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Note the premise of the Cooperrider quote above:  our questions create our world .  If you want to know--truly know--someone, find out the questions they are asking.  For years, I've participated in recruitment at hedge funds,  helping hire portfolio managers and members of portfolio management teams.  In their interviews, many candidates want to talk about what they know.  Instead, it's worthwhile probing about their questions.  What answers are they seeking?   Research at multiple money management organizations finds that the number one trait of successful traders is intellectual curiosity.  Not discipline.  Not achievement motivation.  Not the ability to control emotions.  What makes for greatness is the unquenchable desire to learn and know .  Show me a person who isn't actively asking questions and I'll show you someone with a limited capacity to learn and develop. An important role of trading coaches is helping ...

  When my colleagues and I reviewed the research literature on psychological change processes , an interesting finding came to light:  It's relatively easy to make changes and relatively difficult to sustain those changes .  This is best appreciated in the field of addiction psychology, where relapse is viewed as an intrinsic part of the change process.  Much of what is written in the area of trading psychology focuses on making changes, with less focus on ways of making those changes stick.  Too often, our efforts at change are like our New Year's resolutions:  well-intended, but fleeting.  Fortunately, research in psychology points the way to making changes last.  Here are three best practices that can help us turn negative patterns around, build new and healthy patterns, and make those changes enduring parts of our lives: 1)  Associate your desired changes with distinctive states of mind and body - Perhaps the most important finding from ...

  Unsuccessful traders look for markets to trade in a style that fits *their* personality.  They look for momentum or trend or reversals of "overbought" or "oversold" moves.  By imposing their biases on markets, they become inflexible and unable to adapt when the market's personality changes.   Lately, we've seen the stock market's personality shift literally from day to day, as range-bound action has alternated with strong directional moves.  Traders who expect the market to follow themes related to macro and fundamental developments (shifts in inflation, interest rates, economic data, earnings, etc.) have found this rapid shifting of market action to be challenging.  Many traders look for consistency from day to day--thematic continuity--when the market is behaving more like a market of stocks than a unified stock market.  Consider:  over 70% of consumer discretionary stocks (XLY) and energy shares (XLE) closed over their respective five-da...

  Here are a few observations from my recent research and work with traders: 1)  The success of a trader is directly related to the speed by which they turn losing trades and drawdowns into actionable improvements .  The best traders engage in active review processes to ensure that they learn from setbacks.  Those reviews also allow them to learn from successes.  A major source of poor performance among traders is failing to engage in timely and regular deliberate practice .  Successful market participants study themselves intensively, just as they study markets intensively .  Unsuccessful participants don't study; they are too busy trading. 2)  There are two types of traders:  a) those who are risk-takers and need to learn to limit losses; and b) those who are risk-minimizers and need to expand gains.  We tend to manage our trading the way we manage risks and rewards in other areas of life, because--ultimately--we are managing ourselves...

  The previous post noted a late week bounce in stocks that had a defensive quality, with consumer staples and utility shares outpacing stocks in such sectors as energy and consumer discretionary.  On Monday there was another bounce, but the percentage of energy shares above their five-day moving averages went from about 22% to almost 96%.  The beaten down real estate stocks went from 43% to 63%; financials went from 17% to 58%.  Consumer discretionary shares went from 25% to 46%.  Tuesday the overall market (SPY) dipped, but again we saw a rising percentage of XLY, XLE, XLF, and XLRE stocks above their five-day averages.  By Wednesday, fully 94% of all SPX stocks were trading above their five-day moving averages.  In other words, we went from a defensive market theme to an aggressive one, creating a breadth thrust:  the great majority of shares participated to the upside.  This strength continued through the week.  The change of market ...