Stages-of-learning Unconscious Incompetence - Conscious Incompetence - Conscious Competence - Unconscious Competence Understanding and accepting that one is incompetent in a particular skill is the first stage. The “four stages” of each module ensures the trainee goes through the sequence before using a skill naturally i.e without effort or mental conflict. The skills required for profitable trading are generally mutually exclusive to the skills that educated, ambitious and convergent thinking individuals develop through the classical education system. Skills such as accepting a small loss upon evidence of trade futility instead of hanging on and remaining a potential winner despite the evidence. Skills such as the ability to remain as objective in a position as when not in a position. Skills like overriding the urge to mirror the emotions of the prevailing crowd and to act to relive emotional pressure. Skills are required for walking away with a profit, for resisting the urge to join in despite overwhelming odds. These and many others have to be pointed out, applied, practiced and finally programmed at a subconscious level. This is the strength of the GTC trader course which has produced profitable traders for hedge funds and trading firms consistently for over a decade. Stage One The first stage is that of unconscious incompetence – we don’t know that we don’t know. We thought everyone predicts the market and gambles blindly. We need to be told and shown otherwise. We need to see some examples, we need to hear some stories that we can relate to. We need to believe in the person showing us, preferably because of his track record and trading success Stage Two The second stage is conscious incompetence – we become aware of the better way, but don’t know how to do it. Often this awareness provides the momentum and motivation to learn. A child sees another reading out loud and wants to be able to do it. The mind is now ready to accept the new skill and its quickly assimilated. Unfortunately, unlike our academic studies at college this is only the start. Knowing is nothing, we do not have an exam we need to pass by learning by rote. We need to actually do, do well and do always Stage Three The third stage is conscious competence. We learn how to do it in this way, but when we try it out it seems alien, uncomfortable. and consistently wrong compared to the master. This is where most trainees give up and go back to old ways – at least that way worked randomly. Why trade without charts and technical analysis to acquire the ability to read participant motivation behavior and sentiment behind the price action? Its hard at first! Stage Four If we persevere, we get to unconscious competence – we don’t know that we are behaving in more effective ways. The skill has become automatic. Difficult to explain or teach someone else how to do what comes naturally to you. You just assume other do the same its so obvious! Trading is now generally stress free. You accept things, you are no longer feeling victimised, a loser, the need to show everyone you are the best, etc etc Its no longer wow, the market is shooting up, my heart is beating faster, I need to ACT now or get left out by my all important peer group It is now the buy gang have become very aggressive, lets see where these goes and if any good opportunities to profit from the 80% present themselves
Posted on: Wed, 19 Mar 2014 10:06:37 +0000
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