Top Dog Trading Podcast

3 places your orders can reside: Your computer Your broker’s server At the exchange Some advantages/disadvantages of each: Your computer: Good: protect you from trading blind if your computer or internet service goes down for day traders. Bad: slower fill Your broker’s server: Good: Faster than on your computer. You’ll get you filled even if your computer or internet connection goes down. But that may be good or bad! May want this if you’re a swing trader. May not want this if you’re a day trader. Bad: Slower fill than if trade went straight to the exchange. At the exchange: Good: Fastest fill because you’re earliest in the queue of a First-in-first-out type of system. Bad: But may be trading blind if have technology problems on your end, and then you can’t get out quick. Or if market conditions change and you decide you no longer want to get filled. Rules vary depending on your broker, software, the exchange, and the market your trading (stocks, futures or Forex). It will also var

Can market makers see where you place your orders so they can "run your stops?" The specifics will vary depending on whether you’re trading stocks, futures, Spot Forex or Options. Not only human market makers, but also, and perhaps more importantly, market making algorithms that are programmed to run stops. It's not most accurate to think of them running stops, but rather seeking liquidity. Yes, they may see them if they show up in the order book. One temptation is to work without stops. Another temptation is to use “soft” stops. The difference between hard stops and soft stops. Do major funds cares about your or my small orders? If you place your stop where a lot of other traders obviously will (at major support/resistance), then that could be a problem. Don't treat support/resistance as lines, but as zones. Rules vary depending on your broker, software, market you’re trading, the exchange, and especially the type of order you’re placing. For example, a stop order may be treated differently than an

This is the part 2 of a long discussion I had with David about his new journey into day trading the stock market. It became a very organic and spontaneous discussion with many unexpected turns including: How techniques for attracting women apply to trading. How an individual’s unique personal history influences their trading success or failure. What you can learn from Bill Belichick about trading stocks. … in fact we ended up talking quite a bit about football (American football that is). In this podcast you’re getting an inside, candid, personal, informal, even voyeuristic experience between David & I. Sit back and enjoy! ABOUT DAVID WYGANT David is a Life Changer, Social Strategist, Dating & Relationship Coach. 1.7 million men & women go to him every month to find the secrets to success. After 20 years of coaching, he’s discovered the golden keys to success in dating, business, health and wellness, and life. He’s helped millions of men and women around the globe achieve success in their dating,

David Wygant is a life and relationships coach who reaches over 1.7 million people every month. Recently he set out to master the profession of day trading the stock market. In this episode I talk to David about his new journey and it was a fascinating discussion. It became a very organic and spontaneous discussion with many unexpected turns including: How techniques for attracting women apply to trading. How an individual's unique personal history influences their trading success or failure. What you can learn from Bill Belichick about trading stocks. ... in fact we ended up talking quite a bit about football (American football that is). In this podcast you're getting an inside, candid, personal, informal, even voyeuristic experience between David & I. Sit back and enjoy! ABOUT DAVID WYGANT David is a Life Changer, Social Strategist, Dating & Relationship Coach. 1.7 million men & women go to him every month to find the secrets to success. After 20 years of coaching, he's discovered the golden ke

Rande Howell Interview: Mastering Trading Psychology This interview with Rande Howell from "My Trader's State of Mind" is one of the most insightful and interesting I've ever heard about trading psychology. Rande Howell, Trader Psychologist, has more than 15 years of practice as a licensed therapist and performance psychology coach. His work centers on how to break the fear-based, self limiting patterns to which the brain adapts us for survival and how to reorganize the self to a higher level of functioning. This is accomplished by learning how to manage biological fear (and its impact on thought) and thus access much more empowered parts of the self that shift our capacity for positive performance. Rande’s work teaches you how to change the way you understand and work with your biology; which allows you to succeed in regulating your emotions and breaking out of life-limiting patterns (really important in trading success). His emotional regulation training has been used to treat violent prisoners, break th

WHAT'S THE BEST TIME INTERVAL FOR DAY TRADING? THE 5 RULES: The size of your trading account. Can’t risk more than 2% of your trading account on any one given trade. This is from entry to protective stop. If holding overnight, then is risk of your hedge. Keep going smaller in time interval, and find what the risk is on 80% of those trades and if it’s more than 2%, then you have to go to a shorter time interval. Avoid the noise. Make sure your patterns and trade setups are happening consistently and that it’s not too short of a time interval. How much time do you need to see your setup, analyze the setup, and execute the trade with confidence. This may change over time as you get more comfortable with your trading method. Your psychological need for trade frequency. Shorter time intervals give you more trades. Getting bored and distracted is a big problem in trading. The average daily volume of the market you’re trading. The more volume it trades … The more volume it trades

The other day, I was asked “How can a little guy like me make money in the markets? Is it even possible?” I understand the question. In a world where power is controlled by: Big government. Big business. Where big money talks and can even buy you justice in the courtroom. It can be hard to believe that people like you and me stand a chance. People root for underdog. David vs. Golliath. Mom and Pop shop vs. Walmart. Rocky Balboa vs. Apollo Creed. In trading perhaps the Institutions vs. the Retail Trader (you). On numerous occasions I’ve had people “How can the little guy make money in the markets?” You feel they have unfair advantages. That the markets are “fixed.” The markets are manipulated by the big money. Bottom line – you’re making excuses for yourself. So we seem to have it in our nature to root for the little guy or the underdog. Study done by Joseph Vandello of the University of South Florida: We tend to assume that the underdog has better personal character. This

The Market Took All My Money! Successful Trading is in Your Control - Learn How Now. "Extreme Ownership" is the opposite of entitlement. Take control. Being in control requires responsibility, so many of us prefer to say that things are outside of our control. Examples of: Scam alert websites. Ripoff report websites. No, your'e not a victim – you participated. You may have been drawn in by a “sounds too good to be true” offer you wanted to believe, even though you already knew, "if it’s too good to be true, it probably is."  STORY OF CHEMISTRY GRADE. Not just indicators. Risk management Money management Trading logs You probably know you should do it but you don’t. STORY OF NOT WARMING UP BEFORE KRAV MAGA CLASS. Printing out charts Good book is “Extreme Ownership by Jocko Willink.” Or see his Ted Talk on Youtube. Get my free gift for you, for FREE, Top Dog Trading’s “Top 10 Trading Rules for Success.” These are 10 things I changed in my trading to become successful over the last 50 years. They’re 

Trading is a business of probability. Every trader will take losses, so we need to use protective stops. Many traders take profits quickly but hold on to losing trades - it's human nature. We take profits because it feels good, and we try to hide from the pain of losses. 3 BAD TYPES OF PROTECTIVE STOPS: Above/below support/resistance. This can be previous highs/lows, pivot levels, Fibonacci, etc. Too obvious: Stop running. S/R aren’t lines but zones. Percentage move against entry. Meaningless with regard to the chart and price action. HOWEVER, #1 rule: Must be within your money management rules: No more than ½ of 1% of your trading account. Volatility stops  ATR Parabolic SAR Some traders use this technique because they say you have to allow room for the “noise of the market. Seems logical, except for one huge problem: It violates one of the most well-known rules of trading: “Cut your losses short and let your winners run.” So how do you keep that rule and still allow for the noise of the ma

Many say there’s no such thing as a leading indicator. They even take pride is saying they only use pure price action and volume. I’m not sure why they think that’s so impressive: They say that all indicators are lagging and that they only plot what’s already been done in the market … and that’s true. But that’s also true of price action. And that’s also true of volume. So what is the leading indicator and why is it a leading indicator of what the market is likely to do in the future? The answer: Momentum is a leading indicator. Here’s why: Not magical, but mathematical. Example of you walking North (you could turn around and go South in one footstep) vs train going north (because of its momentum, it can’t turn around in the distance of one human foot step) In Chicago Floor example. What IS momentum? Velocity times mass. Speed of orders and volume of those orders. But volume of individual orders to find the whales. Is momentum always a leading indicator? No, nothing is, and

Improving your trading with a New Year's Resolutions, or any other time! Marcus Lemonis, star of CNBC's "The Profit," doesn't wait until the beginning of the year to make resolutions: "I don't know that I make specifically New Year's resolutions. I think I typically make a new resolution when something bad happens or I have a failure or something doesn't go the way I think it should," "I almost have this reset and I don't use the calendar year as a time to do that. I use a mistake that I've made or a decision that I made that didn't go right as a time to do that." According to Psychology Today, New Year’s resolutions can make some people feel depressed, unnecessarily stressed out, or disappointed in themselves. WHY? Because most use New Year's resolutions as “goals” and big ones because they have the target of one year in advance. That's too long to wait for a reward, in order to keep a person motivated Should your goals (resolutions) be "big" or “realistic?” You need BOTH. Your long-term goa

Which is better? Day trading or swing trading? Each has advantages and disadvantages. Here's a comparison chart to help you decide which may be a better fit for you: DAY TRADING DEFINITION: In and out during open outcry hours. Use intraday charts. SWING TRADING DEFINITION Hold 2-14 days. Use daily and weekly charts. DAY TRADING ADVANTAGES: No overnight risk. Overnight you have peace of mind. Can compound your money faster. DAY TRADING DISADVANTAGES: Requires a good attention span. May need a larger account if trading stocks. Ask your broker about the pattern day trading rule. May be more stressful while you’re trading. Need to be “quick on the draw” and make decisions fast. Can lose money faster! Can rack up commission costs faster. Can’t do it during your “day job.” Exceptions: Spot Forex. Trading before work. Need better (more expensive) technology. Computer Internet connection Software Execution platform SWING TRADING ADVANTAGES: Can

In today's episode I interview my friend Fausto Pugliese from CyberTradingUniversity.com Fausto Pugliese was one of the original Day Traders of the early 1990s and one of the first independent traders to take advantage of the Direct Access Trading technology boom in 1987. He acquired a wealth of knowledge from years of hands-on experience, beginning in the trenches, working side by side with some of the most practiced and successful traders in the industry. After spending considerable time mastering the art and discipline of day trading, Fausto chose to start his own company to share some of his highly-sought-after wisdom. Fausto is the 12-time champion at the World Traders Challenge, and is the author of "How To Beat Market Makers At Their Own Game – Uncovering the Mysteries of Level III." Here are just some highlights from the interview: Why he likes day trading. How to get an edge in trading using Level III. The difference between Level II and Level III. It makes a huge difference to have the

When learning a new trading method, stick to it exclusively without adding anything else you’ve previously learned. I see this when students send me their charts and there’s lots of other stuff on the charts. Therefore they are not trading my method. They’ve created their own hybrid method and I haven’t tested that. Educated Amateurs Step one is to “unlearn” Beliefs in mind:a. Trade in direction of trend of the longer time frame. b. Overbought and oversold. c. Trend is higher highs and higher lows Habits in Behaviors Common saying told in martial arts circles of people who’ve studied martial arts and then go to a new master. Tea example. Martial arts example.   Get my free gift for you, for FREE, Top Dog Trading’s “Top 10 Trading Rules for Success.” These are 10 things I changed in my trading to become successful over the last 50 years. They’re also the top 10 things that have helped my students shift from move from losing money to making money. Bottom line, no general theories or abstra

Is Bitcoin the Next Big Thing? CLICK HERE FOR THE FREE BITCOIN SPECIAL OFFER In the last episode I invited you to write me with your questions and the #1 question that came in was about cryptocurrencies. When you think of cryptocurrencies, most people think of Bitcoin. But there are 1,000s. I’d say 95% of them are ripoffs, or at least junk. Ethereum and Litecoin and a handful of others may have some future, but the big daddy is Bitcoin and that’s what the world is rallying around. I wasn't an early adapter of Bitcoin years ago, but now my opinion is that Bitcoin is not only here to stay, and we may be at the BEGINNING of a financial revolution: The CME Group, set a date this morning for the start of bitcoin futures trading – Monday, Dec. 18 The Chicago Board Options Exchange plans to launch its own bitcoin derivatives trading early next year. John Deters, chief strategy officer of CBOE told CNBC: "We've really come to the conclusion recently that that cryptocurrencies are here to stay." CBOE Fut

TECHNICAL ANALYSIS HERESY OF THE DAY: Don't trade in the direction of the trend of the higher time frame. What do I mean by multiple time frames? The traditional teaching. Why that isn’t “optimal” Why you could get away with it in the past. Why you can’t get away with it now. My “heretical” teaching. Use momentum instead of trend on the higher time frame to confirm your trade on the lower time frame.   Get my free gift for you, for FREE, Top Dog Trading’s “Top 10 Trading Rules for Success.” These are 10 things I changed in my trading to become successful over the last 50 years. They’re also the top 10 things that have helped my students shift from move from losing money to making money. Bottom line, no general theories or abstract ideas here. This is the practical stuff that can really work to bring real and dramatic change to your trading results.. It’s a mini-course that contains a pdf Special Report and 3 videos. Get right now by simply going to: http://www.onlinetradingtowin.

In today's episode I interview long-time stock trading friend Ken Calhoun from "Trade Mastery." Ken day trades and swing trades, looking for stocks that are breaking out with strong moves. Ken Calhoun is the president of TradeMastery.com and StockTradingSuccess.com (with Steve Nison). Having provided online training to active traders from over 32 countries since 1999, he is an internationally published trader who’s earned industry acclaim for his professional trading systems. Mr. Calhoun has been featured in leading trade publications and events such as Technical Analysis of Stocks and Commodities magazine, Active Trader magazine, Equities.com, TheStreet.com, Equities.com and CBS MarketWatch.com. He is a graduate of UCLA and has traded millions of dollars of stocks, ETFs and more during his active trading career. Here are just some highlights from the interview: The P&L is the best "indicator." How he day trades and swing trades equities. Which days of the week he finds his best trades. The quali

My very first guest to be interviewed on this podcast is Etienne Crete from "Desire to Trade." He swing trades the Forex market, watching 15 pairs on multiple time frames, with an emphasis on looking at significant support and resistance zones and Bollinger Bands. His initial interest in trading began as a university student and he shares with us the biggest lessons he learned during his 2 year journey to becoming a successful trader. Here are just a few of the things discussed in this episode: Focus on the process, not just your expectations. How he incorporates his trading style with his lifestyle and love for travel. "The best winning strategy you can write on a napkin!" Why trading on an iPad didn't work well for him. After interviewing nearly 100 traders on his "Desire to Trade Podcast," what he found they all have in common. What pivotal event turned his trading around. Etienne's recommended books: "The Daily Trading Coach" by Brett N. Steenbarger. "Psycho-Cybernetics" by Maxwell

Get my free gift for you, for FREE, Top Dog Trading’s “Top 10 Trading Rules for Success.” These are 10 things I changed in my trading to become successful over the last 50 years. They’re also the top 10 things that have helped my students shift from move from losing money to making money. Bottom line, no general theories or abstract ideas here. This is the practical stuff that can really work to bring real and dramatic change to your trading results.. It’s a mini-course that contains a pdf Special Report and 3 videos. Get right now by simply going to: http://www.onlinetradingtowin.com/tenrules Go get it for free while the show is still new.   Need a big “WHY” for your trading Example of being in class and asking instructor what value we bring to the world as traders. > Debt Relief: house, car, credit cards, loans. > Retirement Security. > Financial freedom (time, travel). > Pay for your children’s education. > No income cap – true and total prosperity > Mental and Health: stress relief, clear m

Get my free gift for you, for FREE, Top Dog Trading’s “Top 10 Trading Rules for Success.” These are 10 things I changed in my trading to become successful over the last 50 years. They’re also the top 10 things that have helped my students shift from move from losing money to making money. Bottom line, no general theories or abstract ideas here. This is the practical stuff that can really work to bring real and dramatic change to your trading results.. It’s a mini-course that contains a pdf Special Report and 3 videos. Get right now by simply going to: http://www.onlinetradingtowin.com/tenrules Go get it for free while the show is still new.   Feedback loops. Need a person outside of yourself. Here are 3 ways to do that: Can be a friend. They hold you accountable, but not necessarily better than you to actually help you. Can be a trading room. You watch their trading, but you really need someone to watch YOUR trading. Makes you dependent. Only security is to have a skill you own.