A Sideways Look at Psychology and Finance
There may be a parallell to this in Tetlock 2005 Expert Political Judgement, where he in some tests found that those who were well informed about foreign affairs(reading one or two quality newspapers daily) were better predictors than the experts who spent all their time collecting facts. It may be that the real time feeling one gets from being online produce more confidence than it warrants with increased trading as a result.
So, when you say "we" need to stop it, who is "we"? And, how do you suggest it be stopped?
These are the same kinds of studies that evaluate mutual funds and newsletters and find on average they are worthless. I really think it's a mistake to just lump traders (we're talking traders, right, not investors) into one bucket and not do case studies on why 5% are successful and 95% are screw-ups. Rather than guessing what the problem is, why not just ask? The problem with losing traders is not overconfidence; it is getting an "F" in psychology.Rich
A Sideways Look at Psychology and Finance
There may be a parallell to this in Tetlock 2005 Expert Political Judgement, where he in some tests found that those who were well informed about foreign affairs(reading one or two quality newspapers daily) were better predictors than the experts who spent all their time collecting facts. It may be that the real time feeling one gets from being online produce more confidence than it warrants with increased trading as a result.
So, when you say "we" need to stop it, who is "we"? And, how do you suggest it be stopped?
These are the same kinds of studies that evaluate mutual funds and newsletters and find on average they are worthless. I really think it's a mistake to just lump traders (we're talking traders, right, not investors) into one bucket and not do case studies on why 5% are successful and 95% are screw-ups. Rather than guessing what the problem is, why not just ask? The problem with losing traders is not overconfidence; it is getting an "F" in psychology.Rich
A Sideways Look at Psychology and Finance
There may be a parallell to this in Tetlock 2005 Expert Political Judgement, where he in some tests found that those who were well informed about foreign affairs(reading one or two quality newspapers daily) were better predictors than the experts who spent all their time collecting facts. It may be that the real time feeling one gets from being online produce more confidence than it warrants with increased trading as a result.
So, when you say "we" need to stop it, who is "we"? And, how do you suggest it be stopped?
These are the same kinds of studies that evaluate mutual funds and newsletters and find on average they are worthless. I really think it's a mistake to just lump traders (we're talking traders, right, not investors) into one bucket and not do case studies on why 5% are successful and 95% are screw-ups. Rather than guessing what the problem is, why not just ask? The problem with losing traders is not overconfidence; it is getting an "F" in psychology.Rich
A Sideways Look at Psychology and Finance
There may be a parallell to this in Tetlock 2005 Expert Political Judgement, where he in some tests found that those who were well informed about foreign affairs(reading one or two quality newspapers daily) were better predictors than the experts who spent all their time collecting facts. It may be that the real time feeling one gets from being online produce more confidence than it warrants with increased trading as a result.
So, when you say "we" need to stop it, who is "we"? And, how do you suggest it be stopped?
These are the same kinds of studies that evaluate mutual funds and newsletters and find on average they are worthless. I really think it's a mistake to just lump traders (we're talking traders, right, not investors) into one bucket and not do case studies on why 5% are successful and 95% are screw-ups. Rather than guessing what the problem is, why not just ask? The problem with losing traders is not overconfidence; it is getting an "F" in psychology.Rich
A Sideways Look at Psychology and Finance
There may be a parallell to this in Tetlock 2005 Expert Political Judgement, where he in some tests found that those who were well informed about foreign affairs(reading one or two quality newspapers daily) were better predictors than the experts who spent all their time collecting facts. It may be that the real time feeling one gets from being online produce more confidence than it warrants with increased trading as a result.
So, when you say "we" need to stop it, who is "we"? And, how do you suggest it be stopped?
These are the same kinds of studies that evaluate mutual funds and newsletters and find on average they are worthless. I really think it's a mistake to just lump traders (we're talking traders, right, not investors) into one bucket and not do case studies on why 5% are successful and 95% are screw-ups. Rather than guessing what the problem is, why not just ask? The problem with losing traders is not overconfidence; it is getting an "F" in psychology.Rich
A Sideways Look at Psychology and Finance
There may be a parallell to this in Tetlock 2005 Expert Political Judgement, where he in some tests found that those who were well informed about foreign affairs(reading one or two quality newspapers daily) were better predictors than the experts who spent all their time collecting facts. It may be that the real time feeling one gets from being online produce more confidence than it warrants with increased trading as a result.
So, when you say "we" need to stop it, who is "we"? And, how do you suggest it be stopped?
These are the same kinds of studies that evaluate mutual funds and newsletters and find on average they are worthless. I really think it's a mistake to just lump traders (we're talking traders, right, not investors) into one bucket and not do case studies on why 5% are successful and 95% are screw-ups. Rather than guessing what the problem is, why not just ask? The problem with losing traders is not overconfidence; it is getting an "F" in psychology.Rich
A Sideways Look at Psychology and Finance
There may be a parallell to this in Tetlock 2005 Expert Political Judgement, where he in some tests found that those who were well informed about foreign affairs(reading one or two quality newspapers daily) were better predictors than the experts who spent all their time collecting facts. It may be that the real time feeling one gets from being online produce more confidence than it warrants with increased trading as a result.
So, when you say "we" need to stop it, who is "we"? And, how do you suggest it be stopped?
These are the same kinds of studies that evaluate mutual funds and newsletters and find on average they are worthless. I really think it's a mistake to just lump traders (we're talking traders, right, not investors) into one bucket and not do case studies on why 5% are successful and 95% are screw-ups. Rather than guessing what the problem is, why not just ask? The problem with losing traders is not overconfidence; it is getting an "F" in psychology.Rich
A Sideways Look at Psychology and Finance
There may be a parallell to this in Tetlock 2005 Expert Political Judgement, where he in some tests found that those who were well informed about foreign affairs(reading one or two quality newspapers daily) were better predictors than the experts who spent all their time collecting facts. It may be that the real time feeling one gets from being online produce more confidence than it warrants with increased trading as a result.
So, when you say "we" need to stop it, who is "we"? And, how do you suggest it be stopped?
These are the same kinds of studies that evaluate mutual funds and newsletters and find on average they are worthless. I really think it's a mistake to just lump traders (we're talking traders, right, not investors) into one bucket and not do case studies on why 5% are successful and 95% are screw-ups. Rather than guessing what the problem is, why not just ask? The problem with losing traders is not overconfidence; it is getting an "F" in psychology.Rich
A Sideways Look at Psychology and Finance
There may be a parallell to this in Tetlock 2005 Expert Political Judgement, where he in some tests found that those who were well informed about foreign affairs(reading one or two quality newspapers daily) were better predictors than the experts who spent all their time collecting facts. It may be that the real time feeling one gets from being online produce more confidence than it warrants with increased trading as a result.
So, when you say "we" need to stop it, who is "we"? And, how do you suggest it be stopped?
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