There never was a moment, and never will be, when we are without the power to alter our destiny. I spent most of Easter immensely enjoying The War of Art by Steven Pressfield. For traders there is a wonderful section from which we can learn that defines the difference between being a professional and an amateur. We might say at … Read More
What is Your Mission Statement?
I had the privilege to visit a prestigious US hedge fund this week. I just cannot shake this one image. We, 4 of us from SMB, arrive from NYC in Greenwich in my family SUV. You pass the private airport so close to Westchester and Southern, CT . The four of us joke about the SMB private jet, that can take you … Read More
Is There Power in Negative Thinking?
Is it productive to think negatively as a trader? Bobby Knight, National Collegiate Hall of Fame coach, thinks so. Coach Bobby Knight says that when he first started coaching one of the worst things he would hear was “It will be O.K.” Not only that, Knight says, as he did in a recent New York Times interview, that “the worst … Read More
What do you do when your strategies stop working?
Hello Mike, I have an interesting question for you. Its about the life cycle of a trade set up. I’ve realized that like businesses trading setups are also cyclical. There will be periods where the set up produces an edge, and there will be periods when the set up is not producing an edge. Does this mean the setup no longer … Read More
How happy should you be?
Should we seek to be happy all-the-time as a trader? No, says the research. Eric Barker, at his Barking Up the Wrong Tree blog, asks a question: “Should we try to be happy all the time?” It’s a good question and he answers it with one word: no. Now, he isn’t knocking happiness. He’s only pointing that context matters and … Read More
Art Therapy for Your Trading
I received an awesome email teaching me about an interesting concept for our trading: art therapy. I thought I would share it with the trading community. Last time on your webinar you asked what is art therapy? It’s kind of like when a kid goes to a child psychologist and in order for the psychologist to figure out what’s going … Read More
Do You Pick Bottoms and Tops?
Good afternoon Mike, I read One Good Trade, and I pre-ordered The Playbook so I could get some additional insight into professional trading. I saw quite a few references to buying the support plays or selling the resistance plays, and I was wondering about the strategy, so my question is overall do you try to buy the low or sell … Read More
When Should I Sell?
Hi Bella, I just have to start off as I always do and thank you and SMB for providing excellent trading education and training. Alright now to my question(s). When trading the open, when do you decide that you should hold a core position especially since there isn’t trend in the first 30 mins of the day? Do you decide … Read More