Tag Archives: mistake

Three destructive habits every trader must avoid.

Three destructive habits that will kill your trading day, week, month, or career. Not having a plan. Get a plan, who cares if it is bad, start with something. You can build off of it and refine it. You have to be willing to spend the time to make the plan yours. You do notContinue Reading

Thoughts on trading plans.

When I speak about the need for a trading plan it is not because I got it right the first time. I did not have a plan I just did it.  I was told I needed a plan but at that point in my life I was always the exception.  I lost time and moneyContinue Reading

Losing the battle to win the war.

I recently had to dump a friend.  The relationship stunk, neither of us were getting anything out of it and that had always been the case.  We ran in some of the same circles so we kept bumping into each other.  It was volatile to say the least and we were pushed to our limits.Continue Reading

Reader Email: Struggling again.

Originally appeared October 2010 This is an email I got over the weekend; I have interacted with this trader a few times.  He is a newer trader.  I am selfish, I like to interact with new traders.  I can see the impact much quicker.  There are basic problems that new and struggling traders have.  I thinkContinue Reading

Too invested to trade.

One of the worst parts of trading at CME is I got to see many traders on their last day. One of the best parts of trading at the CME is I got to see many traders on their last day. How they got to that point is all different. One of the three D’s,Continue Reading

When you can’t get past it, you keeping paying for it.

When I was probably 6 or 7 there was a nice couple, Marvi and Raymond, whose house we would go to while my mother was working.  One time I was riding in the back seat and gum came out of my mouth.  It fell to the carpet and stuck there.  I moved the mat overContinue Reading

The importance of rereading your trading journal.

I often take a look back at what I write to see how I have changed.  Below is an excerpt from the first manual I wrote in 2007.  It is fun to be put back in that place and a responsibility.  It is helpful to see how things have shaped up or changed in theContinue Reading

How you define an outcome (losing capital), effects future outcomes.

This originally appeared in March 2010. Redefining or changing a word in a sentence can provide the necessary psychological shift to see things in a different way. This different perspective can lead to different results (hopefully positive). Probably the most common redefined word in finance is “Loss” which is turned into “Investment in Education” orContinue Reading

Remix: 10 Rules for Rookie Day Traders

There are always going to be different sets of list for new traders. All offer some value. We are always going to believe our rules are better, obviously we are biased. Michael Sincere wrote a post entitled 10 Rules for Rookie Day Traders.  His rules are in bold with comments below. Here is our philosophyContinue Reading

Giving yourself a chance to become a successful trader.

I was just talking to another trader who was having trouble pulling the trigger.  Assuming you have taken the necessary steps; having the money to lose, having a plan, can maintain discipline, and willingness to continue education in yourself, the market, and the relationship between the two.  The next step is to do it, thoseContinue Reading

The services and materials provided should not to be interpreted as investment advice, an endorsement of any security, commodity, future, or personal investment advice, or an offer to buy, sell, hold or trade futures, options or commodity interests or a recommendation to buy, sell, hold or trade futures, options or commodity interests. You assume the entire cost and risk of investing and are solely responsible for any and all gains and losses, financial, emotional, or otherwise, experienced, suffered, or incurred by you.