Finding Focus in Trading
Jul 31, 2024
Finding Focus in a Distracted World: A Trader's Guide to Mastering the Markets
In the fast-paced and often chaotic world of trading, the ability to maintain focus is a crucial skill that can make the difference between success and failure. With constant market fluctuations, news updates, and the allure of quick gains, distractions are everywhere. However, mastering the art of focus can help traders navigate these challenges and achieve their financial goals. This guide explores practical strategies to cultivate focus and enhance productivity in trading.
Understanding Focus in Trading
Focus in trading is the capacity to concentrate mental energy and attention on market analysis, decision-making, and execution without getting sidetracked by distractions. It's about honing in on critical data, filtering out noise, and making well-informed decisions based on sound analysis. In essence, focus is the trader's tool for staying disciplined, minimizing errors, and capitalizing on market...
Emotional Control In Trading
Jun 30, 2024
Emotional control in trading is the anchor that holds the entire strategy together. Without it, even the most meticulously planned trades can go awry. In our recent podcast / post, we explore how you can cultivate emotional control to navigate the volatile markets.
Understanding Trading Emotions
Trading isn't just a test of your analytical skills; it’s also a test of your emotional resilience. The market is always changing, and so must your strategies and mindset. The first step towards mastering emotional control is recognizing that change is constant. Thoughts and routines might remain stagnant, but the market doesn’t wait for anyone. You must be ready to adapt and evolve your trading plan as well as your mentality in order to succeed in this industry.
Readiness for Change
1. Awareness: The journey begins with awareness. You must recognize that something in your trading approach or mindset needs to change. This awareness often comes after...
How To: Treat Trading Like A Business
Jun 09, 2024
Trading can’t be treated like a hobby, there is no “dabbling” in the markets if you want to be a trader. It must be taken serious as businesses do. After all, we are handling a lot of money. Here are 10 tips in ways to traders can treat their trading like a business. And if you need to hear it….FOLLOW YOUR PLAN, Aloha.
10 tips
- Journal
All business has books, keep a record of everything (tax purposes even expenses even if you aren’t a business yet, get into the HABIT of record keeping).
2. Make smart decisions
Don’t go and buy all of the fanciest trading software, news feeds, computer power, don’t need a personal assistant in your first year of trading. Keep your expenses small and invest in your learning.
3. Stoic
Keep your emotions out of your TRADES! When trading, don’t trade off of...
Changing Your Language
May 29, 2024
Change Your Language, Change Your Life
The Power of Language in Trading Success
Embarking on a journey to become a full-time trader is as much about mindset as it is about strategy and execution. One of the most transformative aspects of this journey is the language we use—both internally and externally. Changing your language can significantly impact your trading success and overall lifestyle.
Setting Up a Proper Timeline for Trading
1. Education and Practice Phase (6-12 months):
- Focus on learning trading basics, developing strategies, and using demo accounts.
- Aim to understand trading mechanics and test strategies without risking real money.
2. Initial Live Trading Phase (3-6 months):
- Start with a small live account to gain real market experience.
- Focus on consistency rather than immediate profits.
3. Evaluation and Scaling Phase (6-12 months):
- Analyze your performance and refine strategies based on live trading results.
- Gradually increase...
Leaving Your 9-5 To Trade Full Time
May 02, 2024
Join us as we explore the realistic challenges and strategies of transitioning from a 9-to-5 job to full-time trading. Whether you're an aspiring trader or looking to refine your trading approach, this podcast aims to equip you with the insights and tools needed to navigate the trading landscape successfully.
-
Motivations for Trading: Discussing common reasons why people want to shift from traditional employment to trading.
-
Financial Preparation: How to financially prepare for the transition, including creating a cushion and understanding income requirements.
-
Emotional and Lifestyle Impact: Exploring the psychological adjustments and lifestyle changes that accompany full-time trading.
-
Risk Management: The importance of managing risks and expectations in the volatile trading market.
-
Continuous Learning: The need for ongoing education and adaptation to stay successful in trading.
-
Realistic Expectations: Setting realistic goals and understanding the challenges of trading...
Accepting Market Uncertainty
Apr 23, 2024
Accepting Uncertainty in Trading.
The meltdown of 2022 has wiped out more than $7 trillion in market value from the blue chip stocks in the S&P 500. The index is down nearly 18% since the end of December.
Set the context for the conversion, going over recent events that’s creating our market environment
War.
Stocks - all these stocks are down:
Crypto is down -$200 billion market cap gone in a day, bitcoin is at a 50% from the high
There is a lot of uncertainty out there. What does uncertain mean?
Uncertain - not able to be relied on; not known or definite.
Glenn observation - according to historic data of DOW jones index, we never had bear run longer than 4 consecutive months. (this is data gathered since 1929). 1929 lasted for two years. Back in the day, took longer for the market to move.
1929 - overall 2 year bear trend, -84%
2008 - 6 months straight, but a -37%...
Trading Lies That Hold You Back
Apr 11, 2024
Debunking Common Trading Lies
Separating fact from fiction is crucial for success when it comes to trading. Especially all over social media we see many lies perpetuated by fake traders. In this post, we cover a few lies we believed when we first started off trading and a few extras that are still shared wide.
Myth 1: You Must Be Profitable Every Month to Be Successful
One of the most pervasive myths in trading is the idea that success equates to being profitable every single month. A trading journey is filled with ups and downs and that includes periods of losing, also known as drawdown periods. Consistency in trading doesn't necessarily mean constant winning; rather, it's about maintaining a steady approach, managing risks, and learning from the inevitable losses over time - this is true consistency. This perspective shifts the focus from short-term gains to long-term growth and resilience.
Myth 2: There's a Perfect Strategy for Everyone
The quest for the...
How To Get Out of A Trading Slump
Apr 08, 2024
Overcoming the Psychological Hurdles of Trading: Insights from Glenn
Trading is as much a test of psychological endurance as it is of chart wisdom. The journey has its highs and lows, and perhaps one of the most challenging experiences for traders is navigating through a trading slump. In this video, Glenn addresses this very issue, offering valuable advice on regaining confidence and momentum in trading.
Understanding A 'Trading Slump'
A trading slump often follows a series of losses, also known as a trading drawdown, leaving traders feeling fearful and hesitant—so much so that some might not engage in trading for weeks or even months. This period is typically characterized by a lack of confidence, where traders become "gun-shy," afraid to make decisions or "pull the trigger" on potentially profitable trades. - The fear of extending the losing streak looms large, paralyzing traders into inaction.
The Path to Recovery: Confidence > Profit
Glenn emphasizes...
Gambling VS Trading
Apr 07, 2024
It's funny how in the Mainland U.S., there are ads that run "Win a trip to Hawaii!!" and the question that I've been asked before is: "if people win trips to Hawaii, where do Hawaii people win trips to?" Well, that answer is Vegas, baby! - The unofficial "9th island". And what else do locals find themselves doing? Gambling..in hopes to win thousands of dollars off luck.
Now, we aren't saying you won't make money off luck. We also aren't saying there's no such thing as professional gamblers. However, if you ask these professionals if they are gambling, their answer without a doubt would be no...they have an edge.
A few key points that make a difference between gambling and trading is having an edge. This edge can come in a variety of ways: experience, edge, risk, time in the markets. But, to keep it simple an edge is something that can be proven to have a success rate through probabilities. Probabilities is one thing more likely happening than another....
6 Trading Truths
Apr 04, 2024
6 Trading Truths all traders should become aware of!
1) TREAT TRADING LIKE A BUSINESS
2) FOCUS ON THE LONG GAME
3) FIND YOUR EDGE
4) KEEP YOUR MENTAL CAPITAL FULL
5) DON'T TRADE WITH CAPITAL YOU CAN'T AFFORD TO LOSE.
6) PSYCHOLOGY, MONEY MANAGEMENT, STRATEGY.
Trading isn't just about picking placing trades and watching charts; it's a whole lot more. It's like a game where the rules are a bit fuzzy, and the playing field keeps changing. But here's the good news: there are some solid pieces of advice that can help you get better at it. Whether you're just dipping your toes in or you've been at it for years, here are 6 tips to upping your trading game. So, let's dive in it!
1. Treat Trading Like a Business
If you are taking trading serious, you're going to want to start taking trading serious. This means having a game plan that spells out what you want to achieve, how you’ll manage risks, and keeping track of all your moves - wins and losses....
