Episode 15 – Are you trading for profits, drama, or a combination of both? w/ Michael Martin @martin_kronicle

Summary

In this week’s episode I interview Michael Martin.

For those who don’t know Michael, Michael is an author, blogger, editor, trading coach, podcaster, and professional trader.

He’s the author of a book I thoroughly enjoyed called The Inner Voice of Trading and he’s been in and around the business of trading and finance for the past 25 years.

What I admire most about Michael is his tell it how it is style.

He’s not one to mince words and in this interview he gives some great insights from not only being in the trading game but also being around some of the trading world’s best traders.

I especially appreciate our discussion around how Michael came to be mentored and later on became friends with Market Wizard Ed Seykota.

As Michael said “at the end of the day, trading comes down to you and your relationship with money; and relationships mean emotion”.

“Trading after all is just a part of life and the way you handle money is probably a reflection of your best relationship with a person or your worst relationship with person”.

That’s a powerful statement worth reflecting on.

Big Ideas

Here’s what you’ll hear on this episode:

  • Michael talks us through his mindset and thought process on his Disney trade
  • Shares a sugar trade where he made over 300%
  • Talks about how Market Wizard, Ed Seykota became his mentor and friend
  • Shares the experience of being involved in the early days of Ed Seykota’s Trading Tribe
  • Why emotional intelligence is the cornerstone to successful trading
  • Why there are no external solutions for our internal issues
  • Why designing models vs. trading those models are 2 very different things
  • Ed Seykota’s 3 call rule when it came to managing client money

Quotables

 

“When I trade it’s about me and what I know about myself, and the markets and instruments I’m trying to trade.”

On trading systems that are being marketed –

[Tweet “”We’ve never seen a backtest we didn’t like.””]

 

“You have to think about your trading as not just about the financial payoff but it’s the emotional payoff”


Transcript


 


Resources Mentioned

 

www.martinkronicle.com –  Martin’s blog

@martin_kronicle – Follow Martin’s musings on Twitter

 – The Inner Voice of Trading: Eliminate the Noise, and Profit from the Strategies That Are Right for You – Martin’s book

 – Autobiography of a Yogi (Self-Realization Fellowship)

 –The Diamond Cutter: The Buddha on Managing Your Business and Your Life

 – My Fight / Your Fight

 – Undisputed Truth

 – Face the Music: A Life Exposed

 – The Soundtrack of My Life

 – When I Stop Talking, You’ll Know I’m Dead: Useful Stories from a Persuasive Man

Recent Video from Michael sharing his investing and trading ideas.


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Episode 15 – Are you trading for profits, drama, or a combination of both? w/ Michael Martin @martin_kronicle

by editor time to read: 48 min
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