Trader Mindset

Latest Episodes:

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

Show notes

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

Show notes

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

Show notes

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

Show notes

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

Show notes

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

Show notes

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

Show notes

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

Show notes

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

Show notes

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

Show notes

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

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