not only a trade management perspective (early entries and exits and slight over leveraging), and a mindset perspective (fear of missing out) but also from a technical analysis perspective, he realised that in that area he had performed very well in choosing set ups that met his strategy criteria.
Now he had a much more balanced view of his overall trade process, meaning he has a far more solid platform of awareness of where he is doing well and where he needs to improve. This means already he can coach and evaluate his performance more effectively, as well have us help and track his progress more accurately.
Well done Quinton!