All Star of the Month...
2 Responses to “All Star of the Month”
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Panic Is Not A Strategy For Success...
3 Responses to “Panic Is Not A Strategy For Success”
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Tony Monk says:
A couple of years ago I was getting into trades feeling what you described, but than I decided that I would get to the root of the problem and educate myself to eliminate such fear and emotions. I started listening to Dr Wayne dyer, Dr Deepak chopra, I also read a great book called (the power of the subconscious mind) by Dr Joseph Murphy, and I have been on this path since than, and for me it has helped me get to know myself and has helped me realize that everything as we know it is nothing more than just learning experiences to get to our next level in life, and from these experiences we learn to try not to repeat the same mistakes. I learned from the book (The power of the subconscious mind) The sub mind is habitual, and that we need to replace it with good habits and once we repeat these good new habits, than they become the new norm.
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Good advice.I wrote on this subject almost exactly a year ago adding that the need for security enters into the mix and may be the underlying driver of the fear. It may be of interest to you and your readers. http://daytradingwithanni.blogspot.com/2009/01/fear-and-greed-or-is-it.html
And thanks for the Twitter visit. -
Dave says:
I think we all went through those trading phases when learning the ropes.
I for one dropped my fear and greed when I set a plan for what I wanted from the markets. That is, I decided that I wanted a specific profit target and no longer needed to swing for fences or squeeze every nickel from every trade.
With stops and profit targets adjusted to the current market, how much I would “take home” or “pay” was now simply a factor of position sizing. If I need more cashflow; I up the capital balance and thus the position sizes I take on.
Thus, my risk remains the same and my target remains the same relative to te market.
Don’t have the extra capital? Just plug away with what you have because at a 5-10% average per day return it doesn’t take long to accumulate a balance that could accommodate anyone’s income requirement.
Now I trade a “set it and forget it” strategy. Once the trade is in, I shut off the computer and go do something else for fun or profit.
It’s much easier that way because I know the outcome(s) in advance.
Your option strategies are very similar in that respect and I use them exclusively for my equity trades.
So, I control fear and greed by establishing pre-determined outcomes, set the trade, then go have fun at something else while the market moves the way only it can predict.
Once in a trade, risk is the only thing I can really control. Controlling risk and accepting set profit targets leaves no place for fear nor greed to take hold.
Dave
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Using Positive Nervousness To Get Result...
One Response to “Using Positive Nervousness To Get Results”
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Patricia L. says:
Great article – This nervousness you described in your article is known as eustress, which literally means “good stress”. By definition, this is the type of “positive” stress that keeps us vital and excited about life. I learned about this during my training to be a ED/Trauma Nurse and learned to utilize this stress to provide the best outcomes for my patients. I am now working at utilizing eustress to become a successful trader.
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Credit Spread Trading Journal Ideas...
11 Responses to “Credit Spread Trading Journal Ideas”
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Ken says:
Good Info Jeff,
Post more.Ken
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Lawrence Zupan says:
Hi Jeff,
thanks for the video…good suggestions…only would find more specific points about the front end evaluating the market which you referred to.
Regards,
Lawrence -
Davo says:
Interesting stuff Jeff – would have been far more powerful however if you had actually gone through examples of each point eg overall market – reviewing trades – other points etc etc
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Ray Grier says:
As a nubbie, I found this very helpful to learn the components of a underlying approach to develop good trading habits early in my training to follow daily.
Thank you.
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Craig says:
Great video, A lot of good stuff
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Bill Smith says:
Well said, we all go through nervous experiences, only to be a better person, athlete, or trader. We have to use the nervousness to build on our abilities. Nerves are a natural way to prepare us for the event.
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Howard McCallum says:
Great advice. It’s a plan not just for trading, but for life in general.
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allen workman says:
Thank you for this video. I am trading regularly now. This month was a down month but I learned a lot. I have a long way to go, but I will get better.
allen -
Mike S says:
Jeff, Thank you for the video. Instilling this habit into my daily routine will help me become much more disciplined as a trader. Too often, without this pre and post planning, I get whipsawed by what the market is doing tick by tick and not falling back on my trade plan. Thank you for going over the importance of this (and the trading idea book), this should help me improve my results!
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Tony Cota says:
Great Stuff!
The key for me is that you have made all of it a daily habit. Something I have yet to do with this Options trading and reflects in my up and down success.
More Please!
Thanks
Tony
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The Road To The Top...
5 Responses to “The Road To The Top”
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Brent says:
“Law of Practice” it seems so simple yet so creative!. I have put 10,000 to paper and will take action on it.
Thanks for sharing this Jeff!
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Hey Brent,
Glad you’re part of the Credit Spread Trading Made Simple Tribe! It’s just a matter of time before you become the All-Star of the Month.
JZ
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robert says:
matt furey has the secret which is really no secret at all. which is when you truly want something you will find a way to get it done. matt’s bodyweight exercise system is as basic as they come but will deliver the most results if applied correctly. matt was the reason i found j.z. and credit spreads. if matt’s wife who speaks english as a second language could grasp this and become successful i knew i could as well. it turns out i was correct. i was typical of that 90% of people who started off great guns and then quit after awhile when success does not come immdediatley. after about 6 months of no credit spread study or exercise i have resumed both and of course the results are much more positive and i am back in the zone. it’s really just that easy.
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Eric says:
Jeff,
Nice post! A wise man once told me that most “overnight successes” actually take 10 years. It’s nice to know that 10,000 hours works out to only 4.8 years assuming 40 hours per week. That’s not so bad.
-Eric
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Laurie says:
Hi Jeff,
I first read about this idea of 10,000 hours to mastery in Michael Masterson’s Early to Rise newsletter. In that article he mentioned that a person could cut that number down significantly (I don’t remember exactly by how much) by modeling someone who had already achieved mastery of your goal or by being coached by someone who had already achieved mastery. So. . . thanks for all the great coaching and inspiration for those of us who want to learn to be great credit spread traders. Regards, Laurie L.
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just a note of congratulations. i have only been trading for less than a year and aspire to one day being awarded my apple tv as well. it amazes me how many options traders are not doing the credit spreads or even know anything about them. i feel fortunate to be included in this group and am proud of everyones accomplishments. meanwhile i look forward to our next lesson from “sensei’ jeff.
Congratulations. That is quite an accomplishment. To be able to do this is one of my primary goals, but so far has eluded me. I too would like to learn more. Hope we can connect. Thank you and my best to you for being able to do this. Great work.