Traders Mastermind

This is a follow-up interview with the options athlete from Episode 60.

In this episode, we discuss:

• The pros and cons of his big decision to shift market focus from stocks to the ES.
• Setting reasonable rules
• Breaking the day down into chunks
• Adding to trades
• Journaling best practices
• Getting an edge from statistics
• Creating a roadmap for the day
• Why he expects his biggest trades to come after 10 am EST

And so much more.

This was another interesting conversation with a serious and committed trader.

Please enjoy the episode and watch out for part 3.

Links:

Price action program (New statistics module mentioned)

Screenshot of intraday ES charts (Patterns mentioned)

Having three years or more of trading experience can be a tricky place to be.

You can have all the screen time, experience and technical knowledge, but that’s not yet translating into the results you want.

It can be very frustrating.

You feel like you should be doing better. Especially considering all the setbacks, challenges, and market beat downs you’ve recovered from…

This is another fork in the road for many traders.

Do you push on and hope things get better? or take charge of the situation and attack the root cause of stagnant trading progress?

Let’s discuss.

‘I Didn’t Come This Far To Only Come This Far’ - Tom Brady

Robert has an impressive CV, over the years he has worked at many prestigious firms including:

• Fixed income exotics trader at a major investment bank
• Research manager at the Centre for Economic Policy Research
• Head of fundamental strategies and subsequently head of fixed income at one of the UK’s leading hedge funds. (Where he was responsible for strategies trading $5bn of client funds)

He now manages his own wealth as an independent trader using a fully automated trading system, deploying numerous trading strategies across multiple markets. So this trader is a serious player! In this conversation I asked Robert a variety of questions including:

• What was it like working at a hedge fund?
• How can retail compete with hedge funds?
• What does his trading system look like now?
• Mean reversion vs trending strategies
• When to pull the plug on an automated trading system
• Backtesting and curve fitting
• Converting your discretionary trading strategy into an algorithm
• & so much more.

This was a really in depth discussion with a knowledgeable and seasoned trader. Enjoy the episode!

Robert’s website is:

https://www.systematicmoney.org/

Robert’s book are available on his website and amazon:

Leveraged Trading

Smart Portfolios

Systematic Trading

Advanced Futures Trading Strategies

Louise is a trading psychology expert and multi-award-winning clinical hypnotherapist with deep knowledge and passion for health, well-being and nutrition.

I know traders are looking for anything that might give them a slight edge or improve performance…

So in this episode Louise and I talk through a typical day for a trader, looking at ways they can optimise for peak performance in the market.

We discussed things like:

• Caffeine
• Breakfast
• Fasting
• Exercise
• Breathwork
• Emotions
• Sleep
• Unwinding
• Journaling

If like me you are obsessed with personal excellence and peak performance then give this episode a listen. It only takes one or two small daily changes to compound into a significant impact!

Louise can be found on her website Hypnosis for traders. 

https://www.hypnosisfortraders.co.uk/

Also, check out the Trading In The Zen Podcast that Louise co-hosts with Faina where I was lucky enough to be one of the first guests!

https://open.spotify.com/episode/6CIyfbS6IFfsQgd6nSOcsw?si=65bf4c092c534da5

As a default, humans are pretty bad traders!

We are hard-wired to do everything wrong in the world of trading.

• Holding losers
• Cutting winners
• Emotional outbursts
• Impulsive trading
• Lack of patience

The list goes on…

It can take a while to unlearn everything that may have served us in the world outside of the trading arena but hinders our progress when dealing with fast-paced risk-based decisions (Day trading).

In this episode, I discuss what I believe are the 3 big focus areas that can ignite your trading results.

In this episode, I talk to the Options Athlete. So-called because he grew a modest five-figure account into mid-size figures within a year trading weekly options on Tesla.

But as the market regime changed he gave most of it back when aggressive momentum style trades simply weren’t working.

Determined that wouldn’t be the end of the story this trader has worked diligently on his strategy and mindset over the past 18 months. Looking to build a robust method and trading psychology that stands the test of time and can take him past his old equity highs and into new territory.

But of course, the journey is tough and the road is filled with obstacles…

We discuss a variety of topics including:

Then:

• His journey so far and how he made such a huge return so quickly
• How losing money affected him mentally
• What he did to dust himself off and get back into the markets

Now:

• Dealing with impulsive trading
• Trading the open
• Tactical ways to improve
• Regime change
• Trading large size
• Focusing on the losers
• Structuring the trade

Finally, we agree on the tactical steps he will take to improve his trading.

We’ll be following up regularly with this trader over the next few months so look out for part 2!

Do cold showers equal better trading discipline?

I believe so...

Turning that temperature control over to full cold is the ultimate discomfort.

That little voice inside you is trying to convince you NOT to get uncomfortable.

That's precisely the same voice that convinces you to take that impulsive trade, snatch at profits and revenge trade...

Running a cold shower protocol allows you to train yourself to (as Steve Ward said) "Get comfortable with being uncomfortable"

Simply put: The more control you can have over your desire to go with the comfortable choice, the more discipline you'll have during the trading day.

Links:

Tom Hougaard episode

Steve Ward episode

Increased willpower:

What are the Benefits of Cold Showers? | Wim Hof Method

Cold Water Therapy:

Cold Water Therapy: Benefits of Cold Showers, Baths, Immersion Therapy

Building resilience and grit with cold showers:

The Science & Use of Cold Exposure for Health & Performance

Tom Hougaard is best described as a high stakes day trader. He started work in the city of London before transitioning to independent trader running his own book in 2009.

In this episode, Tom reveals the tactics and mindset he needed to cultivate the transition from struggling to highly profitable trader.

He shares what it takes to really make it in this game…

Tom and I discuss a wide range of topics including:

• How he trades aggressively and yet still manages to remain calm
• His techniques for adding to winners
• How to deal with large size (> £3,000pp/680 lots)
• The art of cutting losing trades quickly
• Reducing impulsive trades
• Building the inverse habits of losing traders

& so much more.

If you are a day trader looking for tactical advice and inspiration then this episode is for you!

Tom can be found at https://tradertom.com/

His book “Best Loser Wins” can be ordered from Harriman house or from Mr. Bezos.

Have you ever taken a trade on impulse? Of course you have! You are human, that's the way we are wired...

The good news is you can rewire your mind NOT to react to impulse.

Too often we see a chart, make a judgement and before we know it dive into a trade that we didn't really want.

In this episode I discuss ways to control your impulsive trading and have a laugh at some of my old trading journal entries from 2002!

In this episode I speak to Steve Ward a performance coach for institutional traders across the globe.

He works with banks, hedge funds and prop firms to extract the very best from their traders.

Steve has a waiting list of institutional clients wanting to work with him so we are very fortunate to have him on the show!

Steve shares several tactical ways to improve the trading psychology side of your game.

Including:

• How to deal with trading fear.
• Handling pressure and stress.
• The latest visualisation techniques he uses with institutional clients.
• Mental tactics for scaling up your trading size.
• And many other peak performance tips and techniques.

If you are looking to improve your trading, and believe that trading mindset and psychology is the key then this episode is a must listen.

Check out Steve’s Trading Psychology Course

http://www.tradeatyourbest.com/

Use code tmtayb2250 for £50 off

Steve’s books

Bulletproof Trader: Evidence-based strategies for overcoming setbacks and sustaining high performance in the markets https://amzn.eu/d/43GZi2g

High Performance Trading: 35 Practical Strategies and Techniques To Enhance Your Trading Psychology and Performance https://amzn.eu/d/2lhSn85

TraderMind - Get a Mindful Edge in the Markets (Wiley Trading) https://amzn.eu/d/93RoHtX

Traders Mind Trading Journal https://www.tradersmindjournal.com