I took 7 pages of notes... yeah, I think I'll break up into sections. There were some really good stuff. I wish we did this more often. I'll start on what we talked about in our group break out sessions.
On being extremely profitable:
- There are no extremely profitable as opposed to the consistently profitable. The extremely profitable takes on excessive risk and when they go into a slump they become extremely unemployed.
- The best traders study and work on themselves, even when they're on top of their games.
- Video tape, review and prepare for the market each day.
- How much time you spend in front of the screen internalizing and focus on the market is going to make a difference in the long run.
- You have to be constantly learning from others, always changing, improving
- There's a difference between people who work hard to trade for a living and those who trade to not have to work hard for a living (he lost me a little bit here... I think I was too busy writing)
- Expand into different markets, different time frames and different set ups.
- When expanding, play it with the smallest size you can
- Eventually you'll always have a couple of things working for you
- In general, learn how to trade one time frame larger (I think I have stretched a lot more into the 4-10 min. time frame so I'd be looking for set ups that I can hold into the 10-20 min. time frame)
- Not knowing what they're good at
- Not sizing up enough when they're seeing the market well
- Size up to a point where you won't ruin your whole day if you are wrong or whole week.
- In general, size up 10% more at a time
- 20 to 1 max to min ratio depending on when you know you are right or not sure at all
- Trade small size
- You won't know at first if it's just temporary but at some point you have to reign in your size
- Identify what's a normal slump so you won't get super worried when it happens
- Do not get more aggressive
- Focus on your core competency
We talked a little bit more about having a plan compared to being stubborn when the plan is not working. Brett believes that when you're formulating a plan, you mentally rehearse for the different scenarios. I guess in a sense he was saying there's no way to be stubborn if you've already accounted for every scenario and what you are going to do in each case.
When the topic about the change in the market in 2009, Brett told us that the best thing we can do is to share what's working. You have to constantly process new information, whether it's through reading or listening and talking. Whichever method works for you best is what you should do.
In closing, Brett encouraged us to focus on the process and the money will eventually come. Learn to process your thinking in a different way and learn to love your losing trades b/c they will teach you something either about yourself, the market or the set up you're trading. You are who you are as a person and the trader side will reflect that as well. Learn to accept it, appreciate it, and love it because you can change it. I wish someone had told me this when I was like 16-years-old. I don't think I became fully comfortable in my skin until I was like 21 or 22.