"We came here to make money."
Discussion topics:
The fun and perseverance of trading
Competition and responsibility
Protection against mistakes
Trades with high odds
Create your own luck
Entry and exit timing
Fatal attraction

I found that top traders have a common trait, they love their job. Their perseverance and enthusiasm create the vitality of life, just like the strong wind blowing on a sailboat, and they do not pursue a particular purpose.

"I think trading must make you feel comfortable. If you feel uncomfortable, then trading may not be your lifelong career, and your trading career will not be very long. Many traders often say,' If I make a big profit, move to a charming seaside and run a surfing company and a leisure sports company,' I can never do this. I am obsessed with trading; I have to feel the market and engage in trading. I call obsession, not like a gambler's inseparable Open gaming tables, but I really can’t do without the need. I can’t just supervise the people below to trade; I have to do it myself.”

"I think I am a good managerial talent, but if someone offers me a managerial job and the salary is as much as I currently earn, I cannot accept it because I want to engage in trading. Trading is indispensable in life. The missing part."

Please note that Jon Najarian did not mention that money is the reason why transactions are interesting. He loves trading because of the transaction itself. If you have similar feelings about trading, you can be regarded as one of the few outliers. If you want to test your feelings about trading, you might as well write down ten things that you find most interesting. See how quickly the transaction is reflected in your mind; you can know how much you love trading.
Perseverance to pursue dreams

We shouldn't think that Jon Najarian is in good shape in trading activities. Sometimes, he will also be frustrated; sometimes, he must rely on perseverance to overcome the difficulties.

"When I first stepped into this industry, I felt that I was not suitable. Everything was clueless. For me, the pricing of derivative products is a big problem. I lack a background in this area. How do traders evaluate? Prices, how they reacted to the buy/sell quotes made by the brokers, I have no clue. Therefore, the first three months of experience made me full of frustration, and I was completely confused about the pricing of derivative products."

"However, I still gritted my teeth and got over it and slowly started to rekindle. I think my advantage is my work spirit and problem-solving ability. The working spirit comes from my family, and the problem-solving ability comes from the dilemma I have experienced in my life. I prefer the work of reasoning. Even during this most difficult period, I still haven’t looked back. It’s great. Of course, for many things, you can always learn different ways to handle things and better ways to handle them. This It’s a fun industry, and I can’t wait to get into the office every morning. I’m so lucky.”

Jon Najarian today is not because he loves trading in the first place, but through perseverance to explore and experience. Faced with the trading dilemma, all of us should uphold the same spirit.

"When I first stepped into this industry, the problem was that no one could take care of me. I had to explore it on my own. My football agent was supposed to take care of me; however, his understanding of transactions was limited to tax savings. He didn't know anything about tax saving. Therefore, when I first entered the field, no one led me. The listing option was still a new thing at the time. Even if some people knew about it, they were unwilling to disclose their advantages in this regard. "

"Finally, I finally found someone who knows the right to choose. I am willing to help him work for free, only to ask him to lead me to the threshold and teach me how to trade. This is the first light in the dark. No matter Whether it is a man or a woman, determination is the most important thing. Of course, women must face greater obstacles; we only have about 2% of female traders. Every exchange in the United States has very few female traders, so I think women must overcome greater obstacles. In addition, no one wants new competitors to join; no one wants to "lead wolves into the room." If you are blocked from the door, you must have the courage to hit the door with your head. Otherwise, you will not succeed."
Do you need a mentor to imitate?

Many good traders are also good teachers for imitating. This may raise a question: What is a good teacher?

"According to my experience, the hottest traders on the market are usually the worst masters. They may be brilliant and fully understand the trading methods, but these tips cannot be taught to you. So, I will find some successful trades. Traders, but don’t get too red. Generally speaking, the most popular traders have the most advice, and you are not in your turn. If it is me, I will find some traders who are not very well-funded. They must Master 18 martial arts and use limited capital from various angles. Bank traders have almost unlimited capital."

"The same goes for traders in large institutions-Morgan Stanley, Goldman Sachs, and Paris Bar, in short, have unlimited funds. These people can easily do their part of the work, but they may not understand using limited funds. So I will find people who are not particularly financially strong, perhaps not the most popular traders, but with stable performance."
Trading Newsletter: Replacing Master

If you can't find a good master, it doesn't mean you will be hopeless. As Najarian explained, there are still things that can replace the master.

"In the United States, many people subscribe to trading newsletters. It is also a possibility to exchange ideas with each other through the computer network. Of course, because a top trader's personality, trading style, and investment goals may be different from yours. So. , you Might as well try it online; maybe there will be some gains."

“Another way is to read the articles in books and magazines to see which expert’s trading style is right for you. I think there is no shortage of good traders in the market, but their trading methods may not be suitable for you. However, Maybe you can find someone. The way he manages funds, and the attitude of dealing with risks make you feel very natural, which is useful. You can’t squeeze a square into a round hole. I hope the style of my trading partner will let me I feel comfortable, and only then will I want to work every day."

Before judging whether an imitation object matches your personality, you should first consider some questions:

Do you prefer to engage in transactions through a very mathematical and mechanized method or a method that relies on intuition?

What is the time frame of the transaction? Do you prefer short-term trading or long-term investment?

What is your preferred trading tool? For example, some people prefer options more than futures.

You can use the answers to these questions to "seeking a teacher and learning art." For example, suppose I like options and want to trade through technical analysis and short-term fundamental analysis. In this case, I hope that the funding system can close the position within ten trading days after opening the place. This trading style cannot rely on any master, but combining the three may strengthen the concepts I already have.
The qualities of a good trader
Competitive mentality

Jon Najarian emphasized the qualities that a good trader must possess.

"When my agent led us into the trading circle, he selected several professional athletes at the same time because we have the spirit of self-discipline, outgoing personality, and strong desire to compete. As far as floor trading is concerned, it is difficult for people with introverted personalities to succeed. "

"I think his opinion is correct. I am currently recruiting traders through these qualifications. The desire to compete makes you dare to pull the trigger and enter the market. The spirit of self-discipline lets you know when to confess. This may be a market. The two most important psychological qualities of inside traders. For the over-the-counter traders upstairs, self-discipline is the most important weapon for them to grab jobs with us."

Floor traders need to have a strong desire to compete because they have to roll around in a circle of essential men for a long time every day. These people smell weird. Everyone squeezes roughly and talks about it. For every transaction, they almost have to provide the bid and offer prices. In this environment, it is easy to feel exhausted.

The self-discipline spirit of staying within the "comfort boundary."

In every interview in this book, one thing is obvious: self-discipline is the principle of Tianzi No. 1 and the essential trait a trader must possess. The spirit of self-discipline is to "do what should be done"; however, what should be done is often the most difficult to do in the trading field.

"The spirit of self-discipline is the most important. Always have the spirit of self-discipline because you must cut positions at any time. When necessary, we cut positions, no matter how big the loss or how high the potential. In short, cut off, accept compensation, Then move on. Sometimes, you have to break your wrist-close your eyes and cut it off."

"I told the trader in the company:'Forget about your buying costs, forget about your short price, is the current position a good deal?' If the market will continue to be unfavorable for the position, it is a poor transaction; no matter how high the cost, pay immediately. If the risk factor is too high, if the trade has crossed the appropriate threshold, if you have crossed the comfortable limit, the market will help you put on a blindfold; you can only see the loss, no other opportunities. Therefore, you will be tied up with your hands and feet, and you can only fall into the abyss with your losses. In this case, you must confess, and then everything will suddenly become clear. You will enter the comfort zone again, start again, and continue with the next transaction. , Plan carefully how to climb out, absolutely can’t be lucky, hope that a home run will turn you back into victory.”

"I know some traders upstairs. Their analytical skills are excellent, but they can’t trade lollipops with kids. They can’t make money, but you can’t eat like a bird, but like an elephant. Therefore, you cannot make a dollar and five cents when the transaction goes smoothly and lose two or three dollars when the transaction is not smooth. Even if your judgment on the market is 70% correct, you can make one dollar if the judgment is correct. If you pay three yuan when it's correct, I'm afraid it will always go around in place."

As Najarian explained, traders need to be self-disciplined, and the key is to plead compensation. Compensation is to avoid the expansion of losses and avoid distortion of the transaction mentality. The oncoming snowballs are getting bigger and bigger, which will inevitably bring you out of your comfort zone and affect other trades. In other words, the loss of one part may lead other elements into a loss or miss profit opportunities.