Trader Mindset

Entries don't mean anything unless you know your exit and position size. Entries are just prices. Entries, exits, and a position sizing algorithm are the 3 crown jewels to a basic trading system. Don't look at intraday charts - they are worthless and contain the most random data compared to Daily, Weekly, or Monthly charts - in that order. Trading is a game of failure - like baseball. You simulate your trading rules to a) see if they would have been profitable; and b) give you an idea if you have strong feelings about the frequency of losses and the drawdown. Trading is systematized attrition of your capital until a winner hits. Risking 1-2% per trade is insane. Start with 0.10% or 1/10th of 1%. Break your capital up into 1,000 units. Don't trade size in your initial entries. Wait for the market to show you which way it's going to go before you add more. Forget price targets. That's ego talking so that you can be "reasonable" with yourself around greed and fear. How do you know that what is a 3-bagger can't become a 10-bagger? Learn from Scott Kaminski, Victor Sperandeo, Peter Borish, Tony Saliba, or Michael Martin.

Michael Martin follow-up with many of the questions with a more detailed context than is possible with 140 characters. If you don't know who you are, any strategy will look good to you - and that is perilous for new traders. The StockTwits AMA stream has been published at Medium if you'd like to read some of the questions.

Michael Martin speaks with trading expert Pete Renzulli. Over his career, Pete has held many roles across his trading career. He discusses how he developed his trading edge in this funny and insightful discussion.

Michael Martin reads and ad libs off an article he wrote for MartinKronicle.com. The post is on how traders and PMs can raise money from investors and allocators.

Michael Martin speaks with Cornelius Luca, foreign exchange expert. Topics include Brexit and European elections.

Michael Martin speaks with former CFTC Commissioner Chilton. Topics include position limits, Dodd-Frank, and disgraced FCM heads Corzine, Bennett, and Wasendorf.

Energy Analyst Brynne Kelly speaks with Michael Martin about the fundamentals of the crude oil market. Brynne puts out daily market analysis on the crude complex and has several decades of experience dealing in the physical crude oil market.

Michael Martin answers a questions sent to him via Twitter, "Besides Sugar, what are your 3 favorite markets to trade?" This podcast is the answer.