Life

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Digging deep as a trader

As the 2017 markets continue to reach new highs & settle into tight ranges, making progress can seem like a long & challenging road for a lot of traders. This is where the importance of patience, discipline & confidence really play a fundamental role in progress as a trader.

Right click here & “save as” to download this episode to your computer

THANKS FOR LISTENING!

Don’t forget to subscribe to the show on iTunes to get automatic updates.

Thanks again for listening to the show! If it has helped you in any way then please feel free to share it.

Additionally, reviews for the podcast on iTunes are extremely helpful and greatly appreciated! They do matter in the rankings of the show and I read each and every one of them.

And lastly, if you have any trading related questions, please email me at damon@piptastic.com – this show has over 66,600 downloads and counting so the answer to your question could be the difference to a fellow trader!

 

We’re always told to set goals & told about the importance of goalsetting but what if this concept is now outdated? What if “bucket lists” are now a more modern approach to a goals mindset?

Right click here & “save as” to download this episode to your computer

THANKS FOR LISTENING!

Don’t forget to subscribe to the show on iTunes to get automatic updates.

Thanks again for listening to the show! If it has helped you in any way then please feel free to share it.

Additionally, reviews for the podcast on iTunes are extremely helpful and greatly appreciated! They do matter in the rankings of the show and I read each and every one of them.

And lastly, if you have any trading related questions, please email me at damon@piptastic.com – this show has over 66,400 downloads and counting so the answer to your question could be the difference to a fellow trader!

 

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Today I’m answering questions sent in from listeners which hopefully will provide some inspirational insight for aspiring traders. these questions are;

  • How did you get the idea to become a Pro Trader?
  • Did I have a trainer or mentor?
  • How did I come up with the 5,18 & 62 indicator?
  • Did I develop methods with trial & error or modify existing methods?
  • Do you need to have financial challenges in order to develop the desire to succeed in trading?
  • What is your favourite trade ever?
  • What is your worst trade ever?
  • Do you ever scan other markets in the event of your main ones ranging?

Mentioned in todays Podcast

NEW! Instagram Page here

Become a Piptastic Member here

Piptastic Facebook Page for exclusive content, “like” our page at www.Facebook.com/piptastictrading including screenshots & explanations of trades I’ve taken

Check out & Subscribe to the Piptastic Youtube Channel here

Add me on Snapchat for daily trading tips: damonelliott1

Damon Elliott uses ETX Capital as his trading platform. Click here to join ETX Capital

Right click here & “save as” to download this episode to your computer

THANKS FOR LISTENING!

Don’t forget to subscribe to the show on iTunes to get automatic updates.

Thanks again for listening to the show! If it has helped you in any way then please feel free to share it.

Additionally, reviews for the podcast on iTunes are extremely helpful and greatly appreciated! They do matter in the rankings of the show and I read each and every one of them.

And lastly, if you have any trading related questions, please email me at damon@piptastic.com – this show has over 52,400 downloads and counting so the answer to your question could be the difference to a fellow trader!

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I have a saying when it comes to trading; “Everything works & nothing works”

How many times have you tried new or different trading methods or proclaimed that a method just doesn’t work?

I reckon most people in trading have lost count but that doesn’t matter because there is a very valid reason for trying lots of different things in trading which is the requirement to find something which suits your trading style, temperament or timeframe.
We are all different in that respect but a lot of the time, people dismiss methods wholesale, simply because it doesn’t work for them.

The truth can actually be quite painful.

How long did you actually spend trading a new method or tweaking it before ditching, proclaiming its uselessness? Not long enough is the most common answer.

One of the big keys to trading success is having a method & growing with it. For example, most people know that I am predominantly a pivot trader & have been for the past 8years but it really wouldn’t take me long to do a search & discover that actually pivot trading doesn’t or cannot work in other peoples so called expert opinion.

Look close enough & you will see where its all going wrong for a lot of people in trading.

See, I’ve been trading, nurturing & analysing pivot trades for a long time & that doesn’t stop because that is MY preferred mode of trading. It works for me. But within that I also know when to bail a pivot trade before hitting its target,avoiding an entry or maybe even lowering my stake size due to other factors. Each pivot entry will have its own set of circumstances that will dictate how or if I enter.

If I hadn’t of spent a lot of time with pivots then I wouldn’t know any of this & I would just lazily enter a trade “just because”. By the way, there is nothing wrong with doing it this way however it is the management of the trade that becomes more important than the entry.
For example, when I record our members video describing that days market activity I will often say “that’s a break even trade at worst” – this means that a pivot trade was in progress, had gone 10-15pts in profit before reversing. Once its gone into that much profit there is no way I’m taking a loss on that trade & my stop is already at break even.

However others without too much knowledge would allow that trade to reverse fully on them & then continue to hold the losing trade in the hope it pulls back round for them. Again, there is a method in that madness but would require hedging the losing trade at a sensible gap & then continue trading in the opposite direction. until the market either returns or carries on & you decide to close out at a much smaller loss.

As I say, everything works & nothing works – its all down to the person in front of the trading screen. Make sure, once you find a trading approach you like, stick with it like glue & nurture it, build upon it & discover its weaknesses & how to deal with them.
If you don’t do this then you are going to be going round in circles for a long time, or worse still, get dumped out of the trading game.

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Not a completely random podcast but more of a conversational one where I talk about different areas of trading & self development. However there is a dedicated section which could be a positive game changer for most in trading.

Mentioned in todays Podcast

Become a Piptastic Member here

Piptastic Facebook Page for exclusive content, “like” our page at www.Facebook.com/piptastictrading

Check out & Subscribe to the Piptastic Youtube Channel here

Snapchat: damonelliott1

Damon Elliott uses ETX Capital as his trading platform. Click here to join ETX Capital

Right click here & “save as” to download this episode to your computer

THANKS FOR LISTENING!

Don’t forget to subscribe to the show on iTunes to get automatic updates.

Thanks again for listening to the show! If it has helped you in any way then please feel free to share it.

Additionally, reviews for the podcast on iTunes are extremely helpful and greatly appreciated! They do matter in the rankings of the show and I read each and every one of them.

And lastly, if you have any trading related questions, please email me at damon@piptastic.com – this show has over 34,500 downloads and counting so the answer to your question could be the difference to a fellow trader!

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Evening all,

This weekend I had the rather unfortunate misfortune of venturing out into a local shopping centre on a busy Saturday lunchtime. Being the people watcher that I am, it really saddened me to see some of the stuff going on; people barging past one another then turning with a scowl on their face, people weighed down with carrier bags full of the weeks shopping but with a face like it was their last week in existence, & then onto the car park… horns going, people out of cars shouting, no actually it was more like screaming at others, queues galore etc etc..

Now, all this to some might seem like a normal weekend ritual but to me it was strange as I make it my mission to avoid these negative places. But what I wasn’t prepared for was how incredibly sad it made me feel to see all this going on. Really sad in fact. It was like watching a car crash unfolding in slow motion & you couldn’t do anything to stop it.

So whats the point of this post? Well, I’m not going to get all slushy on you & claim to heal the world etc but I do want to share something that I saw the previous night on TV that, to me, was actually really powerful especially in this context. The film in question was “Love Actually” & in case you have ever missed the start this is Hugh Grants opening quote;

“Whenever I get gloomy with the state of the world, I think about the arrivals gate at Heathrow Airport. General opinion’s starting to make out that we live in a world of hatred and greed, but I don’t see that. It seems to me that love is everywhere. Often, it’s not particularly dignified or newsworthy, but it’s always there – fathers and sons, mothers and daughters, husbands and wives, boyfriends, girlfriends, old friends. When the planes hit the Twin Towers, as far as I know, none of the phone calls from the people on board were messages of hate or revenge – they were all messages of love. If you look for it, I’ve got a sneaky feeling you’ll find that love actually is all around.”

It’s actually even better to hear it which you can on youtube!

http://youtu.be/j0O2FfpAP0Q?t=1s

Damon

 

 

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Hi everyone!

Isn’t life an adventure? A really great adventure, after all, no video game in the world could raise you up, knock you down, challenge you & taunt you from so many angles. It is like Jim Rohn once said, life is like the four seasons and spring will always follow winter. Very true however one thing sprung out at me this week & that was the fact that trading has a habit of keeping people in autumn & winter for long periods. In fact for some it is probably like living in the ice age but rest assured as in life, so it is with trading. Spring will always follow winter.

But what happens to the trader during that barren time that is autumn & winter? This is where trading is actually a lot different to life. You see, in general, life will only hit you with a couple of knock backs, disappointments at one time whereas trading has a unique ability to hit you time & time again. Day after day, even hour after hour, so in order to survive this ice age the trader must learn how to deal with these knock backs.

It is all too easy to simply wish yourself somewhere better, perhaps even wish you were someone else, seeing the markets through another set of eyes, wishing you had more experience, perhaps even more confidence but this is simply a character trait we all have.

Unless you was the super cool kid at school that had all the opposite sex drawing towards you like a magnet (maybe even the same sex too!), & yes every school has at least one of these super cool kids then you probably already realise what it is like to wish you had different talents or abilities. I often remember when I was at school wishing that I could have cool clothes, be one of the “in” crowd, go out with the prettiest girls etc etc.. but I didn’t have any of that. Instead I had to opt for hanging out with the super nerds in the music block. Looking back, probably the best decision as in those finer moments you start to form your own journey & views.

But this continues into our adult life too. When was the last time you wished for a bigger house, your own house, flash car, holidays, better partners, social lifestyle of others etc..

Is this productive? More importantly, is it going to progress your trading?..

Now, going back to early formings, I realised quite early on in my adult life that I didn’t need to be cool, great looking or have an amazing social circle. None of that mattered. In fact what I realised that the ONLY thing that matters is that you accept who you are, accept what your own failings are but more importantly, accept what your strengths are. So for most of my adult life, there has been no envy, no wishful thinking but action. If I want to achieve something then I set about doing it.

But what about you?

Do you accept who you are?… Really?

You see, when you accept you for what you are in every way possible, you will begin in my opinion the greatest journey of all. No fear of fitting in, making mistakes or being laughed at. In trading, this means that no obstacle is ever going to stop you achieving what you want. You start to dissolve barriers before they begin to exist.

We all experience failure, setbacks, disappointments & obstacles. All of us. Being human means that when this happens we hurt.

The key difference between us all is how long it keeps us down for. That’s all.

For some people, a set back in trading will knock them back weeks, for others it may be days but for an experienced full time trader it is seconds. The reason it is seconds, is because we have accepted the situation & moved on. No regrets, no tantrums, no fear. Just acceptance of our skills & our setups.

We replace the negative with something positive & we never allow ourselves to finish the day on a negative. Not ever.

So today please remember, it is ok to be knocked back, to experience defeat & experience the emotions of trading after all, we have all been there. We have all trudged across the snow plains of winter & had the wind trying to blow us backwards in autumn. What we did do in those times was to spend less & less time in the wind, melt some snow here & there until gradually we enter spring. And of course you know what comes after spring…

So whatever your thinking is currently, don’t bring yourself down, don’t be envious of others but work on your own skill sets & what works for you. You are indeed unique in every sense. Just accept it & begin the greatest journey of your life.

Oh, & if you are thinking that Autumn follows Summer….the full time traders have already up’d sticks & moved to somewhere like Florida with all year sunshine! We know when we are onto a good thing!!

Until next week, have a fantastic weekend & I’ll see you at the top!

Damon

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