How to develop decisiveness and quick reaction time?

When I was in Chicago, taking a class on how to be a pit trader (1997), Mickey Hoffman used to tell us to do a trade, make a tick, do a trade and scratch, do a trade and lose a tick. Just get in and get out. Get in, get out. I still do that when I'm cold or can't get out of my own way. It was easier in eminis than forex. I used to put a limit order one tick below the market, and as soon as I got filled, offer it a tick higher.
 
Robert Morse said:
We offer Hot Keys and Hot buttons but I would not say faster is always better. Know what you are looking for and be confident. Be prepared. Sometime a little lag to double check is OK.

Bob
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Good points. Game bird hunts @ 55+ miles per hour could help sharpen execution, but not likely to help in trading. Even Blair Hull joked about being ''slowest market maker on the floor'' :caution::cool:

Mature deer never freeze in my headlights; especially when i HONK my horn......
 
rin4et said:
Success in day trading is all about precision and timing. However, when I spot multiple opportunities during live trading, sometimes I get the "deer in the headlights" reaction

Besides more screen time and practice, I am looking for ways to improve my reaction time and decisiveness so I don't miss opportunities.
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Hotkeys can speed up order placement. As for improving reaction time, for me, that came from repetition. When a position blows up and I choose to defend, I know how what I'm going to do and how to methodically do it (rolling, hedging), eg. the game plan. It doesn't mean that I will succeed but it gives me a fighting chance achieve break even with some luck (or underlying cooperation) or at least cut the magnitude of the loss.

Yes, the event involves a burst of adrenaline but that's because it's a challenged position. It's more like caffeine, not panic. The repetition has enabled me to react without fear and avoid those "deer in the headlights" moments. The reality is, sh*t happens in investing and trading. Get used to it and learn how to deal with it or find a hobby :->)
 
Cswim63 said:
When I was in Chicago, taking a class on how to be a pit trader (1997), Mickey Hoffman used to tell us to do a trade, make a tick, do a trade and scratch, do a trade and lose a tick. Just get in and get out. Get in, get out. I still do that when I'm cold or can't get out of my own way. It was easier in eminis than forex. I used to put a limit order one tick below the market, and as soon as I got filled, offer it a tick higher.
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Sounds like a good habit/plan/class, for the pit, with cheap commissions. I remember his name from a book.....[35 years,CME + UT ,University of Trading]Plus the 10 years [found out today] of elementary education .....LOL I dont live/work in Chicago; but i see he still does twitter:cool:
 
How is Mark Douglas' advice useless ? I've found it tremendously helpful.
Objectively identity your edge
Predefine your risk on every trade
Except the risk, or pass up the trade
Act on your edge without hesitation or reservation
Pay yourself as the market makes money available to you
Monitor your susceptibility for making mistakes
All good advice regarding trading IMO.
 
Trader447 said:
.... I've found it tremendously helpful.
Objectively identity your edge
Predefine your risk on every trade
Except the risk, or pass up the trade
Act on your edge without hesitation or reservation......

All good advice regarding trading IMO.
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Great delayed quotes,T447, but without getting into all the PE errors.......WSJ makes.....LOL Most of which i dont find helpful, but @ least they dont do much pscho-babble. NO offense.WSJ has some good data sometimes + takeover info.Prefer IBD,+ marks on charts makes much more sense. I have some old WSJ......:cool:
 
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