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Trader Mindset

Michael Martin is a trader and instructor. His show deals with the emotional and psychological aspects of trading and managing risk. His book "The Inner Voice of Trading" and features interviews with Michael Marcus, Bill Dunn, and Ed Seykota - who also wrote the Foreword. Get the audio book free at MartinKronicle.com.
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Now displaying: November, 2020
How to better control your daily vol 0
Nov 30, 2020
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Clients are looking at the daily swings in their account when they see big moves in the market.
 
You might consider having discussions with them before this happens to instruct them on what you'll do.
 
Big increases in vol can also signal a change in direction...
 
Click here to get your free copy of The Inner Voice of Trading audiobook.
How to win over prospects by losing less 0
Nov 27, 2020
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The ultra-wealthy already have all the money in the world.
 
They don't need you to double their money.
 
Their main concern is to "not lose."
 
How will you be different from the other managers they are interviewing?
 
It's the differences that sell, so sell them what's in this episode.
 
Click here to get your free copy of The Inner Voice of Trading audiobook.
Are you the right person for the job? 0
Nov 26, 2020
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Imagine if you had to interview yourself for the job you want.
 
How would you grade yourself for the job you're doing?
 
Would you give yourself a written recommendation?
 
What would you write?
 
Click here to get your free copy of The Inner Voice of Trading audiobook.
One way to know if you're wrong on a trade 0
Nov 25, 2020
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Good trades make you money right away.
 
Use a time stop to offset risk.
 
Else, you might be too forgiving and acting like an Investment Advisor when you're trying to be a trader.
 
Fight Imposterism within yourself.
 
I made that word up - imposterism.
 
Click here to get your free copy of The Inner Voice of Trading audiobook.
How to avoid putting yourself in bad spots 0
Nov 24, 2020
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Bad spots in this context can mean trades that you have no business being in.
 
Been there, done that.
 
Click here to get your free copy of The Inner Voice of Trading audiobook.
How to know if you are compatible with your trading rules 0
Nov 23, 2020
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Doing something once is easy.
 
Doing it over and over is another ball of wax.
 
Here's one way to know if you are compatible with what you're trying to do in the markets.
 
Click here to get your free copy of The Inner Voice of Trading audiobook.
You are competing against yourself - there's nothing to catch up to 0
Nov 20, 2020
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Focus on having discipline and executing that discipline every day.
 
That produces consistency.
 
That's what you're competing with - the ability / inability to do the right thing every day.
 
Click here to get your free copy of The Inner Voice of Trading audiobook.
Don't buy pullbacks, buy above resistance 0
Nov 19, 2020
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When you go long, you want momentum in your favor, not against you.
 
The worse thing you can do is buy a pullback to support and try to sell at resistance.
 
This is small-minded thinking.
 
Wait for the instrument to clear resistance, then buy.
 
There is no upper boundary to the price and prices are relative.
 
Click here to get your free copy of The Inner Voice of Trading audiobook.
When it's not a good idea to push yourself 0
Nov 18, 2020
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When you're not settled with where you are in your trading, you can find yourself doing things that don't serve you.
 
That's because you want to be somewhere else as opposed to being present.
 
Click here to get your free copy of The Inner Voice of Trading audiobook.
Hesitation will kill you - cut your losers viciously 0
Nov 17, 2020
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Ace Greenberg would sell any longs that were down coming into Friday's close.
 
Some traders offset trades in 15 minutes if they don't show a profit.
 
Takeaway: good trades make you money right away.
 
If it doesn't act accordingly.
 
Click here to get your free copy of The Inner Voice of Trading audiobook.
Focus on generating risk-adjusted returns 0
Nov 16, 2020
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There are 2 traders. One has 15% returns and trader #2 generated 25%.
 
Who did better?
 
You can't just say that trader #2 has done better in this regard.
 
We don't know what type of risk #2 had to take on to get those returns.
 
We have to focus on the getting risk-adjusted returns.
 
Click here to get your free copy of The Inner Voice of Trading audiobook.
The benefits of finding a confidant to air out ideas to 0
Nov 13, 2020
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Sometimes you need a pep talk or to hear the voice of reason.
 
Sometimes it's not easy to see the 30,000 foot view.
 
Sometimes you can't see where the smoke is coming from when you're standing on the fire.
 
Click here to get your free copy of The Inner Voice of Trading audiobook.
Books that I found resourceful when I started 0
Nov 12, 2020
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"There's nothing you can do that can't be done.
Nothing you can sing that can't be sung.
Nothing you can say, but you can learn how to play the game.
It's easy."
 
-John Lennon
 
Click here to get your free copy of The Inner Voice of Trading audiobook.
It's never too early to start preparing for your success 0
Nov 11, 2020
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Think of it like a never-ending culturing of a pearl that is your life.
 
Click here to get your free copy of The Inner Voice of Trading audiobook.
Trust your process before you trust your instincts 0
Nov 10, 2020
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It takes many years to develop superior trading & investing instincts that you can count on.
 
Too many traders and money managers unknowingly exhaust themselves day after day by deeply engaging with a process that is both inefficient and based on guesswork.
 
A good first step to fix this: stop reading headlines for trading ideas...
 
Click here to get your free copy of The Inner Voice of Trading audiobook.
How to prepare for the trading day and week 0
Nov 9, 2020
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Like a lot of trading, preparation is a process - of elimination.
 
Click here to get your free copy of The Inner Voice of Trading audiobook.
How to play defense when the markets are highly correlated 0
Nov 4, 2020
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When the instruments in your portfolio are highly correlated you can make bank.
 
When they reverse, they will do so at the same time and you will get hit for an outsized loss.
 
Click here to get your free copy of The Inner Voice of Trading audiobook.
The difference between adding to a winner and chasing the market 0
Nov 3, 2020
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Chasing the market is a person's inability to deal with regret.
 
Adding to winners is a process where you have a set of rules to add risk when it makes sense.
 
Click here to get your free copy of The Inner Voice of Trading audiobook.
When the rest of the world sees things differently than you 0
Nov 2, 2020
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When you don't have massive amounts of data on your trading, you don't know the probabilities of winning and losing.
 
If that's the case, the trades you put on are nothing more than a gamble.
 
Be careful not to place large bets on anything - earnings, Phase III clinical trials, or elections - your feelings are not facts.
 
Click here to get your free copy of The Inner Voice of Trading audiobook.
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