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"Michael is a gifted trading mentor. Over the course of several initial conversations he was able to assess my situation and recommend trading strategies that were harmonious with my personality; while at the same time attending to my family’s financial needs. I cannot stress enough how life changing this was for me." --JC, Kansas

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Study with the best to become a successful trader. We have courses with renown instructors such as Peter Borish, Scott Kaminski, Tony Saliba, Victor Sperandeo, and Michael Martin. Click here and get started!

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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
Blog

You need to monitor your mental health, your amount of sleep, and your diet.

Don’t be afraid to take a mental health day to reset.

This is a marathon, not a sprint.

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You are responsible for all your success and failure. You have excuses or you have results.

That type of integrity will need to manifest in how you handle money – your money and your client money – your investments and your trades.

Until you backtest, you don’t know your numbers. You need to know the expected value of a trade.
You need to know what the probability is of your risk of ruin. You can’t get this without a simulator or backtesting software.

If you have talked yourself into the Johnny Cochran logic of “If it doesn’t fit, you must acquit,” (no basis in law) you have sold yourself on an outcome that is not based on 100% integrity and is not a 360 degree outlook.

Your success as a trader will come from your knowledge of yourself – what you know, what you think, and how you feel.

You have to own everything you do and that includes all the results of the trades you take and the ones you don’t.

You have excuses or you have results.

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The sum total of all your trading activity will accumulate in your track record.

You can be successful and be making a great deal of money right now, but you still might not be a good fit for a particular allocator.

I know a few traders with 20+ years who cannot get big allocations in today’s environment b/c their results are too volatile.

These traders have their own models and have been trading the same asset class in mostly the same manner for 2 decades.

Allocators are looking for very low daily vol today. Think about that – they are not looking for 100%+ rates of return per year. The risk you need to get those returns is too great for today’s allocators. You need to temper where you are in your career with where you want to be in the business.

Ego is a poor trading mentor, but you might need validation in order to have any confidence. Why else would you have 6 monitors…to show your girlfriend and posture?

Your daily volatility will increase due to market forces as well as the relative strength of your attachment to your rules. You have to do your own simulations, backtesting, and research. This is an ongoing process. Markets will evolve – so will you, and your model will need to keep pace also.

And you thought that you can buy someone else’s trading rules and make a career?

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With options you can bet where you think something is going to go and also where it might not.

You can backtest and simulate option strategies for outright directional trades as well as multiple option positions.

This includes butterflies and condors.

Love the VIX? Don’t fall in love…

You can create a vol trade around any instrument and perhaps better manage your risk.

Tony Saliba’s new book shows you how you can do this while minimizing your risk. (I published the book).

Click here to get Tony Saliba’s new book for free and learn about his course. Students will get access to Tony’s proprietary trading simulator. This is the first time it’s available to traders outside his firm.

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The Trading Tribe

We didn’t talk about stocks or commodities in the Incline Village Trading Tribe. We didn’t talk about feelings either, except to get into the willingness to feel our feelings. Then it was “show me, don’t tell me.”

In fact, if someone wanted to blather their bullshit, I’d say “Whatever you do, don’t feel anything. Just keep talking.”

Finally, someone would “send” and get into showing us what it felt like to feel what they were feeling when they were at a trading inflection point. We can relate to the feeling, not to the drama that got someone into the feeling. That was the “story.” Not interested in your story.

This is why buying another person’s trading system or “proven” rules is a mishap waiting to happen as you may understand some/all of the trading rules, but that you can incorporate them into something that you can replicate is highly improbable.

Their rules are not backtested despite there working for some people. They are like a pair of jeans that will never fit right.

Our teachers and courses teach proven, backtested rules and include what the emotional tradeoffs are at each point. That’s how you calibrate rules that fit your personality. Someone very smart once said “the goal for the trader is to develop a set of rules with which s/he is compatible.” Compatibility means harmony.

Denying your feelings around trading and risk leaves you with a blind spot that will reveal itself just when you are most insecure about what you are doing.

If you are trading or are thinking about trading, you are the biggest trading indicator or overlay of your trading success. There are no external solutions for your internal issues. Junking up your charts with indicators or buying someone’s “system” won’t help you trade better.

See how we can help you learn to trade for long-term success.

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