Trading Psychology Tips With Tim Grittani

In Tim Grittani’s presentation at the 2018 Trader & Investor Summit, he discusses two important topics. First, the basic tips for tracking setups, which are his edge and second, his tricks to help you with the psychology behind trading as it can be a challenge!

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FULL DESCRIPTION
There are two things people ask Tim Grittani about a lot. The first is tracking setups, which are his edge. And the other is for trading psychology tips because the mental strain of trading can be a big challenge.

What do you think about when you want to track a new setup? First thing you need is clear criteria. You also want to condition yourself to value consistency. It can help you trade with more confidence.

Everyone’s different. There’s no right or wrong way. Tim starts by only looking at the open, high, low, and close. Now, it's still possible to further refine this. This is just step one of his journey when he goes into a spreadsheet.

Spreadsheet tracking is huge in Tim’s strategy. Unfortunately, many people don’t understand Excel. Taking an online Excel class is an affordable, easy way to educate yourself on something that can really help you in your trading strategy going forward.

Back to Tim’s strategy ... he casts a wide net and works from there. You can start big and then narrow down your list. Find ways to cut out some of the losers. Make it more consistent.

Now let’s talk about trading psychology. Don’t click away — this is important!

Maybe you have one or two setups that you’re very comfortable with and good at. Those setups aren't always there on any given market day. Slow days happen, and when they do, if you're in a chat room or on Twitter, you might get antsy. Maybe you see someone posting about a gain or some random big runners — you start to get that itch.

It can be hard to tune out when you see others getting in on some action. You start to feel the FOMO … fear of missing out. You start to think you should be doing something too. Before you know it, you're in a random trade. You chased an entry. That usually ends with bad results.

You've got to learn to ignore that noise. It’s a mental trap.

No matter how confident you feel, no matter how much you think you know early on ... You're gonna face things in the market that you haven't seen before. We have these plays every year called ‘black swan events.’ It’s where you might see a pattern that works 99 out of 100 times ... but that one time, it doesn't work. It just decimates people.

Remember, all traders deal with loss. Don’t let a loss be from carelessness. You have to be meticulous. You have to assume that you know less than you think you do. And you have to trade small.

Those things can help you put everything in perspective.

How does tracking your trades help you? What struggles do you face with trading psychology? Drop a comment below and let me know.


#TimothySykes #Pennystocks #Investing

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Hey, it’s Tim Sykes, millionaire mentor and trader. Thank you for watching my videos. I hope that they help you. I want to share everything that I've learned over the years. You can check out more videos right over there, and also click ‘subscribe’ so that you can watch all of these videos, get that knowledge and become my next millionaire student.*

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