As they embark on attempting to make a living as a trader, many traders choose to get a formal trading education. Others pursue education after they’ve had one or more disappointments in the market. Some may elect to forgo education in exchange for information garnered from reading trading books or going to trader meetings. Whether … More The Two Sides of Trader Education
Happy New Year, Traders! As we embark on 2020 let’s take a look at where you’ve been, how your trading has progressed, and where you want to head into the future. The new year is a great time to review this and to look at desires and goals for the coming year. When I work … More How to Plan for the New Year
Let’s talk about tracking your trades. . . Most traders know that this is a good daily practice, although they don’t do it. When we think about tracking trades, it often includes recording entry and exit, profit and loss, and other “technical” stats. When working with traders, I encourage them to also track feedback related … More The One Factor that Crushes Traders’ Success
Don’t think about it too long. Yes, of course you’re going to lose money! It sounds silly to even ask or to think about and yet so many traders secretly think they’re not going to lose money. They think they know what the market is going to do, and they’re going to jump on board and … More Are You Going To Lose Money Trading?
So traders, what becomes most important now in this heightened market volatility? One answer might be stepping back from taking trades if you’re not feeling comfortable with your ability in this volatility. Another answer might be making sure that you have a plan, that’s well thought out and works, and one that you can follow. … More Fasten Your Seatbelt
As a trader, you probably have set trading goals. For example, you may want to make 10% a month or 50% a year profits. Or you might want to make $5,000 or $10,000 a month. Our goals tend to focus on results, like how much money we want to make, or something we want to … More What Are Your Goals?
When you think of the market, you probably think of the two main elements: you and the market. When you think about you, what do you think about? How much money you want to make? If you’re going to have a successful day trading? What strategy to use? What’s the market going to do today? … More The Trader and the Trade
I’d like to talk about the topic of control in the market. It may not be something that you think about often, but it has a huge affect on your trading. Firstly, let me say that as traders, we have no control over the market. None. Zip. However, in a sense, we do try to … More Who Is In Control?
Have you ever been hunting? As an animal lover, it’s not a sport that I am personally interested in trying. Whatever your point of view on the pursuit, traders looking to improve results may want to learn some tips from how hunters set themselves up to take the perfect shot. The “winners” in hunting know that … More Are You A Sharp Shooter?
There was such a great response to my holiday gift that I decided to extend the offer through the end of the month. If you have been on the fence about coaching, there’s a little more time to take advantage of the 30% off the 1st month of coaching offer. Not sure if coaching is … More There’s Still Time
The new year is rolling in! As we turn the corner to 2019, and you’re thinking about the next year and you’re trading, ask yourself how am I doing? Am I where I want to be? If you’re not, don’t despair. . . you’re not alone! 90 to 95% of traders are not profitable. So … More New Year. New You?
I hope many of you will enjoy some time off with friends and family this holiday season. How ever you spend the holidays, please accept my warm wishes for a cozy celebration and a peaceful (and profitable) New Year. For those of you that have been trying really hard this year but have not seen … More A Gift For You – Holiday Special
Still struggling to be profitable? The trouble may be the way you view the market. Or, the “relationship” you have with it (how you relate to it). “Relationship with the market?” you ask. . . Yes! It makes a difference how you see it! Friendly, fun, evil, unfair, etc. Let’s take a look. In my coaching … More How Do You See the Market?
Are you creating the trading success you desire? If not, it’s possible your emotions are getting in the way. Here are five signs your emotions may have run amuck! 1. It’s ground hog day. It’s Monday morning and you are starting “fresh” this week! You swear you won’t make the same mistakes you made last … More Could Your Emotions Be Controlling Your Trading?
Are you wondering what sets apart a successful trader from all the rest? This was the topic of my recent interview with Talking Trading. I explain why traders need to scrutinize themselves as much as the markets. To learn more about the hidden secrets to trading success, listen to the interview here http://talkingtrading.com.au/innerworks-trading-2/ Talking Trading is … More Hidden Secrets for Trading Success Interview
It never fails. Five minutes into a car ride kids always seem to ask, “are we there yet”. And then they ask again, five minutes later. It doesn’t matter if the journey is 15 minutes or two hours. “Are we there yet” is on replay. They might not even know how to tell time or … More Are We There Yet?
Many traders intellectually understand how setting and adhering to trade limits is sound trading strategy. However, when confronted with the inevitable, an actual trading loss, they totally lose all reason and don’t get out of the trade. So, why can’t some traders take the loss? What’s behind this self-sabotage? The belief that one might be … More Are You Losing It?
Have you ever found yourself uptight, anxious, and tense while trading–even in the middle of a winning or neutral trade It’s likely the result of a surge of stress hormones–adrenaline and cortisol. In my experience the source of the stress is not the trade, per se, it is what’s happening in your mind. The ideal … More Keep Calm and Trade On
I’ve worked with hundreds of traders and have heard this phrase said, “as soon as I start making money, I’ll be okay” countless times. Are you okay? I am asking because as traders we seem to have it backwards. We think that when we are successful in the market, we will be okay. It doesn’t … More Are You Okay?
Does Addiction Play a Role in Your Trading? Addiction is coming up more and more regularly as a topic when I work with traders, so I thought it timely to write about it. I’ve included some tips that might be helpful. If you have found yourself doing wild and crazy things trading, letting caution to … More Six Steps to Combat Addiction–The Secret Enemy of the Trader
Continued from part 1. . . In part two, I cover the other three tools to help you tame trading emotions . . . Tool 5–Try this After a Losing trade Next time you have a losing trade, especially one that hurts, try this: Stop trading. Give yourself a few minutes to detach from the market, resisting … More 7 Simple Tools to Tame Trading Emotions–Part 2
These seven simple tools can help you start taking control of your trading emotions. They cover aspects from your breathing, to your body. . .from meditating to journaling, and more. Perhaps, choose your favorite, and start working with it. Tool 1–Become the “Clerk” While Trading The Clerk is the part of you who should be executing trading orders … More 7 Simple Tools to Tame Trading Emotions–Part 1
As you start your new hobby or business of being a day trader, perhaps you are filled with visions of riches, ease, freedom and the travelling lifestyle–trading from the beach in some far-away land! Before you get too tied up in the vision, check out these three habits to avoid as you get started. One–Trading real … More Three Habits to Avoid for New Traders
Whether you are a newbie to trading, or a veteran still struggling, here is a powerful, effective focus when learning to trade. Like a Surgeon in Training As you embark on the trading day, your focus should be on creating a Great Trader, not on making money. This is kind of like when a surgeon learns … More Learning to Trade—The Right Approach
Check out the show! Check out my interview on “The Other Side of Wall Street” radio show with host Ron Harrison, yesterday. It’s a great discussion on trader psychology. He is one trading teacher that really believes in the value of healthy psychology for successful trading. For more information on Ron and his classes, you can go … More Radio Show on Trading Psychology
We want to know! Traders want to know this! Different trading schools promise or estimate different answers, from 10,000 hours of screen time to a few days. There’s no shortage of opinions on the subject. A client asked the other day, in frustration, how long was it going to take him to finally get it? He’d been … More How Long Does it Take to Become a Successful Trader?
While working with a client today, a simple tool for managing oneself while trading emerged. The tool distinguishes two aspects of you as trader. I thought I would share this so it might help other traders. . . Sidenote: Let me preface this by saying that this tool assumes you have a solid trading strategy and … More Conquering Two Key Aspects of Your Trade
Where is Your Focus? As I mentioned last time, it is important to know where your focus is when trading. Are you making decisions on the fly? Is your stomach wrought in knots? Are you “winging it”? Or, do you have a clear, winning plan, that you FOLLOW? Where Should the Focus Be? It should … More Using the “Trader Focus” Tool
The Ups and Downs I was talking with a (trader) client the other day, as we discussed how good he feels in the middle of a winning trade, with green showing on the platform matrix. And, conversely how bad he feels when a trade goes against him. Can you relate? As he described these good … More Are You a Trading Junkie?
For traders, it seems there is a continual search for how to trade better, how to find the instruments that will make the trading successful. Some call it the search for the Holy Grail. But, has anyone found it? The Holy Grail My conclusion from my own experience and that of other traders, is that the holy … More How Important Is Psychology to Your Trading Success?