In today’s episode hear Chris Tate on his trading system and short-term trading. Hear more tips and tricks Chris uses for cash-flow in the markets and what you should be looking for to pull profits. And Louise Bedford beckons you towards the sweet treats that wait if you pursue your trading education.
Chris Tate – Short-Term Trading Magic
Here are some key points from our interview:
The fewer F’s I give the more money I make.
Chris Tate has a T-shirt with this emblazoned on it and he is thinking of getting mugs as well. It sums up his emotional detachment for the markets and his trades.
Treat trading like a game and you will make money.
Treating it like a game and playing releases you from the seriousness and attachment of the markets and means you are more likely to make money.
Trading compared to Tinder
Regard all your trades as TINDER DATES.
Keep swiping until you get one that looks ok.
Every trader should laminate their perfect trade and hang it up near their computer.
Once you have a template you remove doubt… once you remove doubt you remove fear.
Pick only the perfect trades for entry, not suboptimal entries.
Keep your trading beer goggles OFF and enter only the perfect trades, not suboptimal ones.
You should have a vision of what you want in a trade and if it doesn’t conform to that – MOVE ON.
Decision fatigue and restricting your trading universe.
If you have short-term trading system you are required to make more decisions.
Therefore it is more effective to contract your universe and make your decisions much sharper. To be successful you need to trade a few things really well.
Cash flow versus wealth. Where does short term trading fit?
Traders are like farmers – they are asset rich but cash flow poor.
YOU CAN’T EAT THE TYRE OFF YOUR TRACTOR.
Traders are the same. Short term trading gives cash flow.
In a short-term system. You do not go into the action until the action is confirmed at the end of the period.
If it doesn’t work instantly you are wrong and you need to move. Move on.
There is always another trade.
Trading is like surfing.
Traders need to understand the rhythm of their markets.
You are just the custodians of money for the short term.
It is not your money until the position is closed.
Louise Bedford – Don’t Give Up
When you think back over your life I will bet there are things that you handle with ease now that were once as perplexing as hell.
You had to struggle back then but now it is a breeze… trading is no exception.
The efforts that you are going to now will you up for a life of ease in the future.
The sweet treats await, pursue your trading education.