Hoooo leeee crap! This chapter starts out with an introduction by Sykes of Gregg aka LX21, then goes into Gregg’s presentation from a couple years ago at a pennystocking conference. This was from one of the couple conferences that I have missed, and wow am I pissed I missed it 4 or so years ago. I’ve seen other presentations and interviews of Gregg through the years but I have never seen this one and I can honestly and wholeheartedly say this is his best.
Beyond @Epicacapital ‘s speech at the first Traders4Acause this speech by Gregg is the most inspirational and educational piece of trading wisdom I have ever seen. Not sure what your budget is but if you are a serious trader, I really think this whole $297 package is worth it to hear this speech by Gregg. WATCH THIS speech again and again!
The middle third of this chapter is a presentation by me from I think 2009. While there are many things I would improve on and change if I presented the same speech today. I do feel I did a decent job explaining the concept behind being a “Part time trader.”
The chapter ends with a solid review of the whole DVD by Sykes. He does a solid job of tying up loose ends and reviewing the most important concepts and theories behind the DVD and his trading style.
Shit, I’m about to give this chapter the highest review of any of the chapters, which fucking sucks because I’m in this chapter. Grrrrr…. Please know my rating has NOTHING to do with my presentation. Between Gregg knocking it out of the part and Sykes being on point and concise, you could strip me out and this would still be the best chapter of the whole DVD.
Rating: 5 out of 5 (But that rating is entirely based on Gregg and Tim)
-Profit chart breakdown
-Hard working and focused and disciplined
-Market wizards books
-Funny story of high school stock picking contest
-Cool boiler room story
-Nice Baron Kimble reference!!
-understand the other side, your opponenets
-money management skills
-Think about odds and probabilities
-observe and interpret
-when odds are bad fold, when odds are good add, when odds are great attack
Do not try and predict, think in terms of probabilities
-Be immersed in the language of the market
-Create a context
-why is it up
-use the chart and put it in context
-Low rated setups gobble up time and buying power. and end up making you miss high rated setups
-Want to win at trading, be selective trade when yo know you are right.
-avoid boredom trading
-as a trader your job is to be paitinet
Exit when the thesis is no longer valid
Clear you rmind
-If I didn’t currently have a position what would I do here?
-say it loud
-Large part of profits are not determined by the strategy but by the trader.
-Need to master your own mind.
-Be an objective observer of yourself – be brutally honest
-blind spot bias
-sunk cost bias
-Hind sight bias
-didnt train/prepare like he needed to
Confidence vs conviction
-follow your plan even if you confidence, but maintain conviction
-trading too big
-making back losses
-poor money management
-a trader must assume full responsibility for anything that happens – Extreme Ownership
-Expect the unexpected
-A professional is someone who makes a living practicing his craft.
-Train like a pro
-Act like a pro
-little things make a difference, professionals sweat the details
-Sleep right, eat right, exercise keep clean
-no email, social networks, other bullshit
-Work like a pro
Presentation of me – I skipped it and won’t take notes.
-But I do think it was a solid trading presentation.
– need to learn
-set big goals and work your butt off to achieve them
-have patience to endure the journey
-remember the biggest gainers list is what you need to watch
-take the meat of the move
-as a beginner focus on developing rules and practicing good habits
-the same rules and habits that make you 10K will make you 1M
-dont trade random stocks, just the volatile ones
-Sometimes the best trade is no trade
-Never bet anything or leverage up don’t risk disaster
-be able to go long and short
-Keep your size under control and keep yourself comfortable
-Cut losses quickly
-take it one trade at a time