Wed, 25 November 2015
For those new to trading, the concept of a mentor can easily be dismissed. You've paid for classes, read the books, and watched videos on how this trading thing works. You've got this, and don't need any further assistance. ...do you really have trading down, though? Why is it that you're barely breaking even? ...or perhaps you just can't quite get your timing down for executing options trades. Whatever the case may be, a mentor can be invaluable in helping raise your trading game to the next level and clear whatever hurdle you're currently facing. Mentors can also help with another important aspect of trading: mindset. Despite outward appearances, trading isn't easy. It can be mentally exhausting searching for good trades. It requires discipline to keep to your personal trading rules whether you're having an up day or a down day. ...and you need focus to keep the end goal in mind instead of trying to find that one improbably huge home run. In this episode, Tim and Matt discuss the important role mentors play in learning how to trade and in building the right mindset for trading. You can get lost in the details while learning the basics, and a mentor can also help you keep an eye on the big picture. The coaches also cover the seasonal impacts of Thanksgiving and Christmas on the markets.
Direct download: TJ120MentorsandMindsets.mp3
Category:Podcasts -- posted at: 4:54pm MDT
Tue, 17 November 2015
Finding your trading identity early is important as a trader. The type of trader you are determines the strategies that apply to you, when you trade, and even the securities themselves. Misapplying the wrong strategy to a situation that it doesn't fit can lead to disastrous drawdowns and frustration as a trader. That said, there's nothing saying you can't be a multifaceted trader or that you can't change over time. Starting out, there's nothing wrong with only embracing one style of trade to start with until you understand it completely. As mentioned above, trading strategies and systems are also important for traders to have. Systems help provide guiderails for finding trades and staying within your risk tolerance when you go on a big winning (or losing) streak. Strategies are as varied as traders themselves, but there are a few common ones such as writing covered calls to generate cashflow over time. In this episode, Jim Francis joins Tim and Matt to talk about his journey to find what kind of trader he was from Jim's early days and a costly error to the class that completely changed how he traded. The trio also covers the importance of trading systems that match the trader and the benefits of having a variety of systems and strategies to fit the situation. If you'd like to follow Jim Francis yourself, you can find him at: jimfrancisblog.com creditspreadsystem.com
Direct download: TJ119JimFrancisCreditSpreadsFINAL.mp3
Category:Podcasts -- posted at: 12:45pm MDT
Tue, 10 November 2015
To say the market's been acting a bit strangely this year would be an understatement. Surging bulls on bad economic data, bears on improving economic data... it's a bit crazy. Looking past the surface action, though, reveals that this year's movements indicate a standoff of sorts between the markets and the Fed. With interest rates at zero, the market has been able to continue its run unimpeded. Any possible mention of interest rate hikes have been challenged by Wall Street with surges after said possible hikes haven't happened. With a robust jobs report last Friday, and non-farm payrolls up as well, there's stronger talk for actually raising interest rates in December, after all. In this episode, Tim and Matt discuss the S&P's recent run since Black Monday and what's been fueling it. They also cover why there wasn't a breakout and how to spot when the market may fadeout instead of breakout. The Fed's talk of raising interest rates, what impact that may have, and its likelihood are also covered today. Lastly, Tim and Matt take a look at how their NFL picks are doing so far this year, and one of the Justice brothers is doing rather well...
Direct download: TJ118FadingMarketsandNFL.mp3
Category:Podcasts -- posted at: 1:51pm MDT