Episodes
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This is actually a great topic. Yes, this is episode 54, and I’m still calling things great topics as if they should’ve been the first thing you heard. There is such tremendous misconception about the skills needed to trade/invest for yourself that it leads to two issues. Some people who try to be geniuses and focus on the wrong things, and people who simply just don’t try because they figure they don’t have the ability to make money in the market.
Set up a free coaching session with Paul:
https://calendly.com/dts-paul/coaching-session-w-paulThe DTS Free Stuff Page:
https://disciplinedtradingstrategies.com/free-stuff/To learn more, visit:
http://disciplinedtradingstrategies.comListen to more episodes on Mission Matters:
https://missionmatters.com/author/paul-lange/ -
Note for the faint of heart… A quick word if you are very new. When a trader takes a trade, that trader will always (should always) have a point at which they feel the trade is no longer working and therefore have to exit. This protects the account so that you don’t take your account down to zero hanging onto garbage. That level at which you exit is called your stop. You can stop out of the trade by sitting there and hitting a button or you can stop out by putting an automatic stop in your trading platform so it will exit you from the position even if you are not there. This discussion is an ultra-advanced talk about using stops and be sure you listen to the introductory comments. If you have been around for a while, this may not be what you expect.
Set up a free coaching session with Paul:
https://calendly.com/dts-paul/coaching-session-w-paulThe DTS Free Stuff Page:
https://disciplinedtradingstrategies.com/free-stuff/To learn more, visit:
http://disciplinedtradingstrategies.comListen to more episodes on Mission Matters:
https://missionmatters.com/author/paul-lange/ -
Missing episodes?
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The Internet is obviously a very useful tool for many things. But how useful is it in the endeavor to learn special skills, like learning the skill of trading or investing for yourself? This presentation is about taking a look at the pros and cons, the good and the bad, the useful and not useful, of what the Internet has to offer for anyone trying to learn trading on their own. As always, I want to go beyond just anyone’s opinion, and look at the hard facts.
To learn more, visit:
http://disciplinedtradingstrategies.com
Listen to more episodes on Mission Matters:
https://missionmatters.com/author/paul-lange/
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You may be curious about the phrasing of the title of this episode. Because it kind of implies that there’s only certain times that psychology matters. To be fair the title is a little “tongue-in-cheek”, although in a literal sense it is 100% true. Sounds confusing? Well, you have to listen to the beginning of the episode but I assure you it will be filled with more information that will help you in your quest to become your own independent trader/investor.
To learn more, visit:
http://disciplinedtradingstrategies.com
Listen to more episodes on Mission Matters:
https://missionmatters.com/author/paul-lange/
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This is a more advanced talk, at least for a podcast. On the DisciplineTradingStrategies.com website this is on the free stuff page, in the educational videos section as a topic. But this is dedicated to somebody who is beginning to trade or actually trading. For anyone trading this is a very important topic because it deals with wasted money. And over time and over many trades, it can add up to a lot. It also is a topic that most traders seem to have very little knowledge about, at least beyond the very basics.
Here are the charts to follow:
Chart 1:
https://drive.google.com/file/d/1iOsBCDAoOC3NTihh8yjJUqATGuXci_yh/view?usp=drive_link
Chart 2:
https://drive.google.com/file/d/14P327cfSy9KSkxTMQxKfqlVl84d_-iXt/view?usp=drive_link
Chart 3:
https://drive.google.com/file/d/1XsyVmGDbVEygCNhTXLFvfo1GyoyJcasT/view?usp=drive_link
Here's a link to learn more:
https://disciplinedtradingstrategies.com/publicdownloads/The%20R%20Unit.pdf
Set up a free coaching session with Paul:
https://calendly.com/dts-paul/coaching-session-w-paul
The DTS Free Stuff Page:
https://disciplinedtradingstrategies.com/free-stuff/
To learn more, visit:
http://disciplinedtradingstrategies.com
Listen to more episodes on Mission Matters:
https://missionmatters.com/author/paul-lange/
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I love this title because it has some different implications depending upon where you are in the trading world. If you’re kind of new you may just be excited about what the topic is that involves “missed money”. If you have been around for a while maybe you recognize this is a beginning of a famous or perhaps I should say infamous saying. But it leads to a great discussion about a topic that’s near and dear to my heart; the true understanding of technical analysis.
Set up a free coaching session with Paul:
https://calendly.com/dts-paul/coaching-session-w-paul
The DTS Free Stuff Page:
https://disciplinedtradingstrategies.com/free-stuff/
To learn more, visit:
http://disciplinedtradingstrategies.com
Listen to more episodes on Mission Matters:
https://missionmatters.com/author/paul-lange/
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My last podcast was largely technical, at least as technical as you can get in a podcast. It was about understanding some of the concepts and misconceptions about trends. This one is a soft topic. In trading that means more about psychological and thinking type issues. And this particular one is really on the far side of psychology because it applies to most everything in your life, not just trading. However, I have found that it is a very important quality for a good trader to endear, especially for anyone starting out. Enjoy the discussion.
Set up a free coaching session with Paul:
https://calendly.com/dts-paul/coaching-session-w-paul
The DTS Free Stuff Page:
https://disciplinedtradingstrategies.com/free-stuff/
To learn more, visit:
http://disciplinedtradingstrategies.com
Listen to more episodes on Mission Matters:
https://missionmatters.com/author/paul-lange/
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A lot of clichés exist in trading. One of the more common ones is the common-sense notion of following the trend. It is one of the very few good clichés, and while it seems like a simple concept, there is a lot more involved. Like all of trading, you need to understand some of these concepts that are higher-level to get all the arts in your favor.
Here are the charts to follow along:
Chart 1:
https://drive.google.com/file/d/1uVXgFaqA7ppWClyBZ7Fc_xFULx_YeVGn/view?usp=drive_link
Chart 2:
https://drive.google.com/file/d/148tXZkTfqDO9ArA4rKNcV7p1CFw-EQqE/view?usp=drive_link
Chart 3:
https://drive.google.com/file/d/13Bo0fNGtJCSoZuOuvTNezzxllggvZLv5/view?usp=drive_link
Chart 4:
https://drive.google.com/file/d/1Uep01dQMbJeZ_Jt5p_Qbdzfm5zB2jKKi/view?usp=drive_link
Chart 5:
https://drive.google.com/file/d/14eiXpxL9-5WU4ppQXR6gpLLYiH4Y-JAJ/view?usp=drive_link
Set up a free coaching session with Paul:
https://calendly.com/dts-paul/coaching-session-w-paul
The DTS Free Stuff Page:
https://disciplinedtradingstrategies.com/free-stuff/
To learn more, visit:
http://disciplinedtradingstrategies.com
Listen to more episodes on Mission Matters:
https://missionmatters.com/author/paul-lange/
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As a podcast, this of course will not be a detailed lesson on exactly how to make money from options. However, there will be some great information discussed including; the stupidest comment that I hear on a monthly basis, options actually accomplished in your trading, what you should never do with options, and the best general use for options provided you understand when to use it.
Set up a free coaching session with Paul:
https://calendly.com/dts-paul/coaching-session-w-paul
The DTS Free Stuff Page:
https://disciplinedtradingstrategies.com/free-stuff/
To learn more, visit:
http://disciplinedtradingstrategies.com
Listen to more episodes on Mission Matters:
https://missionmatters.com/author/paul-lange/
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In the DTS seminar program there is a discussion near the end about pitfalls that new traders may run into. The first pitfall is listed as overtrading. The second pitfall is listed as overtrading. It then goes on to discuss why overtrading ranks as the first two pitfalls that new traders may run into. Tune in to hear the reasons why, as this is another one of those possible career killers for traders.
Set up a free coaching session with Paul:
https://calendly.com/dts-paul/coaching-session-w-paulThe DTS Free Stuff Page:
https://disciplinedtradingstrategies.com/free-stuff/To learn more, visit:
http://disciplinedtradingstrategies.comListen to more episodes on Mission Matters:
https://missionmatters.com/author/paul-lange/ -
You likely already know that emotions play a big part in trading, no matter how much of a cool cucumber you think you are. And we all know those emotions are fear and greed. But one towers over the other, and inside of that one emotion there is perhaps one big issue that damages more traders’ careers than anything else. I want to sort out these various psychological issues, discuss them to some degree, and also discuss how you overcome these issues once and for all.
Set up a free coaching session with Paul:
https://calendly.com/dts-paul/coaching-session-w-paulThe DTS Free Stuff Page:
https://disciplinedtradingstrategies.com/free-stuff/To learn more, visit:
http://disciplinedtradingstrategies.comListen to more episodes on Mission Matters:
https://missionmatters.com/author/paul-lange/ -
Whether you are a new and developing trader, or an experienced trader, the use of your time is a very important facet. And this is one category where the more experienced you get, oftentimes the worst your time management becomes.
There are two issues. One is wasting time by focusing on things you perhaps should not be studying, at all. But of the list of things that really do matter, very few traders spend their time proportionally delegated to the most important things first. This can seriously hamper or completely stop a new trader’s development.
Set up a free coaching session with Paul:
https://calendly.com/dts-paul/coaching-session-w-paulThe DTS Free Stuff Page:
https://disciplinedtradingstrategies.com/free-stuff/To learn more, visit:
http://disciplinedtradingstrategies.comListen to more episodes on Mission Matters:
https://missionmatters.com/author/paul-lange/ -
New traders get knocked out of the game because they don’t take their stops. You probably heard that 5000 times if you spent even one hour researching the topic of trading. As a matter of fact, there is even a special division of hell saved just for traders who don’t take their stops in case you weren’t aware of that. But here’s another one for you and perhaps my favorite saying. Experienced traders go broke because they do take their stops.
There is a right way and a wrong way to handle the placement and management of your stops. More money is likely lost in trading through not understanding this concept than anything else in my humble opinion. That’s why it’s a big part of what I teach. I’m not sure I can ever get into that much in one of these podcasts as it is a very detailed part of learning to trade. But regardless of whether you do it right or wrong there always ends up being that moment in time where you have to hit the exit button, or have to pick that exact number to the penny which will be your automatic exit. What I want to talk about in this podcast is what happens when you decide to let your stop go. Even one penny. This is perhaps the utmost important of topics going into the rest of this year.
Set up a free coaching session with Paul:
https://calendly.com/dts-paul/coaching-session-w-paulThe DTS Free Stuff Page:
https://disciplinedtradingstrategies.com/free-stuff/To learn more, visit:
http://disciplinedtradingstrategies.comListen to more episodes on Mission Matters:
https://missionmatters.com/author/paul-lange/ -
This episode has two purposes. First it is to set the record straight about what many traders use as excuses for their own poor trading. The list is long and most of them are fallacies and to the extent any are real, they are always fixable by the trader. Second, it is important as a mental concept to take responsibility for everything you do. When you simply blame some abstract concept, it prevents you from finding the real cause of the problem.
Set up a free coaching session with Paul:
https://calendly.com/dts-paul/coaching-session-w-paulThe DTS Free Stuff Page:
https://disciplinedtradingstrategies.com/free-stuff/To learn more, visit:
http://disciplinedtradingstrategies.comListen to more episodes on Mission Matters:
https://missionmatters.com/author/paul-lange/ -
When you start listening to this podcast you will hear the actual quote about rules and expectations. That quote actually comes from Mark Douglas, who is the author of the book called Trading in the Zone. But I want to expand on the discussion quite a bit because I feel it is at the heart of issues for new traders, and oftentimes for moderately developed traders. I am also going to start with my take on trading books and a couple of recommendations.
Set up a free coaching session with Paul:
https://calendly.com/dts-paul/coaching-session-w-paulThe DTS Free Stuff Page:
https://disciplinedtradingstrategies.com/free-stuff/To learn more, visit:
http://disciplinedtradingstrategies.comListen to more episodes on Mission Matters:
https://missionmatters.com/author/paul-lange/ -
This is definitely what I consider to be one of those “soft” topics when it comes to trading. It actually is about the learning process that we go through as humans and applies to everything, it was not actually designed as a discussion for traders. It’s a fairly well-known concept so forgive me if you heard it before. It is nothing I invented but I feel it is unusually applicable to traders and to learning the process of how to trade. It can also help your development if you understand what level you are at in the learning process.
Here's a link to learn more:
https://disciplinedtradingstrategies.com/publicdownloads/The%20R%20Unit.pdfSet up a free coaching session with Paul:
https://calendly.com/dts-paul/coaching-session-w-paulThe DTS Free Stuff Page:
https://disciplinedtradingstrategies.com/free-stuff/To learn more, visit:
http://disciplinedtradingstrategies.comListen to more episodes on Mission Matters:
https://missionmatters.com/author/paul-lange/ -
Yes, there are two very different comments about common sense in the markets. We need to draw a very hard line between preparing yourself for exactly what you want to do in the world of trading / investing, and then what you do to make money. If you are listening to this podcast or reading this, you’re probably an exceptional person. And you got to be exceptional by using a certain amount of common sense. Not falling for hyperbole, and always thinking for yourself to a large degree. That kind of common sense is critical when you prepare yourself to trade, to avoid all of the scams and general wrong thinking that is out there about making money in the market. However, once you are involved in making money in the market, common sense has no place whatsoever. The market is run by a different set of rules that revolve around the supply of money coming in and out of any market, sector, or any individual stock. You can scream all you want about all the common-sense reasons why a stock should be going up, but if it’s dropping, somebody is selling. Someone who either knows more than you, or simply doesn’t care because it’s time to sell.
Here's a link to learn more:
https://disciplinedtradingstrategies.com/publicdownloads/The%20R%20Unit.pdfSet up a free coaching session with Paul:
https://calendly.com/dts-paul/coaching-session-w-paulThe DTS Free Stuff Page:
https://disciplinedtradingstrategies.com/free-stuff/To learn more, visit:
http://disciplinedtradingstrategies.comListen to more episodes on Mission Matters:
https://missionmatters.com/author/paul-lange/ -
A self-fulfilling prophecy is a prediction that comes true because someone believes or expects it to come true. This concept is very alive and well in trading. I actually refer to it quite often and it’s not always in a negative way. It has its place in certain situations, although it has a very “soft” use. It sort of gets into the concept of subjective versus objective. A few Podcasts back I talked about the difference between subjective and objective when it comes to trading in general, but this is specifically regarding what we look at for price action. This is more of a technical discussion in case you’re not all that in tune yet with technical analysis.
Here are the charts to follow:
Chart 1:
https://drive.google.com/file/d/1uCNXj_baAaRYM_NY_zkbBsK_rhR0iMMS/view?usp=drive_linkChart 2:
https://drive.google.com/file/d/1dxleeVAhUFEzRez9h_CiQzqQaBUOfQJS/view?usp=drive_linkHere's a link to learn more:
https://disciplinedtradingstrategies.com/publicdownloads/The%20R%20Unit.pdfSet up a free coaching session with Paul:
https://calendly.com/dts-paul/coaching-session-w-paulThe DTS Free Stuff Page:
https://disciplinedtradingstrategies.com/free-stuff/To learn more, visit:
http://disciplinedtradingstrategies.comListen to more episodes on Mission Matters:
https://missionmatters.com/author/paul-lange/ -
This podcast is about the difference between being “long” stock positions and being “short” stock positions. It’s going to come to you at several different levels. I find a lot of new traders don’t even understand or are not even familiar with the concept of being “short”. I want to explain what it is and discuss two unbelievable myths about “short selling”. I also want to explain why it needs to be a part of your arsenal no matter what time frame you trade. I also want to discuss the advantages of shorting over being long when everything else is equal.
Here are the charts to follow:
Chart 1:
https://drive.google.com/file/d/1BnDac7f33YJ_-eDtO4cB9IldFYeQImmd/view?usp=sharingChart 2:
https://drive.google.com/file/d/1Isl2ifmoIuZhnbZrDeAGx8o-GcOGMtzj/view?usp=sharingHere's a link to learn more:
https://disciplinedtradingstrategies.com/publicdownloads/The%20R%20Unit.pdfSet up a free coaching session with Paul:
https://calendly.com/dts-paul/coaching-session-w-paulThe DTS Free Stuff Page:
https://disciplinedtradingstrategies.com/free-stuff/To learn more, visit:
http://disciplinedtradingstrategies.comListen to more episodes on Mission Matters:
https://missionmatters.com/author/paul-lange/ -
Okay, this may be a little bit of a boring topic for a podcast. At least to the average person. However, as I have mentioned in some prior podcasts, oftentimes these boring topics are the most important when it comes down to the final strokes of making a good living in the market. I also have to continue to remind myself that while some of these topics seem obvious and boring, to many new traders they are completely new and a lack of understanding of some of these concepts will make it impossible to make money consistently. This will start off defining exactly what we mean by “the risk unit”, and then discuss how it permeates through all of your trading.
Here's a link to learn more:
https://disciplinedtradingstrategies.com/publicdownloads/The%20R%20Unit.pdfSet up a free coaching session with Paul:
https://calendly.com/dts-paul/coaching-session-w-paulThe DTS Free Stuff Page:
https://disciplinedtradingstrategies.com/free-stuff/To learn more, visit:
http://disciplinedtradingstrategies.comListen to more episodes on Mission Matters:
https://missionmatters.com/author/paul-lange/ - Show more
