Discover How Measuring Your Trading Performance Could Help You Trade Better
Education - AxiTrader Team | 13 Mar 2020
Focus, achievement and transparency. Three words that capture the essence of being able to track your performance using a leaderboard as a trader.
It would be a fair assumption that you and your trading colleagues are highly competitive people.
The likelihood is, you have been competitive and looking to raise your standards as a youngster at school, on the sporting field and then when you started your career.
For most, none of this would have been possible without a way to measure and track your performance.
Sure, watching the start of a US Open tennis match between Federer and Nadal as they hit practice balls to each other is fun, but you want to know who wins.
Who is the grand champion?
That’s where leaderboards come in.
But the challenge is, trading is one of the most isolating activities around. You can’t exactly ask your trading colleague to create their dashboard and share their results.
But wouldn’t it be nice if you had a community of traders where you can aim for consistent and measurable improvement?
Before we tell you how that is possible, let’s look at the key advantages of using a leaderboard when it comes to your trading.
Community and connection
Some of the most powerful fitness apps on the market today are those which combine the simplicity of recording results and a community.
Fitbit is one of the world’s most recognised and popular fitness trackers in the world.
One of their early breakthroughs was linking the community together so you, your family and friends could all be part of your ‘inner circle’.
This has allowed you to have some fun and track your performance among your peers and family.
As it says on the Fitbit website, ‘Fitbit motivates you to reach your health and fitness goals by tracking your activity, exercise, sleep, weight and more.’
The community aspect of Fitbit is incredibly powerful. People feel a sense of connection to other like-minded people. And we all tend to gravitate towards those people who are like us.
Using dopamine to power through life
According to Psychology Today, dopamine is a neurotransmitter, one of those chemicals that is responsible for transmitting signals in between the nerve cells (neurons) of the brain.
You may also hear it referred to as the chemical your body produces when you get a pleasurable reward.
When you set a small goal and achieve it, your body releases a pleasurable hit of dopamine.
Why not use this information to your advantage?
You can set several small goals, and the more you achieve, the more dopamine is released into your body.
And this is one of the big reasons why Fitbit, the Apple Watch and others are so popular.
If you did 8,000 steps yesterday and 9,000 today, you are moving forward. And that feels good.
Within a short space of time, owning a Fitbit or a device that tracks and measures your performance and links it to a community, becomes a personal trainer, and keeps your performance tracking forward day by day.
Feedback is critical
Another key aspect to Fitbit is the feedback you receive.
Like any good tracking device, you want to be doing those things that help you become better, fitter, stronger or smarter.
And in 2020, traders can take advantage of Artificial Intelligence and Machine Learning programs that track and measure helpful trading states to help you raise your game.
By linking your trading to a series of measurable trading-specific tasks that show where you are excelling and where you need help, you cannot help but improve.
Psyquation - Professional trading tools combining the power of AI, analytics & community
You can no doubt see how powerful it is to measure and track key performance indicators in the areas of your life that will have the greatest impact.
And so too with trading, tracking your performance across key metrics will provide you with the focus and transparency you need to excel as a trader.
Psyquation combines both the PsyQuationScore™ and a trading Leaderboard that is community driven and powered by Machine Learning.
Psyquation measures and tracks the four critical areas of your day to day trading, including:
Each component is measured out of 100 and is prominently displayed in your trader's dashboard as per the image below.
This is perfect for those who are committed to becoming the best trader they can be and make small, meaningful improvements in each of those four areas.
For those who love the thrill of competing against fellow traders, Psyquation has a Leaderboard as well.
The individual PsyQuationScore™ is the default measurement that Psyquation uses to rank all the traders within the vast community.
The advantages of putting your results on a leaderboard are:
- Transparency. You can see exactly where you are relative to your trading peers.
- Recognition. If you are good, you deserve to see yourself atop the leaderboard.
- Feedback. To move up the leaderboard means you must meet certain criteria with your trading. You can view the data on your trading and adjust accordingly. This type of feedback is invaluable for every aspiring trader.
- Competition. Traders are a competitive bunch, and nothing helps elite sportspeople, musicians or traders more than a competitive environment.
But do remember, the Leaderboard isn’t there solely as a means of identifying the best of the best.
Instead, you want to think of the combination of the Leaderboard and the PsyQuationScore™ to help you focus your attention in those areas demonstrated by professional traders.
Like the Fitbit, putting yourself in a community of other like-minded people, all with a common measurable performance rating, could be the head start you need in 2020 to surpass all your trading goals.
Make 2020 the year to get serious about tracking your trading results. Click here to find out more about how you can use the PsyQuationScore™ and Leaderboard to help take your trading to the next level.
The information is not to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any trading strategy. Readers should seek their own advice. Reproduction or redistribution of this information is not permitted.
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