0Posted by Michael Glass on August 13, 2011 at 3:12 pm
Developing a Trader’s Mindset
Interview Series
Part 4 – Peter Reznicek
Shadow Trader
I am often approached by new traders looking for advice on how to change their trading results. My response is usually about the fact that trading alone is pretty easy. The hard part to trading is developing a trader’s mindset. It is often said that over 80% of all day traders fail.Anyone can go out on google or visit a local Barnes & Nobles and find a book or website on the latest technical indicator or trading system. However, what separates those traders who can go out consistently and make a profit in the stock market and those who are losing everyday is the ability to not only recognize opportunities in the stock market, but to be in full control of your emotions and make proper decisions about what they perceive may happen.
New traders are using in search for the Holy Grail. They are looking for the magic bullet that will instantly change their trading results over night. In the book, Trade Your Way to Financial Freedom, Dr. Van Tharp described the Legend of the Holy Grail as the ability of a trader to manage the internal struggle between profits and losses. Not an indicator, not a guru, not a trading room, but the ability to control your emotions on your wins and your losers.
Developing a Trader’s Mindset is the key for both new and seasoned traders to become profitable. A Trading Mindset helps you to not only recognize candlestick chart patterns as they develop, but it also helps have the discipline to wait for the pattern to confirm. It helps you to trust your proven trading system because you have backtested the setups. You know that you can have a positive expectancy about your trading results. So, I decided to go out an interview some of the traders who have impacted my trading results and share them with you all.
In our fourth installment, I had to great pleasure to speak with Peter Reznicek, better known as The Shadow Trader from Think or Swim. I have been a big fan of Peter for years. I began listening to him via Think or Swim from the beginning. He has an excellent knowledge of the market and a great ability to teach and trade at the same time.
ShadowTrader’s entire suite of services are designed with the serious, active, equity and FX trader in mind. Whether it’s a trade from our Swing Trader, FX Trader, or Pairs Trader, or a live real-time call in our Professional Traders Squawkbox, ShadowTrader delivers it with defined stop, defined target, and defined entry. ShadowTrader consistently relays more vital market information in real time than any other service on the web.
All shadowtrader products are FREE! You can access the Squawk Box live every trading day from 9:15am to 4:15pm EST on the thinkorswim by TD Ameritrade platform
0Posted by Michael Glass on July 23, 2011 at 3:24 pm
Developing a Trader’s Mindset
Interview Series
Part 3 – Gregory McLeod
I am often approached by new traders looking for advice on how to change their trading results. My response is usually about the fact that trading alone is pretty easy. The hard part to trading is developing a trader’s mindset. It is often said that over 80% of all day traders fail.Anyone can go out on google or visit a local Barnes & Nobles and find a book or website on the latest technical indicator or trading system. However, what separates those traders who can go out consistently and make a profit in the stock market and those who are losing everyday is the ability to not only recognize opportunities in the stock market, but to be in full control of your emotions and make proper decisions about what they perceive may happen.
New traders are using in search for the Holy Grail. They are looking for the magic bullet that will instantly change their trading results over night. In the book, Trade Your Way to Financial Freedom, Dr. Van Tharp described the Legend of the Holy Grail as the ability of a trader to manage the internal struggle between profits and losses. Not an indicator, not a guru, not a trading room, but the ability to control your emotions on your wins and your losers.
Developing a Trader’s Mindset is the key for both new and seasoned traders to become profitable. A Trading Mindset helps you to not only recognize candlestick chart patterns as they develop, but it also helps have the discipline to wait for the pattern to confirm. It helps you to trust your proven trading system because you have backtested the setups. You know that you can have a positive expectancy about your trading results. So, I decided to go out an interview some of the traders who have impacted my trading results and share them with you all.
In our third installment, we have the pleasure of speaking with Gregory McLeod of FXCM’s trading and education division. As I began looking at various Forex trading strategies, I came across the forum @ DailyFX. There I came across a Free daily trading room called Pip and Run. Greg was the moderator of the room. As a new forex trader, I found his strategy of focusing on a multitude of small high quality trades versus big home run trades interesting. It seemed like a good way to protect your capital. Luckily for us, he was gracious enough to donate his time for this interview. He has some real out of the box ideas about trading and shares them during interview.
0Posted by Michael Glass on July 9, 2011 at 12:31 pm
Developing a Trader’s Mindset
Interview Series
Part 2 – Emini Junkie
I am often approached by new traders looking for advice on how to change their trading results. My response is usually about the fact that trading alone is pretty easy. The hard part to trading is developing a trader’s mindset. It is often said that over 80% of all day traders fail.Anyone can go out on google or visit a local Barnes & Nobles and find a book or website on the latest technical indicator or trading system. However, what separates those traders who can go out consistently and make a profit in the stock market and those who are losing everyday is the ability to not only recognize opportunities in the stock market, but to be in full control of your emotions and make proper decisions about what they perceive may happen.
New traders are using in search for the Holy Grail. They are looking for the magic bullet that will instantly change their trading results over night. In the book, Trade Your Way to Financial Freedom, Dr. Van Tharp described the Legend of the Holy Grail as the ability of a trader to manage the internal struggle between profits and losses. Not an indicator, not a guru, not a trading room, but the ability to control your emotions on your wins and your losers.
Developing a Trader’s Mindset is the key for both new and seasoned traders to become profitable. A Trading Mindset helps you to not only recognize candlestick chart patterns as they develop, but it also helps have the discipline to wait for the pattern to confirm. It helps you to trust your proven trading system because you have backtested the setups. You know that you can have a positive expectancy about your trading results. So, I decided to go out an interview some of the traders who have impacted my trading results and share them with you all.
Our second installment in our Developing a Trader’s Mindset Interview Series brings us to Emini Junkie. His goal is to help individuals build wealth through an online trading education and mentorship program focused on the S&P Emini Futures, Gold Futures and Options Trading. I chose to interview Matt because of his great Trading Plan and Trading Room. Much of what I believe about Market Internals, especially $TICK, comes from what he has taught. I was humbled that he graciously agreed to be interviewed and think you are going to love what he shares.
1Posted by Michael Glass on June 30, 2011 at 2:18 pm
Developing a
Trader’s Mindset
Interview Series
Part 1
I am often approached by new traders looking for advice on how to change their trading results. My response is usually about the fact that trading alone is pretty easy. The hard part to trading is developing a trader’s mindset. It is often said that over 80% of all day traders fail.Anyone can go out on google or visit a local Barnes & Nobles and find a book or website on the latest technical indicator or trading system. However, what separates those traders who can go out consistently and make a profit in the stock market and those who are losing everyday is the ability to not only recognize opportunities in the stock market, but to be in full control of your emotions and make proper decisions about what they perceive may happen.
New traders are using in search for the Holy Grail. They are looking for the magic bullet that will instantly change their trading results over night. In the book, Trade Your Way to Financial Freedom, Dr. Van Tharp described the Legend of the Holy Grail as the ability of a trader to manage the internal struggle between profits and losses. Not an indicator, not a guru, not a trading room, but the ability to control your emotions on your wins and your losers.
Developing a Trader’s Mindset is the key for both new and seasoned traders to become profitable. A Trading Mindset helps you to not only recognize candlestick chart patterns as they develop, but it also helps have the discipline to wait for the pattern to confirm. It helps you to trust your proven trading system because you have backtested the setups. You know that you can have a positive expectancy about your trading results.
So, I decided to go out an interview some of the traders who have impacted my trading results and share them with you all. Each trader in this interview series has help me develop from being a struggling day to day trader to becoming a consistent and profitable trader. First up in our series is Ayal Cohen of High Point Trading. Click the link below to listen to my interview with Ayal where we talk about:
Trading Philosophy
Suggested Books to Read
Where Traders Should Place Their Emphasis to improve their Trading
#1 Trading Strategy to Change your Trading Results
2Posted by Michael Glass on April 29, 2011 at 6:22 pm
Learn How to Develop
a Trader’s Mindset
In the path to becoming a profitable trader, many traders focus on locating the best indicator or some guaranteed trading system. And when these fail, they hop back on Google to find the next can be beat investing product. Yet, if they took the time and did a true search, they would realize that it is not an indicator, a trading system or a newsletter that will make your a profitable trader. Instead, it is your ability to develop a trader’s mindset that will truly change or win/loss ratio at the end of the day.
Developing “The Trader’s Mindset” is a must for trading success. Yet is often the most overlooked aspect of trading. Perhaps this is because it takes time. You usually develop it by actually trading and the experiences you gain from trading. This might be why when we can show 100 hundred different traders a successful trading system, no two of them would trade it exactly the same. Why? Because each trader has a unique belief system and their beliefs will determine their trading style. That is why even with a profitable and proven trading approach, many traders will fail. They do not have the proper belief system to enable them to trade well. In other words, they lack “The Trader’s Mindset.”
Watch the video for more on developing a trader’s mindset:
