The Screen Trader is a Quarterback
In many ways, trading mirrors many sports.
For example, a trader trading for his/her own account is like a quarterback in football....
So, if you are a trader, why not encompass the thinking of a quarterback?
"Bad things happen when the quarterback holds on to the ball"
Likened to a trade that goes against a trader; the trader must have the fortitude: 1. to exit the trade; 2. to temporarily drop the experience from one's mind (short memory) and, to go on to the next trade.
Mkh
Tuesday, June 14, 2011
Sunday, June 5, 2011
An Important message for Screen traders'!
An important email for screen traders',
Without question, you are one of the few in the entire floor trading business with the stick-to-it-ness & the discipline/self control who can continue their career “off the floor”.
Let me warn you, however, that it is much easier to get in trouble when trading off the floor:
1. to be over confident on the following day after a winning day
2. to reach or come close to your daily monetary goal and continue to trade because you
feel it
3. to continue to lose money after reaching your downside loss limit
4. to trade when you should not trade because you have a good work ethic, but are over-
tired or have negative thoughts
BEWARE & BE AWARE OF THE SUB CONSCIOUS PREOCCUPATION WITH PERSONAL PROBLEMS OUTSIDE OF
TRADING
5. and finally it is much easier to fall into or slip into the Chain of Disaster
(Chain of Self Destruction ) because of the ease to click as opposed to getting a
brokers’ attention on the floor
NOTE: The Chain of Destruction: Impatience; Irritation; Anger: Self Destruction (IIASD)
(the loss of a lot of money that ends your trading career)
At any rate, you do have the “Right Stuff” to have a life time career in trading, if you pick your spots and remember to pay attention to the problems in computer trading above.
Without question, you are one of the few in the entire floor trading business with the stick-to-it-ness & the discipline/self control who can continue their career “off the floor”.
Let me warn you, however, that it is much easier to get in trouble when trading off the floor:
1. to be over confident on the following day after a winning day
2. to reach or come close to your daily monetary goal and continue to trade because you
feel it
3. to continue to lose money after reaching your downside loss limit
4. to trade when you should not trade because you have a good work ethic, but are over-
tired or have negative thoughts
BEWARE & BE AWARE OF THE SUB CONSCIOUS PREOCCUPATION WITH PERSONAL PROBLEMS OUTSIDE OF
TRADING
5. and finally it is much easier to fall into or slip into the Chain of Disaster
(Chain of Self Destruction ) because of the ease to click as opposed to getting a
brokers’ attention on the floor
NOTE: The Chain of Destruction: Impatience; Irritation; Anger: Self Destruction (IIASD)
(the loss of a lot of money that ends your trading career)
At any rate, you do have the “Right Stuff” to have a life time career in trading, if you pick your spots and remember to pay attention to the problems in computer trading above.
Saturday, April 9, 2011
New Traders Are Always Interested, Asking When To Abandon A Trade?
A SIMPLE SYSTEM FOR OFF-SETING YOUR TRADE:
NOTE: When you are calm you will Hear the Whisper of your Inner Voice; And, you will
Feel & Sense the discomfort within your body; Do not be afraid to act!
5 Star ***** Trade - No Problem ( Watch the trade come close to or reach your out number )
4 Star **** Trade - Unsure ( Get out of 25% of the Trade )
3 Star *** Trade - Nervous ( Get out of 50% of the Trade ) ( #1 lot traders get out here )
2 Star ** Trade - Scared ( Get out of 75% of the Trade )
1 Star * Trade - Sick ( Get out of 100% of the Trade Now )
NOTE: When you are calm you will Hear the Whisper of your Inner Voice; And, you will
Feel & Sense the discomfort within your body; Do not be afraid to act!
5 Star ***** Trade - No Problem ( Watch the trade come close to or reach your out number )
4 Star **** Trade - Unsure ( Get out of 25% of the Trade )
3 Star *** Trade - Nervous ( Get out of 50% of the Trade ) ( #1 lot traders get out here )
2 Star ** Trade - Scared ( Get out of 75% of the Trade )
1 Star * Trade - Sick ( Get out of 100% of the Trade Now )
Wednesday, March 23, 2011
Pit Traders who Can't.... What letter describes you?
Traders who are having a difficult time making the transition from the trading floor to the trading screen, 99%, are unwilling to take the time to re educate themselves.
The aforementioned floor traders who are not making the transition from floor trading to the screen trading successfully fit in one of the following categories:
A. Too Tired from their Pit Trading Career
B. Too Lazy
C. Self imposed Uneducable
D. Stuck
E. Too arrogant
F. Lack Confidence
G. Unwilling to sit alone in a room by themselves with a computer
H. Don't want to pay for education
I. Monetarily Broke
J. Embarrassed to ask someone to teach them to trade on a computer
K. Too embarrassed to find out a legitimate educational program or mentor
L. Want to explore another career outside trading
M. Unwilling to recognize Screen Trading is a different Career path
N. Unwilling to recognize it takes time to adjust to the nuances of a new career
O. Afraid to trade a commodity they haven’t traded (necessary in re training)
P. Unrealistic expectations to move to the Trading Screen and make money day #1
Q. Impatience in learning a new career
R. Afraid to try Screen Trading because all their friends have failed for REASONS ABOVE
S. Some do not know how to use a computer
T. Can’t Screen Trade alone, need a friend to do it with them
U. Personal Overhead too high thus preventing the trader from changing to the screen
V. New Screen Traders should start with a one lot and the philosophy is beneath some
W. Trading all day may be unnecessary
X. An excessive loss on the screen is rarely recoverable in one day
Y. “Scalping” is virtually impossible with normal connectivity
Z. It is too easy “ to click” to put on a trade without a reason
Want to learn from a professional trader and an outstanding educator? Go to www.rdstrader.com
Upon learning to trade, clear your trades at the University of Trading/Dowd Wescott/MF Global.
Call Dr. Mickey Hoffman 312-909-1301
The aforementioned floor traders who are not making the transition from floor trading to the screen trading successfully fit in one of the following categories:
A. Too Tired from their Pit Trading Career
B. Too Lazy
C. Self imposed Uneducable
D. Stuck
E. Too arrogant
F. Lack Confidence
G. Unwilling to sit alone in a room by themselves with a computer
H. Don't want to pay for education
I. Monetarily Broke
J. Embarrassed to ask someone to teach them to trade on a computer
K. Too embarrassed to find out a legitimate educational program or mentor
L. Want to explore another career outside trading
M. Unwilling to recognize Screen Trading is a different Career path
N. Unwilling to recognize it takes time to adjust to the nuances of a new career
O. Afraid to trade a commodity they haven’t traded (necessary in re training)
P. Unrealistic expectations to move to the Trading Screen and make money day #1
Q. Impatience in learning a new career
R. Afraid to try Screen Trading because all their friends have failed for REASONS ABOVE
S. Some do not know how to use a computer
T. Can’t Screen Trade alone, need a friend to do it with them
U. Personal Overhead too high thus preventing the trader from changing to the screen
V. New Screen Traders should start with a one lot and the philosophy is beneath some
W. Trading all day may be unnecessary
X. An excessive loss on the screen is rarely recoverable in one day
Y. “Scalping” is virtually impossible with normal connectivity
Z. It is too easy “ to click” to put on a trade without a reason
Want to learn from a professional trader and an outstanding educator? Go to www.rdstrader.com
Upon learning to trade, clear your trades at the University of Trading/Dowd Wescott/MF Global.
Call Dr. Mickey Hoffman 312-909-1301
Monday, March 21, 2011
10 Trading Rules For the University of Trading Traders
Follow the rules below and you may make some extra cash?
1. Determine a reasonable and attainable amount of money to make each and every day!
2. Determine a fixed and acceptable amount of money to lose each and every day!
3. When either #1 or #2 is reached STOP TRADING for the day ( Yes, stop on the upside too, so you can preserve your energy for the next trading day )
4. You may exceed the upside on a given day without trying by letting the market dictate the profit. If your trade runs let it, but remember to take profit without being greedy
5. Self Control and Discipline mean you may not lose more than YOUR PREDTERMINED LOSS for a trade or a day. Your fixed and acceptable amount is the end of the day; not one penny over the amount ( this means IN ALL CASES you will have to stop prior to the amount so that you don’t override it ).
6. When you have three losing trade in a row call it a day, since it is not particularly your day to trade. For some unknown reason the market is not consistent with your thinking or your thinking is not consistent with the market. Who cares which category the inconsistency fits.
7. You must prepare in your mind for losing trades and losing days. Preparing to handle the inevitable loss of a trade does not mean you are setting yourself up to lose, but simply having a plan on how to act, what to do, where to go, and how to accept the loss as part of the trading EXPERIENCE. LEARNING WHEN AND HOW TO TAKE A LOSS IS THE WHOLE ENCHILADA.
8. Rest and energy are vital to a traders’ arsenal for success. If you lack energy and you are not rested you are not prepared to trade. Playing hard on the weekend or during the trading week will inevitably be your demise. Trade only when you are ready and never, never trade when you lack energy for whatever reason. Recognizing when you should not trade is vital to your success.
9. Having a successful week is the answer to your trading success. If you lose too much in one day you are behind the “8 ball”. Thus, one day must not set the tone for putting yourself in a “GET IT BACK MODE”. Too much energy will have been spent on the excessive losing day to recover in the ensuing days. Moderation in the losing column will enable you to win.
10. Friday is a day you want to play DEFENSE so that you may go into the weekend feeling good about yourself. Insure that on Fridays you are a winner even if you have to stop earlier in the trading day than anticipated.
1. Determine a reasonable and attainable amount of money to make each and every day!
2. Determine a fixed and acceptable amount of money to lose each and every day!
3. When either #1 or #2 is reached STOP TRADING for the day ( Yes, stop on the upside too, so you can preserve your energy for the next trading day )
4. You may exceed the upside on a given day without trying by letting the market dictate the profit. If your trade runs let it, but remember to take profit without being greedy
5. Self Control and Discipline mean you may not lose more than YOUR PREDTERMINED LOSS for a trade or a day. Your fixed and acceptable amount is the end of the day; not one penny over the amount ( this means IN ALL CASES you will have to stop prior to the amount so that you don’t override it ).
6. When you have three losing trade in a row call it a day, since it is not particularly your day to trade. For some unknown reason the market is not consistent with your thinking or your thinking is not consistent with the market. Who cares which category the inconsistency fits.
7. You must prepare in your mind for losing trades and losing days. Preparing to handle the inevitable loss of a trade does not mean you are setting yourself up to lose, but simply having a plan on how to act, what to do, where to go, and how to accept the loss as part of the trading EXPERIENCE. LEARNING WHEN AND HOW TO TAKE A LOSS IS THE WHOLE ENCHILADA.
8. Rest and energy are vital to a traders’ arsenal for success. If you lack energy and you are not rested you are not prepared to trade. Playing hard on the weekend or during the trading week will inevitably be your demise. Trade only when you are ready and never, never trade when you lack energy for whatever reason. Recognizing when you should not trade is vital to your success.
9. Having a successful week is the answer to your trading success. If you lose too much in one day you are behind the “8 ball”. Thus, one day must not set the tone for putting yourself in a “GET IT BACK MODE”. Too much energy will have been spent on the excessive losing day to recover in the ensuing days. Moderation in the losing column will enable you to win.
10. Friday is a day you want to play DEFENSE so that you may go into the weekend feeling good about yourself. Insure that on Fridays you are a winner even if you have to stop earlier in the trading day than anticipated.
Monday, March 14, 2011
The Losers Chain of Events!
The Losers Chain of Events:
Exit a losing trade prior to entering the chain of destruction:
Impatience,
Irritation,
Anger,
and Self destruction!
As my daughter & son in law preach at RDS Trader Trade Strong, Trade Smart while making certain that you can come back the next day to trade again.
Dr. Michael K Hoffman "Mickey".
Exit a losing trade prior to entering the chain of destruction:
Impatience,
Irritation,
Anger,
and Self destruction!
As my daughter & son in law preach at RDS Trader Trade Strong, Trade Smart while making certain that you can come back the next day to trade again.
Dr. Michael K Hoffman "Mickey".
Sunday, February 13, 2011
Advice to a Trader!
Advice to a Trader!
Focusing, paying attention to your position, and having a predetermined, fixed exit strategy on the right side of the market & the wrong side will enable you to succeed and have many more winning trades.
Note: I am not in favor of using stops since the market is too transparent. I believe a trader should get in and out of the market without a predetermined public announcement.
Your trading objective should be to complete each day and most importantly each week with money in the bank.
Have a daily upside goal where you discontinue trading from $250 to $500; and a downside number that says your day is over from $250 to $500. Upon reaching or coming close to the predetermined dollar amount, you may cease trading. Adhering to the aforementioned program will enable you to experience success more frequently. You do not and must not end the day precisely on the number, for being close is enough i.e. $220 OR $410 - YOUR BODY WILL TELL YOU WHEN IT IS TIME TO STOP.... Make certain that you listen.
Determine as quickly as you can each day whether or not you are in cadence with the market.
On the days, you are out of sync or the market is out of sync with you, which is possible, discontinue trading.
Returning to trade the next day, rested with positive energy means the difference between finishing the week up or down money.
"Fighting the market" and using excessive energy on any given day can and will hurt one's trading on the following day(s). Lethargy and tiredness derails one's ability to think clearly, thus impeding execution
Trading is all about you and managing money. Trading is not all about the strategy used or the commodity traded. Trading is about the trader executing ideas, admitting and exiting trades when the trades are not working.
Focusing, paying attention to your position, and having a predetermined, fixed exit strategy on the right side of the market & the wrong side will enable you to succeed and have many more winning trades.
Note: I am not in favor of using stops since the market is too transparent. I believe a trader should get in and out of the market without a predetermined public announcement.
Your trading objective should be to complete each day and most importantly each week with money in the bank.
Have a daily upside goal where you discontinue trading from $250 to $500; and a downside number that says your day is over from $250 to $500. Upon reaching or coming close to the predetermined dollar amount, you may cease trading. Adhering to the aforementioned program will enable you to experience success more frequently. You do not and must not end the day precisely on the number, for being close is enough i.e. $220 OR $410 - YOUR BODY WILL TELL YOU WHEN IT IS TIME TO STOP.... Make certain that you listen.
Determine as quickly as you can each day whether or not you are in cadence with the market.
On the days, you are out of sync or the market is out of sync with you, which is possible, discontinue trading.
Returning to trade the next day, rested with positive energy means the difference between finishing the week up or down money.
"Fighting the market" and using excessive energy on any given day can and will hurt one's trading on the following day(s). Lethargy and tiredness derails one's ability to think clearly, thus impeding execution
Trading is all about you and managing money. Trading is not all about the strategy used or the commodity traded. Trading is about the trader executing ideas, admitting and exiting trades when the trades are not working.
Subscribe to:
Posts (Atom)
