Trader Mindset

By Michael MartinBusiness Education Investing Courses

Trader Mindset episodes

July 06, 2020 Why you have to take every entry signal
Subscribe to the show So let's say you get five signals. You don't know which one to take. Will you take all of them with the requisite amount of risk that you're willing to take, then you let the market activity unfold. The market will tell you which one's going to be the best one. You can count on it. So if you're taking it home with you, you have your protective stops, whether you're trading off of a reversal, or whether you're doing some kind of swing trading technique, or whether you're trailing with ATR or whether you're trailing with structure, there's a whole bunch of ways you can offset winners which are hard to visualize on an audio only format. So I'm not going to get into it here, but the market will unfold accordingly in ways that you can maybe predict - maybe you can't. But the point is that if you sit on your hands and let the auction process work, the market will let the individual name one of the five, maybe even two of the five, raise their hand and say, I'm the biggest winner. Now, maybe you'll be lucky enough to say, Hey, that was the one that I was going with. But you don't know. There were times when in the mid 2000s, when China was buying up as much of the commodity markets that you could possibly get, you'd get signals on the same day in tin, zinc, nickel, high-grade, silver, and gold. And you'd be sitting there saying I got the entire metal complex is firing longs, which ones do I take? What do you think you should do? Click here to get your free copy of The Inner Voice of Trading audiobook
6 min
July 03, 2020 How focusing on your process can help improve your attitude
Subscribe to the show Focusing on your process can keep you placated as we said yesterday. It can also help you improve your attitude. When you're not chasing your tail or going outside the boundaries of your trading rules, you're conserving a great deal of energy. When you don't react, you develop of quiet sense of confidence about you. It doesn't mean you're infallible, but you're in control. You can take that feeling of being in control of your behavior and repurpose it. Then it begins to compound. Day after day, week after week - after a few months you can look back and see an change in yourself. Click here to get your free copy of The Inner Voice of Trading audiobook.
9 min
July 02, 2020 Focus on your process and the results will follow
Subscribe to the show Focusing on your process can keep you placated. It can also help prevent you from getting too emotionally invested in an outcome that you don't have any control over. This is good advice and something that can help in life also. We talked about having an expectation about a trade that you've been stalking for several weeks. One where you saw the set up a mile away, yet it reversed in your face. I've learned the hard way that such expectations have built in disappointments. When you focus on the process you go to bed at night having done your best - and that's all you can do. You're powerless over where the markets go. Click here to get your free copy of The Inner Voice of Trading audiobook.
9 min
July 01, 2020 How to think like a business owner not a business manager
Subscribe to the show
What parts of your process can you delegate and even improve your results?
You can learn to trade and make money without being there.
Click here to get your free copy of The Inner Voice of Trading audiobook.
9 min
July 01, 2020 How to think like a business owner, not a business manager

Subscribe to the show

What parts of your process can you delegate and even improve your results?

You can learn to trade and make money without being there.

Click here to get your free copy of The Inner Voice of Trading audiobook.

9 min
June 30, 2020 How to keep your disappointment and anger in check

Subscribe to the show

You can spend weeks stalking a chart and have the set up work perfectly, only to have the name reverse, sometimes in the same day.

You put all this work in and the name doesn't have the common courtesy to go up...

How do you feel about that?

For some of you, it can lead to disappointment or anger.

If that's the case, you can sometimes become derailed and trade on those emotions - whether you have systematized rules or not.

It's important to remember that we are guests at the market's party and we're lucky enough to be invited in the first place.

False breakouts and reversals don't care when you get long.

Sometimes the market is not amenable to your trading style.

It has nothing to do with you or your ability so you might consider not taking it personally.

Click here to get your free copy of The Inner Voice of Trading audiobook.

10 min
June 29, 2020 How to take your small losses and bigger wins in stride
Subscribe to the show It happens from time to time that you make a huge win. You should celebrate it and understand that they don't happen all the time. Many traders will intuit that they are "on to something" and without any thought, start to trade larger. They also start trading names or asset classes outside of their core ability. Plan to grow methodically and not get to invested in the hubris that we can feel after large wins. Someone a lot smarter than me said "pride is a big banana peel." If you stick to trading a fixed percentage of your assets, you'll be fine. You can condition yourself to feel the same about all your trades - you're just following your system. Click here to get your free copy of The Inner Voice of Trading audiobook.
7 min
June 26, 2020 How do you want your trading to serve you?
Subscribe to the show What does trading mean for you in your life? What do you want your money to do for you? When you know the answer to some of these type of questions, figuring out the best asset class and trading style will be easier. Know and master yourself first, then figuring out the trading part is much easier. Click here to get your free copy of The Inner Voice of Trading audiobook.
7 min
June 25, 2020 Trading without knowing the odds is gambling
Subscribe to the show
If you know someone who trades across asset classes and trading styles, they are likely gambling.
A person becomes the casino when they stick to one asset class and one style of trading, and get that down cold.
Making predictions, fading the Fed, and fighting the tape are all examples of gambling.
Tell them to keep their opinions to themselves and focus on getting good at one thing, and grow from there.
Click here to get your free copy of The Inner Voice of Trading audiobook.
13 min
June 25, 2020 Why attitude is everything
Subscribe to the show Attitude is the one thing that I can't teach you. I can help you change your paradigm and that in turn can help you have a good attitude. However, you're going to want to do the work. Sometimes attitude can carry you when nothing else is working. According to General James Mattis, to the "USMC, attitude is a weapon system." Think about that for a minute... How do you think you can use this information as you manage risk? Click here to get your free copy of The Inner Voice of Trading audiobook.
8 min