Veteran trader Matt 'Pax' Kenah shares his transition from pits to electronic trading, sticking to his 30-second opening range methodology, what makes a consistent trader, and the importance of giving yourself time in markets.
Transitioning from floor trading to electronic trading requires adapting to changes and maintaining discipline in trading.
Effective risk management and profit maximization are essential for consistent trading results and decision-making in the markets.
Deep dives
Matt Pax's Trading Journey and Transition into Electronic Trading
Matt Pax discusses his journey from trading on the floor to transitioning into electronic trading. Starting as a runner and later trading on the floor, he shares his experience of trading the big NASDAQ contract. Pax explains how he began with limited trading capital and faced challenges but eventually found success by implementing specific trading methods. He emphasizes the importance of having a structured approach to trading and adapting to changes in the industry, which led to his successful transition into electronic trading.
Lessons in Risk Management and Profit Maximization
Matt Pax highlights the crucial aspects of risk management and profit maximization in trading. He emphasizes the significance of managing both risk and profit effectively to achieve consistency in trading results. Pax elaborates on the importance of understanding oneself as a trader, recognizing strengths and weaknesses, and maintaining discipline in adhering to trading rules. By focusing on managing risk and profit systematically, traders can enhance their decision-making process and improve overall trading performance.
Practical Strategies for Consistent Trading Success
Matt Pax shares practical strategies for achieving consistent trading success. He emphasizes the need for traders to trust themselves, manage emotions, and maintain a positive self-dialogue. Pax advises traders to approach each trade with a clear risk management plan and predefined profit targets. By following a structured and disciplined trading approach, traders can increase their chances of long-term success in the financial markets.
The Importance of Continuous Learning and Adaptation
In his trading journey, Matt Pax underscores the value of continuous learning and adaptation in response to market dynamics. He encourages traders to stay informed, evolve their strategies, and remain open to new opportunities. Pax emphasizes the significance of learning from mistakes, refining trading techniques, and staying committed to personal growth as a trader. By embracing a mindset of continuous improvement and adaptation, traders can navigate changing market conditions with resilience and confidence.
On this episode, Ian Blanke is joined by veteran trader Matt "Pax" Kenah. Pax discusses his time trading the big Nasdaq Futures in the pits, transitioning to electronic trading and how he stuck to his 30 second opening range methodology, what makes up a consistent trader in his opinion, and giving yourself time in the markets.
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Listen to the best highlights from the podcasts you love and dive into the full episode