The implications for coaching are significant:  Advising traders to “stick to your plans” and “follow your process” works as long as market regimes are stable.  Then it doesn’t work.  In a world of changing markets, adaptability is the new discipline.

The implications for mentorship are also significant.  Teaching the same chart patterns and technical rules at all times to all traders is like using the same training for soldiers who will be performing in the desert, at sea, and in rainforests against established military forces at some times and insurgent guerrillas at others. If there’s one thing elite fighting forces and well trained athletic teams know, it’s that you study the opponent and adapt your strategy and tactics to the situation.

How many traders truly study markets and adapt their strategies and tactics to the threats and opportunities they identify?

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