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    Business

    The Michael Martin Show

    Michael Martin discusses trader psychology and emotional intelligence.

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    Copyright: © MartinKronicle

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    Latest Episodes:
    How developing your focus can amplify your results Nov 28, 2022

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    Tactical use of trailing stops Nov 23, 2022

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    Reading the fine print on funding accounts Nov 22, 2022

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    Don't avoid failure Nov 21, 2022

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    Evaluating your "self talk" Nov 18, 2022

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    The four worst words in trading Nov 17, 2022

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    How to make your jounal valuable Nov 16, 2022

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    How to avoid going on tilt Nov 15, 2022

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    Why it's easy to go on tilt Nov 14, 2022

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    Why it's hard to be a profitable trader Oct 28, 2022

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    Developing your feel for a market Oct 27, 2022

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    Trading rules if you're starting today Oct 26, 2022

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    Investigating the best brokerages Oct 25, 2022

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    Potential show topics Oct 24, 2022

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    Do you manifest abundance in your life? Oct 21, 2022

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    Things are often harder than they look Oct 20, 2022

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    The problem with Discords and chat rooms Oct 19, 2022

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    Don't be stupid Oct 18, 2022

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    Another shiny new object Oct 17, 2022

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    Focus on one thing and excel at it Oct 14, 2022

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    The truth about trader funding accounts Oct 13, 2022

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    How limit orders can work against you Oct 12, 2022

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    Be proactive in volatile markets Oct 11, 2022

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    Don't put on trades out of boredom Oct 10, 2022

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    Be proactive and stay ahead of things Oct 07, 2022

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    Only trade when you can express your edge Oct 06, 2022

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    Business planning and accountability Oct 05, 2022

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    Nouveau défi, mêmes outils Oct 04, 2022

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    Being selective and making better decisions Oct 03, 2022

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    Play defense with your mental capital Sep 30, 2022

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    The pitfalls of system hopping Sep 29, 2022

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    Honor thy stops Sep 28, 2022

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    How downtiming helps your trading Sep 27, 2022

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    Curating your track record Sep 26, 2022

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    Within you without you Sep 23, 2022

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    Going to school on yourself Sep 22, 2022

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    Learn to be an independent thinker Sep 21, 2022

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    Controlling your environment Sep 20, 2022

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    Net profit divided by time Sep 19, 2022

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    Reviewing Q3 and prepping for Q4 Sep 16, 2022

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    Working against yourself Sep 15, 2022

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    The pain you get from jumping the gun Sep 14, 2022

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    Be mindful that winners rotate Sep 13, 2022

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    Don't get your hopes up by annualizing returns Sep 12, 2022

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    Considerations when backtesting Sep 09, 2022

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    Think twice before you buy the hype Sep 08, 2022

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    On community and feelings of isolation Sep 07, 2022

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    Catching the turn with stops and alerts Sep 06, 2022

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    Evaluating your emotional portfolio Sep 02, 2022

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    What happens when you try to intellectualize your feelings Sep 01, 2022

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    How to stay a breakeven trader forever Aug 31, 2022

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    How you could be limiting your growth Aug 30, 2022

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    How to scale up without thinking about it Aug 29, 2022

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    Goals answer questions Aug 26, 2022

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    How to manage your book Aug 25, 2022

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    How to insure you play great defense Aug 24, 2022

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    When you'll know your system should be followed Aug 23, 2022

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    The best wayt to backtest your model Aug 22, 2022

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    The importance of thinking independently Aug 19, 2022

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    Why some people only see the bad in things Aug 18, 2022

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    Quitting your job to trade full time Aug 17, 2022

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    What happens when you think you can't lose Aug 16, 2022

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    Your eyes see what they want to see Aug 15, 2022

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    Your goals come from your beliefs Aug 12, 2022

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    How to add a new trading strategy Aug 11, 2022

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    Knowing when to downtime Aug 10, 2022

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    Consistency comes from trust Aug 09, 2022

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    Developing your trading edge Aug 08, 2022

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    Planning for the feelings you want to feel Aug 05, 2022

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    First dates and chemistry Aug 04, 2022

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    It's not the chart, it's you Aug 03, 2022

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    Your success and failure can be predicted Aug 02, 2022

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    Being emotionally connected to your actions Aug 01, 2022

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    How your actions serve you emotionally Jul 29, 2022

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    Emotions around managing risk Jul 28, 2022

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    Understanding your emotional trading model Jul 27, 2022

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    How you spend money can reveal your inner game Jul 26, 2022

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    Working intentionally: Getting what you want Jul 25, 2022

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    How themes develop in your life Jul 22, 2022

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    Making your behavior habitual Jul 21, 2022

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    How do you know you're on the right path? Jul 20, 2022

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    How to change your attitude Jul 19, 2022

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    Which is more stressful - trading or investing? Jul 18, 2022

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    How winning traders set goals Jul 15, 2022

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    Here's the one thing you can control Jul 14, 2022

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    What trading is really about Jul 13, 2022

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    Increasing your odds of success Jul 12, 2022

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    The one thing I did to become more profitable Jul 11, 2022

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    Knowing when to take some time off Jul 08, 2022

    How to optimize your efforts to perform better Jul 07, 2022

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    Becoming a (more) profitable trader Jul 06, 2022

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    How to make your process is a feedback loop Jul 05, 2022

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    When you're following 20 names but they're all the same Jul 04, 2022

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    How offsetting winnners too early kills your long term success Jul 01, 2022

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    Don't let small minded people shake you out of winning trades Jun 30, 2022

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    Don't be a drama queen Jun 29, 2022

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    Having emotional integrity around your trading Jun 28, 2022

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    When you have a plan, opinions don't matter Jun 27, 2022

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    Envision your success then go get it Jun 24, 2022

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    Why you need to use stops not alerts Jun 23, 2022

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    Succeed in trading by cutting your screen time Jun 22, 2022

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    You don't have to trade every day Jun 21, 2022

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    Preserving your capital Jun 17, 2022

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    Mental Capitulation Jun 16, 2022

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    Your feelings around losing money Jun 15, 2022

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    Focusing on the "Now" Jun 14, 2022

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    Insulate yourself from losers Jun 13, 2022

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    Small changes, big impact Jun 10, 2022

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    Leadership and mental energy Jun 09, 2022

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    Discovering your trading edge Jun 08, 2022

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    Where to get the best trading education Jun 07, 2022

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    Don't major in minor details Jun 06, 2022

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    Leave the debate to others and focus on what makes you money Jun 03, 2022

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    Are you reacting or responding to market events? Jun 02, 2022

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    Offsetting risk in commodity futures Jun 01, 2022

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    How to know there is tight supply in commodities May 31, 2022

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    What to do in falling markets May 27, 2022

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    Test your strategy under the worst conditions May 26, 2022

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    Trading strategies for this market environment May 25, 2022

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    Checking items off your wish list May 24, 2022

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    Victor Sperandeo: Thoughts on commodities and the markets May 23, 2022

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    The emotional benefit of sitting tight May 20, 2022
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    Keep your bet size consistent despite your strong feelings May 19, 2022

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    Strong opinions can lead to blindness May 18, 2022

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    Learn to trade both sides of the market May 17, 2022

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    Taking flyers is gambling May 16, 2022

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    Envision your success then live it May 13, 2022

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    Imagine how you like your life to be and feel those feelings.

    Use the emotional connection to bring it to existence.

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    Getting access to commodity investments May 12, 2022

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    There's a cleaner way to get access to professional management rather than ETFs.

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    Drawdowns oftertimes get worse before they rebound May 11, 2022

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    Things can get worse before they get better. Don't underestimate neither the length nor duration of a drawdown.

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    Traders trade May 10, 2022

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    Traders trade. Everything else is an excuse.

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    Complacency equals high opportunity cost May 09, 2022

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    Not taking action when you should is as bad as not keeping your losses small.

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    Don't get your hopes up May 06, 2022

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    Why some traders are guaranteed to fail May 05, 2022

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    Have you lost your edge or just your nerve? May 04, 2022

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    How to avoid bad analysis May 03, 2022

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    Seeing things in data that isn't on the charts May 02, 2022

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    Decisiveness is key to your success Apr 29, 2022

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    Understanding your intentions Apr 28, 2022

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    Where to find the best trading themes Apr 27, 2022

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    Where to find your alpha Apr 26, 2022

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    Decoding the markets Apr 25, 2022

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    How the pros manage a trade Apr 22, 2022
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    An alternative to price targets Apr 21, 2022
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    Why daily news should not create urgency Apr 20, 2022

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    Being prepared placates your emotions Apr 19, 2022

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    Overcoming the struggle and embracing uncertainty Apr 18, 2022

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    The benefits of being proactive with your clients Apr 15, 2022

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    Make sure you have your priorities lined up Apr 14, 2022

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    When the grind is your orientation to trading Apr 13, 2022

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    Don't be the person who can't find the right place to start.

    Just begin.

    You'll figure out the second step once you begin.

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    Study yourself not more charts Apr 12, 2022

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    Working harder is not working smarter Apr 11, 2022

    Preparing for an interview and looking professional Apr 08, 2022
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    Dress to impress, but know your audience.

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    Grinding doesn't work for traders Apr 07, 2022

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    Grinding doesn't pay. Take a break from trading instead.

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    Taking charge in tough markets Apr 06, 2022

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    Big drawdowns will lose you clients. Be proactive and get on the phone in markets like these.

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    Going on an emotional diet Apr 05, 2022

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    How to set boundaries with yourself.

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    How traders can undermine themselves Apr 04, 2022

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    There are countless mental landmines available to you that can squash any chance of your success.

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    Increasing your size should be systematic Apr 01, 2022

    Transitioning to trading full time Mar 31, 2022

    What going on tilt looks and feels like Mar 30, 2022

    Leveraged Exchange Traded Products Mar 29, 2022

    Differences between winning and losing traders Mar 28, 2022

    Where do you enter your Buy Stops? Mar 25, 2022

    Keeping a greater portion of your gains Mar 24, 2022

    The benefits of cutting your screen time Mar 23, 2022

    The best cure for high prices Mar 22, 2022

    When your confidence is shot Mar 21, 2022

    True Grit Mar 18, 2022

    If it's cheap, it's cheap for a reason Mar 17, 2022

    Take profits when the market tells you to Mar 16, 2022

    Anticipating the best and worst of the markets Mar 15, 2022

    What to do if you can't take the heat Mar 14, 2022

    Spend 4x the time studying yourself over charts Mar 11, 2022

    How do you feel about making and losing money? Mar 10, 2022

    High prices cure high prices Mar 09, 2022

    Managing the Trade Mar 08, 2022

    Learning to trust yourself Mar 08, 2022

    What's going on in the grains? Mar 07, 2022

    Trading is like babysitting Mar 03, 2022

    Chasing Trades Mar 02, 2022

    Putting the work in Mar 01, 2022

    You are on your own Feb 28, 2022

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    You get what you pay for. If you don't pay for premium service(s) you're on your own. No one has your back.

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    Where all your gains will come from Feb 25, 2022

    What to consider when evolving to a systems trader Feb 24, 2022

    Position sizing: know what you're willing to lose Feb 23, 2022

    When you're the victim of good luck Feb 22, 2022

    Why you should focus on playing superior defense Feb 21, 2022

    Planning out your success Feb 18, 2022

    Optimizing your trading rules Feb 17, 2022

    Trust no one and backtest everything Feb 16, 2022

    The difference between fading and shorting Feb 15, 2022

    How you might be confrontational in your trading Feb 14, 2022

    Going to school on yourself Feb 11, 2022

    Why you should study the data as well as the chart Feb 10, 2022

    Trading equity pairs to cut vol Feb 09, 2022

    Frustration is less than Depression Feb 08, 2022

    Markets ebb and flow - this too will pass Feb 07, 2022

    Do your own research - cancel the subscriptions Feb 04, 2022

    Losses: working to pay your boss Feb 03, 2022

    Determining what your time is worth Feb 02, 2022

    How to remove emotional attachments Feb 01, 2022

    How the market deals with uncertainty Jan 31, 2022

    It's time to be more vigilant Dec 03, 2021

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    Now that the word "transitory" has been retired, it's the "when" phase of inflation's "if/when."

    Now the focus is on the number of interest rate hikes in 2022 and how many basis points per move.

    It's time to be proactive.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    What might happen after rallies Dec 02, 2021

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    Some rallies fade away. Some are just part of the trend.

    Knowing which it is should dictate how your handle the trade.

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    How to manifest what you really want Dec 01, 2021

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    What do Jim Carrey and Richard Williams have in common?

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    Developing a trading hypothesis Nov 30, 2021

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    Planning to win.

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    What's your plan for higher rates? Nov 29, 2021

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    When the Fed starts to tighten, it's not a "one and done" scenario.

    What's your plan to manage risk in a rising interest rate environment?

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Overthinking things at the wrong time Nov 26, 2021

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    There's a time to analyze, and another time to trade. Don't mix the two.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Hair trigger responses in your trading Nov 25, 2021

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    Make your trading actions automatic.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    A history lesson with a legendary trader Nov 24, 2021

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    Once you've mastered one tactic, strategy, or trading style, here are a few things to consider to develop further.

    You can learn more about Victor at MartinKronicle.com.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Control your controllables Nov 23, 2021

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    There is only so much you can control when you engage in an act that has a probabilistic outcome.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Accelerate your growth by embracing uncertainty Nov 22, 2021

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    Many newer traders are afraid to feel their feelings and it's holding them back.

    They also tend to beat themselves up for missing something that only seems so obvious after the fact.

    Take it easy on yourself - it takes time to hone your skills.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Evolving to your second stage Nov 19, 2021

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    Once you've mastered one tactic, strategy, or trading style, here are a few things to consider to develop further.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Benefits of staying focused Nov 18, 2021

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    You can't be everything to everybody, and in a manner of speaking, you can't be everything to yourself either.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    One reason food prices are high Nov 17, 2021

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    High prices aren't going away anytime soon.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    What to think about when scaling up Nov 16, 2021

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    Set it and forget it. It's easier than you think.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Studying historical market data for trades Nov 15, 2021

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    You can trade a lot better if you put away your charting program and start studying the data.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Succeed first then make the trade Nov 12, 2021

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    Think of the various scenarios that can unfold after you put a trade on.

    What is your action step for each one?

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Design you model for staying power Nov 11, 2021

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    If you're getting knocked out of trades, you might have it set up that way.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Organizing your year-end review Nov 10, 2021

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    There's a lot to pull together if you're going to do it right.

    Start that process now.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Trading charts you cannot see? Nov 09, 2021

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    The IPO Market

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    When your trading is more like gambling Nov 08, 2021

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    You can take your biggest hits when you think you have more ability than you've been able to demonstrate.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    How to curb your own enthusiasm Nov 05, 2021

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    Before you put on a trade that you're all hopped up on, write out 5-10 ways you can lose money on the trade.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    No one has your back Nov 04, 2021

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    You have to be an army of one. No one has your back.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Place a high value on your time Nov 03, 2021

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    If you're only following 10 names, you don't have to sit in front of the screen all day.

    There's not enough to do to justify sitting there.

    You must put a higher value on your time, like $1,000+ per hour.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    First do no harm - don't chase Nov 02, 2021

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    DYODD. DYOW. DYOR.

    You can only rely on yourself.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Which are the best firms to use...? Nov 01, 2021

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    Your trading edge comes from within you, not an external source.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Developing a good feel for managing a trade Oct 29, 2021

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    You can enhance your trading edge by learning how to manage the trade better.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    How the Bitcoin ETF might max out Oct 28, 2021

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    Exchange position limits might bring limitations to how big the new Bitcoin ETF can get.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Adjustments while the trade is on Oct 27, 2021

    When the market gives you a gift, take it Oct 26, 2021

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    When a large move happens in your favor, offset your position.

    The risk you take by keeping the position for the last nickel isn't worth the downside you invite by holding further.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Why ignorance is blissful - and more profitable Oct 25, 2021

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    When you're clear on your goals, your bullshit detector goes up and you can avoid reading garbage articles.

    Two, Vitalik has no idea where ETH is going. Do your own homework and due diligence.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    One of the best ways to stop losing money Oct 22, 2021

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    Running 3:1 reward to risk parameters means that you need an accuracy rate or winning percentage of 25% to break-even.

    Winning percentages are "on average" as they change with market conditions.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    The importance of removing what's not working for you Oct 21, 2021

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    Eliminate all sub-optimal techniques and processes.

    Your performance will improve from not losing as much.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Having a feel can be a trading edge Oct 20, 2021

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    You can have a feel for a market or a trading style. But keep rigorous notes to make sure you don't delude yourself.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    The one thing that separates the best from the herd Oct 19, 2021

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    Besides a strong sense of the fundamentals and where the chart is going, the best traders I know have this.

    This characteristic shows up more early than not.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Which is more important for traders - mental capital or financial capital? Oct 18, 2021

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    The answer is "yes."

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Trends and countertrending markets Oct 14, 2021

    You can smooth your equity curve by trading two systems at the same time.

    Although the rules are quite different, you can trade a long trend following model and short counter-trend system currently, for example.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Navigating the currents of the global markets Oct 13, 2021

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    You make and lose with your position size. Make sure that you've built in enough room for when volatility expands.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    You're competing with yourself not the market Oct 12, 2021

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    It's easy to compare yourself to other people based on what you see on the internet.

    It's extremely hard to trade like another person, but it's easy to begin to feel inadequate if you're struggling.

    The best thing to do is go at your own pace. Another trader's failure or success has nothing to do with you.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Defining your trading edge Oct 11, 2021

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    If you're trading rules have positive expected value, you have a trading edge that is uniquely yours.

    You should only trade when you know you can exploit that edge.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    When you will know you've made it Oct 08, 2021

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    In the short term, you can't know. The data are too random.

    Up or down 10% tells you nothing.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    You become consistent one day at a time Oct 07, 2021

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    It's not about the chart pattern, it's how you trade it.

    It's not about the mechanized system, it's can you follow it.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    How to increase your drawdown by bottom fishing Oct 06, 2021

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    You can avoid large drawdowns by eliminating suboptimal behavior.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    How to transfer your drawdown to someone else Oct 05, 2021

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    The most important reason to honor your protective stops.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Managing risk in the present Oct 04, 2021

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    You can manage your risk today based upon what you think is going to happen in several days.

    If you're stop gets hit today, it gets hit.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Get what you want, don't let the world happen to you Oct 01, 2021

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    Set goals and the discipline to go get them. Don't let the world happen to you and coast.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Focus on your discipline now more than ever Sep 30, 2021

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    Day after day, the market doesn't have any discipline which is why you must.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Trading (and Tweeting) for Validation Sep 29, 2021

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    Trading and chasing dopamine hits on social media.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Taking your wins out on yourself Sep 28, 2021

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    Hubris can be as detrimental to your trading as "revenge trading."

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    How to use volatility in your trade selection Sep 27, 2021

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    You can use volatility as a "risk on / risk off" indicator.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    One way to achieve consistency is to know your "why" Sep 24, 2021

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    How do you want trading to serve you?

    It's probably not just about the potential to earn money.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Why making trades just before an earnings announcement is a gamble Sep 23, 2021

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    Feelings aren't facts. The gut feeling traders have about an earnings announcement is where overconfidence shows up in their trading.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    The difference between anticipation and prediction Sep 22, 2021

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    I think prediction is more about being correct (and doing so publicly) rather than anticipating a move or a series of moves that make you money over time.

    The latter is about expected values, not accuracy.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Don't force the issue Sep 21, 2021

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    Forcing the issue or forcing a trade rarely works out well.

    It's a need for an emotional win, more than a financial one.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    When your protective stops are too tight... Sep 20, 2021

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    You can inadvertently invite a lot of frustration into your life if you place your protective stops too tight.

    You'll get knocked out of an otherwise good trade.

    Stocks and commodity futures have a personality and you can't expect them to be something they're not.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Why you should focus on playing superior defense Sep 17, 2021

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    Protective stops preserve your capital and preserve your mindset.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Gains are only gains to the extent you keep your losses small Sep 16, 2021

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    If you let the weeds bloom at the same rate of your flowers, you don't have a garden. You have a mess.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Forced objectivity & emotional intelligence Sep 15, 2021

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    Backtesting forces you to be objective and not selective and removes the "yeah, I would've put that trade on..."

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Here's why you don't put a lot of faith in short-term data Sep 14, 2021

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    Short-term data are more random than upper time frames.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Understanding Asymmetric Returns Sep 13, 2021

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    Looking at the ratios between your winners and losers and the frequency with which they occur.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    The best way for you to manage risk Sep 10, 2021

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    Managing risk and determining the best use of your time.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Disaster: When the outside world is running your trading model Sep 09, 2021

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    If you are trading on headlines, you are in reaction mode.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Why you could be getting stopped on noise Sep 08, 2021

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    If you put your stops here, you're going to get knocked out of any otherwise good trade.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    A mistake you make frequently is a habit Sep 07, 2021

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    If all your positions have a zero at the end, that's a problem. Think in percentage terms.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Aligning your behavior with your goals Sep 03, 2021
    Subscribe to the show If you know what your target RoR needs to be, you can determine the number of trades you need to make knowing your winning % and ratio of average winners to average losers. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Kill losses fast - don't make it worse by adding to losers Sep 02, 2021
    Subscribe to the show You can lose money from bad luck, bad timing, and bad analysis. However you start losing money, get out instead of adding more. You won't get out at a lower break-even price. You know it and I know it. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How backtesting can help you grow emotionally Sep 01, 2021
    Subscribe to the show Backtesting is forced objectivity and it can help you stop deluding yourself. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How hubris can talk you into bad trades Aug 31, 2021
    Subscribe to the show Winning and losing streaks will happen perhaps from skill, but mostly from randomness. Don't become too emotionally invested in either. Take them in stride. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Revenge trading - when you expect too much from random data Aug 30, 2021

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    Your goal is to trade your model, not worry about the outcome of any one trade.

    Traders live in a probabilistic world, not a deterministic one.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Beliefs, Proofs, Faith, and Knowledge Aug 27, 2021
    Subscribe to the show We get paid to execute. Everything else is self-medication. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Where bias shows up in your trading Aug 26, 2021
    Subscribe to the show Hint: it's everywhere. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Trader education is not hierarchical Aug 25, 2021

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    You need to learn the tactics and most importantly learn about yourself.

    Those two processes accelerate and decelerate at two different speeds and you'll need to make adjustments between the two as the wisdom comes to you.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    You don't know, but your protective stops do Aug 24, 2021

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    There are too many reasons why a trade doesn't work out. Your protective stops will catch all of them, despite your inability to know them all.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Conditions will never be perfect Aug 23, 2021
    Subscribe to the show How to trade: 1) Add risk to your portfolio 2) Enter protective Stop Order 3) Don't watch the trade - go do something else Click here to get your free copy of The Inner Voice of Trading audiobook.

    Review and reflect on your goals if your performance isn't there Aug 20, 2021
    Subscribe to the show If you're missing trades, maybe you aren't as emotionally attached to your goals as you should be... Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to never miss a trade Aug 19, 2021
    Subscribe to the show Here are two things that can help you. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Trading with angry money Aug 18, 2021
    Subscribe to the show Discouragement can turn into resentment. That can lead you to begin trading with 'angry money." Click here to get your free copy of The Inner Voice of Trading audiobook.

    Do you finish what you've started? Aug 17, 2021
    Subscribe to the show What is past is prologue. If you've had trouble not following through with things you've begun, new trading ideas or strategies might go the same way for you. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Conserving your mental energy Aug 16, 2021
    Subscribe to the show We only have so much brainpower each day. Here's how I do as I can to conserve mine each day. Click here to get your free copy of The Inner Voice of Trading audiobook.

    One of the most important traits you need Aug 13, 2021
    Subscribe to the show There are many answers to this question, but I think you could say that having discipline is right up there. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to program your emotional responses Aug 12, 2021
    Subscribe to the show You can create programmable responses to things that catch you off-guard. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Noise versus signal Aug 11, 2021
    Subscribe to the show If something you own goes against you, the reason why doesn't matter. You cannot renegotiate with your initial stop price. Click here to get your free copy of The Inner Voice of Trading audiobook.

    A brief history lesson Aug 10, 2021
    Subscribe to the show What I've seen change and what has stayed the same. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How my early losses shaped my behavior Aug 09, 2021
    Subscribe to the show A little bit on how I learned what NOT to do... Click here to get your free copy of The Inner Voice of Trading audiobook.

    Your willingness to transfer risk Aug 06, 2021
    Subscribe to the show Trading gains and losses have 2 parts to them: the emotional and financial. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How do you know if you're in the zone? Aug 05, 2021
    Subscribe to the show Being in the zone has nothing to do with winning or losing trades. Click here to get your free copy of The Inner Voice of Trading audiobook.

    What your emotional system is trying to tell you Aug 04, 2021
    Subscribe to the show Whether you're a systems trader or chart reader, everyone has an emotional system they're running the in background - and that's what's running the show. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to train yourself to handle difficult situations Aug 03, 2021
    Subscribe to the show "The more you sweat in training, the less you bleed in war." - Richard Marcinko, from the book Rogue Warrior You can prepare yourself mentally for challenging markets so they won't derail you when you're in them. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Finding solace Aug 02, 2021
    Subscribe to the show Having a hard time in the markets? Don't worry - most of the traders featured in Market Wizards either blew up or had a really harsh emotional hazing in the markets, so you're right where you're supposed to be. Click here to get your free copy of The Inner Voice of Trading audiobook.

    You are the risk manager - don't delegate it to anyone else Jul 30, 2021
    Subscribe to the show You can't stay in a losing trade because Mohamad El-Erian is bullish and you're tired of getting stopped out. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Adding overlays now could be an act of desperation Jul 29, 2021
    Subscribe to the show If you're trying to add an indicator or overlay to your charts, it might be an emotional band aid to what you're feeling right now. Click here to get your free copy of The Inner Voice of Trading audiobook.

    One way to cut vol and protect your capital Jul 28, 2021
    Subscribe to the show Some traders refer to this as a 'two for one' trade. It might make sense for some of you if your trades are stalling. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Stay in your trading lane for best success Jul 27, 2021
    Subscribe to the show If you change your trading style to a second style because you are frustrated, you'll get the worst of both styles. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to use Time Stops when markets stall Jul 26, 2021
    Subscribe to the show When what you're trading stalls, a reversal could be imminent. Use 'time stops' to protect your capital. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Your trading edge is embedded in your style Jul 23, 2021
    Subscribe to the show How you trade becomes your style, and your style is uniquely yours. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Be careful what you say to yourself, you get more of it Jul 22, 2021
    Subscribe to the show If all you do is complain about what's not working, you get more of 'what's not working.' Click here to get your free copy of The Inner Voice of Trading audiobook.

    Managing risk comes down to dealing with uncertainty Jul 21, 2021
    Subscribe to the show Managing risk successfully comes down to how well you deal with uncertainty. The best you can do is put in your protective stops. The real random part is how much upside will the market give you? Click here to get your free copy of The Inner Voice of Trading audiobook.

    Pedigree is more marketing than a predictor of success Jul 20, 2021
    Subscribe to the show I don't know of a single factor or variable in your life that will have more of an impact on your long-term success in trading than keeping your losses small. Pedigree won't mean much if you can't enter your protective stops and keep losses small. Deep Thoughts was written by Jack Handey, not Al Franken. I misspoke at the beginning of the episode. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Why trading without stops is gambling Jul 19, 2021
    Subscribe to the show Trading is about expected values. The determining factor in establishing those values is the placement of your stops - your stops to enter trades, exit losers, and to exit winners. If you wing any part of these, the expected value of your trading goes out the window. At that point, you are putting your whole enterprise up for a gamble. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Set a goal based upon a process Jul 16, 2021
    Subscribe to the show Forget setting a goal based upon achieving a certain rate of return. Set a goal on the process that you would need to execute each day to get the return. You're powerless over the result, but you can control the process. Click here to get your free copy of The Inner Voice of Trading audiobook.

    The one thing we all have in common Jul 15, 2021
    Subscribe to the show The one thing we all have in common that everyone can relate to. Click here to get your free copy of The Inner Voice of Trading audiobook.

    The worst pain I've ever been in Jul 14, 2021
    Subscribe to the show Trading losses hurt for a variety of reasons. They are all painful. Click here to get your free copy of The Inner Voice of Trading audiobook.

    My YouTube interview with Alex Jul 13, 2021
    Subscribe to the show See the embedded video. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Invite discomfort and uncertainty for the most growth Jul 12, 2021
    Subscribe to the show If you're not uncomfortable, you're probably not growing. Click here to get your free copy of The Inner Voice of Trading audiobook.

    My take on the marathon versus the sprint Jul 09, 2021
    Subscribe to the show Although you might live for the sprint, you have to have a marathoners mentality. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Don't fight the urge to clear your head Jul 08, 2021
    Subscribe to the show Trying to bull your way through choppy markets only brings deeper drawdowns. It's better to step away for the day and clear your head. Click here to get your free copy of The Inner Voice of Trading audiobook.

    You didn't miss the trade if it wasn't your setup Jul 07, 2021
    Subscribe to the show With so many failed breakouts in this environment, it's not surprising that many traders are chasing trades that they missed. It's the perfect emotional set-up for losing more money. Click here to get your free copy of The Inner Voice of Trading audiobook.

    One way to avoid missing a runaway market Jul 06, 2021
    Subscribe to the show The reality is that you are going to miss some trades. Surprise announcements are obviously hard to anticipate. However, there are trading tactics that you can deploy to have your orders ready in advance. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Review your goals and behavior every day Jul 05, 2021
    Subscribe to the show Here's what I do to keep my goals front and center. Click here to get your free copy of The Inner Voice of Trading audiobook.

    It's a good time to re-evaluate your goals Jul 01, 2021
    Subscribe to the show It's the end of the first half of 2021, and the beginning of Q3 and 2H. See what you can do behavior-wise to hit your goals more effectively and efficiently. Click here to get your free copy of The Inner Voice of Trading audiobook.

    The markets will evolve and you have to too Jun 30, 2021
    Subscribe to the show Strategies won't become ineffective overnight, but they will need some tweaking over time. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How the markets push your buttons Jun 29, 2021
    Subscribe to the show The markets will change in a way you don't want them to at a time that is very inconvenient to you. If you have a character defect, they will amplify it. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Where to find the solution to what's not working Jun 28, 2021
    Subscribe to the show Many times when something's not working, folks look for external resources to fill in the holes. This is true for most traders. The best ones know that the majority of the time, the answer to what's not working is already inside them. IMHO, it's about attaining more insight to who you are and your "why" rather than learning a new trading tactic. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Create a vision of yourself then become it Jun 25, 2021
    Subscribe to the show If you can't see yourself becoming more successful, it's not going to happen randomly. Set goals and then act on them immediately. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Having peace with yourself is a choice you can make Jun 24, 2021
    Subscribe to the show It's all about your mindset and how you interpret the environment in accordance with your goals. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Do your feelings change based upon your performance? Jun 23, 2021
    Subscribe to the show You might find that when the markets go down, you get frustrated or depressed. It may also happen even though you're smart enough to sit on your hands when the tape is heavy. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to know if you're growing or not Jun 22, 2021
    Subscribe to the show When, during your day, do you feel uncomfortable? Albeit temporary, setting and achieving goals will leave emotional stretch marks. Click here to get your free copy of The Inner Voice of Trading audiobook.

    If you feel the need to lash out at someone, do something kind instead Jun 21, 2021
    Subscribe to the show I don't believe in canceling people. I believe in redemption. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Putting awareness and mindfulness together for personal growth Jun 18, 2021
    Subscribe to the show I think mindfulness and awareness are two different but related things. Here's one way to differentiate between the two so that you can put both to work for you. Click here to get your free copy of The Inner Voice of Trading audiobook.

    The things that aren't being said in your trading interview Jun 17, 2021
    Subscribe to the show It's not just about performance or what your trading potential might be. You have to fit in culturally with what the desk already has. [We don't hire traders nor allocate FYI.] Click here to get your free copy of The Inner Voice of Trading audiobook.

    Why and how reading can help you improve Jun 16, 2021
    Subscribe to the show Take a break from your charts and read The Economist, for example. When you can develop a thesis where the fundamentals and technicals align, you'll find yourself in a good place. Not all fundamentals are "funny-mentals" - the latter of which is often misused or taken out of context. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Expectation v. Accuracy and dealing with imperfect information Jun 15, 2021
    Subscribe to the show A great deal of trader frustration comes from the need to be right or correct. That's a tall order since we're all dealing with imperfect information at best. Conjugating your emotional makeup with the expected value of your trading set-up(s) is a better way to evolve. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Managing risk and knowing what makes you tick Jun 14, 2021
    Subscribe to the show When you're managing risk, if you don't know who you are, it does't matter what you know. Almost immediately, your psychology and emotions will take over. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Why most indicators are useless Jun 11, 2021
    Subscribe to the show In this episode, I answer a reader question about technical indicators and chart overlays. I referred to these as 'emotional band-aids' in my book. In this episode, I speak about studying the data around an inverse or reverse head & shoulders pattern as an example. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Why it's a good time to speak with prospective clients when markets are skittish Jun 10, 2021
    Subscribe to the show If you are looking to grow your assets, you need to open accounts. The best relationships are ones where you and your clients understand each other on a deep level. You can't get to that spot without being a good listener. Click here to get your free copy of The Inner Voice of Trading audiobook.

    When you think you're trading, but you're really gambling Jun 09, 2021
    Subscribe to the show If you don't know the odds or probabilities (there the same thing), you can't effectively position size. You're gambling, but now at least you know. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How the crypto market & exchanges will likely evolve Jun 08, 2021
    Subscribe to the show As of this date, the majority of companies that help you buy and sell crypto are not regulated nor registered as Broker/Dealers. It's highly likely that is going to change. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Understanding yourself better leads to understanding the crowd better Jun 07, 2021
    Subscribe to the show Knowing how the crowd is going to behave can lead to improving your trading edge. Click here to get your free copy of The Inner Voice of Trading audiobook.

    When to rebalance your emotional portfolio Jun 04, 2021
    Subscribe to the show All of your emotions are trying to communicate with you and teach you something if you know how to listen. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to backdoor your way into a thesis Jun 03, 2021
    Subscribe to the show Let the market help you build an investment thesis after you're already long. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Peeling back your onion and going inward Jun 02, 2021
    Subscribe to the show You can learn a great deal about trading by doing it, and in doing so, you'll become your own best teacher. Click here to get your free copy of The Inner Voice of Trading audiobook.

    MSM, bias, and your energy levels Jun 01, 2021
    Subscribe to the show If you're seeking emotional support for not having your own trading model nor methodology, you're in for a surprise: financial televisions shows can't help you. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Dealing with frustration when markets stall May 31, 2021
    Subscribe to the show One of my friends had to put on more than a dozen trades to have 5 current positions. If you are frustrated, you are not alone. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Trading edge and market nuances May 28, 2021
    Subscribe to the show You might be able to find a nuance of a market by looking at the data, not the chart. That nuance could be incorporated or become your trading edge. Be open-minded in your research. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Understanding relative value trades (pairs and spreads) May 27, 2021
    Subscribe to the show Trading spreads in the commodities markets and equity pairs in the stock market might be a good way for you to cut the vol in you portfolio. In these types of trades, you're trading the difference between the two instruments more than making a bullish or bearish bets. These are considered relative value trades. Click here to get your free copy of The Inner Voice of Trading audiobook.

    If you smell smoke, assume it's a 5-alarm fire May 26, 2021
    Subscribe to the show Markets can move swiftly against you, sometimes before you can act fast enough to cut risk. Consider having protective stops in the market, especially if you're trading with leverage. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Trading within a bubble May 25, 2021
    Subscribe to the show Trading bubbles is what you pray for, but you have to know that the market is in a bubble. If you get caught up, you can get hurt badly. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Using charts to play superior defense May 24, 2021
    Subscribe to the show My take on Warren Buffett saying he doesn't know any rich technicians. Click here to get your free copy of The Inner Voice of Trading audiobook.

    What to do if the market determines your mood May 21, 2021
    Subscribe to the show Intentions equal results. Speak about the truth that you want in your life, not what you don't have. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Keep your perspective on the big picture May 20, 2021
    Subscribe to the show Intentions equal results. Trader burnout doesn't typically occur during raging bull markets. It happens when you're grinding which happens in markets like these. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Whether you're up or down, your #1 job is to play superior defense May 19, 2021
    Subscribe to the show Why you should adjust your protective stops upwardly. Click here to get your free copy of The Inner Voice of Trading audiobook.

    The benefits of making a strategic break in your routine May 18, 2021
    Subscribe to the show Refresh and restart. Although you can probably smell the smoke, sometimes you can't see where the fire is when you're standing on top of it. Take a few days off in this environment to clearly see all the NPAs (non-productive activities) that you might have accumulated since March 2020. It will save you time, money, and energy. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Know when to take a day off May 17, 2021
    Subscribe to the show Intentions equal results. If you're burnt out and know it, and you're still grinding, how does that serve you? Take a day off and put some space between you and your trading. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Why acting intentionally will help you hit your goals (faster) May 14, 2021
    Subscribe to the show Your subconscious is running the show. Get in touch with it. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How small losses give you staying power May 13, 2021
    Subscribe to the show Bad luck and bad timing can wear you down. False breakouts can evoke feelings of frustration. Good luck and good timing is around the corner. Sitting on your hands in frustrating markets and trading smaller will help you be in the right time at the right place for the good luck and good timing. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Ownership and responsibility May 12, 2021
    Subscribe to the show You define your own trading edge. If you can't define it, you don't have one. Be self-reliant in your risk management. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Start dialing - this is a great time to get new clients May 11, 2021
    Subscribe to the show When investors are frustrated, it's a good time to discuss working with them and taking over their account(s). Ask them about their process. Chances are they don't have one... Click here to get your free copy of The Inner Voice of Trading audiobook.

    How much of your day is ritual versus routine? May 10, 2021
    Subscribe to the show Suppose you could figure a way to better use your time to improve your trading or money management? Knowing where and how you're spending your time now would be a good place to begin... Click here to get your free copy of The Inner Voice of Trading audiobook.

    What do you feel when you have to be patient? May 07, 2021
    Subscribe to the show The "fear of missing out" or FOMO can instigate a fight between your discipline and how smart you think you are. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How price targets can make you do things you will eventually regret May 06, 2021
    Subscribe to the show Jumping the gun might work once in a while, but you're better off waiting for the trade signal. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How an understanding of history can help temper your hubris May 05, 2021
    Subscribe to the show History lesson: Netscape Navigator v. Microsoft's Internet Explorer - how to see things for what they are. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Coinbase Romance: Don't get caught up May 04, 2021
    Subscribe to the show Trade the price, but fundamentals will eventually matter. Although I believe it will evolve to a professional level over time, right now Coinbase is a 5G Company with 9600 Baud Client Service. Click here to get your free copy of The Inner Voice of Trading audiobook.

    The many benefits of having and keeping clarity May 03, 2021
    Subscribe to the show If you have too many choices, you can find yourself stuck in indecision. Getting clear about your goals will save you enormous amounts of brainpower. That allows you to focus your intentions on the most important things to you - your goals. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Why you should consider a diet of the mind Apr 30, 2021
    Subscribe to the show You can manage your mindset like a portfolio manager. Sell the bad vibes and buy more of the good ones. When you sell your losers fast, you improve your mindset. That can lead to better performance. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Deferring the feelings you don't want to feel makes things worse Apr 29, 2021
    Subscribe to the show You'll feel better taking the small loss today, rather than taking a larger one tomorrow. By avoiding the frustration today, you invite despondency tomorrow from having lost more. Things go from unfavorable to bad and then to worse. Which would you rather feel? Click here to get your free copy of The Inner Voice of Trading audiobook.

    "I'm going to wait and see" means you're losing and going to lose more Apr 28, 2021
    Subscribe to the show Don't become soft and start negotiating with yourself when you start losing money. Be decisive and offset the position. You main goal is to play superior defense. Click here to get your free copy of The Inner Voice of Trading audiobook.

    The danger of becoming emotionally invested in the outcome of a trade Apr 27, 2021
    Subscribe to the show Don't let your greed overshadow risk management even with large unrealized gains. You can give them back in no time. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to stay on message Apr 26, 2021
    Subscribe to the show It's the client's money, but you are the boss. Wherever you are sitting, it has to be at the head of the table. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Staying in control Apr 23, 2021
    Subscribe to the show It's the client's money, but you are the boss. Wherever you are sitting, it has to be at the head of the table. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Client relationships: Good fences make good neighbors Apr 22, 2021
    Subscribe to the show Tell your clients to mind their own business. You are the money manager / investment advisor. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Don't let hubris change your risk management rules Apr 21, 2021
    Subscribe to the show "When I fall in love, it will be forever." - When I Fall in Love, Nat King Cole (lyrics by Edward Heyman and music by Victor Young) Stocks aren't women (or whoever you're attracted to). Don't fall in love with them. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Only the price tells you the truth Apr 20, 2021
    Subscribe to the show The story around a stock can cross over into the realm of fiction. Only the price tells you the truth. Click here to get your free copy of The Inner Voice of Trading audiobook.

    You hit the goals that are in your consciousness - manifest them Apr 19, 2021
    Subscribe to the show Set goals even if you don't know how you'll achieve them. Your brain will find a way to work it out. Intentions equal results. Click here to get your free copy of The Inner Voice of Trading audiobook.

    The tricky part of harnessing the market forces to your advantage Apr 16, 2021
    Subscribe to the show We are powerless over the markets. The best we can do is to harness the forces to our advantage only when it makes sense to do so. Click here to get your free copy of The Inner Voice of Trading audiobook.

    The difference between gambling and trading expected values Apr 15, 2021
    Subscribe to the show Traders constantly make decisions with imperfect information. Be mindful and aware that your strong feelings for a name / sector don't outweigh the expected value of a trade. Click here to get your free copy of The Inner Voice of Trading audiobook.

    When jumping ship actually hurts you Apr 14, 2021
    Subscribe to the show Context on self-doubt when it begins to pervade your trading when you find yourself in a losing streak. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Benefits of trading your equity curve Apr 13, 2021
    Subscribe to the show Managing risk when your names go against you but you don't get stopped on any one particular name. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Revisiting equity pairs and trading your equity curve Apr 12, 2021
    Subscribe to the show Equity pairs (long one stock, short another correlated stock) can stake the sting out of market pullbacks. This involves short selling so make sure you know that short selling is appropriate for your level of risk tolerance and financial means. Click here to get your free copy of The Inner Voice of Trading audiobook.

    You get to choose a target RoR, but you also choose the drawdown that goes with it Apr 09, 2021
    Subscribe to the show Your upside and drawdowns go hand in hand. Make sure you investigate both when adopting a new trading style or asset class. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Getting a Designation: Know what you're doing it for Apr 08, 2021
    Subscribe to the show I believe in knowledge for the sake of it. But you need to figure out the marketing game in order to attract clients and assets. Having a designation isn't going to attract new clients through the front door. This also marks the second time I misspoke this week: I'm pretty sure Alex Lifeson used a Flanger with Chorus on The Spirit of Radio. I believe I said Phase Shifter. (I can get the same sound with a Phaser FYI...) Click here to get your free copy of The Inner Voice of Trading audiobook.

    Your consistent behavior will trump the day's narrative Apr 07, 2021
    Subscribe to the show If you're an investment advisor, you need to have an understanding of the narrative as it will come up with your client conversations. If you're creating alpha, focus on your own behavior and eliminate as much of the noise as possible. The price will tell you all that you need to know. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How you can benefit by uptiming and downtiming your charts Apr 06, 2021
    Subscribe to the show You can learn and enhance the nuances of your trading rules by looking at the same instrument over multiple time frames. This allows you to refine your rules to better suit your emotions and trading psychology. Fragile is the 4th album by the musical group Yes...I mistakenly said it was one of the first albums. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Dealing with Frustration: Be the leader you want to follow Apr 05, 2021
    Subscribe to the show You can't delegate your emotional intelligence. What can you replace your feelings of frustration with that won't sabotage your trading or your life? Click here to get your free copy of The Inner Voice of Trading audiobook.

    Tickers will change, but not human behavior Apr 02, 2021
    Subscribe to the show Human behavior is predictable: people want to feel good. That means they'll do the wrong thing at the right time. Use that to your advantage in your modeling. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Trading and pleasure seeking Apr 01, 2021
    Subscribe to the show Seek pleasure in setting your protective stops. Love the outcome rather than becoming frustrated - you've just preserved your capital. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Two systems: chart patterns and human behavior Mar 31, 2021
    Subscribe to the show You run two systems. Which one are you feeding? Click here to get your free copy of The Inner Voice of Trading audiobook.

    Create alpha by keeping losses small Mar 30, 2021
    Subscribe to the show You should take a week off and study market history. The names change, but human behavior does not. "You can observe a lot by watching." - Yogi Berra Click here to get your free copy of The Inner Voice of Trading audiobook.

    History Lesson: Bitcoin trading & Selling Puts Mar 29, 2021
    Subscribe to the show Know your history - it can help you model your risk parameters and help you with your #1 job - play superior defense. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to stay in control and not get sucked in Mar 26, 2021
    Subscribe to the show Try something new. Change your daily routine. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Putting the market and your trading into context Mar 25, 2021
    Subscribe to the show ...or, "How to not work yourself into a frenzy" Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to win the day Mar 24, 2021
    Subscribe to the show Bob and weave, pivot, and then do some judo. Click here to get your free copy of The Inner Voice of Trading audiobook.

    When to trade and when not to... Mar 23, 2021
    Subscribe to the show Don't fall in love with one instrument - you'll end up trying to find trades that aren't there. A robust trading system that you can deploy across an asset class is the better way to go. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Focus on process, not specific instruments Mar 22, 2021
    Subscribe to the show Don't fall in love with one instrument - you'll end up trying to find trades that aren't there. A robust trading system that you can deploy across an asset class is the better way to go. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Give yourself a break and spend the day reflecting Mar 19, 2021
    Subscribe to the show Study your own behavior for best results. Too many outside voices and opinions can make you more confused than you already might be on your own. Click here to get your free copy of The Inner Voice of Trading audiobook.

    One way to find abundance in your life and trading Mar 18, 2021
    Subscribe to the show You get what you give. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Improve your mindset by going on a diet of the mind Mar 17, 2021
    Subscribe to the show You can quiet your mind by eliminating what you put into it. That might mean canceling subscriptions, not having the tv on during the trading day, and staying away from social media. If you can't attribute having the tv on with profitability, why have it on? Investigate all your security blankets for efficacy. You might be surprised how little they help you. Click here to get your free copy of The Inner Voice of Trading audiobook.

    You want to learn to read charts, but what are you doing to read yourself? Mar 16, 2021
    Subscribe to the show I see and hear from many traders and advisors struggling to get it right. Most of the time, they need insight on how to understand themselves more than anything else. Click here to get your free copy of The Inner Voice of Trading audiobook.

    When things aren't working, it's time to pivot Mar 15, 2021
    Subscribe to the show When things aren't working, take a few days off and pivot. You're not going to miss anything. The markets will always be there. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to become more empowered Mar 12, 2021
    Subscribe to the show You become empowered as a trader when you begin (or continue) to assume responsibility for the P&L and everything that happens in the portfolio. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Why investment advisors need risk management too Mar 11, 2021
    Subscribe to the show Diversification is risk reduction, not risk management. Now is the best time to start managing your clients' expectations. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Rallies in downtrends aren't times to jump back in Mar 10, 2021
    Subscribe to the show Sector rotation is underfoot. Time to look at new names in new sectors. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Why you need to look for new waves to surf Mar 09, 2021
    Subscribe to the show Don't fall in love with a stock or future contract. You have to remain objective enough to cut ties with either and never look back. Click here to get your free copy of The Inner Voice of Trading audiobook.

    In both strong and weak markets, your main focus is to play superior defense Mar 08, 2021
    Subscribe to the show As I've mentioned earlier, when you set your protective sell stops, you're not only protecting your financial capital, you're protecting your emotional capital as well. Even if you would consider yourself as having an aggressive trading style, your main focus in both strong and weak markets, is to play superior defense. Protect your capital at all costs. Click here to get your free copy of The Inner Voice of Trading audiobook.

    When to use Time Stops to protect your capital Mar 05, 2021
    Subscribe to the show When momentum stalls, you can deploy a "time stop" to sell before your percentage-based protective stop gets filled. Good trades start making you money right away. If momentum stalls right after you get long, it's a warning sign that you have bad timing. Click here to get your free copy of The Inner Voice of Trading audiobook.

    What happens to a deferred goal? Mar 04, 2021
    Subscribe to the show With a nod to Langston Hughes' poem "Harlem," there's a large opportunity cost to not taking immediate action towards hitting your goals. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Avoid having regrets by taking action now and hit your goals faster Mar 03, 2021
    Subscribe to the show You can avoid the "should have, could have, would have's" by acting with intentions. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How your protective stops can help you quiet your mind Mar 02, 2021
    Subscribe to the show When you get stopped out, you free up all the noise in your brain. Practice mindfulness during the day by trading in silence and listen to yourself. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Doing trading is the best way to learn trading Mar 01, 2021
    Subscribe to the show Quoting Charlie Munger, it's hard to be a great investor. You can be average and still do very well. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Trading with a psychological budget and sticking to it Feb 26, 2021
    Subscribe to the show When you set your protective sell stops, you're not only protecting your financial capital, you're protecting your emotional capital as well. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Intentions: Why it's just a matter of time for you to see results Feb 25, 2021
    Subscribe to the show If you have a robust system with positive expected values, it's just a matter of time for you to see the results that you seek. However, you have to take every trade. And although that might not feel good at times, it's integral to your overall performance and track record. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Reluctance is a form of leverage in your Emotional Intelligence Feb 24, 2021
    Subscribe to the show Your reluctance to feel frustration in taking small losses today ensures that you will feel despondent going forward. Reluctance makes you do the stupid things that you end up having many regrets around your decisions and large losses. Therefore, you should start to not only invite the frustration into your world, but you should come to love it because of what it means to you. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Adding to winners might not be greed, but humility Feb 23, 2021
    Subscribe to the show Putting your optimal size on all at once might be more of an expression of greed than starting smaller and adding to it. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Discover the harmony from the chaos Feb 22, 2021
    Subscribe to the show When you try new things, you don't know what you're doing oftentimes. Let it get messy and pay attention to how much permission you give yourself to find your best version of you. Click here to get your free copy of The Inner Voice of Trading audiobook.

    If you don't have a clear vision your results will be all over the place Feb 19, 2021
    Subscribe to the show If you don't have a trading edge, volatility does not equal opportunity for you. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Why Redditor's making money in GME is the worst thing that can happen Feb 18, 2021
    Subscribe to the show A favorable outcome does not necessarily say anything good about the process. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Sharing trading ideas and concepts is not a trading edge Feb 17, 2021
    Subscribe to the show Subscribing to a Reddit feed does not constitute a trading edge. Click here to get your free copy of The Inner Voice of Trading audiobook.

    The most successful traders I know are also the most self-reliant Feb 16, 2021
    Subscribe to the show Financial independence comes from being self-reliant. You cannot count on anyone but yourself. Click here to get your free copy of The Inner Voice of Trading audiobook.

    The Greater Fool Theory doesn't just apply to momo stocks Feb 15, 2021
    Subscribe to the show The Greater Fool Theory is alive and kicking on every trade, not just the momo stocks. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Count on the price moving well before you know the fundamentals have changed Feb 12, 2021
    Subscribe to the show Protect your capital and play superior defense. That's job #1. Click here to get your free copy of The Inner Voice of Trading audiobook.

    If you don't know why you're getting in, it will be even harder to get out Feb 11, 2021
    Subscribe to the show Why trading rules are your pilot and navigator. Click here to get your free copy of The Inner Voice of Trading audiobook.

    If you don't address your fears, they will own you Feb 10, 2021
    Subscribe to the show If you fear being conquered, you ensure defeat. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Why traders have to be original thinkers Feb 09, 2021
    Subscribe to the show Traders live in a paradigm of personal responsibility. You have to find the ingredients, come up with the recipes, learn to cook, and then eat your own cooking. End of story. Click here to get your free copy of The Inner Voice of Trading audiobook.

    What to do when the rules change Feb 08, 2021
    Subscribe to the show FCMs and B/Ds can change/increase your margin rates without notice and without an explanation. They do this to protect the integrity of the market whether participants like it or not. This is normally done to the retail market, not the institutional market. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Buying a Call option on yourself Feb 05, 2021
    Subscribe to the show You don't even have to buy Calls - you can get clients to give you them. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Experience is (or will be) your best guide Feb 04, 2021
    Subscribe to the show I don't think you can intellectualize how you will feel about something you haven't experienced. The emotional and psychological wisdom you gain from experience is invaluable. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How you can develop your Intuition Feb 03, 2021
    Subscribe to the show You have to write out what you think your instincts are telling you by hand. A short list is better than a long memory, and it helps you be honest with yourself and have integrity with the process. Click here to get your free copy of The Inner Voice of Trading audiobook.

    If you get knocked out, you can get back in at higher prices Feb 02, 2021
    Subscribe to the show The price is a beacon for you to enter your orders to manage risk. Prices are not absolute, they are relative. If you get stopped out trying to protect your capital, you can always get back in at higher prices. Click here to get your free copy of The Inner Voice of Trading audiobook.

    You cannot step in the same river twice Feb 01, 2021
    Subscribe to the show Winners rotate - what made you money last week, month, or last year, might not be what carries the day in 2021. Use protective stops to capture as much of your unrealized gains as possible. "You cannot step in the same river twice" is a quote from Heraclitus. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Hold yourself to the same standard you hold others - you'll hit your goals faster Jan 29, 2021
    Subscribe to the show You will also hit your trading goals faster if you know what you're doing it for. Having personal goals outside of your trading goals will help you get the best of both worlds. Click here to get your free copy of The Inner Voice of Trading audiobook.

    You might consider price ranges over price targets Jan 28, 2021
    Subscribe to the show If you are having trouble letting go of the emotional need (it's not financial) of letting go of price targets, you might consider thinking in terms of "price ranges" as you segue to not having any price targets and letting the market tell you when the move is over. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Valuations never mattered: You are trading the crowd Jan 27, 2021
    Subscribe to the show There are no intellectuals solutions to your emotional problems around managing risk. Click here to get your free copy of The Inner Voice of Trading audiobook.

    New highs are breadcrumbs - start following them Jan 26, 2021
    Subscribe to the show Just because a name moved 35%, for example, doesn't mean you've missed the move. Oftentimes they can continue to move many multiples beyond that - like 10x-type moves. Don't let relative price movements stop you from making smart financial decisions. Hint: they might not feel good when you make them. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Focus on managing risk, not being right or winning arguments Jan 25, 2021
    Subscribe to the show How do you make money arguing with people on Twitter or Stocktwits? Focus on the things that impact your P&L. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Trading success ebbs and flows - go at your own pace Jan 22, 2021
    Subscribe to the show You are competing with yourself. There's nothing else that matters. There's no one else that matters. Do what's best for you. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to build your discipline and exercise it like a muscle Jan 21, 2021
    Subscribe to the show The goals you set for yourself outside of your trading can add AND detract from your trading success. Be mindful of everything you do. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Your first risk unit is an allocation at the "start-up" phase Jan 20, 2021
    Subscribe to the show It might take a few months to figure out what the best process for you to follow actually is. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Understanding why traders trade Jan 19, 2021
    Subscribe to the show Traders trade. That's it. There isn't anything that you need to beef up your credibility. Just start managing the risk. What you learn from the doing will provide you with all you need. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to get a pulse on the crowd Jan 18, 2021
    Subscribe to the show The investment advisor world does not typically train individuals to make their clients money. Naturally, learning how to read charts is something they have to endeavor on their own. Here's one way to begin to understand what's going on behind the OHLC bars or candles. Click here to get your free copy of The Inner Voice of Trading audiobook.

    The best way to hit your trading goals Jan 15, 2021
    Subscribe to the show There seems to be a natural order of things that risk managers need to endure to find their game. Those include security selection, position sizing, entries, and exits. For most, this is time consuming - and that can be frustrating in and of itself. I have found that there is one overarching thing that can help expedite the process. On some level it has nothing to do with trading, but on another, it has everything to do with trading. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Winners rotate - you can't fall in love Jan 14, 2021
    Subscribe to the show If you take profits, delete the name from your screen. These aren't lovers - you can't fall in love with former flames. The last thing you want to do is start looking at 5-minute bars after exiting a winner. Click here to get your free copy of The Inner Voice of Trading audiobook.

    The best frequency to adjust your stops Jan 13, 2021
    Subscribe to the show Adjusting your stops to take profits is an art and science and it ties directly into your tolerance for risk. How much of your current unrealized gains are you willing to risk in order to stay in a trending instrument? This topic is at the top of the list in trading psychology. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Why being unreasonable can be an asset Jan 12, 2021
    Subscribe to the show It might not be great for your personal relationships, but there might be a benefit to keeping your risk on a 2-inch leash. Click here to get your free copy of The Inner Voice of Trading audiobook.

    The benefits of active order management Jan 11, 2021
    Subscribe to the show It's wise to adjust your stops several times per day if necessary. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to figure out what trading mastery means for you Jan 08, 2021
    Subscribe to the show Mastery is achieved over time. The most important thing is to know yourself - which is a never-ending assignment. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to figure out what consistency means for you Jan 07, 2021
    Subscribe to the show Determining what consistency means to you and for you based on what you have to live through and perform. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Creating gains versus creating alpha Jan 06, 2021
    Subscribe to the show One way to understand the difference between creating gains versus creating alpha is the time frame. And creating net gains over time and benchmarking them versus the S&P requires one thing from you in terms of behavior. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Why you have to eat your own cooking Jan 05, 2021
    Subscribe to the show You'll never be as emotionally connected to someone else's work as you will your own. Do you own homework - it gives you ownership and better connects you to hitting your goals. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Why trust is a key factor in your success Jan 04, 2021
    Subscribe to the show There are several levels of trust to consider and they all have to align. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to make sure your goals have context Dec 30, 2020
    Subscribe to the show You might be shooting for 50% RoR, but that comes with the potential for a 25% drawdown. Your clients might not want either... Make sure you communicate what you're endeavoring with your clients and be on the same page. Click here to get your free copy of The Inner Voice of Trading audiobook.

    What backtesting can do for you emotionally Dec 29, 2020
    Subscribe to the show It's very difficult to backtest chart by reading charts going back 20 years. A trading simulator that runs at the portfolio level is your best bet. Click here to get your free copy of The Inner Voice of Trading audiobook.

    One approach to hitting your goals Dec 28, 2020
    Subscribe to the show Take a small step in the direction of your goal. It's a much greater effort to put forth than someone sitting on the couch. Take action. Click here to get your free copy of The Inner Voice of Trading audiobook.

    One way to price in the unexpected Dec 23, 2020
    Subscribe to the show On some level, everything is unexpected - I know that. In this context, I'm speaking about markets moving sharply against you before you have a chance to act. Click here to get your free copy of The Inner Voice of Trading audiobook.

    What you can measure and improve Dec 22, 2020
    Subscribe to the show You've probably heard the saying "what gets measured gets improved." There are several moving parts to managing risk as a trader or advisor. Here are a few things that you can chew on for your end of year or 2021 planning. Click here to get your free copy of The Inner Voice of Trading audiobook.

    What your position sizing can reveal Dec 21, 2020
    Subscribe to the show The easiest way to lose a great deal of money is to bet big because you think you "have a feel" for the ticker. On the other hand, you might be leaving a great deal of upside on the table because you're being too conservative. A good place to start is by having consistent position sizing. Click here to get your free copy of The Inner Voice of Trading audiobook.

    What are you doing for yourself? Dec 18, 2020
    Subscribe to the show Put yourself first. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Your process is the thing Dec 17, 2020
    Subscribe to the show Are you wrong or unintelligent when a trade loses money? Click here to get your free copy of The Inner Voice of Trading audiobook.

    One way to recalibrate your emotional system Dec 16, 2020
    Subscribe to the show You have more time than you think to get it together. If you press, you'll lose. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Handling unanticipated events in the markets Dec 15, 2020
    Subscribe to the show The best you can do is put your trades on. How you modulate your interpretation of the market activity comes down to managing risk. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to know if you're an Investment Advisor or Trader/Portfolio Manager Dec 14, 2020
    Subscribe to the show Mindset is one of the biggest differences between the two. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Are you getting paid what you're worth? Dec 11, 2020
    Subscribe to the show In order to get paid what you're worth, you have to have a clear understanding about what you bring to the table. You also need to understand the landscape of the industry and how you compete therein. One thing is certain: if you don't ask for the money, you're not getting it. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Knowing yourself and the role you play Dec 10, 2020
    Subscribe to the show What you do for homework can tell you a lot about the role you play and the value you bring to your clients. There is a big difference between managing risk and asset allocation. If you intend on collecting Incentive Fees, you have to do your own homework. Click here to get your free copy of The Inner Voice of Trading audiobook.

    What your clients are actually paying you for Dec 09, 2020
    Subscribe to the show When you act decisively, you cauterize all the emotional angst that would normally come afterwards. Think of the great feelings you'll have when you can show your client(s) how you sidestepped large drawdowns, took profits when your names reversed, and didn't do things like buy pullbacks in a weak market that kept going down. Traders and portfolio managers have to be leaders, so show decisiveness and leadership. Someone has to be in control, and it might as well be you. But you have to set it up that way from the beginning. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How being decisive builds your confidence Dec 08, 2020
    Subscribe to the show When you act decisively, you cauterize all the emotional angst that would normally come afterwards. You come to the market the next day without the emotional hangover and a clear head. That leads to another productive day. Good leaders are decisive and traders have to be good leaders. Click here to get your free copy of The Inner Voice of Trading audiobook.

    The emotional benefits of acting decisively Dec 07, 2020
    Subscribe to the show When you act decisively, you cauterize all the emotional angst that would normally come afterwards. If you don't offset losses quickly, they can become larger losses. Which feeling do you want to feel - the power of being decisive or the feeling of regret from not having taken action sooner? You get to choose... Click here to get your free copy of The Inner Voice of Trading audiobook.

    You're in a good place when clients ask you about more than PM Dec 04, 2020
    Subscribe to the show A good advisor has wisdom across many areas in life and business. Clients will rely on those advisors for more than portfolio management. That's a good place to be so be that advisor. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to keep a tidy portfolio using Stops Dec 03, 2020
    Subscribe to the show If you sell your losers regularly, all your clients will see are what's left: the winners. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Why clients should trade their own spec ideas Dec 02, 2020
    Subscribe to the show You don't want clients asking you about names you don't own. Have them set up a second account for all their great trading ideas, and don't get involved. You'll thank me later. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Why it pays to be proactive with clients Dec 01, 2020
    Subscribe to the show Clients like to know that you have a plan. You're not likely to anticipate everything, but it pays to have discussions with clients before major announcements. No one likes surprises. Being conscientious about their money will pay you and your clients big dividends. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to better control your daily vol Nov 30, 2020
    Subscribe to the show Clients are looking at the daily swings in their account when they see big moves in the market. You might consider having discussions with them before this happens to instruct them on what you'll do. Big increases in vol can also signal a change in direction... Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to win over prospects by losing less Nov 27, 2020
    Subscribe to the show The ultra-wealthy already have all the money in the world. They don't need you to double their money. Their main concern is to "not lose." How will you be different from the other managers they are interviewing? It's the differences that sell, so sell them what's in this episode. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Are you the right person for the job? Nov 26, 2020
    Subscribe to the show Imagine if you had to interview yourself for the job you want. How would you grade yourself for the job you're doing? Would you give yourself a written recommendation? What would you write? Click here to get your free copy of The Inner Voice of Trading audiobook.

    One way to know if you're wrong on a trade Nov 25, 2020
    Subscribe to the show Good trades make you money right away. Use a time stop to offset risk. Else, you might be too forgiving and acting like an Investment Advisor when you're trying to be a trader. Fight Imposterism within yourself. I made that word up - imposterism. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to avoid putting yourself in bad spots Nov 24, 2020
    Subscribe to the show Bad spots in this context can mean trades that you have no business being in. Been there, done that. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to know if you are compatible with your trading rules Nov 23, 2020
    Subscribe to the show Doing something once is easy. Doing it over and over is another ball of wax. Here's one way to know if you are compatible with what you're trying to do in the markets. Click here to get your free copy of The Inner Voice of Trading audiobook.

    You are competing against yourself - there's nothing to catch up to Nov 20, 2020
    Subscribe to the show Focus on having discipline and executing that discipline every day. That produces consistency. That's what you're competing with - the ability / inability to do the right thing every day. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Don't buy pullbacks, buy above resistance Nov 19, 2020
    Subscribe to the show When you go long, you want momentum in your favor, not against you. The worse thing you can do is buy a pullback to support and try to sell at resistance. This is small-minded thinking. Wait for the instrument to clear resistance, then buy. There is no upper boundary to the price and prices are relative. Click here to get your free copy of The Inner Voice of Trading audiobook.

    When it's not a good idea to push yourself Nov 18, 2020
    Subscribe to the show When you're not settled with where you are in your trading, you can find yourself doing things that don't serve you. That's because you want to be somewhere else as opposed to being present. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Hesitation will kill you - cut your losers viciously Nov 17, 2020
    Subscribe to the show Ace Greenberg would sell any longs that were down coming into Friday's close. Some traders offset trades in 15 minutes if they don't show a profit. Takeaway: good trades make you money right away. If it doesn't act accordingly. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Focus on generating risk-adjusted returns Nov 16, 2020
    Subscribe to the show There are 2 traders. One has 15% returns and trader #2 generated 25%. Who did better? You can't just say that trader #2 has done better in this regard. We don't know what type of risk #2 had to take on to get those returns. We have to focus on the getting risk-adjusted returns. Click here to get your free copy of The Inner Voice of Trading audiobook.

    The benefits of finding a confidant to air out ideas to Nov 13, 2020
    Subscribe to the show Sometimes you need a pep talk or to hear the voice of reason. Sometimes it's not easy to see the 30,000 foot view. Sometimes you can't see where the smoke is coming from when you're standing on the fire. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Books that I found resourceful when I started Nov 12, 2020
    Subscribe to the show "There's nothing you can do that can't be done. Nothing you can sing that can't be sung. Nothing you can say, but you can learn how to play the game. It's easy." -John Lennon Click here to get your free copy of The Inner Voice of Trading audiobook.

    It's never too early to start preparing for your success Nov 11, 2020
    Subscribe to the show Think of it like a never-ending culturing of a pearl that is your life. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Trust your process before you trust your instincts Nov 10, 2020
    Subscribe to the show It takes many years to develop superior trading & investing instincts that you can count on. Too many traders and money managers unknowingly exhaust themselves day after day by deeply engaging with a process that is both inefficient and based on guesswork. A good first step to fix this: stop reading headlines for trading ideas... Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to prepare for the trading day and week Nov 09, 2020
    Subscribe to the show Like a lot of trading, preparation is a process - of elimination. Click here to get your free copy of The Inner Voice of Trading audiobook.

    When to start planning for your success Nov 06, 2020
    Subscribe to the show It's an ongoing process... Click here to get your free copy of The Inner Voice of Trading audiobook.

    The best time to get new clients Nov 05, 2020
    Subscribe to the show The time is now. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to play defense when the markets are highly correlated Nov 04, 2020
    Subscribe to the show When the instruments in your portfolio are highly correlated you can make bank. When they reverse, they will do so at the same time and you will get hit for an outsized loss. Click here to get your free copy of The Inner Voice of Trading audiobook.

    The difference between adding to a winner and chasing the market Nov 03, 2020
    Subscribe to the show Chasing the market is a person's inability to deal with regret. Adding to winners is a process where you have a set of rules to add risk when it makes sense. Click here to get your free copy of The Inner Voice of Trading audiobook.

    When the rest of the world sees things differently than you Nov 02, 2020
    Subscribe to the show When you don't have massive amounts of data on your trading, you don't know the probabilities of winning and losing. If that's the case, the trades you put on are nothing more than a gamble. Be careful not to place large bets on anything - earnings, Phase III clinical trials, or elections - your feelings are not facts. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Set a goal around a process not the result of the process Oct 30, 2020
    Subscribe to the show Set your goals around processes that you can replicate day after day. Setting a goal around an object is passionless and not inspiring. It's your behavior that predicts where you end up in life. Click here to get your free copy of The Inner Voice of Trading audiobook.

    The best way to handle surprise announcements Oct 29, 2020
    Subscribe to the show Another good reason to have orders to add or remove risk - surprise announcements. Click here to get your free copy of The Inner Voice of Trading audiobook.

    One way to take surprise outsized gains Oct 28, 2020
    Subscribe to the show Sometimes markets jump for unexpected reasons. You can have an order sitting above the market to liquidate your position if the market goes parabolic. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Why charts aren't maps Oct 27, 2020
    Subscribe to the show Looking at the chart is just the beginning. It's not the map you think it is. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to sidestep outsized losses and capture extraordinary gains Oct 26, 2020
    Subscribe to the show From time to time, names you're watching will move sharply before you have a chance to add risk. That means missed opportunities. Names that you're already in will move against you - also before you have a chance to act and keep your losses small. Then you're stunned and frozen and you begin the process of negotiating with yourself. Either way, you're losing and there's not much to say about it despite your reasoning. If either of these scenarios sounds familiar, you can use Stop orders accordingly to hedge against such moves. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Anticipate the feelings you don't want to feel tomorrow and act accordingly today Oct 23, 2020
    Subscribe to the show Frustration is the appetizer to a meal called despondency. If you are unwilling to feel the feeling of frustration regularly, you invite stronger feelings in the future. Use regret to help you make better decisions today. If you want to be a professional PM or trader, losses are a part of the business. Click here to get your free copy of The Inner Voice of Trading audiobook.

    What to look for when you're downgraded "on valuation" Oct 22, 2020
    Subscribe to the show When bad news hits the tape and the stock doesn't sell off, you have a good long trade with more room to go. Click here to get your free copy of The Inner Voice of Trading audiobook.

    The difference between asset allocation and risk management Oct 21, 2020
    Subscribe to the show They are related but not the same by any measurement. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Why high short interest and uptrends produce large profits Oct 20, 2020
    Subscribe to the show From time to time, you might find an equity that traders and investors are betting against, but they prove all the naysayers wrong. If that stock has high % short interest, and it starts to trend higher, you have the potential to penalize the naysayers who will all have to pay you to cover. Look for high short interest and uptrends. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to use technical analysis to play superior defense Oct 19, 2020
    Subscribe to the show Great traders are using technical analysis to protect their capital which is job #1. If you know your risk, the entries are not that important. Most amateurs focus on the wrong things for several reasons. They don't have solid goals, they are too short-sighted, and they are not friends with their feelings. Click here to get your free copy of The Inner Voice of Trading audiobook.

    When you're doing well, ask for more Oct 16, 2020
    Subscribe to the show When you're doing well, ask for more money to manage. Ask for a free Bloomberg. Ask for forgiveness of desk rent or fees. Ask for a higher payout on your trading profits. If you don't ask, they own you. If you don't ask, it's knot going to just show up. You have to ask for it. Make your case and have confidence in yourself. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How did you figure out your optimal bet size? Oct 15, 2020
    Subscribe to the show Bet size determines what you make and lose. How did you come to decide your current bet size? You probably guessed and just chose one. You can use Kelly Criterion to figure out the best size after hundreds / thousands of trades. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Learn how to sidestep the outliers to the downside Oct 14, 2020
    Subscribe to the show Sidestepping the large losses will do wonders for your P&L and also build enormous trust between you and your clients. They've already lost a great deal of money on their own or with another manager. Admit your wrong and get out. The client will forgot your being wrong about a name over time, but they will not forget a 40% hit. Click here to get your free copy of The Inner Voice of Trading audiobook.

    You can't trust indicators - learn to live with the uncertainty Oct 13, 2020
    Subscribe to the show Using Relative Strength for stocks and seasonality in commodities are about as far as I'll go in talking about what you can rely on. Most others are unreliable as stand-alone indicators. If 'price' is the input, the indicator only helps you see or confirm what you can already see in the price itself, so just use the price. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How asset allocation helps portfolio managers who run several systems concurrently Oct 12, 2020
    Subscribe to the show You are programmed to behave the way you behave and that makes the results you are getting in your life predictable. The mechanical part of that is how you allocate the funds you manage. You can also backtest running several systems at the same time. Yes, you can do that... Click here to get your free copy of The Inner Voice of Trading audiobook.

    Why you should get as messy as possible in hitting your goals Oct 09, 2020
    Subscribe to the show Don't worry about what it looks like. If you keep your mouth shut, you won't have to worry about what everyone else will say when you slip and get up. They don't slip because they don't have the b*lls to do what you do and take chances. They also stagnate and don't grow. Stay away from these losers. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Why reacting to changing markets makes you a philanthropist Oct 08, 2020
    Subscribe to the show Just give the money away ahead of time. At least you can steer it to a cause you care about, not a winning trader. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Conserve your brainpower and eliminate all distractions Oct 07, 2020
    Subscribe to the show This includes turning off the tv and having silence. If you're lonely, you know what you can do... Click here to get your free copy of The Inner Voice of Trading audiobook.

    Be careful for what you wish for Oct 06, 2020
    Subscribe to the show When brokerage masquerades as prop trading: be careful for what you wish for. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Why traders can't delegate risk management Oct 05, 2020
    Subscribe to the show Some traders succumb to buying services and research, or worse, chat rooms. Traders need to be self-contained units. All the decisions that go into a trade need to come from a goal that you set for yourself and one that you have a deep emotional connection with. Traders are leaders and need to be decisive. Subscription newsletters don't teach you to manage risk. Click here to get your free copy of The Inner Voice of Trading audiobook.

    You are programmed to get the results you are getting Oct 02, 2020
    Subscribe to the show You are programmed to behave the way you behave and that makes the results you are getting in your life predictable. In order to change that - if you are not satisfied with your results - you need to change that programming. I've seen people that you would otherwise count out make enormous strides in their lives and attain great success because they got clear and set goals, eliminated non-productive activities, reset their paradigm, and executed day after day. When you focus on 'process' you will get the results you want. If you focus on the results first, it is also predictable that you will lose interest because you have no emotional attachment to what you're doing.

    An example of this type of mindset is setting a goal such as making a certain dollar amount from your investing or trading.

    The goal should be about attaining that dollar amount from the result of specific behavior - the behavior is the goal - not the dollar amount.

    And when you attach a powerful emotion to your behavior, the odds of your hitting your goals change to greatly in your favor.

    You can achieve the success you imagine if you want to - it comes down to relative strength.

    The question becomes "are you going to be remain uncomfortable sitting in your current dirty diaper getting the results you think you don't want," or "are you going to be uncomfortable making the changes you want?"

    You get to choose what type of discomfort you want in your life.

    "And the day came when the risk to remain tight in a bud was more painful than the risk it took to blossom." - Anaïs Nin


    Get comfortable being uncomfortable Oct 01, 2020
    Subscribe to the show In order to affect the change(s) you need to make, you need to get out of your comfort zone and create new habits around that behavior. From what I've read, creating a new habit is going to take approximately 2 months. Take it one day at a time. Next thing you know, you'll have a week of new, more productive behavior behind you. Of course, you need to have a plan that you are emotionally connected with to drive you. Reach out if you're having trouble getting connected to your goals. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Play your game - don't become someone else Sep 30, 2020
    Subscribe to the show Play your game - don't try to become someone or something else when the markets go against you. Stick to your knitting - the market will continually morph to try to get you out of your mind so that you betray yourself. I misspoke on the show - the Russian hockey coach who succeeded Anatoly Tarasov was Viktor Tikhonov. Click here to get your free copy of The Inner Voice of Trading audiobook.

    The best time to get new clients and assets to manage Sep 29, 2020
    Subscribe to the show You have the right to 'not' participate in the markets - that's an edge. It's a good time to reach out to potential clients and gather assets to manage / trade. When markets are under duress, so are the people who have substantial assets at risk. They need help and you're just as good as the next person to provide it. You just have to believe that you are... Click here to get your free copy of The Inner Voice of Trading audiobook.

    Why upside volatility could be a fake-out Sep 28, 2020
    Subscribe to the show Upside movement for long-only traders and investors can induce you to buy back into a falling market. This is your emotional system running your trading system. Even pro traders have strong emotions, but they don't let them undermine their trading. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Don't go jumping strategies because your model isn't firing Sep 25, 2020
    Subscribe to the show Metamorphosis is a part of life, but not when markets are in turmoil and you are bored. Becoming a different trader because your main model is out of favor for the time being is a path to losing a great deal of money. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Sit on your hands and don't jump the gun Sep 24, 2020
    Subscribe to the show If you jump the gun, you're satisfying an emotional issue not a financial one. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Surrender and streamline - focus on what you do best Sep 23, 2020
    Subscribe to the show Let go of what's not working and watch your results take off. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Focus on one thing if you're all over the place Sep 22, 2020
    Subscribe to the show Specialize one style of trading on one asset class. Click here to get your free copy of The Inner Voice of Trading audiobook.

    An interesting way to double your gains Sep 21, 2020
    Subscribe to the show When you stick to your knitting, you make more money. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Build your track record one trade at a time Sep 18, 2020
    Subscribe to the show If you have blow out losses, it could be because you are reluctant to lose smaller percentages of capital. Sit on your hands for larger gains. Click here to get your free copy of The Inner Voice of Trading audiobook.

    A good way to learn to sit on your hands Sep 17, 2020
    Subscribe to the show Why did you make the money you made? Click here to get your free copy of The Inner Voice of Trading audiobook.

    Do what you do best and delegate the rest Sep 16, 2020
    Subscribe to the show Look at where your returns are clustered. Work backwards from there... Click here to get your free copy of The Inner Voice of Trading audiobook.

    You get paid to execute Sep 15, 2020
    Subscribe to the show You get paid to execute, but stay in your lane. Click here to get your free copy of The Inner Voice of Trading audiobook.

    The Way We Were Sep 14, 2020
    Subscribe to the show Winners rotate. What made you money through the end of August, might not be the same names worth being in going forward. Be careful trying to buy the same stocks or contracts after you get stopped. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Why self-knowledge is more important than what you know Sep 11, 2020
    Subscribe to the show Poor trading is rarely about not knowing what to do - it's in the poor execution - and that's an emotional and psychological issue. Know thyself. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to avoid indecision and how to see it on a chart Sep 10, 2020
    Subscribe to the show Avoid indecision in your behavior and don't join the crowd in theirs. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to use simulation to improve your trading Sep 09, 2020
    Subscribe to the show You can adjust your bet size based upon the probabilities that you discover from your backtesting. Keeping your losses small is the hallmark of professional trading. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Some of the many blindspots in trading - both emotional and financial Sep 08, 2020
    Subscribe to the show You can simulate a trading model across any asset class. Make sure you test at the portfolio level, not one name at a time. Two, add back in the instruments that have been delisted or that don't trade anymore in order to help offset survivorship bias. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Why your goals should be based on behavior, not the results of that behavior Sep 07, 2020
    Subscribe to the show Setting a goal of "I want to make $1 million in my trading," is very different that saying "I want to do the daily activities that will lead to my prosperity." Make sure you goal is based upon your behavior, not the result of the behavior. Behavior predicts where you end up in life. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to be more productive in your trading and life Sep 04, 2020

    Subscribe to the show

    When you manage your time better, your life gets better - and so does your trading.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Eliminate the noise in order to hear yourself think more clearly Sep 03, 2020
    Subscribe to the show When you don't have a trading strategy or plan, any outside idea can look appealing. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Why you really run two portfolios at the same time Sep 02, 2020

    Subscribe to the show

    You have two portfolios that you're running at the same time: the risk you have and the risk you want.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Don't buy pullbacks because you have regrets Sep 01, 2020
    Subscribe to the show Don't fall into buying pullbacks because you don't have a plan and the biggest feeling running through you is regret. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Overlay your certain behavior with the uncertainty of the markets Aug 31, 2020
    Subscribe to the show Don't be the uncertain element of your own trading. Click here to get your free copy of The Inner Voice of Trading audiobook.

    People who set goals lead productive lives - pick your friends accordingly Aug 28, 2020
    Subscribe to the show Goal setters put their happiness in their goals and set the world on fire. Be one of them and surround yourself with them. Think like a portfolio manager and cut your allocations to negative people and energy. Click here to get your free copy of The Inner Voice of Trading audiobook.

    The feelings you and your colleagues don't want to feel run your organization Aug 27, 2020
    Subscribe to the show Sometimes it's the things that aren't being said that have the most power and impact on an individual and organization. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Why traders have to be great leaders Aug 26, 2020
    Subscribe to the show There's a trading plan and a business plan. You have to execute both. Don't forget the sales and marketing... Click here to get your free copy of The Inner Voice of Trading audiobook.

    Intentions equal results: You have to be honest with yourself Aug 25, 2020
    Subscribe to the show

    If you can't pull the trigger, you're in fear and have indecision.

    The best traders are leaders and leaders are decisive.

    Click here to get your free copy of The Inner Voice of Trading audiobook.

    The only thing you can trust in the markets Aug 24, 2020
    Subscribe to the show Watch your language. You can convince yourself on a whole host of things without any basis in reality or truth. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Envision the life you want and do everything to make it real Aug 21, 2020

    Subscribe to the show

    You get to decide how you want your life to unfold.

    Design it. Execute it. Live it.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    The one place where all your questions are answered about a trade Aug 20, 2020
    Subscribe to the show All your questions about a trade are answered at this one point... Click here to get your free copy of The Inner Voice of Trading audiobook.

    All the best gear won't help the average trader Aug 19, 2020
    Subscribe to the show You need a set plan ahead of time in order to manage risk and keep your biases at bay. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Use stop orders to develop your own sense of decisiveness Aug 18, 2020
    Subscribe to the show Entering Stops and waiting for the market to come to you means you're not chasing the market. It also means that you have conviction about adding or removing risk at the stop price. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Help someone for the sake of doing it Aug 17, 2020
    Subscribe to the show Be the shot in the arm that someone needs. It will be good for both of you. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How pro traders make consistent gains Aug 14, 2020
    Subscribe to the show Pro traders plan for success. So should you. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Uptime your charts and stop getting knocked out of trades Aug 13, 2020
    Subscribe to the show Uptime your charts to dailies and weeklies and stop getting knocked out of otherwise good trades. Longer term time frames are less random than intraday charts. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to use fear and regret to evolve your trading rules Aug 12, 2020
    Subscribe to the show If you don't address the strong feelings you're having while trading, they own you. Make them advocates, not adversaries or antagonists. You can ignore them, but they will return time and time again - guaranteed. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Use reversals to improve your entries and exits Aug 11, 2020

    Subscribe to the show

    Reversals might happen before your ATR-based stop is hit or the structure is broken.

    Use these reversals to improve your entries and exits and thereby improve your P&L.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    The best way to represent risk in your portfolio Aug 10, 2020
    Subscribe to the show There are many ways to trade gold or silver, for example. Here are my thoughts on the best way for you. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to stop pulling your flowers and letting your weeds bloom Aug 07, 2020
    Subscribe to the show Let the market tell you when the move is over. Don't use price targets and stop missing out on the larger moves ahead. In the process, you'll eliminate regret. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to use Stops to tactically enter and exit trades Aug 06, 2020
    Subscribe to the show Stop orders are like your personal sentries that do nothing but add and remove risk from your portfolio. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to recover from being emotionally washed-out Aug 05, 2020

    Subscribe to the show

    Go to school on yourself and learn from your mistakes.

    You'll be your own best teacher.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Why you should know your orders the night before Aug 04, 2020
    Subscribe to the show Running your screens and having your orders ready the night before stops you from getting sucked into FOMO trades and shooting from the hip. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Why you don't need a designation to trade Aug 03, 2020
    Subscribe to the show All you need to do is fund your account and manage the risk. Keep it simple and enter your protective stops. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Be careful reading into chart patterns for hints to earnings announcements Jul 31, 2020
    Subscribe to the show Bullish chart patterns show crowd behavior, but they can easily disappoint you. This is where that saying "intuition becomes into-wishing" might come into play. Click here to get your free copy of The Inner Voice of Trading audiobook.

    If you're nervous about an upcoming earnings announcement... Jul 30, 2020
    Subscribe to the show ...your position is probably too big. Learn how to trim the hedges along the way so that any particular earnings announcement is irrelevant. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Why I would cut my margin balance during earnings season Jul 29, 2020
    Subscribe to the show You can fantasize about how much your account balance can explode if you get lucky. However, margin cuts both ways and you can get blasted more times than not. Protect your capital and play superior defense. Treat every trade as serious business. You can learn to do great things and grow your funds systematically. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Be mindful of correlations and trade your equity curve Jul 28, 2020
    Subscribe to the show One bad earnings report can impact several of the other names you own. Trade your equity curve and cut your position sizes if vol increases. Click here to get your free copy of The Inner Voice of Trading audiobook.

    What not to trade during earnings season Jul 27, 2020
    Subscribe to the show Making a big bet before an earnings announcement is a gamble. You can't infer what the company is going to report because "you see something" in the chart pattern. Here are my thoughts. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Studying your backtest to harvest the gems that can improve your overall model Jul 24, 2020
    Subscribe to the show This might be too "inside baseball" for some, but you can study the simulated backtest of a model and use the insights gained to go back and adjust your rules. You can segment the winning trades from the losing trades and study both outcomes to improve your entries, bet size, and exits. By doing so, you might be able to improve either your winning percentage or the expected value of a trade for the rules you'll follow. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to determine the best trading methodology for you Jul 23, 2020
    Subscribe to the show Trading systems have different accuracy rates and ratios between winners and losers. Knowing these ahead of time might better help you determine which is most suitable for you - at least to start with. A trend following model might have 30% winning percentage with winners being 3 times the size of the losers. A chart reading model might have a 70% winning percentage, but a winner / loser ratio that might be smaller than 3:1. Both can have a positive expected value of a trade, so they can be worth following. One might be a better fit for you although both are expected to make money. Of course, knowledge of yourself first is the best way to evaluate trading rules when determining compatibility. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Why you might consider trading outside of normal trading hours Jul 22, 2020
    Subscribe to the show Your data feed might only include what we call normal trading hours or "outcry only." For some of you, it might make sense to analyze what happens in pre-market and after-market activity. You may be able to define a small edge to either improve your entries or exits. For your exits, you might be able to effect a trade in the pre- or after-market to improve your price and limit losses or to better protect unrealized gains. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to run your screens and be mindful of survivorship bias Jul 21, 2020
    Subscribe to the show Most system traders can screen for tickers by price, volume, and volatility. You can also add some overlays if you want and test those parameters also. Here are a few thoughts on running screens. Be mindful to find the data on the securities that don't trade anymore and add that data into your overall data to screen. Else, you'll only be looking at survivors and it would be good to know how your rules would have worked if your model had initiated longs on ENE or BSC that eventually went bust, or other names that were taken over or merged. Click here to get your free copy of The Inner Voice of Trading audiobook.

    When to increase your bet size Jul 20, 2020
    Subscribe to the show Most system traders do not just increase their bet size on a whim. Many have their risk systematized to be a fixed percentage of their overall equity conjugated with the volatility of the instrument. They increase their risk systematically and only trade larger when their capital base grows due to gains or from adding capital to their account. Chart readers can do the same thing although they have to do it by hand. Be careful if you increase your size because you think "you are on to something..." and get too big too soon. That can come from hubris which we spoke about recently in another episode. You can look at your winning percentage and ratio of win size to loss size to help determine if/when you should increase your bet size / risk unit. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Why your protective stops matter more than the story Jul 17, 2020
    Subscribe to the show In this episode I recall how I got stopped on CSCO for a loss and why that was a great trade. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How your stop orders reflect your belief system and why knowing isn't doing Jul 16, 2020
    Subscribe to the show If someone you know is bearish and they're not short, they're full of it and probably like to hear themselves talk. Do them a favor and call them on their nonsense. Ask them where their stop orders to enter the market are. I find this happens with people who are looking for attention and trying to show you how smart they are. What a snooze. I don't care about opinions and theories. If this is something you're falling victim to, you can gauge your own level of self-deception by listing all the entries you have for your theories. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Trading on valuation: Be careful of getting too cute with the market Jul 15, 2020
    Subscribe to the show Selling short on valuation at historic highs is a quick way to lose a great deal of capital fast. Selling long on valuation is a quick way to incur staggering opportunity costs and missed opportunities. Don't try to be smart - focus on making money. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Know the difference between a pullback and the end of a trend Jul 14, 2020
    Subscribe to the show Buying a pullback works in raging bull markets until it doesn't work anymore. Is it a 2-stage pullback...or is it the end of the trend? You don't want to be buying when the trend reverses. Know what you're going to do beforehand. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to keep your sense of hubris in check Jul 13, 2020
    Subscribe to the show It's easy to get blinded by our success when we're in boom times like we're in now. If you get used to it, you can lose perspective and forget that sometimes what's around the corner is going to be more than just a short-term pullback. In this episode, Michael Martin remembers what happened during previous boom times in his career for context. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to survive all market environments Jul 10, 2020
    Subscribe to the show You want to trade rules that are robust. That will give you a better chance of surviving when the markets inevitably change. Backtest your rules with a minimum of 10 years of historical data. Click here to get your free copy of The Inner Voice of Trading audiobook

    Set your goals around productive behavior that makes money long-term Jul 09, 2020
    Subscribe to the show I don't worry about trying to make realized gains each day. It's not my goal to reinvent myself each day - I want the market to do the work for me. Focus on process and the results will follow. Click here to get your free copy of The Inner Voice of Trading audiobook

    No one has your back Jul 08, 2020
    Subscribe to the show Raise you hand if anyone from your clearing member has called you when you're in a protracted drawdown or are overtrading and they tell you to stop... Click here to get your free copy of The Inner Voice of Trading audiobook

    Relying on the other participants' behavior Jul 07, 2020

    Subscribe to the show

    You can count on "the other guy" to do the wrong thing most of the time.

    Click here to get your free copy of The Inner Voice of Trading audiobook


    Why you have to take every entry signal Jul 06, 2020
    Subscribe to the show So let's say you get five signals. You don't know which one to take. Will you take all of them with the requisite amount of risk that you're willing to take, then you let the market activity unfold. The market will tell you which one's going to be the best one. You can count on it. So if you're taking it home with you, you have your protective stops, whether you're trading off of a reversal, or whether you're doing some kind of swing trading technique, or whether you're trailing with ATR or whether you're trailing with structure, there's a whole bunch of ways you can offset winners which are hard to visualize on an audio only format. So I'm not going to get into it here, but the market will unfold accordingly in ways that you can maybe predict - maybe you can't. But the point is that if you sit on your hands and let the auction process work, the market will let the individual name one of the five, maybe even two of the five, raise their hand and say, I'm the biggest winner. Now, maybe you'll be lucky enough to say, Hey, that was the one that I was going with. But you don't know. There were times when in the mid 2000s, when China was buying up as much of the commodity markets that you could possibly get, you'd get signals on the same day in tin, zinc, nickel, high-grade, silver, and gold. And you'd be sitting there saying I got the entire metal complex is firing longs, which ones do I take? What do you think you should do? Click here to get your free copy of The Inner Voice of Trading audiobook

    How focusing on your process can help improve your attitude Jul 03, 2020
    Subscribe to the show Focusing on your process can keep you placated as we said yesterday. It can also help you improve your attitude. When you're not chasing your tail or going outside the boundaries of your trading rules, you're conserving a great deal of energy. When you don't react, you develop of quiet sense of confidence about you. It doesn't mean you're infallible, but you're in control. You can take that feeling of being in control of your behavior and repurpose it. Then it begins to compound. Day after day, week after week - after a few months you can look back and see an change in yourself. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Focus on your process and the results will follow Jul 02, 2020
    Subscribe to the show Focusing on your process can keep you placated. It can also help prevent you from getting too emotionally invested in an outcome that you don't have any control over. This is good advice and something that can help in life also. We talked about having an expectation about a trade that you've been stalking for several weeks. One where you saw the set up a mile away, yet it reversed in your face. I've learned the hard way that such expectations have built in disappointments. When you focus on the process you go to bed at night having done your best - and that's all you can do. You're powerless over where the markets go. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How to think like a business owner, not a business manager Jul 01, 2020

    Subscribe to the show

    What parts of your process can you delegate and even improve your results?

    You can learn to trade and make money without being there.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    How to keep your disappointment and anger in check Jun 30, 2020

    Subscribe to the show

    You can spend weeks stalking a chart and have the set up work perfectly, only to have the name reverse, sometimes in the same day.

    You put all this work in and the name doesn't have the common courtesy to go up...

    How do you feel about that?

    For some of you, it can lead to disappointment or anger.

    If that's the case, you can sometimes become derailed and trade on those emotions - whether you have systematized rules or not.

    It's important to remember that we are guests at the market's party and we're lucky enough to be invited in the first place.

    False breakouts and reversals don't care when you get long.

    Sometimes the market is not amenable to your trading style.

    It has nothing to do with you or your ability so you might consider not taking it personally.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    How to take your small losses and bigger wins in stride Jun 29, 2020
    Subscribe to the show It happens from time to time that you make a huge win. You should celebrate it and understand that they don't happen all the time. Many traders will intuit that they are "on to something" and without any thought, start to trade larger. They also start trading names or asset classes outside of their core ability. Plan to grow methodically and not get to invested in the hubris that we can feel after large wins. Someone a lot smarter than me said "pride is a big banana peel." If you stick to trading a fixed percentage of your assets, you'll be fine. You can condition yourself to feel the same about all your trades - you're just following your system. Click here to get your free copy of The Inner Voice of Trading audiobook.

    How do you want your trading to serve you? Jun 26, 2020
    Subscribe to the show What does trading mean for you in your life? What do you want your money to do for you? When you know the answer to some of these type of questions, figuring out the best asset class and trading style will be easier. Know and master yourself first, then figuring out the trading part is much easier. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Why attitude is everything Jun 25, 2020
    Subscribe to the show Attitude is the one thing that I can't teach you. I can help you change your paradigm and that in turn can help you have a good attitude. However, you're going to want to do the work. Sometimes attitude can carry you when nothing else is working. According to General James Mattis, to the "USMC, attitude is a weapon system." Think about that for a minute... How do you think you can use this information as you manage risk? Click here to get your free copy of The Inner Voice of Trading audiobook.

    Trading without knowing the odds is gambling Jun 24, 2020
    Subscribe to the show If you know someone who trades across asset classes and trading styles, they are likely gambling. A person becomes the casino when they stick to one asset class and one style of trading, and get that down cold. Making predictions, fading the Fed, and fighting the tape are all examples of gambling. Tell them to keep their opinions to themselves and focus on getting good at one thing, and grow from there. Click here to get your free copy of The Inner Voice of Trading audiobook.

    What governs your thinking and trading plan? Jun 23, 2020
    Subscribe to the show Many traders learning the craft are governed by the need for success for public purposes. Some like to peacock. Some are just flat-out greedy. You'll make a more progress sooner if you're clear about what your motivations are. In the end, consistent behavior predicts where you end up in life, not throwing around size trying for hero trades. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Why you should focus on risk-adjusted returns, not just absolute returns Jun 22, 2020

    Subscribe to the show

    A trader can gun for 100% RoR, but at what cost?

    You need to conjugate what you're doing with risk (and time).

    Your open trade equity shows allocators the risk that you're taking for the returns your endeavoring.

    Most allocators are looking at daily vol and risk-adjusted returns.

    If your ethos is to chase hero-sized returns, you have to know that those are often a result of good timing.

    And if you continually trade too big, it will catch up with you - it's just a matter of time.

    Slow and steady wins the race.

    Know what you're trading for.

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    How you can take advantage of seasonality and cyclicality of commodities Jun 20, 2020

    Subscribe to the show

    Commodities are cyclical whereas equities are secular.

    You can take advantage of that cyclicality by trading seasonally or by trading commodity spreads.

    When you combine that with good risk management and maybe some trend following tactics, guess what happens?

    Click here to get your free copy of The Inner Voice of Trading audiobook.


    Offset your losing trades despite your can't-go-wrong theory Jun 18, 2020
    Subscribe to the show Alan "Ace" Greenberg had a great rule that he mandated on the Bear Stearns trading floor: "If the name is down coming into Friday's close, it trades." He didn't wait for stops to be hit. If the prop trader was long and there was an unrealized loss, they sold it before the close on Friday. This simple, but brilliant rule is one that you might want to employ. By selling your losers and going flat, you have a clear head that night and the rest of the weekend. Life is good. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Hope for the best, plan for the worst Jun 17, 2020
    Subscribe to the show Things don't always go as planned. Give yourself some room to expected the unexpected. This is the best way to hedge against your blind spots for which you have many. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Which is more important - entries, exits, or position size? Jun 16, 2020
    Subscribe to the show Your sole purpose in life is to play superior defense. Where do you think you can express that ethos the best? Click here to get your free copy of The Inner Voice of Trading audiobook.

    It's Your Fault Jun 15, 2020
    Subscribe to the show Nothing happens randomly. You decide that you want to trade voluntarily. Whatever happens after that is your responsibility regardless of the outcome. The best traders I have known over the years are the ones who live in a paradigm of personal responsibility. Let go of judgment of yourself and others and focus on risk management. That's what traders are at the end of the day - risk managers. If you don't manage risk, the risk manages you - and it's your fault. Click here to get your free copy of The Inner Voice of Trading audiobook.

    Avoiding Mistakes and Trading with an Edge Feb 13, 2020

    I think it's important to trade small at the beginning of your career so that you can find out what your edge is. Once you have it, then you scale and trade larger.

    You should think of it like panning for gold (to find your edge). The goal isn't for large trading gains right away, but to discover and shine the light on your edge.


    What It Takes to Make it as a Trader Feb 10, 2020

    It's more than rate of return...


    Tesla & Scalpels Feb 07, 2020

    Risk Management and Volatility Feb 03, 2020

    Marshall Ulrich - Ultramarathon Runner and Mountaineer Jan 29, 2020

    Marshall Ulrich is an American legend.

    As a mountaineer, he's climbed the Seven Summits - completing each on his first attempt.

    The Seven Summits consist of Mount Everest, Aconcagua, Denali, Kilimajaro, Mount Elbrus, Mount Vinson, Puncak Jaya, and Mount Kosciuszko by order of elevation.

    Marshall has completed 130 ultra marathons, each over 100 miles in distance.

    Most notably, he's known for completing the formidable Badwater 135 ultra marathon across Death Valley 18 times - winning the event 4 times - including 3 in a row.

    Temperatures can reach 130 degrees F during this race in July.


    Planning and Goal Setting Jan 06, 2020

    Know Your Risk with Steve Sears of Barrons Mar 29, 2019

    Steven M. Sears is a contributor to Barronsonline.com and the former editor of the Striking Price column of Barron's magazine. He is the author of The Indomitable Investor: Why a Few succeed in the Stock Market When Everyone Else Fails published by Wiley.


    Use protective stops, not 8 monitors Feb 07, 2019

    Why Price, Volume, and Volatility are the best indicators Feb 06, 2019

    Can you survive the anguish long enough to succeed? Feb 05, 2019

    There are no such things as safe havens Feb 04, 2019

    Trading baskets of stocks using momentum Feb 03, 2019

    Philip Shaw: Not Giving the Farm Away Nov 28, 2018

    Philip Shaw is a farmer in Western Ontario. In this episode, you'll here someone on the physical side of the commodity business discuss how he thinks about what commodities to grow, how he manages risk, and his thoughts from several decades in the commodity business.


    The benefits of adjusting position sizes Oct 22, 2018

    Memories Sep 18, 2018

    Thanks to everyone who wrote in about September 11. Here are some of my memories from growing up in Manhattan and spending a great deal of time near WTC 1 & 2.


    How to build out your trading company Sep 11, 2018

    Don't build it so they will come. There is no connection to spending money you don't have in order to cast a bigger shadow when you have zero potential clients.

    Start small. Nothing wrong with it. Grow as your defined needs grow.


    How to use volatility to reduce your watch list Sep 10, 2018

    If the instrument you're looking at has a daily volatility measurement that is greater in dollars than you are willing to risk, you must pass on the trade.


    How to keep your trading costs low Sep 07, 2018

    Money you don't spend when you're starting out is money that you don't need to earn. And that's important when you don't fully understand what you're doing.


    What I would tell my 20 year old self Sep 06, 2018

    The trading world has changed since I began, but the tenets of good trading are still in tact.

    Here's how I would counsel myself at the beginning of my career based upon what I know now and the experiences I've had - both good and bad.


    Why you can't be everything to everybody Sep 05, 2018

    Focus on one style of trading. Build a system for client communications also. Else, your business is going to run you.


    How to Trade Earnings Season with Mike Katz Aug 16, 2018

    How to interpret insider selling Aug 14, 2018

    Sign of the "High" Times with Matt Dula Aug 10, 2018

    Cannabis Green Book partners with Equifax and Matt and Michael revisit the High Times IPO.


    Peter Borish Booms and Busts in Global Macro Trading Aug 06, 2018

    Michael Martin and Peter Borish discuss the current environment and when it looked like this before.

    We also speak about what inspired him to develop his analog model that anticipated the market crash in 1987.

    Peter is on the faculty at MartinKronicle and also joins the "live" Mastermind to answer our students questions.


    How the VIX can play a role in your portfolio Aug 01, 2018

    Hari Krishnan returns to the show to discuss how the VIX can play a role in portfolio diversification, not unlike Managed Futures.

    [Sorry about some of the audio. Hari's schedule is very tight and he was overseas at the time of our recording. No matter how many times we hung up and retried getting a better connection, nothing worked.]


    Matt Dula on the DEA and FDA Drug Approval Process Jul 31, 2018

    Shareholders of GWPH need two approvals in order for their investment to pay off, one of which they have - the FDA approval.

    Trickier to understand is the DEA approval which needs to happen by the end of September or 3 months after the FDA approval.


    Prop Trading with Mike Katz of Seven Points Capital Jul 27, 2018

    Check out their videos at YouTube also.


    Why trading smaller entries is good trading Jul 24, 2018

    If you're wrong 60% of the time in good markets, why lose on your optimal bet size right away?

    Cut that in half for your first entry and then add the second half to your winning trade...


    What is your optimal bet size emotionally speaking? Jul 23, 2018

    You don't have more control over an instrument by downtiming to 10 minute bars? Trader smaller if you're afraid to lose and trade off of weekly charts, then daily.


    Jeff Dorman - Trading the Blockchain Jul 17, 2018

    Jeff Dorman is a Portfolio Manager and Head Trader at Arca Funds in Los Angeles.


    Why your process will evolve over time Jul 16, 2018

    Tape readers have had to evolve their process with the proliferation of HFT. This is just one example of what you'll face over the course of your career.


    Cannabis Commodity Education - Matt Dula Jul 09, 2018

    Matt Dula is an expert in the marijuana investment space. You can find out more about what he's doing at Cannabis Green Book.


    What large destabilizing losses do for you Jul 03, 2018

    Why there are no bad feelings and all feelings are good Jul 02, 2018

    How do you feel about consolidation? Jun 29, 2018

    How to manage your position when volatility changes Jun 28, 2018

    Trim the hedges or not?


    Why micromanaging your trades means stop trading Jun 27, 2018

    How to use time stops effectively Jun 26, 2018

    When directional momentum stalls after you've established your position, here's what to do.


    How to manage a trade correctly Jun 25, 2018

    All trades have a beginning, a middle, and an end. Most traders focus too much IMHO on the entry (beginning) and the exit (the end).

    Mismanage the "middle" and it can mean all the difference between a winning trade and losing one.


    When pro traders get in a funk, they do this simple thing to gain back their confidence and become friends with the market again Jun 22, 2018

    Revert to more simplicity when you get in a rut.


    How traders build discipline everyday Jun 21, 2018

    Great traders focus on their behavior all the time.

    • Consistency
    • Perseverance
    • Persistance
    • Determination

    When you're starting out you won't have the luxury of having these feelings if you blow up two months into your trading career.

    Keep your frequency of trading to a minimum until you learn to trade one style and own it. Limit yourself to initiating two trades a day, else you might find yourself chasing everything that's up $2 / share because you feel you're missing out on many trades.


    How to go beyond your reward to risk ratio of 5 to 1 Jun 20, 2018

    Most traders fail to reach their true optimum ability and optimal performance because they have no sense of imagination and the don't challenge themselves.


    Why you need to make sure your system is efficient Jun 19, 2018

    The biggest problem with being a chart-reader only trader, is that finding names for your watchlist is terribly inefficient.


    Why you need know the difference between goals and tasks Jun 18, 2018

    Don't plan to get tasks done, else you'll be stuck in blue collar despair.

    Make goals that include increasing assets under management, revenue, net income, and consistent behavior around following your rules.

    That's how you'll grow your business and your wealth.


    How to get prospects to want to come to you Jun 14, 2018

    How to get one plus one to equal three Jun 13, 2018

    When I set personal goals alongside my business goals, I tend to hit both. When that happens, life is good!

    Already hit your goals? Set new ones that are realistic and attainable.

    Don't forget to set your "FU" or stretch goals also. You might not hit them, but you get your subconscious mind thinking about them even when your conscious mind is working on the attainable ones.

    You just never know...


    Why failure is guaranteed if you don't stay on message Jun 12, 2018

    You need two variations of your marketing message: one for individuals and high-net-worth families, and another for institutional investors and allocators.

    These two segments speak different languages and their concerns are very different.

    For example, if you launch into your pitch loaded with industry jargon to a HNW family, they won't understand a thing you're saying, whereas the allocator will.

    If you waver too much, you'll inadvertently end up trying to be everything to everybody. That tactic doesn't work.

    Learn to speak to your audience and be mindful of the subtle variations that will make you a success speaking to both segments.


    Learn to take care of yourself first Jun 11, 2018

    How to develop an attitude of gratitude to help you succeed in the markets Jun 08, 2018

    Write out a short list for some of the things that you're grateful for. This is your Gratitude List and it can help you feel a little bit better about things when you think nothing is going right.

    You can try this just when you think you're gas tank is empty and you don't know where your next source of motivation might come from. Do everything you can to remain persistent and determined.


    Why you have to define your trading edge before anything else Jun 07, 2018

    If you have no trading edge, where you execute your business doesn't matter.


    Improve your trading by not trading Jun 06, 2018

    Putting space between yourself and the market can be refreshing.

    You don't have to do this only when you're losing.


    You can learn trading faster intellectually rather than emotionally Jun 05, 2018

    You can learn trading faster intellectually rather than emotionally.

    That's why it's easy to understand, but hard to do.

    Your emotions can get the best of you, stop you cold in your tracks, kill your confidence, and keep you at the level of a very knowledgable spectator.


    How to prepare for a winning streak Jun 04, 2018

    Just like professional athletes and competitors prepare mentally for a match, so can you.

    In fact, you have to. You can't just wing it.

    Intentions equal results.

    Put it in your mind that you are going to achieve your goals then go and do it.


    How to get new clients by traveling Jun 01, 2018

    Here's a great example of how to combine your passion for one area of your life that can potentially benefit your business.


    How to attract clients to you May 31, 2018

    Michael Martin discusses how you can get potential clients to come to you.


    How to turn your personal interests into business opportunities May 30, 2018

    People do business with people they like - so be likable.

    If you're a fly fishing nut and know all the best spots to fish, you can find like-minded people to cohort with by joining a group or association that is passionate about fly fishing.

    Or even better, you can start a weekenders fly fishing getaway for which you are the guide.

    Successful businessmen like to fish and be outdoors, so it's a good group to affiliate with. They have the success, the business acumen, and the capital to risk to either back your company or become clients.


    The reason personal goals can improve your trading ability May 29, 2018

    Setting personal goals in parallel with you trading goals can have a 1+1=3 type of payoff.

    For one, achieving personal goals can give you a boost of confidence and raise your self-esteem. I generally believe that it's impossible to do anything well if you lack confidence.

    Trading is a game of failure and learning to succeed in the face of low accuracy and high expected values can help you develop the mental stamina necessary to survive periods of time where you have no evidence of any trading skill.

    Two, having personal goals keeps your brain in a mode of "figure-out-ability" that is critical for trading success. Your trading tactics and methodology is going to come from much trial and error.

    When your brain is conditioned to figure things out, you're in a natural state of "curiosity leads to revelation leads to eventual solution."

    When I have had to come to the trading whiteboard "cold" so to speak, it took me much longer (days and weeks) to get my brain in gear to figure out a solution.

    Lastly, you'll meet new people along the way when you have similar interests. People tend to like and become friends with other people who share experiences.

    Maybe some of these people would be interested in learning about your trading process and hiring you to manage the money?


    Three things to consider to calculate your optimal position size May 28, 2018

    Position sizing has the most impact on your P&L, so make sure you get it right.

    In strongly trending markets, you can throw a dart to pick your entry and make a ton of cash.

    The position size is the part of your trading algo where the sword cuts both ways. It's also the part of your trading that goes to the core of any self-doubt you might have about your ability.

    Trade to big and bad news and bad luck can hurt you badly and destabilize you for weeks or months. Trade to small and never get anywhere for all your efforts (it's possible to trade too small and not have enough risk to meet your financial goals).

    In this episode, Michael Martin discusses several things to consider as you carve out your methodology for position sizing.


    How to stage your options trades for higher returns May 25, 2018

    Some options trades require you to complete the structure in two steps.

    Whereas you don't want to "leg" into intra-commodity spreads, you might consider that a strategy for your butterfly or condor trades.

    Instead of putting on a long butterfly all at once, many traders we've worked with are buying call spreads, for example, and then after the market moves selling the call spread above it to complete the butterfly.

    This doesn't work 100% of the time, and sometimes you just offset the vertical spread. However, sometimes is does work and you can take advantage of the flexible nature of options to carve out your Reward to risk profiles.


    How to develop expertise in the markets May 24, 2018

    Michael Martin discusses how it's appropriate for some traders to focus on one market or sector for professional purposes.


    How to handle a losing streak May 23, 2018

    Both winning and losing streaks are "user-defined" so make sure you understand what your trading results are telling you.

    Here's one way to know.


    Why your monthly goal has nothing to do with profitability May 22, 2018

    You are powerless over the markets, regardless if you have 30 years of experience or only 30 days.

    Focus on your process, because you can't control the outcome.

    I believe you need to have positive intention about your trading as "intentions equal results."

    Your intention is closely related to your attitude and your attitude affects your judgment, judgment affects your behavior, and behavior predicts where you end up in life.

    You can't work backwards from losing money in one month and determine that you are not a good trader. You may have had bad luck or the markets might not be amenable to your trading rules.

    You may come to understand that your process needs tweaking to better suit the markets or your emotional makeup. That's what backtesting is for.

    If your results from trading in one month are "in model" then all you can do is study the variance between what orders your system generated and what orders you entered.

    The same can be said about winning months and good trading.


    What you need to do to survive your first three years May 21, 2018

    In this episode, Michael Martin has a frank discussion about what you need and what you don't need at the beginning of your career.

    In one sense, your job is to survive. That means going slowly and playing superior defense.

    Many traders keep a full-time job to make sure they can pay their bills before going solo.


    If you want to succeed in the markets, these three things must line up May 18, 2018

    Michael Martin discusses the "triumvirate" that every trader needs to succeed long-term trading the markets.


    "Mike, what markets are you trading?" May 17, 2018

    In this episode, a reader asks Michael Martin about some of the markets he's trading.


    What your trading performance actually reveals May 16, 2018

    Most allocators know that you are powerless over the markets. But if you tell them the markets you trade, they'll have a good idea of where your performance should come from.


    How mindfulness effects your progress May 15, 2018

    Be mindful of all your trading activity and non-activity. Growing too slowly can be problematic, but so can growing too quickly.


    The easiest way to add to winners May 14, 2018

    You don't have to double your position to have added to a winning trade.

    Try adding 20% to see how it feels.

    For best results, you'll have to backtest in a simulator to determine the best location and position size for adding to your winners.

    If you believe, like I do, that most markets don't trend and that trends persist, this might be a good tactic for you to look at.


    The hardest part of investing May 11, 2018

    The hardest part of investing (and trading) is knowing when to take profits. In my trading, I'm using systematic exits.

    Harder, is when I have a long-term buy and hold in my investment portfolio and I have to let go of a name that I've had for ages.

    See the corresponding video on Disney.


    Create winning spreads with weekly options May 10, 2018

    You can create some interesting spreads between weekly and monthly option expirations.

    Some traders buy the longer dated options and sell nearer expirations to pay for them.

    Get the MartinKronicle Android App - it's free.


    How to diversify across one market May 09, 2018

    There are traders whose sole responsibility is to create alpha in only one sector or in one commodity group. Sometimes, it might be in just one contract such as natural gas, for example.

    Since most markets are not trending, focusing on one sector can be a challenge if there is no direction or trend. Unless you've been trained...

    These particular traders have learned to make money in natural gas regardless of the market environment. That ability did not show up overnight and it took a great deal of trial and error in order to understand the shifts between market environments.

    You can get there also, but you have to be willing to run more than one system.

    The key to understanding the context of "diversify" here, is that the trader deploys several systems depending on the market environment.

    Get the MartinKronicle App for Android

    When markets are trending, they're long or short. When volatile and choppy, they have vol crush trades on. When consolidating, they have credit vertical spreads. And when seasonal, they can create calendar spreads in futures. These aren't day traders either.

    You can study the relationships between an underlying security and all the related instruments to find your trading edge.

    Admittedly, some of them have access to the cash commodity markets too, so that gives them many more combinations of relationships to study.


    The reason why great trading tactics are boring May 08, 2018

    I don't believe there is anything that can be called "advanced trading." Most of the time that I see that expression, it's in marketing literature.

    The best trading rules that make your money are easy to understand and simple to execute. Words like "advanced" are there to feed your ego.

    My take is that if a trader has a strong sense of self, then finding the right trading methodology is easy (or easier). Trading is largely psychological and emotional and the best traders acknowledge who they are and what they can handle, and act accordingly.

    I've said before "if you don't know who you are, then what you know doesn't matter" when it comes to trading.

    Get the MartinKronicle app for Android.

    We'll be adding much bonus content that we can't include in a podcast or blog post. Apple iOS version coming soon!


    Keeping your losses small leads to huge gains May 07, 2018

    There were times when I invited huge vol to my portfolio. It would run up 20% and then dive-bomb to -20%...that's intraweek!

    The portfolio comprised of outright directional trades including long/short futures, debit option trades, and long stocks.

    What I found over time though, was that all this ebb and flow created an equity curve that looked like a heart monitor.

    I had to find a way to create positive slope to the curve. That's how we keep score.

    Get the new MartinKronicle app for Android

    Moreover, it wasn't about the instruments that I was trading nor the combination of them, but HOW I was trading them.

    Once I determined that my up days and weeks were from a small semblance of skill and not luck, I had to learn to keep the profits that the market was "giving" me.

    Backtesting, I found the optimal points where I had to cut my losses and, more difficult than that, where to take profits without unwinding profitable trades too soon - to me, the hardest trade there is to make.

    In this episode, I remember how I had to make tough decisions around blue-chip names when you're taught that selling them is a sacrilege. (Watch the attached video to see what I mean.)

    Our first order of business once we add risk, is to keep losses small. Once I did that in concert with learning tactical ways to take profits, my equity curve took off.

    And that's not having to change my orientation to trading, the instruments I traded, nor the timeframes within which I traded.

    Those two seemingly small adjustments led to huge gains and I didn't have to do that much to turn this situation around.


    Bloom where you are May 04, 2018

    Frustrated about your trading? Maybe you're fine right where you are and you just have to accept "what is" and take life on life's terms.

    I see this a lot in traders who always want to be somewhere else when they are doing fine right where they are. If this sounds like someone you know, listen in...


    When your eyes deceive you May 03, 2018

    In this episode, Michael Martin discusses the evolution of your trading rules and system design.


    How to create profitable trading rules May 02, 2018

    Although it takes a bit of time and effort, building a systematized set of trading rules is worth it in the long run.

    Instead of reading charts to come up with trading ideas subjectively, each evening you'll run your trading rules to generate orders which you'll enter the following morning.

    In this episode, Michael Martin recounts how he developed his original model and how it evolved into what he's doing today in trading and teaching building models and systems.


    How to benefit from the flexibility of options May 01, 2018

    Start with long-dated Call options and turn them into a Bull Call spread by selling the upper strike when the underlying reverses down. Cover that leg when the vol crashes.

    You can create other structures too, such as condors or butterflies all based upon a core holding of long dated calls.


    How to manage your account like a pro Apr 30, 2018

    If you put every dollar you have to work, you don't give yourself any room when Murphy's Law kicks in.

    If you keep some dry powder, you'll be able to able to withstand some shocks to the system, as well as have capital to deploy when something falls into your lap.


    How you can profit more with options Apr 27, 2018

    Michael Martin interviews options trader and portfolio manager Hari Krishnan on the current environment and how traders can position themselves with options to capture greater profits.

    Krishnan is the author of The 2nd Leg Down: Strategies for Profiting after a Market Sell-Off.


    Why crypto investing is more risky than futures trading Apr 26, 2018

    Crypto investing is missing some key components that an investor's are used to in trading equities, options, and futures.

    In this episode, Michael Martin discusses what's missing and why you should measure 8 times and cut once in the crypto space.


    How to use options to reduce risk in your portfolio Apr 25, 2018

    With the likelihood of the fed tightening, investors who rely on certain instruments for income are in a tough spot.

    They can use options to transfer the risk and hold their current positions.


    How to see key inflection points in the market Apr 24, 2018

    Key inflection points can happen with the fundamentals as well as the technicals.


    Why trading before an earnings report is a risky gamble Apr 23, 2018

    I've seen too many traders try to trade something on a hunch because they thought earnings were going to be a blowout.

    It's much more complicated than that.

    There's the EPS, top-line growth, expenses, one-time charges, and forward-looking statements that get reported.

    I've seen companies beat by $0.02 per share, but the forward-looking statements are bearish or cautious and the stock sells off.

    Trading on hunches is a gamble: you don't know the probabilities nor the expected values.

    If you can't model it, you can't trade it.


    How to know if you're suitable for system trading Apr 20, 2018

    If you believe the adage that "good trading is boring," then system trading is boring to the nth degree.

    There are days, sometimes weeks, that I don't generate an ORDER, never mind a trade. Then there are times when there are so many orders, you have to write them all out first in a general ledger and number the tickets.

    On the flip side, system trading is also very peaceful because I'm able to scan thousands of instruments in less than a minute and not worry that I'm missing out of an opportunity. That is a mental advantage if nothing else.


    When you focus on your process the results will follow Apr 19, 2018

    Focus on your process and stay out of the results - you're powerless over them.

    All you can do is control the "controlables" - that is, your behavior.


    How spreads decrease risk and increase profits Apr 18, 2018

    Seasonal commodity spreads can be very a reliable type of trade for your portfolio.

    While commodities are surely not for everyone, commodity spreads are considered "hedged" because the trader is simultaneously long and short the same commodity but in different expiration months.

    A great source of information on spreads is at Moore Research Center. You can find them on the internet at www.mrci.com.


    How to achieve your goals faster by staying on message Apr 17, 2018

    Some investors will test you by asking you questions that are deliberately off the mark.

    Stick to you message throughout even if they try to knock you off balance.

    You might take a meeting as a CTA and someone interviewing you might say something along the lines of "We're looking to allocate $10MM to a crypto-only portfolio in the next 5 days" when they know you're looking for assets.

    It's ok to laugh at them and say "good luck - I hope there is a short selling component to the model."

    Tell them that it's "not terribly wise to make such an allocation on short notice." Most want some fight in the dog.

    Stick to your message and what it is you can do and leave it at that. Otherwise, you'll look amateurish if you're all over the place.


    What to do when the market opens below your stops Apr 16, 2018

    Every once in a while, the market will open below the point where you would have stopped out your long position or above where you would have covered your short position.

    The best practice is to offset the position right away. Bad situations become worse.

    Your first loss is your best loss.

    Aggravating as it might be, this has not happened enough to me to convince me to stop holding positions overnight or over the weekend. In fact, I'll go so far to say that holding my positions are what I attribute the majority of my gains to.


    Two ways to compensate your partners Apr 13, 2018

    You need a great deal of help when you're getting started. That doesn't mean you have to give away the house in order to get it.

    For one, I'll help you as much as I can with what I know that will save you time and money.

    Second, pay as you go compensation plans have the most flexibility, as opposed to "you were here at the beginning, there are two of us, so you get 50%." That's a bad deal.

    When you align your goals with your overall behavior, you'll have harmony in your life and business.


    Impress your clients by doing these three things Apr 12, 2018

    Coach your clients about what they should expect. It will save you tons of time in work and having to explain things, and in the process make you look like a pro.


    What potential clients really want from you Apr 11, 2018

    It's the differences that sell. Your potential clients are looking for more than just performance from you.

    Spend some time taking notes on this episode if you're looking to get new assets from potential clients.


    Three things to consider when picking your partners Apr 10, 2018

    There are a ton of moving parts to your trading business. Pick your partners carefully - sometimes you can't unwind things as fast as you set them up.

    Everyone flirts hard to get your business and the best deal you can strike is on the day you walk in the front door - it only gets worse after that - and that's why people change firms.

    Measure 8 times and cut once.


    What to do to your positions when volatility increases Apr 09, 2018

    If volatility increases while you have an existing position on, you should probably cut the size of the trade down to reflect the new vol.


    Adding new indicators won't help you Apr 06, 2018

    Market vol is increasing due to higher level of discomfort and uncertainty, but don't go adding new indicators now. They're not as telling as you'd think.


    What short selling means for your portfolio Apr 05, 2018

    In this episode, Michael Martin discusses the various reasons you might consider to add short selling to your portfolio.

    You can short sell for real returns, or you can use it to cut the vol in your long-only strategy.


    Use this clever way to enter short sales Apr 04, 2018

    If you enter a short sale late as can happen with breakouts to the downside, you might have it rally in your face before it becomes meaningfully profitable.

    In today's episode, Michael Martin discusses one way that you can enter the market short with a more improved entry - and potentially less risk.


    The best use of historical charts Apr 03, 2018

    The most valuable information is not necessarily the recent data.

    Michael Martin discusses what you can learn from a historical chart. Names mentioned CMGI, Munder Net Net Fund, Vertical Net, Cronos, Bitcoin, and Cisco.


    Getting over the weirdness of adding to winners Apr 02, 2018

    Most rookies are looking to take profits when the have a winning trade. Professionals look to continue riding the trend for all it's worth. As I've said here before, inexperienced traders need the boost to their self-esteem by posting smaller wins to validate their behavior as traders. Small or not, a win is a win and that's what's important to them. We advocate something that takes a little more evolution.

    I have found in almost 30 years of teaching that a trader's unwillingness to add to winners is more of an uncomfortable, emotional problem than it is to understand the math involved.

    Like any behavior, it takes some getting used to, but if you do it enough times, you can make it a good habit and replace the bad habit of having price targets.


    Why you should add to winners Mar 30, 2018

    You're doing the work anyway, you might as well get paid for it.

    Study how the security behaved after you took profits at your price target. What percentage of them continued to move in your favor?

    What was the average gain beyond your price target that you might have earned had you stayed in the trade?


    What to do when the markets snap back Mar 29, 2018

    It looked like some of the markets were about to run, but they all came back.

    How do you handle snap backs?

    Michael Martin discusses how he handles quick reversals in the markets immediately after he establishes a position.


    How I put distance between myself and the markets Mar 28, 2018

    When it's time to chill, it's time to chill. Spying on the market during the time you've earmarked to put some distance between yourself and the market defeats the purpose of the break.


    How I use intraday charts Mar 27, 2018

    I don't use them per se, but I test the intraday data around key inflection points in a simulator. I don't look at nor study intraday charts.


    Why it's smart to Trade below your maximum risk Mar 26, 2018

    Your max risk per trade is just that - your max. You might consider trading within that risk measurement. Why? Murphy's Law. Take that into account when you are position sizing your trades.

    You can normalize risk across all instruments so that you can think of each security in terms of risk units, that is, shares or contracts per unit. That's achieved by calculating the volatility of each instrument. In position sizing this way, you won't trade one more aggressively than another. They'll all be the same risk % to your overall account.

    For example, given the prevailing volatilities, 26 contracts of Sugar might be equal to only 6 contracts of Crude Oil in terms of percentage risk to your capital. Each would be a 1% risk unit even though Sugar has 4x plus more contracts than Crude Oil.


    Why trading baskets might yield higher returns Mar 23, 2018

    You have to surrender control for this strategy to work for you.

    If you're hyper-vigilant once you're filled, or you have a strong emotional need to monitor your trades tick-by-tick, this isn't for you.


    Two things a stock's price reveals Mar 22, 2018

    Despite the enormous "want" from investors from this growth opportunity, the stock is low priced. Why is that?

    Does price move first and fundamentals follow (as PTJ said), or is it the other way around?

    IMHO, price is the only thing that will tell you the truth, and in this case it doesn't matter if you uptime and downtime the chart - the answer is the same. Investors are in a "wait and see" mode.

    Two things the price tells you are 1) what everyone is thinking about the prospects for growth; and 2) the overall trend of the security. If it's cheap, it's cheap for a reason.


    Sperandeo on inflation and Bitcoin Mar 21, 2018

    Ultimately, blockchain technology is solid, but Bitcoin is a tulip bubble.


    Two reasons for trading a basket of securities Mar 20, 2018

    Don't put all your hope in one trade. If you trade a basket of names, the net upside can be greater than that of the one name you're counting on - and you've diversified your risk.

    Trade smaller positions and manage risk with protective stop order placement.


    Why I gave up on charts Mar 19, 2018

    When to add to winners Mar 16, 2018

    Borish: Why You Should Avoid Low-Priced Stocks Mar 15, 2018

    Sperandeo: The case for commodities Mar 14, 2018

    Expand your book before you trade larger Mar 13, 2018

    When to trade larger Mar 12, 2018

    Going Against the Grain Mar 09, 2018

    In his guest post at MartinKronicle, Victor Sperandeo stated that he believes the market high is in for the year.

    Maybe he's wrong - maybe he's right.

    But if you trade the S&P 500, listen up. Trading rallies in a downtrending market is a different environment - and different trading style - than trading long in a bull market. It's a new dynamic that you have to get used to, mostly by doing it.

    If you become frustrated, think about trading smaller or sitting on your hands until you learn how to short the market or find another vehicle that works for your trading style.


    Sperandeo: The Death Knell for Bonds Mar 08, 2018

    The most important thing you can do to improve Mar 07, 2018

    Are you good or lucky? Mar 06, 2018

    Michael Martin discusses the roles of luck and skill in your trading and offers a fool-proof way to create a greater amount of luck.


    How to never lose a client Mar 05, 2018

    MMJ Analyst Matt Dula on Cronos Mar 02, 2018

    Where to find the best trade ideas Mar 01, 2018

    Dealing with FOMO - the Frustration of Missing Out Feb 28, 2018

    All you can hope for is that you use the frustration to motivate you to find another solution to decrease the frequency of what brings forth the frustration in the first place. That is of course, unless you want to continue feeling frustrated - then keep doing what you're doing because you already have a perfect system of generating frustration.


    How to own revenge trading Feb 27, 2018

    Has this every happened to you?

    You're in a great trade, you have unrealized gains, and you're feeling good about your execution.

    You're about to add to your winner, when the market craps the bed and takes the entire market down so that your gains are wiped out in less than an hour.

    Worse, the market rebounds entirely over the next few days as you watch your former position rally to new highs.

    Do you chase it? Not a good idea.

    Getting back in because you're angry is another form of revenge trading.

    If you don't have a bona fide rule for re-entering such a trade, consider looking at reversal patterns.

    If your market sells off with the overall market, but rebounds, it might show up as a reversal pattern.

    A good one to start with is Victor Sperandeo's "2B Reversal" as depicted in his book "Methods of a Wall St. Master."

    You can trade this as a chart pattern or code it into your systematized rules.


    Peter Borish - How Not to Lose Your Allocation Feb 26, 2018

    You will get fired for trading in a way where you don't have a defined edge faster than you will for poor performance.


    How to stay on message Feb 23, 2018

    Your "leads" or potential clients are not going to understand some of the industry terms that you might use during your presentation, so they are not going to know what questions to ask.

    They are not going to want to look stupid, so don't expect them to ask you what a certain word means.

    Here's what I would do:

    1) avoid jargon - don't use big words that the average person won't know

    2) stay on message - answer every question in terms of how your system or trading rules would perform

    3) take a breath and take your time - it's better to take a beat and put some thought into your answers, than be rapid-fire. It's not a race.

    4) "I don't know" - you'll gain a lot of respect if you have to say "I don't know, but let me get back to you in X days." You might have to research something or double-check on an idea before you open your mouth. It also gives you a specific reason to follow up with them.

    Don't let curveballs throw you and take you off on tangents. Focus on your trading rules while your trading, and when you're marketing.


    How to use fear in the market to your advantage Feb 22, 2018

    This is a brief glimpse of some of what we cover in our courses.

    No one wants to hear how great a trader or PM you are in a raging bull market. Everyone has it all figured out.

    Then something bad happens and they're equity gets hit by 10%...

    You enter the picture and show people how you can remain calm under pressure and capture the majority of the up moves and not capitulate at the market bottom.

    Position yourself as a trusted advisor who the HNW individual will hire no differently than they would an estate planner or CPA.


    How to get the most out of our material Feb 21, 2018

    Live instruction from Michael Martin who is joined by Peter Borish and Brynne Kelly.

    Other lessons by Scott Kaminski and Tony Saliba.

    Plus, special guests...


    The many ways traders are sitting ducks Feb 20, 2018

    The more frequently you trade, the worse it is.


    Why consistent behavior drives you to success Feb 19, 2018

    Peter Borish joins Michael Martin for his weekly visit.


    Why a group of amateurs can muscle stocks Feb 16, 2018

    Any group of unsophisticated investors or traders who are committing real capital can push the markets around based upon what they're reading in social media. You have to respect their collective power.

    My job is still to protect capital despite or regardless who I trade against. A group of pikers acting in concert can run me over despite my methodology and 3 decades of experience.


    Why not trading can be the best strategy Feb 15, 2018

    Glaring at the screen isn't going to generate trade ideas. Volatility does not mean opportunity. Your trading plan has to be set before you take action.


    How to add a new component to your trading system Feb 14, 2018

    Risk a fraction of what you're normally risking per trade. You will need to learn how the new component or strategy will work in concert with your existing rules.


    What smart money does in a market correction Feb 13, 2018

    Have a wish list and be prepared when things go on sale


    Matt Dula - High Times IPO Feb 12, 2018

    Two things you don't know about marijuana Feb 08, 2018

    Matt Dula is a former Marine having been honorably discharged from the USMC in 2014 after a 5-year commitment as am an infantry mortarman. He was on 5 different prescription meds when he returned home as a result of a tour in Afghanistan and an MEU in the Middle East. He is currently the CEO of CVRN - the Cannabis Virtual Reality Network.

    He replaced all 5 of those prescription drugs through the use of MMJ. Dula feels the US can save billions of dollars a year if we allowed Veterans to use MMJ in lieu of prescribed medications.

    To better understand the marijuana space, Dula advises that you focus on two things to start:

    1) If you follow the money, you can see why it's slow going in getting marijuana off the Federal prohibited substance list. There are companies that have a vested interest in keeping it illegal for many years to come, or at least slow it down so they can play catch up and set themselves up to cash in by making private investments through private holding companies so they have the equity ownership in place once marijuana is taken off the list.

    An example of this is Hawthorne Gardening Co, a subsidiary company of Scott's Miracle Gro (NYSE: SMG). Scott's has in fact shed its international businesses to focus on the MMJ space.

    2) Marijuana contains over 400 medically beneficial phytochemicals, the most beneficial class known as phytocannabinoids. These mimic our own body's endocannabinoids that our bodies produce naturally. We produce over 80 but that list is growing with more research.

    When we introduce phytocannabinoids into our bodies, they seek out "holes" to fill where our bodies might be lacking in the endocannabinoid space.

    "Of the phytocannabinoids currently being studied the one that’s best known and most researched is Tetrahydrocannabinol (THC). THC is a compound that carries sometimes less desirable psychoactive properties. However, there are more than 100 other cannabinoids that are less known like Cannabidiol (CBD), Cannabinol (CBN), and Cannabichromene (CBC). CBD, CBN, and CBC have all shown promise maintaining the mind and body while promoting everyday health and wellness without these aforementioned psychotropic effects."

    You can read more about these here.

    Read more about cannabinoids here.


    Why you need to have a plan ahead of time Feb 07, 2018

    A small allocation is a strategy. A large allocation is a business. How you handle yourself in market corrections instructs allocators how you will handle yourself with their money.

    Have a game plan ahead of time. The market is always right - don't deflect blame. Really good traders understand themselves very well. They have ownership of their emotions and trading.

    Pairs trading is a good way to have a hedge that you can actually make money on. Simultaneously long one name and short another. Both "legs" can profit, whereas if you have a married put with a long stock, you're bullish on the stock but if you make on the hedge, it's because you're losing on the stock.


    Annie Duke Thinking in Bets Feb 06, 2018

    What the CL and NG contracts actually mean Feb 05, 2018

    How to maintain your discipline while losing Feb 02, 2018

    You have to always manage risk with the odds in your favor.

    Even if you lose, if you're sticking to your rules, it could be a good trade that just had a bad outcome.

    Keep putting on trades with high expected values and over hundreds of trades you'll come out ahead.

    How you recover from a drawdown is more important that the duration or magnitude of the drawdown.

    Everyone has drawdowns. Therefore, focus on your rules and play superior defense and allocations such as Peter will respect your process.

    If you bail on your rules, like amateurs do, you relegate yourself back to amateurville. How you behave around drawdowns will show allocators how you will behave when you lose their money.


    Why You Shouldn't Bet on Laggards Feb 01, 2018

    Michael Martin answers the question "How would you trade X commodity or stock?"

    Also, he discusses how he trades laggards.


    Todd Harrison interview Jan 31, 2018

    Why you should study term structure in commodities Jan 30, 2018

    Energy analyst Brynne Kelly discusses term structure in crude oil and natural gas, as well as what happens when markets invert.


    Getting aligned with your emotional trading rules Jan 29, 2018

    We all run two systems: our trading rules and our emotional rules. I think making money over the long term is about being a master of both systems. In the short run, your trading rules can benefit from luck.

    Our habits or paradigms really tell us what we are feeling on a deep level and steer our behavior, and our behavior predicts where we end up in life.

    I think this is why you can know some really smart people but they can't trade. Two, it can be tied to why some can make money but can't keep it. It's absolutely why anyone can learn to trade, but few can actually do it. They aren't built the right way emotionally for the profession.

    Bull markets reward even the worst systems with net long exposure, but when the markets turn is really where the money is made so to speak.

    How does your trading serve you in that regard, because sometimes people trade for more than the money. They think they want the lifestyle because they see the outward expression of the results without fully understanding what it takes to get there.

    If you're not getting results that you'd like, you're likely going to have to change your behavior, perhaps more than your thought process.

    If you believe that humans are pleasure seekers, you might believe that we do what feels good. Therefore, changing might not feel good until it becomes ingrained and habitual. In order to develop new habits, you have to subscribe to massive repetition and consistency.

    What are you willing to NOT do to improve your trading results? Sometimes it's removing a factor or parameter that helps you get the outcomes that you want more consistently in a probabilistic endeavor such as trading.

    Here are some good questions to ask yourself:

    Can you stop daytrading or short term trading to make room for longer-term winning trades?

    Do you feel like you're in greater control by trading more frequently?

    If that's your belief system, and you're not making money, would you say that your need for the feeling of control is greater than your need to become a successful trader? That is true for many an aspiring trader because they haven't felt the feelings around what being a successful trader is, so they have no after-the-fact or "a posteriori" knowledge. Are you willing to let go of those feelings around control to evolve into something more than you are now? This is what I mean when I speak about 'surrender' - I'm not talking about giving up, but pivoting.

    What does it feel like to make decisions with uncertain outcomes based upon short-term random data?

    The more you can live with the uncertainty, the more money you'll make. Think in terms of increasing the odds or probabilities.


    Peter Borish on S&P and Cryptos Jan 26, 2018

    How to avoid foreseeable blind spots Jan 25, 2018

    Sometimes the best trades are the ones that you don't enter.

    I know this might sound cute, but entering orders around big announcements can be a big gamble.

    Consider how you feel around trading the EIA, API, NOPA Crush numbers, quarterly earning announcements, and the FOMC announcements.

    Are you keeping orders on the book or do you lift them? Is part of the payoff the excitement around the trade ?

    Lift the orders around these moments of uncertainly. If you're trading options, that's a different story.

    I don't think it's a good idea to make your bones trying to trade announcements as a strategy. Allocators won't know how you can model this in a way that has high expected values, and in today's world, low daily volatility.

    Cancel existing orders around the releasing of key data points. I'm not saying to offset existing positions.


    How to find the best commodity clients Jan 24, 2018

    Advisors to HNW clients are in the business of gathering assets and wrapping them up in a "fee for service" asset management program built around an asset allocation model.

    I know they like to call themselves "money managers" but they don't know their asses from a hole in the ground about portfolio management. Their sole focus is to get in front of money in motion. That's why they have as many as 5 securities licenses, in addition to the health and life insurance licenses.

    You can bet that if their clients are considering an alternative investment or managed futures, that the Financial Advisor will have a product in-house to allocate their client funds into (and get the fees too). This isn't altruism.

    Your best leads - the Glengarry leads - will be the people you already know who deal with commodities as part of their business. They understand the cyclical nature of commodities, they have superior fundamental knowledge of the business, and they understand basis risk.

    These are the perfect candidates for you to market your services to. The less you have to explain to someone about how commodities work, the easier it will be to get your message across. If you run a long/short equity fund, these are good candidates for you too as they inherently understand the nature of shorting / short selling.


    Why assets are critical to success Jan 23, 2018

    You typically need to register when you are going to be marketing a great deal and holding yourself out to the general public.

    You can hold off from registration and take advantage of what are called "de minimus" exemptions and avoid paying the fees and doing all the paperwork until you have a certain number of clients over any 12-month period of time.

    On the RIA side, you can register by state or with the SEC. There are asset levels that would mandate your registering with the SEC regardless of the number of clients.

    One thing I'd like to stress is that most potential clients are not going to understand anything about registration.

    Two, being registered will not make raising assets any easier. Clients are not going to show up just because you are registered. I think many new traders go and register because it will give them a sense of security or clout.

    IMHO, it doesn't do that. All it does do is create busy work for you so that you can avoid the rejection you get from having to ask people for money. I'd save the registration fees in that regard, find some clients, and then go register using some of the management fees you've earned.

    If you have a trading grubstake, and enough money to pay your expenses at the beginning of your career, spend the time and money raising assets. Everything else is a distraction from what will get you to where you want to be.

    Getting assets to manage is the key to your success and growth. Focus on that process. Your track record will come over time. If you want to grow your business, double your asset base.

    For example, if you're running $1,000,000 right now and you want to grow, go get 4 new clients at $250,000 each. That's the fastest way to double your asset base and increase your fees. If you achieve 12% RoR, it will take you more than 6 years via internal growth because your fees would come out of the account. You can get 4 new clients in a few months or less.

    Save your money and don't buy shit you don't need like computer monitors, a fancy office, or registration fees. You can't buy your way into success - you have to trade up to it and gather net new assets.


    Why you don't want to skimp on marketing Jan 22, 2018

    Make sure you allocate funds to your marketing budget first. Don't skimp on the quality of your handouts. I'd create a nice 4-pager that folds over, in color, and have a bio about yourself, a summary of your trading style, and how what you do fits in with other managers. Unless you have 12 months of return data, I'd keep the performance in the Disclosure Document. Else, you'll be needing to update the color handout and color printing can get expensive quickly. You can write up the summary, get the headshot, and then have someone at upwork.com design and put together the 4-pager for you for a few hundred dollars.

    Get a high quality head shot with a professional photographer. Do not, under any circumstances, use a cropped photo from a wedding or formal in which you were wearing a tuxedo. You can get a pro photographer to take a few dozen shots of your for a few hundred dollars. This is money well-spent.

    You don't need to have all the social media channels on your firm's website. If you goal is to make professional connections, I'd use LinkedIn and leave it at that. That's the platform where people expect to get solicited and make business connections.

    If you have Facebook, Twitter, Stocktwits, Snapchat, Instagram, and Google+, you'll need fresh content for all of those channels at least weekly. It looks bad if you sign up for Instagram, post one thing, and then abandon the channel.

    I would be very judicious in posting personal things. That includes pictures of you and your frat brothers, political opinions, or thoughts about President Trump or Secretary Clinton, for example. Unless you don't care about polarizing your audience, do what you think is best, but I'd avoid such themes in my sharing.

    You might offend a potential client and in the beginning, you can't afford to turn people off when you're trying to turn them onto what you can do for them.

    Add this all up and you have the start of a professional appearance. You'll find though, that you still have to do outbound marketing in order to raise money. Setting up a website and a few social media channels is a good way to engage people, but you still have to ask for the money.


    How to incentivize yourself to raise money Jan 19, 2018

    You need sales training to raise money. If you're afraid of rejection, you have to hire someone to do this for you. Money will not walk in the front door because you are licensed, have an office, or even a decent track record.

    You need to ask for the business, ie, ask for the money. Clients will not decide unless you ask them.

    In the beginning, you might not be able to hire anyone because of lack of revenue. That means, you'll have to learn to raise assets yourself.

    You can rehearse and practice your "pitch" by recording it into your smartphone. Then listen back to it and hear your own voice. Are you exhibiting confidence? Where does your voice change, crack, get louder, emphasize certain points of a sentence? This is revealing information because as you know, any type of verbal communication is a combination of what you say and how you're saying it.

    What do you sound like to yourself? That's exactly how you will sound to potential clients.

    Record yourself reading your disclosure document. Record yourself explaining your trading process and risk management. Then record yourself pitching a friend or colleague and have them ask you questions about what you're saying. See if they can poke holes in your presentation. By doing this, and getting a little uncomfortable now, you'll be much better presenting when it counts.

    I promise you there are guys running money who can't spell "disclosure document" but they are good salesmen. If you think that isn't fair, you might be right, but at least you know now that you have to find a way to sell and raise assets.


    Fully Loaded Jan 18, 2018

    What do you do when you have all your capital committed, but you get a NEW trade signal before you get stopped for a loss or take a winner to free up some buyer power?

    This can happen when you have a smaller account. It can also happen if you have a larger account, but have a maximum amount of the account that you commit to margin.

    If you have a smaller account, my recommendation is to sell the biggest loser to free up the cash / buying power. This is done before your protective sell stop is hit.

    In my experience, trades that have made me money did so from the 'get go' so that's why I puke out the biggest loser at that time. I believe that you'll be better served by taking the new trade that has momentum behind it.

    If you have a larger account with a "target margin percentage" based upon the total assets under management, you can set a circuit breaker to make a rule around this occurrence.

    For example, you might have a rule that allows you to commit as much as 15% of your capital to margin in your futures trading account. That means $150,000 for every $1,000,000 under management.

    Do you allow it to go to $200,000 intraday? Do you offset the biggest losers or oldest positions that do not have unrealized gains in order to free up the margin?

    Look at your backtest and see how many of those losing trades came back to be winners. In my experience, only a small percentage will (at least based upon how I trade).

    Many of these new trade signals will be for additional risk units to existing winning trades in your portfolio if you have this as part of your system, that's why this rule is important.

    It's not uncommon for me to have initiated 4-5 trades (in different names), only to have 1-2 knocked out for losses, 1-2 be flat, and 1-2 show modest gains. Once in a while, one position will run like the wind. [Sometimes, I get knocked out for losses across the board - fun times...]

    If I get a signal to add to the winner, the margin has to come from somewhere if I have not gotten stopped or taken a gain from a system generated order.


    Do this to protect your capital Jan 17, 2018

    When you trade with a system, you'll find that a few times a year the markets just stall right when you have a few positions on. Once this happens, it's important to remember that you have to play superior defense and protect your capital.

    Professional traders sometimes use what are referred to as "time stops" to offset risk. Here's how to do it...

    If after you get long, for example, and the market stalls and there is no real movement in your position up or down over the next 2-3 days, offset the trade and go to cash.

    That might mean a range of $0.20 up or down from your entry or 1/4 point if you trade commodities. You can define what you feel your definition of the market being "flat" is.

    The best trades make you money right away. From looking at my own backtests, I found that upwards of 70% of these trades that "stalled" eventually lost money. I pre-empted that from happening by offsetting them before they could get stopped for the max loss that I was willing to take on the trade.

    So, I wasn't technically making money, but I was "losing less." Either way, I had more equity in my account that had I not utilized this strategy.


    How overtrading eats you alive Jan 16, 2018

    Backtesting is valuable for system design, as well as getting emotionally prepared for what's possible.

    It shows you what your gains and losses would have been had you followed your rules over the previous time period that you're testing.

    There are more things to measure besides gains, losses, and drawdowns.

    For all the trades that you make, you'll have commissions and fees that you can calculate given what of your trades get filled. There is no cost for entering stop orders.

    If your backtest generated $60k for last year, but you didn't consider the effect of commissions and fees, you might be surprised to find that you also generated $40k in commissions. Therefore, your net trading profits are $20k - a big difference than $60k.

    Worse, you don't typically get filled at the price you entered in your order. Stop orders become market orders once elected. That means "you get in line" for the next fill based upon "Priority, precedence, and parity."

    The difference in the price that you entered in your order and the fill price is called "slippage" or "skid" and it comes as a cost to trading. You can add a number to your simulator to represent the slippage in your trading simulations that will represent the impact it will have on your trading and your P&L. This will give you a truer sense of what you're endeavoring to do as a trader.

    Therefore, I'm concluding that when you overtrade, you're getting the worst of it: you're losing money, paying higher commissions, and losing money from slippage.

    When try to overtrade your way out of a drawdown because you feel more frequent trading means more opportunity to win, you make a bad situation worse.


    How to endure trading losses painlessly Jan 12, 2018

    The duration of your drawdown is "how long" it takes you to get back to the previous high. It's one thing to be down 10%, but how long will it take you to recover?

    If your losses are "in model" there's no reason to panic. You can get this information from backtesting your rules in a simulator. If you are trying to read charts, you're out of luck because your activity is based upon guesswork.

    While you're enduring a drawdown, your instincts might lead you to begin trading more frequently.

    Greater frequency of trades doest not equal greater opportunity. Most trades are suboptimal so I think you'll do better in any case by trading less.

    Your instincts might also lead you to "investigate" a new trading methodology to "overlay" on your existing rules, such as option selling because it brings in "revenue." You can lose your a** selling options.

    Behave consistently as you would when you're up 20%. All you do is follow your rules. Take it one day at a time.

    Meditate on how you feel when you have to be patient. You might feel anxious, depressed, angry, and frustrated to name a few. I don't believe your can overtrade your way out of a drawdown.

    You may also consider trading a larger position on something that you are "sure of" because "...if it only goes up 10%, I'll be back to even."

    "To every thing there is a season, and a time to every purpose under the heaven" - King James Bible

    Your trading rules might be "out of season" with the market. If you're a commodity trader, you know those markets are cyclical - so no surprise there. If you're an equity trader, sectors rotate so your winners will ebb and flow in secular markets.

    You will go much further as a trader if you understand that losing money and drawdowns are not a reflection of your ability to create alpha as a trader. But how you handle losses and drawdowns emotionally and behaviorally will provide you and others insight on your managing larger sums of money. Investors and allocators need to know you can be trusted.


    Two techniques to master drawdowns Jan 11, 2018

    If you want to be a professional trader, losses are part of the business. How you deal with losses, collectively called drawdowns, differentiate the amateurs from professional behavior.

    If you're down 20%, you need to do 25% to get back to even. This is important because you don't participate in the upside, ie, absolute performance, until you actually make the client money.

    Your sharing in the profits are called Incentive Fees or Profit Allocations and they are benchmarked against the initial account balance, aka, the "high water mark."

    Your ability is going to be measured by performance or alpha, but also how little you lose. Risk adjusted returns therefore are your goal. If you can garner market-like returns but with only a fraction of the drawdown, you'll be able to differentiate yourself from the competition.

    [Remember, the riches go to the salespeople. You need to learn how to ask people for money. It won't typically show up just because you have great risk adjusted returns. You need marketing and sales to 'show and tell' your performance.]

    Shorter time frame trading does NOT give you more control over your losses or drawdowns. It just means that you're likely to "die by 1,000 cuts" instead of taking a position and hold the risk over night and over the weekend. Those are good risks to take. Selling or offsetting your trades because it's the end of the day is known as "bad risk" - full of giant opportunity cost. In effect, you're leaving money on the table by not taking trades home.

    In order to minimize the impact on your P&L and also on your emotional constitution, you can take a haircut on your equity when you're in a drawdown. If you get to 80% of a previous high water mark, you can trade based upon 60% of your remaining equity, and effectively trade 48% of your original capital. This helps you trade smaller when your system is not aligned with what the market is doing. Your bet sizes will be based upon a smaller capital base.

    Set a max drawdown limit for the day, week, and month to keep your losses in order. Examples can be "never lose more than 1.00% of your overall equity in one day," or "stop trading at -9.50% for the month" thereby avoiding a double-digit down month.

    This infers that