Trader Mindset

Latest Episodes:

Trading on valuation: Be careful of getting too cute with the market Jul 15, 2020

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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

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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

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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

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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

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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

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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

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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

Show notes

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

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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

Show notes

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.

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