Trader Mindset Scott Kaminski - Master Trader and Trading Coach
Sep 25, 2015
Scott Kaminski, a veteran trader with 34 years of experience and a former trader at Tudor Investments, shares his insights as a leading trading coach. He discusses the importance of having a repeatable trading system and the parallels between trading strategies and professional sports. Kaminski dives into mastering market volatility, effective risk management, and the use of algorithmic tools to enhance trading success. He emphasizes the need for discipline and suggests that traders focus on mastering one market before diversifying their portfolios.
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Systematic Trading Approach Essential
- Develop a systematic, repetitive approach to trading that you can replicate day after day. - This consistency helps identify breakdowns and adjust strategies accordingly for better market analysis.
Trading Syntax Prevents Breakdown
- Without a clear trading syntax, traders make multiple errors including poor analysis and risk management. - This leads to global breakdowns causing losses and damaged trading psychology.
Avoid Unrealistically Tight Stops
- Avoid using ultra-tight stops like 4 points with markets having large daily volatility (e.g., 25 points). - Tight stops often result in being prematurely stopped out by normal market noise, losing potential profits.
