Watch the video below as I explain this concept here:
#1 lesson to my trainees. Every week you’d hear me chirp: “How bout you stop comparing pnl, instead focus on your bobblehead and get to work?” Fun personalized way to visualize the most important concept there is.
OLD MODEL = DAILY PNL OBSESSION = BAD! Focusing on pnl demotivates, misdirects, distracts traders. You will ALWAYS have neg days. Your neg days only get bigger! Obsessing w pnl, neg OR pos, does NOTHING to make you better. Zero effect on what matters, just wasted time.
NEW MODEL = DAILY EV FOCUS (BOBBLEHEAD)! Visualize a chart of your Daily EV w a bobblehead of you on it. Your SOLE GOAL is to move your little higher ( long-term EV) each day. Forget pnl. Neg pnl, but got 1% better? Bobblehead ! Neg pnl so you ragequit? Bobblehead
WHY? BOBBLEHEAD IS FUN CHART VISUAL TO INTERNALIZE MINDSET SHIFT FROM PNL TO PROCESS! Each day you must take the action necessary to ensure you are better than prior day and your inched up. I would NEVER leave work until I put in the work to be 1% better, NO EXCUSES.
PARADOX: WORST PNL DAYS = BEST OPP FOR OUR BOBBLEHEAD! Game-changer in mindset! If internalized, you thrive on bad days bc you see that learning that day’s lesson leads to to biggest jump in Bobblehead! On easy days, we are improving and learning the least = WORST FOR LONG-TERM EV
BOBBLEHEAD CONCEPT MAXIMIZES CAREER PNL: Lifetime PNL = 2 variables = (avg daily EV) x (days traded). Bobblehead Concept is fun visual that shifts focus to Daily EV which most importantly is only thing that you can control AND which makes you better.
FOLLOW PROCESS, THEN LET THE CHIPS FALL WHERE THEY MAY! Elite traders are stoic to the PNL swings / daily PNL chart. They obsessively focus on getting better. Lesser traders do the exact opposite. Stop talking pnl, comparing pnl. Put all that energy into PRODUCTIVE ACTION!
AS ONE STUD PRO TRADER PUTS IT: Such a great way to think about it day to day; after hearing the bobblehead concept, it’s all about making decisions that maximize long-term ev even if they’re uncomfortable.
What actions are you taking to raise your bobblehead today?
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