Stoxmind.ai – India’s First Trading Psychology Platform
We are happy to inform Algoji users about Stoxmind.ai – the first and only trading psychology platform in India. Every successful trader talks about the importance of trading psychology. But don’t we need a platform to test our trading mindset? What about personalized insights depending on our trading mindsets? Stoxmind.ai fills all these gaps.
Contents
Why Even Experienced Traders Need Stoxmind.ai
Here it gets interesting. Read carefully the summary of LTCM Case Study
- LTCM was a fund managed by Noble laurates and scientists. Basically by the most qualified people in the world!
- LTCM deployed the most advanced algos on earth available at that time. It was launched in 1994.
- LTCM generated top returns consistently for the next 3 years. Enough of data for valid statistical conclusion, right?
But then LTCM traders started exhibiting “Overconfidence Bias”. What they did was:
- Ignore warning signs of a trade going wrong
- Took excessive leverage because they were confident about their algo and abilities
This ultimately resulted in the LTCM going default with billions of dollar of loss.
If it can happen with them, it can happen with you also. Take the cognitive biases test at Stoxmind.ai to understand how biased (or bias free) you are. They give you great insights to act upon.
Picking Algo Strategy As Per Trading Psychology
If you are a newcomer, you can’t do without Stoxmind.ai. It is very important to choose algos which match your trading psychology and personality traits. Simply copying an algo which mismatching personality results in financial losses.
For example, if you can’t keep eyes off your PnL for more than 5 minutes and feel impulsive to exploit trading opportunities – than positional trading is not for you. Positional trading a calmer mindset, risk tolerance and detachment from small price fluctuations. In this case, day trading is better for you.
Similarly, if you prefer detailed and methodological analysis for entering every trading, day trading is not for you. Day trading requires quick decision making and fast reflexes. You will excel better at Positional Trading.
Executing Algo Strategies As Per Trading Psychology
Here’s a experiment done time and again by proprietary trading firms. Give a profitable strategy to 10 new traders, and most still end up losing money. If strategy is same, why can’t they execute it properly?
If you interact with traders you will also find the same. One trader excels in a particular style of trading while the other fails.
This happens because of various misconceptions, preferences and patterns that are stored in our brain.
Take the Myths test test at Stoxmind.ai to find the myths which you unknowingly believe.
Trading Psychology Personality Traits
Not everyone excels at algo trading, and not everyone excels at discretionary trading. They have a psychometric test called “Algo vs Discretionary” which tells about your algo traits and discretionary traits. More importantly, you will get to know which skills you need to develop for excelling in algo or discretionary trading.
There is also a test on Stoxmind.ai on Timeframe. By taking the test you come to know which particular timeframe is more suitable to your personality.
Technology and Funding
Stoxmind.ai is created by Stoxkart, which received 100 crore investment commitment from SMC Global. The SMC Global is a large and well-established financial services company. Stoxkart is a deep discount broker which provides API for ultrafast data broadcast and 3000 symbol limit. Stoxkart API also provides better order limits than most other broker APIs.
Stoxmind.ai uses AI to provide results with 30% more accuracy compared to traditional psychometric testing. Actually psychometric testing is used by almost all large companies in hiring senior employees. It is the first time the same services are available for stock market traders.