Sunday, May 29, 2016

10 Trader Lessons


#1 Market Lesson - You can be better tomorrow than you are today.  You may stink now but tomorrow you can be better.

Equanimity - Being able to talk any trades without wanting to predict what's going to happen.  Not coloring the data.  Don't care about being right or wrong.

Scalable - Must manage your risk.  Stay inside of risk parameters.  Must make a lot of money to be valuable to a prop firm.  System where you make a lot more than you lose.

Technical Trader - Scoring system for technical trades that are really good for current market conditions.  Only best of best set ups for that market.  Patients.

Live to play another day - You must have trade parameters for opening range, individual trade, and daily stop losses.

Bionic Trader - Technology to enhance trading.  Filters and automate trading.

Successful trader late career change - Embrace the growth mindset in trading

The Great Automated Trader was a failed discretionary Trader - Focus on being a bionic trader.  Find edge with back testing skills.

Monthly Goals - Detailed, process orientated, Specific, These traders do their absolute best.  Language is process oriented and is more optimistic.

Mr Aggressive - when he's sees his set up he sizes up.  When he sees his edge there's no fear in his sizing!  Capture the meat of the move not the whole move.

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