Line Your Own Pockets

Book on Kelly Criterion: Fortune's Formula

You finally have a serious trading edge.  And you know it.  How should you think about sizing up?

Dave's article on partial profits: Should You EVER Take Partial Profits?Dave's Strategy Corner monthly column at TASC MagazineSocial Desirability Bias - why bad ideas get tractionBest Loser Wins - book recommendation from Michael

Several months ago, Dave decided to leave Trade-Ideas to focus on trading and coaching.Dave discusses why he left, making big decisions, and focusing on trading.

Dave shares a client's trading mistake and how it revolutionized his approach. They delve into the psychology of trading and the need for a structured plan to manage emotions. The conversation highlights efficient strategies using tools like Amibroker and Trade Ideas. Listeners learn about the importance of systematic coding practices to prevent confusion and implement successful strategies. The risks of short selling are discussed, stressing cautiousness and active involvement in trading systems for optimal performance.

Books mentioned:Give and Take by Adam GrantNever Eat Alone by Keith FerrazziThe Art of Gathering by Priya Parker

Brett Steenbarger, a clinical psychologist specializing in trading psychology, discusses his journey from academia to trading after overcoming a significant loss. He explores emotional hurdles in transitioning to full-time trading and the balance between systematic and discretionary approaches. The conversation highlights the value of teamwork and diverse insights in trading environments. He also emphasizes the importance of building supportive communities among retail traders and shares how writing can profoundly influence personal and professional growth.

There are big changes on the trading horizon as 24-hour trading is becoming more and more a reality.  We discuss how this will affect the markets, what cues we'll be looking for to capitalize on it, and just how important these changes really are.

In a follow-up to last week's interview with Marsten Parker, Dave and Michael discuss the key to being successful for a long period: adapting.Whether successful traders realize it or not, they'll eventually have to completely reinvent what they do to stay relevant.Annie Duke's book Quit: The Power of Knowing When To Walk Away.