Trader Mindset

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.

Subscribe to the show When you go long, you want momentum in your favor, not against you. The worse thing you can do is buy a pullback to support and try to sell at resistance. This is small-minded thinking. Wait for the instrument to clear resistance, then buy. There is no upper boundary to the price and prices are relative. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show When you're not settled with where you are in your trading, you can find yourself doing things that don't serve you. That's because you want to be somewhere else as opposed to being present. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Ace Greenberg would sell any longs that were down coming into Friday's close. Some traders offset trades in 15 minutes if they don't show a profit. Takeaway: good trades make you money right away. If it doesn't act accordingly. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show There are 2 traders. One has 15% returns and trader #2 generated 25%. Who did better? You can't just say that trader #2 has done better in this regard. We don't know what type of risk #2 had to take on to get those returns. We have to focus on the getting risk-adjusted returns. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Sometimes you need a pep talk or to hear the voice of reason. Sometimes it's not easy to see the 30,000 foot view. Sometimes you can't see where the smoke is coming from when you're standing on the fire. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show "There's nothing you can do that can't be done. Nothing you can sing that can't be sung. Nothing you can say, but you can learn how to play the game. It's easy." -John Lennon Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Think of it like a never-ending culturing of a pearl that is your life. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show It takes many years to develop superior trading & investing instincts that you can count on. Too many traders and money managers unknowingly exhaust themselves day after day by deeply engaging with a process that is both inefficient and based on guesswork. A good first step to fix this: stop reading headlines for trading ideas... Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Like a lot of trading, preparation is a process - of elimination. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show It's an ongoing process... Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show The time is now. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show When the instruments in your portfolio are highly correlated you can make bank. When they reverse, they will do so at the same time and you will get hit for an outsized loss. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Chasing the market is a person's inability to deal with regret. Adding to winners is a process where you have a set of rules to add risk when it makes sense. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show When you don't have massive amounts of data on your trading, you don't know the probabilities of winning and losing. If that's the case, the trades you put on are nothing more than a gamble. Be careful not to place large bets on anything - earnings, Phase III clinical trials, or elections - your feelings are not facts. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Set your goals around processes that you can replicate day after day. Setting a goal around an object is passionless and not inspiring. It's your behavior that predicts where you end up in life. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Another good reason to have orders to add or remove risk - surprise announcements. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Sometimes markets jump for unexpected reasons. You can have an order sitting above the market to liquidate your position if the market goes parabolic. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Looking at the chart is just the beginning. It's not the map you think it is. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show From time to time, names you're watching will move sharply before you have a chance to add risk. That means missed opportunities. Names that you're already in will move against you - also before you have a chance to act and keep your losses small. Then you're stunned and frozen and you begin the process of negotiating with yourself. Either way, you're losing and there's not much to say about it despite your reasoning. If either of these scenarios sounds familiar, you can use Stop orders accordingly to hedge against such moves. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Frustration is the appetizer to a meal called despondency. If you are unwilling to feel the feeling of frustration regularly, you invite stronger feelings in the future. Use regret to help you make better decisions today. If you want to be a professional PM or trader, losses are a part of the business. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show When bad news hits the tape and the stock doesn't sell off, you have a good long trade with more room to go. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show They are related but not the same by any measurement. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show From time to time, you might find an equity that traders and investors are betting against, but they prove all the naysayers wrong. If that stock has high % short interest, and it starts to trend higher, you have the potential to penalize the naysayers who will all have to pay you to cover. Look for high short interest and uptrends. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Great traders are using technical analysis to protect their capital which is job #1. If you know your risk, the entries are not that important. Most amateurs focus on the wrong things for several reasons. They don't have solid goals, they are too short-sighted, and they are not friends with their feelings. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show When you're doing well, ask for more money to manage. Ask for a free Bloomberg. Ask for forgiveness of desk rent or fees. Ask for a higher payout on your trading profits. If you don't ask, they own you. If you don't ask, it's knot going to just show up. You have to ask for it. Make your case and have confidence in yourself. Click here to get your free copy of The Inner Voice of Trading audiobook.