Consistent Profits Podcast 065 - Trading Psychology specific to Prop Firm Trading – Interview w Norman Hallett
Norman Hallett has been a trader and trading educator for over 4 decades.From 1981 to 1988, he ran one of the largest options firms in the country and later worked as a commodities specialist for Paine Webber.
In 1991 he formed the Hallett Group, managing large trading accounts for individual investors as a Commodity Trading Advisor. He currently owns and operates The Disciplined Trader, founded in October, 2000, where he focuses on helping traders with the too-often-neglected area of mental and emotional control and the building of Simple Trading Plans. Mr Hallett is a popular speaker at Trading Expos and countless international venues. He has over a million views of his “4-Minute Drill For Traders” where he gives tips and techniques for being a more successful trader.
- Norman provides an overview of prop trading, explaining that it involves trading with other people's money (prop firms) and earning a share of the profits.
- He discusses the advantages of prop trading, such as reduced emotional stress since traders are not trading their own money.
- He delves into the mechanics and rules of prop trading.
- He draws comparisons between prop trading and his experience as a Commodity Trading Advisor (CTA).
- We discuss the benefits and limitations of simulated trading.
- He advocates for prop trading as a viable alternative to traditional trading, especially for traders who have the necessary skills but lack sufficient capital.
- We discuss the benefit of being part of a trading community or group that provides support and shared experiences, which can accelerate learning and success.
- He talks about the minimal fees associated with prop trading, making it an attractive option even for those with smaller account sizes.
- We talked about how prop trading has removed the financial barriers that used to exist in traditional trading, allowing virtually anyone to start trading with minimal capital.
- Norman mentions his upcoming book titled "Your Money, Their Profit."
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