thats exactly what makes trading so damn hard, it dont matter what indicators you have, what strategy you pick, all that stuff is 10% of the battle. Mastering your own damn mind is what trading is!
- As long as there's momentum you know immediately if you're wrong, if there's no momentum you're not sure and if you're going long options you better get out quick because of time decay - If you're wrong on the writing side, hedge (buy) and work in and out of that short option - Trade the same thing over and over again - There's a fine line between instinct and being stubborn, hitting buttons because of your instinct is great, but then emotions start coming into it and that's when you get attached, you start making mistakes on your decision making and you start justifying shit that you shouldn't justify, basically allowing stubbornness, expectations, behavioral mistakes and all kinds of bullshit that have nothing to do with the market to control your decision making - Hedge to stay alive until the right market comes to you, then all guns blazing - Understand who you are to know when to push it, find what strategy works for you and when does it work, when it stops working follow your instinct and don't be stubborn - Hedging also refers too your life, who you are as a person, emotions, mindset and personal life so it doesn't affect your account, how are you going to protect yourself from yourself when you're going through some shit - There's a fine line between conviction and too much conviction, too much conviction to the point where you get attached to the position and you can't bail, you constantly have to be there to make sure it's unfolding in your direction and the second it doesn't be quick to get out and cut that risk off especially with OTM options because most of them expire worthless - Markets aren't efficient, any auction-type market is dictated and guided by behavior and emotions (who is screwed because they're holding too much and on the wrong side of the trade) - Algos have to constantly adapt to markets just like retail traders - How many times have you surfed the internet to avoid looking at a trade that is starting to go against you, that is probably a good sign to take your profits - All it takes is one trade to blow up your account - Trading is a constant learning process
You should do a Chat With Traders with Wall St. Jesus too.... if you can get him. Super entertaining and super knowledgeable; would be an amazing episode.
Thanks Aaron great platform for us to learn from experienced traders very much informative and interesting ....I actually singlehanded praise all episodes but episode 077 is above all very much appreciated.
Very good podcast. Very real. Love how he explains how he isnt perfect. And how he works everyday to keep his head above. And when its his market. Hes an animal. So i liked it alot. Confidence.
Tks Aaron . Sang Lucci such a real guy . God bless you . Trading profit depend on your personal lifestyle , if it have discipline , healthy , no greed , follow the flow and find your edge ( God doesn ' t give his bless to over ) .
Already listed to this one twice! A really funny one and some really good stuff here! Best topics like prop shop profit tactics, the recent crypto market flop, hedging tactics to keep profits and not recycle them back into the market... and keeping and even the fx mlm scams towards the end! This time around it was really cool to here a more real realistic Lucci vibe. Also the type of episode friends who don't trade can listen to and have fun with! Good upload!
this episode reminded me of the one with Brannigan when he was talking about systemizing trading processes and decisions along with discretionary trading
@Chat With Traders - Great channel, lots of good information. But, I just realized that you don't have EP 007 in your list of videos.... or did I miss it while looking through the list? Thanks. (EDIT:Oh, I couldn't find EP 145 either. Just FYI)
About 15 years ago there was software called marketsound for CME index futures that you could use to get a feel for the speed and urgency of orders hitting these electronic markets (similar to a pit squawk box). A VR pit would have an added visual pit that anyone that wanted could access, depending on who owned the software. Either the exchange or a third party and it would virtualise the tape.
@@Revolution3030 This is only for those willing to purchase the technology assuming it provides an edge. Everyone else will use the standard tools, Dom, t&s, etc.
@@qkrrlwjd yeah you're right, dont forget to include state tax (lets say 8% is a median if you're making over 100k a year) and then tax on anything you buy.. i'd say 30-40% is a rough-draft of a good estimate. say you get taxes 24% then 8% state thats 32% but then you lose a lot on your personal property tax/anything you buy has taes prob 35-40%
Ooph. It's March 10 and I wonder if he's sold that TSLA long position. Ouch. I had an iron condor on it last week and sold it because it was slightly too bullish.
this guy is actually wrong about crypto around that time in December 2018 most crypto was reaching an all-time high. i don't know when this podcast was taken but 2017-2018 was good for crypto and its making its way back towards those highs
at what point people will understand !!!!!!!!!!!! anybody who sell you any educational crap, have no clue how to trade successfully. knowing how to place a trade and actually to make money are two different things. real traders don't sell shit, there is no time or need.
These guys know how to trade and are transparent about it. They have set set up trading as an educational business and pay themselves a salary in order to not pay all the capital gains tax you pay as an individual. I am chatting with my accountant right now about this for 2019. Notice most of them will make no guarantee you will learn anything, and many come and go. This is why I never waste any money on these folks and the people trying to trade various systems, chatrooms, newsletters, etc. At least this guy is honest about it. He even says you have to learn yourself and how to trade your personality. Some people need coaches and are willing to pay for it. Again, he is transparent about it unlike many con artists in the arena. My first question to any guru is let me see your bank statement. If they are not willing to produce, they are full of shit.
Aaron , too slow to execute tells me youve taken some trading pain and are now gunshy , been there done that , get systematic dude and thats entry and EXIT . Adjust position size to equity/ strategy profit . Know your expectancy and trade to it .
For tax, come to the UK. Profits on personal trading are not taxable. The Revenue may try to tax your profits, but if you challenge them they will fold - must get a trading-savvy accountant. Obviously, if you are trading other people's money it's a business and you pay capital gains. For US citizens going overseas, make sure you're up to speed with your iniquitous FATCA law, where you are taxed on citizenship and not on your country of residence.
Relying on "instincts" will kill you. "Looking inward" and wait for the right market. LOL😂 'cause the so-called "right market" is in past tense. You only know it afterwards. "Hedging your Life???" You're kidding me.
A guy who has chat with Chat with traders and he is trader should pay attention to what words come out of his mouth, he keeps saying profanity words which put his personality very down. very pity of him...
@@XTen1000DaysX how was it cynical? any perceived cynicism is a result of your own ego's defense mechanism because you have fallen for a scammer and his fraudulent hustle.
@@oldmansoda because he gave a reason for moving to puerto rico and you're sketpical about it in a cynical way, assuming what he said is not the truth and that he said something else makes you question why he chose to move there in the first place.
@@XTen1000DaysX fair enough. Yes, I am cynically skeptical about his real reason for moving. Sometimes my gut feeling is right, sometimes it's wrong. In situations with people in finance, history shows us that usually all involved are liars and scammers. Thus, I call bullshit on his story. My opinion, unfortunately, has no bearing either way.