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"This is a great book for novice and experienced traders. Soaking up its wisdom distilled from experience and introspection will help you become more successful. And that's true even if it doesn't make you a penny." --Aaron Brown, AQR
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sugarcane

I received a great question via Twitter yesterday, and instead of just replying to the Tweet where maybe a handful of people might see it, I decided to record the answer for a wider audience. Thanks to @EdFowlkes for the question!

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tony saliba managing expectations options trading book

Aaron is one of the best podcasters out there and you should subscribe to his show and follow him on Twitter.

Here is his interview with Tony Saliba about his career and upcoming book. Over the 2 hour interview, Aaron and Tony speak about the lifecycle of a trader with 4 decades of experience.

You’ll find a great deal of wisdom about the hard lessons learned, how Tony learned risk management, creating finite risk with spreads, and how he developed his own style.

The goal for any aspiring trader or sophomore who wants to improve their game is the concept of longevity. Trading for massive gains is a great endeavor – the Commodity Corporation traders did that.

You’re probably heard the quote attributed to Ed Seykota: “The goal for a trader is to develop a system with which he is compatible.” This quote was the inspiration for my book Inner Voice of Trading. But what’s not in the quote is the concept of one’s time frame…how long do they want to trade.

One emotional blind spot that I see over and over is the disconnect between what traders do versus what they feel (emotions). Developing a set of rules won’t help you a bit if you are not placated. All the system will do is generate strong feelings – not entry and exit orders. The orders are just the vehicle to feel the feelings. You can’t disassociate that from trading. (We did not speak about trading in the Incline Village Trading Tribe – we worked on our feelings and emotions that came up around trading. There wasn’t any system design either.)

Right on top of that is the lack of thought that’s put into how long they plan on trading. Most just want to start making money (and stop losing). It’s hard for a newbie to project into the future how long they want to trade.

A good question to ask yourself to get this conversation going with yourself is “What do you want your trading to do for you? How does your trading serve you as a human being?” You might take a look at Maslow’s Hierarchy to find more questions for yourself in this area. Pay attention to how you feel about money emotionally, not winning or losing via your trades.

You can read about all of this in Managing Expectations to start your game plan.

Used with permission.

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Today I re-introduce you to Modern Trader magazine – the most recent incarnation of Futures Magazine, which was Commodities magazine before that and founded in 1972.

My interview is with its Publisher Jeff Joseph, the man with the vision for the magazine that now encompasses the fundamental and technical analysis of trading equities, options, forex, and exchange traded funds – as well as commodities.

There are some great features in this issue of the magazine including a deep dive on the investment opportunities around legalization of marijuana and an interesting fundamental insight on Amazon (Ticker: AMZN).

No conflicts to disclose.

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tony saliba managing expectations

Here is Chapter 4 – Options Gamma – in this exclusive episode of the podcast from the upcoming Audiobook Managing Expectations by Tony Saliba.

For a limited time, you can get the ebook and audiobook free when you purchase the hardcover.

Managing Expectations is 450 pages with approximately 200 charts and graphs with a Foreword by Jack Schwager.

Go to ManagingExpectationsBook.com for more information and to claim your free digital assets.

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This is Part 2 of How to Express Risk. Here’s another way to add good risk to your portfolio by using intra-commodity spreads.

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