Trader Mindset

Taking a "time-out" isn't quitting. It's taking a moment to re-evaluate things in the short term. 

It gives you a chance to get your feet underneath you, take a breather, and come back to the market with a fresh head and outlook. 

Keep in mind, you may be down slightly but as frustrating as it might be, your results might be "in model." Take some solace in that.

Being "in model" means that your current results might be within the parameters of your backtesting. 

Just like me, the guys in Market Wizards, and anyone else who's survived several decades of trading, you are going to fail your way to YOUR top and high level of success. 

Trade small, do whatever you need to keep your mental health in order, and remember this is a marathon. 

You might be one small tweak from great success, but you have to be in the game for that to happen.

Reach out to me if you are stuck.

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

You may find that the 80/20 Rule shows up in your returns or from a specific trading strategy, but it may also show up in your work ethic. 

We think about these things so that we can have a high quality of life for all the work that we put in to our trading. 

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

If you have any questions or would like to learn more about our courses, coaching, or mentoring, reach out to me and I'll get back to you. 

V-Bottoms can evolve into Head and Shoulders or Cup and Handles for example. Being ready for either can mean more profits for you and less losses. 

Learn to anticipate these pattern transitions if you don't have a trading engine or simulator and you're trying to do it by hand. It will save you a lot of time and effort. 

If you don't have a plan, volatility does not necessarily mean opportunity. You have to have a plan and you have to have a trading edge. 

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

Please email me with any questions or if you are stuck on something. You can reach me through MartinKronicle.com. 

I've been doing everything I can to keep my spirits up during the quarantine. 

It's not easy...

I'm going for long walks, meditating, doing yoga, avoiding MSM, and calling a different group of friends each day. 

I'm taking drives with no particular destination to get out of the house...

There are no rules here - do whatever you need to do to keep your head together. 

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

Once you learn about the various asset classes and trading styles, you have to find the "suit" that fits you best. 

That comes by asserting yourself and taking smart chances. 

You have to learn to bridge what's called the "Knowing-Doing" gap and I think that is more easily done if you have a goal that you want to achieve by the "Doing."

The knowledge or the learning will definitely get you part of the way towards that goal, but you're going to learn the most by the "Doing" as that's where you engage your emotional makeup and trader psychology. 

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

When investors and traders are scared and are in fear of losing money, they return to the market by buying names they know and understand. Take advantage of this by trading big brands. Speculative names don't make the best speculative trades.

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

If you plunge, you can become married to a price and become reluctant to offset the risk if it goes against you. Break up your capital - it forces you to trade smaller which is good, especially when volatility has expanded and small positions can still create large swings in your account balance. 

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

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When you have a margin call, you need to offset the risk - not meet it with cash. Stop the bleeding and figure out your next steps with a clear head. 

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

When the market moves against you unexpectedly, offset your position immediately. In these types of markets, it's safer to presume that "bad" goes to "worse" before it gets "better." 

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

Most charts are destroyed, so you need to have a specific plan or reason for entering trades. In this episode, Michael Martin discusses several trading tactics to help you manage the risk of trading during times of great market duress. 

Download your free copy of The Inner Voice of Trading audiobook.