Post feedDeal or Raw Deal?
I have gotten mixed feedback about the game I chose to play with the group last night on Master Talk. In my opinion, the game correlated very well with emotional exits and dealing with
odds and probabilities. The same works with trading strategy. Do you go with the high probability trade, or the low probability trade? At what point to you take a profit in the trade? Or is that profit enough? Are you taking an exit based on emotion? It gave an opportunity for everyone to play along, plan an exit, take it, and see how things turned out, and whether or not it was a good decision, and learn from it.
If you thought the game was a bad idea, it's all good. This is why I think it is great that we offer two concurrent sessions. If I am stinking it up, perhaps the other session is discussing a topic you need to hear? I won't be offended if you choose not to listen to me...there is always hours of Q&A to fall back on. I always try to aim for something interesting or enjoyable, so next week I will try focusing on short term trading versus longer term trading and the differences between the two. Or if I feel differently between now and then, perhaps I will make you play a game of Jeopardy?
In closing, if I gave you a "Raw Deal" last night...I'll step it up next week.
Be back shortly...
odds and probabilities. The same works with trading strategy. Do you go with the high probability trade, or the low probability trade? At what point to you take a profit in the trade? Or is that profit enough? Are you taking an exit based on emotion? It gave an opportunity for everyone to play along, plan an exit, take it, and see how things turned out, and whether or not it was a good decision, and learn from it.If you thought the game was a bad idea, it's all good. This is why I think it is great that we offer two concurrent sessions. If I am stinking it up, perhaps the other session is discussing a topic you need to hear? I won't be offended if you choose not to listen to me...there is always hours of Q&A to fall back on. I always try to aim for something interesting or enjoyable, so next week I will try focusing on short term trading versus longer term trading and the differences between the two. Or if I feel differently between now and then, perhaps I will make you play a game of Jeopardy?
In closing, if I gave you a "Raw Deal" last night...I'll step it up next week.
Be back shortly...
last night's discussion overall was excellent - too bad it didn't help me on my failed inverted H&S trade today:(
oh well, win some (large sums) lose many (smaller amounts).
The game would have been better as you described earlier with a low value suitcase. BTW, I was "out" at $39,XXX - what does that say about me? :)
Thanks,
TPlus1
Posted by
Anonymous |
9/07/2006 01:02:00 PM
And I suppose those that complained also suggested you tell them where the market was headed and what stock to pick and what strike price and month.
Thought it correlated nicely and even played a few rounds for myself after the talk - uh, for professional development and analysis of my trading style and makeup, err, yeah, that was it.($750,000 was my best).
Keep it going Jeff.
Posted by
Travis Roy |
9/07/2006 01:49:00 PM
I liked the game for a little change. It's nice to lighten things up and have some fun ,rather than be so serious all the time. besides having fun and learning at the same time is what I call an excellent formula for teaching.
Keep up the good work Jeff.
Posted by
Anonymous |
9/07/2006 02:17:00 PM
I really enjoyed the session last night. Look forward to next week. Your great and keep up the good work!
Posted by
Anonymous |
9/07/2006 04:15:00 PM
I liked the game and did a google search for it. Found it on the net and will play a few sessions every once in a while. Although entertaining, it can be a good challenge to get my score up in the long run. Can help with my trading.
Posted by
Anonymous |
9/07/2006 06:00:00 PM
Jeff,
If people didn't like your game, you can probably blame me, your guinea pig for the event. Never having seen the game before, much less played it, I had no clue and it showed in my choice to bail out so early. Kinda like my trading style, huh? Well, you'll be pleased to know that I found the game online and played again (okay, several times) and each time I got better results.
Hopefully, I can translate this to my trading and improve there as well.
Thanks for all you do....
Karen
Posted by
Anonymous |
9/07/2006 07:37:00 PM
Jeff, enjoyed the game last night. It wasn't a bad idea at all, if others thought that it was, they didn't understand the concept. Keep up the great work!
1
Posted by
Anonymous |
9/07/2006 11:40:00 PM
Jeff,
I thought the game worked perfectly to illustrate the psychology of trading emotion. It's important to mix it up a bit to keep Master Talk from getting stale.
Posted by
Mike |
9/08/2006 11:32:00 AM
The game was actually great. Everyone that I listen to on Master's Talk, always talks about entry's and exit's, emotion, and what we as professionals traders do to overcome that. As new traders everyone will go through that. Being a new investor, the emotion is still lingering, but as they say, check it at the door!!! I have actually played the game several times this weekend. It will test you, and you will find out what your RISK/REWARD ratio really is..everyone go do it 10 times then see if your emotions can be controlled or changed......Everyone is either a Bull or Bear, and emotions are in both....Great class Jeff!!!
Thanks,
Bradley Howard
Posted by
Anonymous |
9/10/2006 10:19:00 PM
I thought the game very appropriate. I had actually made many of the same connections to the stock market while watching this over the summer. I kept finding myself thinking "where would I set my stop loss and target price?"
Thanks for the great talk. I learned a lot!
Teri Ellis
Posted by
Anonymous |
9/11/2006 10:48:00 PM