One of our best traders was down near 18k and my partner slacked: (trader name deleted) may be on tilt. I checked in on this trader with a chat to see how he was and if he was on tilt. He wasn’t happy, but he analyzed he was mostly just early in a trade. He was waiting for a bounce … Read More
The object in trading is to win
I remember the interview. I meet hundreds of trading candidates every year during our firm’s hiring process. You remember the best ones. He was one of the best. There was a clarity of thought. There was a focus. There was a calmness. There was speed in his processing. There was a demonstrable interest in trading. I told him on the … Read More
One trade, five reasons it failed
During our 11AM mentoring session today a good trade was presented and failed for 5 reasons. Let’s review this trade and those reasons, with the hope that it will help you think through future trades. FXCM has been In Play into the end of year, rising from 11-25, as you can see from the chart below. The trendline broke below … Read More
It’s all about the grind
Winning traders embrace the grind. Above is a spreadsheet from a developing trader on our desk measuring his good days and bad. What did he find? When he arrives before 8AM, he is a good trader. When he arrives after 8AM, he stinks. When his activity is high before work, he is a good trader. When his activity is low … Read More
Succeeding with your trading resolutions
It’s New Years Trading Resolution time. And many of you will outline grand plans. And that is excellent. Here is a suggestion to help you SUCCEED with your trading resolutions. You will find some of our well-intentioned resolutions difficult for you to make into habit. The three goals most will struggle with (me too) will be: 1) Journaling 2) Breathing … Read More
10 trading resolutions for you
Happy New Year! Here our ten trading resolutions I wish for you in 2016! 1. I will try to improve each day and stop trying to make money. 2. I will study my trading edge and build from my strengths. 3. I will improve my fitness as this impacts my trading PnL. 4. I will be grateful each day for … Read More
Damn right we talkin about practice!
I had an informative phone chat with a counterpart of mine at a large international prop firm. They house thousands of traders globally. They, like us, back all of their traders. They, like us, have their own proprietary trading technology that only firm traders can use. They, like us, trade many different products. He, like me, trains all of the … Read More
Questions to ask yourself after a trading loss
Yesterday I was trading a stock with a negative news catalyst that was below an important longer term technical support level and intraday VWAP, got short, and took a loss. I would make the trade again. After taking a loss consider whether you would take the trade again. Here are the questions I asked myself: 1) Did I have an … Read More