Welcome to the Traders Mastermind podcast.
Where we focus on the tactics of mindset, discipline and strategy in the high-performance world of short-term trading and the financial markets.
Join 5,000+ traders who subscribe to my Traders Mastermind daily email.
Designed to help you cultivate discipline, momentum and consistency in less than 3 minutes per day.
https://www.tradersmastermind.com/email/
Sharpen your trading edge: https://www.tradersmastermind.com/
Here’s a neat trick to help you shift quickly into the right mindset for trading…
https://www.tradersmastermind.com/
All successful traders have one unusual thing in common.
They all believe one ‘thing’ to be true.
And that belief guides every trading decision.
Bringing confidence and clarity to their trading.
Have a listen and let me know what you think…
Opening Range Breakout Engine: tradermastermind.com/orb
I like tech and I like trading.
So of course I love any technology that folds into trading.
But there’s a problem.
Leverage on it too much and you start to lose your ‘traders feel’.
In this episode I discuss how I approach tools and trading technology and share my method for cultivating that discretionary traders edge in a world full of algos and code.
Join me:tradersmastermind.com
We’ve all been there.
The market looks good, price is lining up with what you want.
This trade is a ‘grade A’ beauty!
“Let me just wait for this perfect trigger, I just want to check this, maybe that should line up to be really perfect”
And then you miss it…
In this episode I discuss the damaging habit of talking yourself out of trades.
I share my approach to filtering the best trades, yet accepting imperfection.
Where it does and does not matter.
Join me: https://www.tradersmastermind.com/
OODA is a concept developed by military strategist and USAF Colonel John Boyd.
It’s a decision making process what allows you to constantly recalibrate to ever changing conditions.
But how can we use the OODA loop in our trading?
Let’s find out…
Join me: www.tradersmastermind.com
You can do all the prep.
Learn all the trading tactics and hacks to make things easier.
But at some point, it’s you making the decision.
Do I take this trade or not…
Do I close my position…
Do I walk away…
Every single trader on the planet is faced with the same decisions.
And how you respond to those decisions is up to you.
Take the win, or take the loss.
It’s your choice.
Join my fast growing daily email list: https://www.tradersmastermind.com/email/
Prop firm Wouter uses Top Step Trader
Wouter is a family man with a good job, a high pressure job that demands a lot of his time.
Yet somehow he’s managed to go from a trader with no discipline, no real strategy, and a tendency to hold losers too long… to a consistently profitable funded day trader.
In less than 2 years.
His secret?
Becoming a specialist.
He only trades the Nasdaq, only trades long, and only at specific times of the day.
At the time of recording, his journal shows a cumulative 30 trading day P&L of a whisker under $30k, all from a $50k funded account.
This trader has a:
This man is a genuine NQ sniper!
Grab a coffee, sit back, and enjoy this one…
Become a member
Trading Plan Pro
P&L is a trap, it diverts you attention away from what matters. Price.
It’s like a seductive mistress that can draw you in to taking actions you’ll later regret!
So what do you do?
In this episode I talk about techniques you can deploy to help manage your trade without looking at or being seduced by P&L.
If you snatch at profits and can’t seem to hold a trade, this will help!
Not signed up for my daily traders email yet? Click here and join the club.
In this solo episode, I share a step-by-step process for improving your discipline.
Then this will get you on the right path.
Follow the steps I share and see the change in 5 days or less…
Daily Email: https://www.tradersmastermind.com/email/
Trading Plan Pro: https://tradingplanpro.com/
Are you an over-thinker?
Do you try and get all your ducks in a row before committing to a trade?
Are you overthinking your trade management?
In this episode I talk about trade overthinking, why we do it, how it happens and share a simple (but effective) process you can use to stop you falling into that dreaded trade overthinking trap.
Free Daily Email: https://www.tradersmastermind.com/email/
Become a premium member: https://www.tradersmastermind.com/complete-order/
Trading Plan Pro: https://tradingplanpro.com/
Henry was first on the pod back in November (listen here) and now he’s back.
A specialist in the DAX, Henry shares his journey to getting funded with a $200k FTMO account and how he’s managed to stay consistent and build a track record.
We discuss:
It was great to have Henry back and seeing him excel in his DAX trading.
A must listen!
Trading Plan Pro: https://tradingplanpro.com/
Free daily email: https://www.tradersmastermind.com/email/
In this episode I talk to Matt Cowley, a trader who specialises in the S&P500. Trading for the first two hours only.
Matt has developed a method and approach that’s very personal to him, including creating trade setups with unusual names like ‘U-boat’ and ‘Stone Bonker’.
Now finally getting some consistency, Matt shares his trading journey, his current methodology, and lessons learned so far.
Michael Katz is the CEO of online stock trading prop firm Trade The Pool.
In this episode we discuss:
If you are looking to explore the online prop world and get funded, or are curious to hear from a prop firm CEO then this episode is a must!
Links:
Trade the pool https://tradethepool.com/
The 5%ers https://the5ers.com/
Trading Plan Pro https://tradingplanpro.com/
Bridging the gap between your trading knowledge and results is often the missing piece of the puzzle.
You have all the technical ability and a deep understanding of the markets but transferring that to a workable and effective strategy can be tough.
In this episode, I discuss a multi-step process for discovering a trading strategy that suits your trading style and personality.
A structured method to help fill the void between trading knowledge and results.
Too often we put ourselves in almost impossible market conditions and demand we perform.
How many times have you reviewed a bad trading day only to think:
“WTF was I thinking even trading that?!”
You got sucked into chop, tried to force trades that weren’t there and paid the price…
So often we think that more discipline is the key.
Whilst that’s true to some extent, many times we are demanding a flawless day trading performance in a choppy, directionless, low-volatility market.
In our desire to trade we neglect to identify poor trading conditions.
We try and trade those days like every other day only to get chopped up, frustrated or worse start breaking risk rules.
This in turn sows seeds of doubt, wrecks confidence and affects future trade performance.
In this episode, I discuss tactics to ensure you are trading under the best possible conditions.
Doing this not only gives you the best chance of growing your equity curve but allows you to improve your discipline and trading psychology in the right environment for traders.
In this episode of the developing trader series I talk to DAX Day Trader Henry about his two year trading journey so far.
We discuss a variety of topics from tactical setups to mindset and trading psychology.
Including:
Enjoy the episode. I hope you get a few nuggets to take away and implement in your own trading.
Overthinking kills good trades.
You’re about to pull the trigger and your mind just races with reasons why this trade might or might not work.
Worst case scenario you talk yourself out of a great trade. Only to get frustrated seeing it going your way.
Best case scenario you reluctantly pull the trigger, but are so unsure about the trade you get spooked and close the position early.
Ultimately overthinking never serves us.
In this episode I discuss a simple strategy to combat overthinking and become more decisive in your trading decisions.
This is a follow-up interview with the options athlete from Episode 60.
In this episode, we discuss:
And so much more.
This was another interesting conversation with a serious and committed trader.
Please enjoy the episode and watch out for part 3.
Links:
Price action program (New statistics module mentioned)
Screenshot of intraday ES charts (Patterns mentioned)
Having three years or more of trading experience can be a tricky place to be.
You can have all the screen time, experience and technical knowledge, but that’s not yet translating into the results you want.
It can be very frustrating.
You feel like you should be doing better. Especially considering all the setbacks, challenges, and market beat downs you’ve recovered from…
This is another fork in the road for many traders.
Do you push on and hope things get better? or take charge of the situation and attack the root cause of stagnant trading progress?
Let’s discuss.
‘I Didn’t Come This Far To Only Come This Far’ - Tom Brady
Robert has an impressive CV, over the years he has worked at many prestigious firms including:
He now manages his own wealth as an independent trader using a fully automated trading system, deploying numerous trading strategies across multiple markets. So this trader is a serious player! In this conversation I asked Robert a variety of questions including:
This was a really in depth discussion with a knowledgeable and seasoned trader. Enjoy the episode!
Robert’s website is:
https://www.systematicmoney.org/
Robert’s book are available on his website and amazon:
Leveraged Trading
Smart Portfolios
Systematic Trading
Advanced Futures Trading Strategies
Louise is a trading psychology expert and multi-award-winning clinical hypnotherapist with deep knowledge and passion for health, well-being and nutrition.
I know traders are looking for anything that might give them a slight edge or improve performance…
So in this episode Louise and I talk through a typical day for a trader, looking at ways they can optimise for peak performance in the market.
We discussed things like:
If like me you are obsessed with personal excellence and peak performance then give this episode a listen. It only takes one or two small daily changes to compound into a significant impact!
Louise can be found on her website Hypnosis for traders.
https://www.hypnosisfortraders.co.uk/
Also, check out the Trading In The Zen Podcast that Louise co-hosts with Faina where I was lucky enough to be one of the first guests!
https://open.spotify.com/episode/6CIyfbS6IFfsQgd6nSOcsw?si=65bf4c092c534da5
As a default, humans are pretty bad traders!
We are hard-wired to do everything wrong in the world of trading.
The list goes on…
It can take a while to unlearn everything that may have served us in the world outside of the trading arena but hinders our progress when dealing with fast-paced risk-based decisions (Day trading).
In this episode, I discuss what I believe are the 3 big focus areas that can ignite your trading results.
In this episode, I talk to the Options Athlete. So-called because he grew a modest five-figure account into mid-size figures within a year trading weekly options on Tesla.
But as the market regime changed he gave most of it back when aggressive momentum style trades simply weren’t working.
Determined that wouldn’t be the end of the story this trader has worked diligently on his strategy and mindset over the past 18 months. Looking to build a robust method and trading psychology that stands the test of time and can take him past his old equity highs and into new territory.
But of course, the journey is tough and the road is filled with obstacles…
We discuss a variety of topics including:
Then:
Now:
Finally, we agree on the tactical steps he will take to improve his trading.
We’ll be following up regularly with this trader over the next few months so look out for part 2!
Do cold showers equal better trading discipline?
I believe so...
Turning that temperature control over to full cold is the ultimate discomfort.
That little voice inside you is trying to convince you NOT to get uncomfortable.
That's precisely the same voice that convinces you to take that impulsive trade, snatch at profits and revenge trade...
Running a cold shower protocol allows you to train yourself to (as Steve Ward said) "Get comfortable with being uncomfortable"
Simply put: The more control you can have over your desire to go with the comfortable choice, the more discipline you'll have during the trading day.
Links:
Tom Hougaard episode
Steve Ward episode
Increased willpower:
What are the Benefits of Cold Showers? | Wim Hof Method
Cold Water Therapy:
Cold Water Therapy: Benefits of Cold Showers, Baths, Immersion Therapy
Building resilience and grit with cold showers:
The Science & Use of Cold Exposure for Health & Performance
Tom Hougaard is best described as a high stakes day trader. He started work in the city of London before transitioning to independent trader running his own book in 2009.
In this episode, Tom reveals the tactics and mindset he needed to cultivate the transition from struggling to highly profitable trader.
He shares what it takes to really make it in this game…
Tom and I discuss a wide range of topics including:
& so much more.
If you are a day trader looking for tactical advice and inspiration then this episode is for you!
Tom can be found at https://tradertom.com/
His book “Best Loser Wins” can be ordered from Harriman house or from Mr. Bezos.
Have you ever taken a trade on impulse? Of course you have! You are human, that's the way we are wired...
The good news is you can rewire your mind NOT to react to impulse.
Too often we see a chart, make a judgement and before we know it dive into a trade that we didn't really want.
In this episode I discuss ways to control your impulsive trading and have a laugh at some of my old trading journal entries from 2002!
In this episode I speak to Steve Ward a performance coach for institutional traders across the globe.
He works with banks, hedge funds and prop firms to extract the very best from their traders.
Steve has a waiting list of institutional clients wanting to work with him so we are very fortunate to have him on the show!
Steve shares several tactical ways to improve the trading psychology side of your game.
Including:
If you are looking to improve your trading, and believe that trading mindset and psychology is the key then this episode is a must listen.
Check out Steve’s Trading Psychology Course
http://www.tradeatyourbest.com/
Use code tmtayb2250 for £50 off
Steve’s books
Bulletproof Trader: Evidence-based strategies for overcoming setbacks and sustaining high performance in the markets https://amzn.eu/d/43GZi2g
High Performance Trading: 35 Practical Strategies and Techniques To Enhance Your Trading Psychology and Performance https://amzn.eu/d/2lhSn85
TraderMind - Get a Mindful Edge in the Markets (Wiley Trading) https://amzn.eu/d/93RoHtX
Traders Mind Trading Journal https://www.tradersmindjournal.com
In a recent episode I spoke to veteran trader Al Brooks.
Al shared a lot of trading wisdom, but one thing in particular stood out, and resonated with a lot of traders.
The art of marking up your charts after the trading day.
In this episode, I discuss practical ways to add this tactic into your current trading regime.
In this episode I share my top ten trading books that I consider a MUST read for anyone serious about their trading. You!
Some strategy, some psychology and some just good old fashioned stories of traders swashbuckling their way through the financial markets.
It goes without saying that preserving financial capital and mental capital is crucial for trading success.
Combine those with drive and a strong work ethic and you're got a recipe for success, right?
Not always...
In this episode, I discuss the importance of clarity in your goals, short-term direction and the power of subtle course corrections along the way.
In this episode I talk about grading your trades.
Separating your trading setups and strategies into segments gives you a new dimension of flexibility in your trading.
You can:
1) Deploy a more informed dynamic position sizing strategy
2) Stay clear of weaker trade ideas in poor conditions
3) Better allocate focus and screen time
4) Become more confident in your ideas and strategy library
So how do you do it?
Listen to find out my thoughts.
In this episode, I talk about how you can use visualization to improve your trading.
Visualization has been around for decades in the sports world.
From Muhammad Ali to Tiger Woods, athletes have been using it to consistently improve performance for years.
So why not use it in your trading?
Resources :
https://www.psychologytoday.com/gb/blog/flourish/200912/seeing-is-believing-the-power-visualization
In this episode Gregor and I discuss the challenges he needed to overcome to post his first ever green year as a day trader.
Including:
If you’ve been trading for a while and aren’t quite where you want to be yet, then this one’s a must listen.
Negative self talk.
As traders, we can be really tough on ourselves.
We are driven, we want to succeed, and know we have it in us.
But sometimes when we make a trading mistake, our self talk can be so negative that it damages any chance to learn or grow.
Perhaps you need to be more disciplined and yes it is very frustrating that sometimes you can't stick to your trading rules.
But harsh negative self talk isn't the answer. (You know this, because you've tried it!)
Be firm, be driven, but learn to accept we are humans, we make mistakes and the goal is not to remove them but reduce and learn from them.
In this episode, I run through a multi-step process for flipping negative self talk.
Perfect for traders who are dancing that fine line between being driven and forgiving of mistakes.
Link of the Harvard study mentioned:
Identifying Negative Automatic Thought Patterns
Adam Linton is the Head of the European desk at Newsquawk. An audio squawk service that keeps you updated on potential market moving news events. Both scheduled and unscheduled. Used by prop firms, funds and retail traders across the world.
In this episode I asked Adam:
Check out this interesting conversation.
As traders we can all feel uncomfortable at times, and that's not a bad thing.
But when does discomfort turn to stress which no longer serves us?
In this podcast I talk about using your discomfort as a guide.
"The point where you feel discomfort in your trade is the exact area you need to do more work on."
Hip has been trading for more than a decade. He focuses on YM and CL (Dow and Crude) futures contracts reading tape to fine tune his entries.
In this episode we talk about Hip's daily trade prep, some of his trading setups, what he looks for on the order book and why he only trades two markets.
A cyclist decided to chase me down and confront me for beeping at him. His chimp was in total charge... Hear what happened and how it's a great trading lesson!
In this episode Mark chats with Peter Daniel. Peter has been trading for 8 years and specialises in identifying multi day/week volatility breakout moves across a basket of 30 currency pairs.
See more of Peter at www.tradersmastermind.com
Trading is tough, doing the right thing in the heat of the moment is not easy. It's a muscle, a habit that needs to be practised.
Build the muscle outside of trading by picking something tough and doing it for 10 days.
Train your mind to overcome impulse and align your actions with your long term vision.
How much time are you spending studying? Studying your market, your setup and your performance?
Are you going deep in your analysis or are you going wide?
Sometimes to get what we want, we have to take a bit of a detour. We might not even like where that detour takes us... But with our eyes on the bigger goal we can accept going off course in the short term.
Golf (or so I'm told) is a lot like trading, the game is won and lost in the details. One shot can make or break your game. The mental side plays a huge role and the game is won or lost on the putting green or driving range NOT on the course...
“Just stick to the process”
“Don’t deviate from the plan”
“Stick to your rules”
But is it really that simple? Can we really just stick to the process?
Al Brooks is a 35 year day trading veteran specialising in price action. Al joined us as a special guest in our weekly members call to talk about his life as a trader, his method, approach to risk and some of his favourite trade setups. A must listen!
Trading on tilt is a trader's nemesis. It must be avoided at all costs! There's simply no use in working on the operational side of trading if you have a habit of occasionally going on tilt and throwing it all away.
Identify your tilt trigger, implement rules to prevent it, and work on it relentlessly.
Our instinct as traders is to look for the answer to a challenge by adding something. An indicator, a line or a rule.
Often the answer is in removal, stripping back to almost nothing. Getting crucial momentum with easy wins before tackling the real challenge.
Changing how you feel and react to market moves & trades takes time. We might want to 'fix' our propensity to break the rules and go on tilt immediately. This can cause us massive frustration when we don't.
"Why can't i stick to my trading rules?"
"Why do I seem unable to control my impulse to trade?"
Know that it takes time, just like conditioning your body to the cold. The first few times you do it, you can't control your response, but over time you can teach yourself how to respond.
Decide now how you will view the market. What will separate you from every other trader looking at the same chart pattern?
How will you carve out your own unique edge?
If you've been trading for more than two years and you aren't where you want to be, then maybe it's time for a big change…
Trading quotes from great traders aren't just something to smile and nod at! A great succinct quote should make you stop, think and consider how you can implement that wisdom into your own trading. Here are a few I think are valuable.
It's good to read books about great traders and market wizards. But sometimes studying traders who are just a few steps ahead of you can have more impact.
Here's what I've observed whilst watching newly profitable traders turn the corner.
Intuition or feel is the glue that hold together strategy, risk management, and discipline. But can you learn it?
"You are the average of the 5 people you spend the most time with" goes the saying. So how do you create a powerful trading team?
How confident are you when you take a trade? How certain are you to pull the trigger? How decisive are you in taking a stop?
Trading can feel a bit out of control, and that's ok. It's never going to be perfect, control what you can and be at peace with the rest.
Are you adapting your trading, or is that just a nice way of saying you are breaking your rules?!
As a trader should you specialise in one market or trade many?
www.tradersmastermind.com
Anticipating vs reacting. Think of how many sports where players seemingly 'know' where the ball will be. They aren't reacting to the ball, they are anticipating and making minor adjustments.
Trading is a lot like this, reacting to market moves will forever have you chasing your tail. Anticipating, allows you to structure a trade idea, execute calmly and build confidence.
https://www.tradersmastermind.com/
"Surround yourself with those on the same mission as you"
Finding that perfect flow state is key to successful trading.
But that's not always easy to achieve.
So perhaps the first step is just to relax a bit, even just 10% more relaxed.
Drop the shoulders and take a breath. Relax into the trade and let the intuition flourish.
Trading tests you when you least expect it. But it's often disguised as a meaningless decision and goes unnoticed.
Spot the test.
Pass the test.
Do you have a space to go to with no noise, no distractions and just somewhere you can think?
Find one! Because it will help your trading massively...
https://www.tradersmastermind.com/
As traders we can fall into the trap of driving our trading business by looking down the bonnet (hood for my American friends!)
This might stop you from crashing, but are you really going to get to where to want to go if you don't look up?
Weaponise your word. Doing what you say you are going to do can be a superpower in both trading and life...
Does your trading style really fit your personality? If not, change it. Find something that plays to your character strengths.
Aligning yourself with market conditions is one of the most essential skills for a trader. I run through some of the key questions to ask before you place your first trade of the day.
Download your checklist [PDF]
https://www.tradersmastermind.com/pre-market-checklist/
Don't enter into negotiations with your trading chimp. Simply refuse! Take control and YOU dictate the terms. There's nothing to discuss, it's getting done...
Working on both your trading mindset and trading strategy in parallel is the key to quick growth.
Trading can be frustrating. Stops, partial fills, targets missed...& so much more!
Look at frustration through the lens of growth. How you choose to respond to trading frustration is the test...
Sometimes we get so focused on our trading we lose perspective and misjudge the true situation. Taking a counterintuitive intentional break from the markets can clear the fog, and boost both your confidence and performance.
Fed up on constantly breaking your trading rules?
It's time to rip up the plan, start from scratch and work on one at a time...
www.tradersmastermind.com
Forming sound trading habits allows your mind the freedom to make risk-based decisions with more clarity and with less bias.
Are you strictly a day trader? Perhaps it's time to loosen the shackles and dip into the higher timeframes if the opportunity presents itself.
As traders, we like to label ourselves as a specific type of trader, but often the market changes rhythm and we can use the skills that we've developed on one timeframe to our advantage in another.
www.tradersmastermind.com
Having a clear vision of the trader you want to become is key. Aligning that vision with your actions is even more important. Without that internal alignment you'll struggle to get traction.
Overthinking is choking your chances of winning at trading. In this episode Mark explores overthinking and how to deal with it.