Apr

20

 I saw it mentioned in a newspaper article a few days back that trauma doctors are missing stab wounds, particularly under the armpit and in the groin area, leading to the death of their patient. It got me thinking about market ramifications. Which no doubt I have been guilty of more than once.

It seems the studies concluded the 'error' was human weakness, instead of anything technical i.e "limits in reflection, communication, and "metacognition" skills that allow doctors to detect and correct their errors on the fly".

Well, traders are certainly in the same predicament and need to ask themselves the same questions. What can we do as traders to keep this at bay? Better planning, more discipline, all the usual misdemeanors, or is there something else at play?

Here is an interesting study about it:

Into the big muddy and out again: Error persistence and crisis management in the operating room

The study seeks to understand and reduce fixation error (the process of sticking to a single presumed diagnosis despite mounting cues one is on the wrong track)This study highlights the fact that failures to handle OR crises effectively are related not to weaknesses in technical knowledge but rather to limits in reflection, communication, and "metacognition" skills that allow doctors to detect and correct their errors on the fly. It lends support to the idea that effective crisis management in time-constrained, high-stakes settings requires an integration of single- and double-loop problem-solving modes.


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