Comments from a Market Wizard and Coach
Several years back I spent a few weeks with one of the “Market Wizards” and thought you would find my notes and his interesting and helpful.
You may have heard some before, but review is a good.
So I will be posting several of these, here is the first, enjoy.

Related to trading
  • A major goal of trading is always consistency
  • The Pro’s will fleece you in the market
  • Set sights on taking your profits > Lock it in > Lock in goal > Use Stops
  • Develop a ritual based on a “time” factor
  • The longer you wait for a trade to materialize the lower your probability of hitting your target – KNOW the average length of time for your winning trade (will differ with market and strategy)
  • Until things change DON’T go ahead of the curve
  • Create an Upward spiral, avoid going down
  • Determine a 2.7% x $ amount as a max draw-down
  • S&P is a 10 speed – must adjust to the speed of your mind
  • Never let a profitable trade turn to a losing one
Mental Aspects
  • Don’t hide from a weakness – must attack and subdue it
  • Look at markets accordingly – be real and honest
  • Don’t let greed guide your trade
  • It’s fine to be wrong on a trade, BUT admit to it, and do something
  • You are never more objective as you are BEFORE your trade
Management
  • Rule – Look at risk 1st BEFORE you take a trade
  • Write down what you think it’s going to do, no pre-conceived notions
  • The market is what it is
  • Always have a pre-determined PLAN before your entry
  • Traders get purged in all markets based on time frames
  • Take what the market affords you - ONLY
  • Write down as fast as you can what you think your priority list is – adjust where needed
  • More to look at is not always better
  • Develop your daily trading ritual, before you enter a trade

Great Quotes:
“Great basketball players shoot.” – Larry Bird
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