Jeff Zananiri
Jeff Zananiri is a former hedge fund manager and Wall Street trader. Even with his years of experience, he says trading is hard.
But you can't be scared to make mistakes.
Mistakes can often lead to your breakthrough moment that can improve your trading.
Being okay with making mistakes gave him the confidence to trade at the beginning of his career.
You can learn from Jeff here.
Jeff opened up the floor to questions after his presentation and he got some great questions and gave some great answers.
You probably struggle with some of these issues yourself…
Q: How do I let my winners run? I often sell too early, before the goal I had in my trading plan.
A: Take a piece of the trade off. Sell a percentage or half, then go for a walk and let it work. Put a stop below your first sell and don't put your stop loss near an obvious level. Avoid whole dollar levels where other traders will put their stop losses.
Q: How can I get better at adding to a position when my trading plan says to but I can't pull the trigger?
A: You don't have to be perfect. You don't have to catch the top with a short entry or the bottom with a long entry. Be nimble and move in and out.
Q: How can I control emotions during good trades and bad trades?
A: Don't get emotional when you have a win or a loss. Don't take victory laps or career on about your great trade. Treat it like you do it every day. That's what's supposed to happen. It's why you trade.
If you experience a negative emotional event you freeze and go into shock. To get out of that, you have to take action. Don't stay stuck in bad trades. If you're on a losing streak, cut your position size by 90%.
Another presenter yesterday was…
Ellis Hobbs
Ellis Hobbs is a former NFL player turned trader. And he's one of Tim Sykes' millionaire students. His presentation was about traders having a professional mindset.
He's an inspirational speaker and encourages everyone to keep reaching higher in their trading.
Ask yourself what you're trading for — what do you want out of trading?
From there you create a standard of operating habits that nobody can destroy or take from you — that's a professional mindset.
It's just like the way you operate at your job. There are expectations and you meet them or there are consequences.
Can you show up in sweats and just roll out of bed and show up at work? No.
You also can't have your phone in your hand and get distracted by messages or social media.
Yet, traders expect to make six or seven figures rolling out of bed, trading in their pajamas, and looking at their phones.
Hobbs says being a professional goes deeper than understanding a chart pattern or getting a hot pick…
What does a professional trader do?
They do what they don't want to do — even when they don't want to do it. They review their trades, journal, and are committed to making watchlists.
The small things that grow success. They turn off their ego and concentrate on themselves.
Focus on what you can control and stick to your process and plans.
Keep an open mind so biases don't take over and make you see setups on the chart that aren't there.
Humans can convince themselves of anything ... If you tell yourself a stock is going to break out, you start to believe it.
But after taking a loss when the setup doesn't work, you can see on the chart that there was no setup.
Try to stay neutral and just react to what the market is showing you.
Now that you've gotten more tips from professional traders, you have to apply them.
There's no better time than today to start implementing these lessons.
Join part of a team of traders who are learning just like you here.
Have a great day everyone. See you back here tomorrow.
Tim Bohen
Lead Trainer, StocksToTrade
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