Trader Mindset

Subscribe to the show Bet size determines what you make and lose. How did you come to decide your current bet size? You probably guessed and just chose one. You can use Kelly Criterion to figure out the best size after hundreds / thousands of trades. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Sidestepping the large losses will do wonders for your P&L and also build enormous trust between you and your clients. They've already lost a great deal of money on their own or with another manager. Admit your wrong and get out. The client will forgot your being wrong about a name over time, but they will not forget a 40% hit. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Using Relative Strength for stocks and seasonality in commodities are about as far as I'll go in talking about what you can rely on. Most others are unreliable as stand-alone indicators. If 'price' is the input, the indicator only helps you see or confirm what you can already see in the price itself, so just use the price. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show You are programmed to behave the way you behave and that makes the results you are getting in your life predictable. The mechanical part of that is how you allocate the funds you manage. You can also backtest running several systems at the same time. Yes, you can do that... Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Don't worry about what it looks like. If you keep your mouth shut, you won't have to worry about what everyone else will say when you slip and get up. They don't slip because they don't have the b*lls to do what you do and take chances. They also stagnate and don't grow. Stay away from these losers. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Just give the money away ahead of time. At least you can steer it to a cause you care about, not a winning trader. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show This includes turning off the tv and having silence. If you're lonely, you know what you can do... Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show When brokerage masquerades as prop trading: be careful for what you wish for. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Some traders succumb to buying services and research, or worse, chat rooms. Traders need to be self-contained units. All the decisions that go into a trade need to come from a goal that you set for yourself and one that you have a deep emotional connection with. Traders are leaders and need to be decisive. Subscription newsletters don't teach you to manage risk. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show You are programmed to behave the way you behave and that makes the results you are getting in your life predictable. In order to change that - if you are not satisfied with your results - you need to change that programming. I've seen people that you would otherwise count out make enormous strides in their lives and attain great success because they got clear and set goals, eliminated non-productive activities, reset their paradigm, and executed day after day. When you focus on 'process' you will get the results you want. If you focus on the results first, it is also predictable that you will lose interest because you have no emotional attachment to what you're doing. An example of this type of mindset is setting a goal such as making a certain dollar amount from your investing or trading. The goal should be about attaining that dollar amount from the result of specific behavior - the behavior is the goal - not the dollar amount. And when you attach a powerful emotion to your behavior, the odds of your hitting your goals change to greatly in your favor. You can achieve the success you imagine if you want to - it comes down to relative strength. The question becomes "are you going to be remain uncomfortable sitting in your current dirty diaper getting the results you think you don't want," or "are you going to be uncomfortable making the changes you want?" You get to choose what type of discomfort you want in your life. "And the day came when the risk to remain tight in a bud was more painful than the risk it took to blossom." - Anaïs Nin

Subscribe to the show In order to affect the change(s) you need to make, you need to get out of your comfort zone and create new habits around that behavior. From what I've read, creating a new habit is going to take approximately 2 months. Take it one day at a time. Next thing you know, you'll have a week of new, more productive behavior behind you. Of course, you need to have a plan that you are emotionally connected with to drive you. Reach out if you're having trouble getting connected to your goals. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Play your game - don't try to become someone or something else when the markets go against you. Stick to your knitting - the market will continually morph to try to get you out of your mind so that you betray yourself. I misspoke on the show - the Russian hockey coach who succeeded Anatoly Tarasov was Viktor Tikhonov. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show You have the right to 'not' participate in the markets - that's an edge. It's a good time to reach out to potential clients and gather assets to manage / trade. When markets are under duress, so are the people who have substantial assets at risk. They need help and you're just as good as the next person to provide it. You just have to believe that you are... Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Upside movement for long-only traders and investors can induce you to buy back into a falling market. This is your emotional system running your trading system. Even pro traders have strong emotions, but they don't let them undermine their trading. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Metamorphosis is a part of life, but not when markets are in turmoil and you are bored. Becoming a different trader because your main model is out of favor for the time being is a path to losing a great deal of money. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show If you jump the gun, you're satisfying an emotional issue not a financial one. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Let go of what's not working and watch your results take off. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Specialize one style of trading on one asset class. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show When you stick to your knitting, you make more money. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show If you have blow out losses, it could be because you are reluctant to lose smaller percentages of capital. Sit on your hands for larger gains. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Why did you make the money you made? Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Look at where your returns are clustered. Work backwards from there... Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show You get paid to execute, but stay in your lane. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Winners rotate. What made you money through the end of August, might not be the same names worth being in going forward. Be careful trying to buy the same stocks or contracts after you get stopped. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Poor trading is rarely about not knowing what to do - it's in the poor execution - and that's an emotional and psychological issue. Know thyself. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Avoid indecision in your behavior and don't join the crowd in theirs. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show You can adjust your bet size based upon the probabilities that you discover from your backtesting. Keeping your losses small is the hallmark of professional trading. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show You can simulate a trading model across any asset class. Make sure you test at the portfolio level, not one name at a time. Two, add back in the instruments that have been delisted or that don't trade anymore in order to help offset survivorship bias. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Setting a goal of "I want to make $1 million in my trading," is very different that saying "I want to do the daily activities that will lead to my prosperity." Make sure you goal is based upon your behavior, not the result of the behavior. Behavior 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 When you manage your time better, your life gets better - and so does your trading. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show When you don't have a trading strategy or plan, any outside idea can look appealing. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show You have two portfolios that you're running at the same time: the risk you have and the risk you want. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Don't fall into buying pullbacks because you don't have a plan and the biggest feeling running through you is regret. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Don't be the uncertain element of your own trading. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Goal setters put their happiness in their goals and set the world on fire. Be one of them and surround yourself with them. Think like a portfolio manager and cut your allocations to negative people and energy. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Sometimes it's the things that aren't being said that have the most power and impact on an individual and organization. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show There's a trading plan and a business plan. You have to execute both. Don't forget the sales and marketing... Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show If you can't pull the trigger, you're in fear and have indecision. The best traders are leaders and leaders are decisive. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Watch your language. You can convince yourself on a whole host of things without any basis in reality or truth. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show You get to decide how you want your life to unfold. Design it. Execute it. Live it. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show All your questions about a trade are answered at this one point... Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show You need a set plan ahead of time in order to manage risk and keep your biases at bay. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Entering Stops and waiting for the market to come to you means you're not chasing the market. It also means that you have conviction about adding or removing risk at the stop price. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Be the shot in the arm that someone needs. It will be good for both of you. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Pro traders plan for success. So should you. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Uptime your charts to dailies and weeklies and stop getting knocked out of otherwise good trades. Longer term time frames are less random than intraday charts. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show If you don't address the strong feelings you're having while trading, they own you. Make them advocates, not adversaries or antagonists. You can ignore them, but they will return time and time again - guaranteed. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Reversals might happen before your ATR-based stop is hit or the structure is broken. Use these reversals to improve your entries and exits and thereby improve your P&L. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show There are many ways to trade gold or silver, for example. Here are my thoughts on the best way for you. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Let the market tell you when the move is over. Don't use price targets and stop missing out on the larger moves ahead. In the process, you'll eliminate regret. Click here to get your free copy of The Inner Voice of Trading audiobook.