Trader Mindset

Subscribe to the show You have to write out what you think your instincts are telling you by hand. A short list is better than a long memory, and it helps you be honest with yourself and have integrity with the process. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show The price is a beacon for you to enter your orders to manage risk. Prices are not absolute, they are relative. If you get stopped out trying to protect your capital, you can always get back in at higher prices. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Winners rotate - what made you money last week, month, or last year, might not be what carries the day in 2021. Use protective stops to capture as much of your unrealized gains as possible. "You cannot step in the same river twice" is a quote from Heraclitus. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show You will also hit your trading goals faster if you know what you're doing it for. Having personal goals outside of your trading goals will help you get the best of both worlds. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show If you are having trouble letting go of the emotional need (it's not financial) of letting go of price targets, you might consider thinking in terms of "price ranges" as you segue to not having any price targets and letting the market tell you when the move is over. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show There are no intellectuals solutions to your emotional problems around managing risk. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Just because a name moved 35%, for example, doesn't mean you've missed the move. Oftentimes they can continue to move many multiples beyond that - like 10x-type moves. Don't let relative price movements stop you from making smart financial decisions. Hint: they might not feel good when you make them. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show How do you make money arguing with people on Twitter or Stocktwits? Focus on the things that impact your P&L. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show You are competing with yourself. There's nothing else that matters. There's no one else that matters. Do what's best for you. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show The goals you set for yourself outside of your trading can add AND detract from your trading success. Be mindful of everything you do. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show It might take a few months to figure out what the best process for you to follow actually is. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Traders trade. That's it. There isn't anything that you need to beef up your credibility. Just start managing the risk. What you learn from the doing will provide you with all you need. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show The investment advisor world does not typically train individuals to make their clients money. Naturally, learning how to read charts is something they have to endeavor on their own. Here's one way to begin to understand what's going on behind the OHLC bars or candles. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show There seems to be a natural order of things that risk managers need to endure to find their game. Those include security selection, position sizing, entries, and exits. For most, this is time consuming - and that can be frustrating in and of itself. I have found that there is one overarching thing that can help expedite the process. On some level it has nothing to do with trading, but on another, it has everything to do with trading. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show If you take profits, delete the name from your screen. These aren't lovers - you can't fall in love with former flames. The last thing you want to do is start looking at 5-minute bars after exiting a winner. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Adjusting your stops to take profits is an art and science and it ties directly into your tolerance for risk. How much of your current unrealized gains are you willing to risk in order to stay in a trending instrument? This topic is at the top of the list in trading psychology. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show It might not be great for your personal relationships, but there might be a benefit to keeping your risk on a 2-inch leash. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show It's wise to adjust your stops several times per day if necessary. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Mastery is achieved over time. The most important thing is to know yourself - which is a never-ending assignment. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Determining what consistency means to you and for you based on what you have to live through and perform. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show One way to understand the difference between creating gains versus creating alpha is the time frame. And creating net gains over time and benchmarking them versus the S&P requires one thing from you in terms of behavior. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show You'll never be as emotionally connected to someone else's work as you will your own. Do you own homework - it gives you ownership and better connects you to hitting your goals. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show There are several levels of trust to consider and they all have to align. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show You might be shooting for 50% RoR, but that comes with the potential for a 25% drawdown. Your clients might not want either... Make sure you communicate what you're endeavoring with your clients and be on the same page. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show It's very difficult to backtest chart by reading charts going back 20 years. A trading simulator that runs at the portfolio level is your best bet. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Take a small step in the direction of your goal. It's a much greater effort to put forth than someone sitting on the couch. Take action. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show On some level, everything is unexpected - I know that. In this context, I'm speaking about markets moving sharply against you before you have a chance to act. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show You've probably heard the saying "what gets measured gets improved." There are several moving parts to managing risk as a trader or advisor. Here are a few things that you can chew on for your end of year or 2021 planning. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show The easiest way to lose a great deal of money is to bet big because you think you "have a feel" for the ticker. On the other hand, you might be leaving a great deal of upside on the table because you're being too conservative. A good place to start is by having consistent position sizing. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Put yourself first. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Are you wrong or unintelligent when a trade loses money? Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show You have more time than you think to get it together. If you press, you'll lose. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show The best you can do is put your trades on. How you modulate your interpretation of the market activity comes down to managing risk. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Mindset is one of the biggest differences between the two. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show In order to get paid what you're worth, you have to have a clear understanding about what you bring to the table. You also need to understand the landscape of the industry and how you compete therein. One thing is certain: if you don't ask for the money, you're not getting it. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show What you do for homework can tell you a lot about the role you play and the value you bring to your clients. There is a big difference between managing risk and asset allocation. If you intend on collecting Incentive Fees, you have to do your own homework. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show When you act decisively, you cauterize all the emotional angst that would normally come afterwards. Think of the great feelings you'll have when you can show your client(s) how you sidestepped large drawdowns, took profits when your names reversed, and didn't do things like buy pullbacks in a weak market that kept going down. Traders and portfolio managers have to be leaders, so show decisiveness and leadership. Someone has to be in control, and it might as well be you. But you have to set it up that way from the beginning. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show When you act decisively, you cauterize all the emotional angst that would normally come afterwards. You come to the market the next day without the emotional hangover and a clear head. That leads to another productive day. Good leaders are decisive and traders have to be good leaders. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show When you act decisively, you cauterize all the emotional angst that would normally come afterwards. If you don't offset losses quickly, they can become larger losses. Which feeling do you want to feel - the power of being decisive or the feeling of regret from not having taken action sooner? You get to choose... Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show A good advisor has wisdom across many areas in life and business. Clients will rely on those advisors for more than portfolio management. That's a good place to be so be that advisor. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show If you sell your losers regularly, all your clients will see are what's left: the winners. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show You don't want clients asking you about names you don't own. Have them set up a second account for all their great trading ideas, and don't get involved. You'll thank me later. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Clients like to know that you have a plan. You're not likely to anticipate everything, but it pays to have discussions with clients before major announcements. No one likes surprises. Being conscientious about their money will pay you and your clients big dividends. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Clients are looking at the daily swings in their account when they see big moves in the market. You might consider having discussions with them before this happens to instruct them on what you'll do. Big increases in vol can also signal a change in direction... Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show The ultra-wealthy already have all the money in the world. They don't need you to double their money. Their main concern is to "not lose." How will you be different from the other managers they are interviewing? It's the differences that sell, so sell them what's in this episode. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Imagine if you had to interview yourself for the job you want. How would you grade yourself for the job you're doing? Would you give yourself a written recommendation? What would you write? Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Good trades make you money right away. Use a time stop to offset risk. Else, you might be too forgiving and acting like an Investment Advisor when you're trying to be a trader. Fight Imposterism within yourself. I made that word up - imposterism. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Bad spots in this context can mean trades that you have no business being in. Been there, done that. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Doing something once is easy. Doing it over and over is another ball of wax. Here's one way to know if you are compatible with what you're trying to do in the markets. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Focus on having discipline and executing that discipline every day. That produces consistency. That's what you're competing with - the ability / inability to do the right thing every day. Click here to get your free copy of The Inner Voice of Trading audiobook.