A few years back I was on a holiday with friends at Hamilton Island in the Whitsundays.
We were cruising around the island in a golf buggy when a friend suggests we go to the shooting range.
I'd never even touched a gun before but while we were there I decided to shoot a .44 Magnum...
'the most powerful handgun in the world' according to Dirty Harry!
Take a listen to hear what happens next and how it applies to trading.
Indicators often form a large part of trading systems, however there are a number of issues caused by indicators that can result in under-performing trading strategies, like:
Today we talk to John Ehlers who is going to share with us a brand new indicator he's developed that overcomes alot of these issues. This new indicator:
Plus at the end of the chat we share how you can get a FREE copy of this new indicator to try it out for yourself.
I'm currently in Sydney for a week doing some work, and I'm staying in one of the hotels near circular quay, overlooking Sydney Harbour.
I won't share name of the hotel because it's a well-known name, and it's actually a really nice hotel...
However I had an experience with them when I was checking in that I wanted to share because I think it has some nice parallels to trading strategies.
Take a listen!
Most trading strategies are built to find repeatable patterns in the market and then attempt to exploit any future occurrences of the pattern to make a profit.
There are lots of different ways to find patterns, and in this episode Brent Penfold talks about patterns in price action.
Brent is a full time trader, author, educator and licensed Futures Advisor, and in our chat you will learn:
PLUS, we announce the lucky winner of the Better System Trader ‘Super-package’ giveaway, worth almost $20,000!
Jack Schwager returns to answer all your trading questions.
Jack is a well known expert in the industry, working for some of wall streets leading firms and is also one of the founders of FundSeeder.
Plus, he's the author of the best-selling series of 'Market Wizards' books, which I'm sure most traders on this earth have read!
In this 2nd part of our chat with Jack, he answers all of the trading questions you submitted (well most of them anyway, unfortunately we didn't have all day to talk!)
Plus, to celebrate the milestone 100th episode, we've got a huge giveaway worth almost $20,000 - and one lucky trader is going to win it.
Listen for more details and information on how to enter.
When I was learning to snowboard, I still remember the first time I got off the lift chair, strapped myself in the board and looked down the mountain.
It was really overwhelming and I wondered how I was actually going to get down there without any injuries!
My instructor was very comforting telling us ‘Not to focus on the bottom of the mountain’, because even though that’s the destination, to get there we were actually going to zig-zag down the mountain.
So we needed to focus on the next turn and how we were going to execute that.
We were told to look where we wanted to go, so if you want to go left then look left, your shoulder/hips will turn, your body weight will shift on the board and that will steer the board.
And as you’re moving across the mountain you obviously want to look for hazards, look for where you want to turn and focus on shifting your body weight to steer the board around the corner
It was all about the process.
By focusing on the process, the outcome would eventually come.
That is you'd work your way down to the bottom of the mountain with hopefully no broken bones!
However, if you were to just focus solely on the bottom of the mountain, then you're likely going to fall down and crash.
Trading can be a very outcome-focused activity, there is the temptation to focus on the results of our trades.
Did the trade make or lose money, how is our P/L progressing for the month or year?
Let’s take a listen to performance coach Rande Howell now as he shares a story about an Olympic hurdler and how his approach to focus applies to trading performance.
It can be really interesting and exciting to research the markets and test different ideas but at some stage we need to decide if the strategy is ready for live trading.
Some traders can get stuck endlessly researching…
Trying to find that perfect system…
Which comes at a cost.
Let’s listen to Kris Longmore from Robot Wealth explain his approach to determining when a trading strategy is ready for live trading.