The buy-side is notoriously bad at reflecting critically on its own processes and performance. I find them to be very susceptible to biases such as over confidence. Last night at an MTA UK talk at Cass Business School Clare Levy, the Founder and CEO of the software house Essential Analytics, told us about a way for professional investors to examine themselves and understand themselves better. Through mailed questions to the trader or manager, a picture of external influential data is built up and compared with trading performance details. They may discover correlations which you may not be aware of or are aware of but did not realise how directly they affect your profitability.
For example, their data might find your exit strategy is consistently poor. The software might show you how much better you would have done by exiting one week or two weeks earlier. But here is the interesting bit, much like the Apple watch, they are looking to at external influences such as health, day of the week, what you had for breakfast….Mondays may constantly be for you a bad day to exit a holding. This is not trader psychology as we understand it. This a a big data approach to your investment process.
There are some good articles to download at their site. I highly recommend you take a look and view CNBC Essentia interview .