trading mindset

June 29, 2015

Episode 1 – Interview with Rande Howell – Why trading without emotions is a myth

    In this interview, Rande and I discuss why it’s impossible to turn off your emotions while trading and how traders can begin to create a successful mindset for trading. Rande Howell is a trained therapist who coaches retail and professional traders as well as the author of one of my Top Recommended Books, “Mindful Trading: Master Your Emotions and the Inner Game”. Transcript   Download Transcript The Big Ideas Emotions are biological in nature and why we cannot free ourselves from emotions, but we can operate free of emotion Why your equity curve is the ultimate truth meter on […]
June 28, 2015

Weekly Perspectives: Why trading without emotions is a myth

Hi Traders, Announcement – The next Meetup is scheduled for July 14 from 6-9pm. Look forward to seeing you all there! RSVP now. ____________ Weekly Commentary – This week we saw slightly bearish action across the major market indices. The Dow and S&P500 indices retraced and closed near the 61.8% Fib levels of their current swing. While the Russell 2000 closed right around previous swing highs. Will previous resistance act as support? Normally with the shortened July the 4th holiday week I would expect some tempered market action for the coming week. However with the Greek crisis in the headlines […]
June 7, 2015

Weekly Perspectives – 6/1-6/5

Hi Traders, Reminder: Don’t forget our next Montreal Active Traders (MAT) Meetup is scheduled for this Wednesday June 10, 2015 from 7-9pm. RSVP now – it promises to be a fun event with ample opportunity to meet traders of all skill levels. Look forward to seeing you all there! ____________ Weekly Commentary – This week we saw price action retrace slightly on the major market indices. Each week we’re seeing more and more voices calling for a market top, so is this the beginning of the big selloff? Keep your eyes open to how the sector rotation is currently […]
May 9, 2015

What’s your trading mindset?

  System, Methodology, and Psychology form the foundations of trading. Yet most traders doggedly pursue finding a “holy grail” trading system and methodology but leave the psychological aspects of their trading thoroughly un-examined. “The life which is unexamined is not worth living.” – Socrates If you struggle with emotions in your trading (such as having a fear based mindset), lose money trading live money but can make money consistently paper trading, or for some reason cannot seem to follow you trade plan, you need to begin to examine your psychology. In this video I lay out a framework which you can begin to use to assess your trading mindset and a […]
April 29, 2015

9 Steps to Trading Mastery

In my previous post I recounted my experience and some of the trading struggles I faced when I began trading.  My breakthrough came when I finally owned the journey of becoming a masterful trader.  Becoming a successful trader isn’t a destination – it’s a process.  It’s a process of moving from unconscious incompetence to ultimately unconscious competence. In your pursuit towards trading mastery let the following 9 steps guide your actions and intentions.   These steps are adapted from the book – Handbook of Coaching – A Developmental Approach. 1. Know yourself. “It’s not the mountain we conquer but ourselves.” […]
April 18, 2015

You’re getting the results you’re supposed to get

Just several years ago I remember looking at my trading account balance and asking myself, “Why is it that I keep losing money?”. I still can remember how incredibly frustrated I felt.  On some days I felt so incredibly close to breaking through yet at the end of each month my account balanced showed that I was only slightly above break even or in the red. I wanted to be successful at trading more than anything and was putting in hours of screen time, sacrificing my social life and pouring hours into after-hours homework and research, but the results just weren’t […]
March 29, 2015

Get 10% Happier – Take the 28 Day Mindfulness for Traders Challenge

[Tweet “I can’t think of one practice that has more improved my outlook on trading more than mindfulness.”] From the likes of hedge fund managers Ray Dalio and Paul Tudor Jones, to artists and professionals like Howard Stern, Tim Ferriss, and Russell Simmons, and countless sports athletes, the number of high performers who are extolling the benefits of meditation is growing and growing. Likewise, as I’ve written in the past, the benefits to traders who incorporate a mindfulness practice is abundantly clear – Mindful traders can reduce the effects of irrelevant emotions by regulating those emotions more effectively, while still remaining […]
March 1, 2015

Rise of the robots – Creating your own robot trader

You’ve probably heard about how the algos are taking over.  And how the life as a discretionary trader is over. This post is not one of those articles.   Rather in this post, I’m going to share a clever little psychological hack that has done wonders for my trading. Inspiration goes to Vad Graifer, who in Techniques of Tape Reading, wrote about his journey to becoming a profitable trader.  Vad came up with the concept of creating a so called “Model Trader” to model all the traits he desired as a trader as well as to metaphorically hand over the […]
January 16, 2015

Lessons from What I Learned Losing a Million Dollars

Black Friday Several Friday’s ago I had the type of session that could have ended very badly for me. I started the session with a good trade but then missed an easy opportunity which would have allowed me to meet my trading goals for the day.  I call it missing the “one and done” trade.  Truth be told, everything after that feels like a blur.  The mental switch was flipped and I then proceeded to act like the proverbial bull in a china shop and chasing the market to try to make something happen.  By the end of my trading session I was […]
October 23, 2014

The Fallacy of Setting Daily Goals

I was once blinded by an argument. One so obviously framed that it had to be true. Unfortunately, what is obvious or self evident is not always true. Call it reductio ad absurdum at its finest. Let me share with you how it goes, tell me if you’ve ever heard this. What if i were to tell you that you only needed to make an average of 2 ES (E-Mini S&P) points a day and you could pursue the lifestyle of your dreams? By the way 2 ES points is equivalent to $100 per contract traded. Now if you capture […]
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