I received a great reader email this week. This episode is about the email and my response.
In general, I think it’s important to trade small at the beginning of your career so that you can find out what your edge is.
Once you have it, then you scale and trade larger.
You should think of it like panning for gold (to find your edge).
The goal isn’t for large trading gains right away, but to discover and shine the light on your edge.
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I think traders at every level need to be conscious of what they do to create the results that have gotten them where they are. For new traders, it’s keeping it simple and developing their discipline by sticking to their rules. For more experienced traders, it might be not developing bad habits when the markets are slow for their type of trading. No one is immune from needing to do the work. As I mention in the show, even billion dollar allocators have trouble from time to time…
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Where to Place Your Sell Orders When a Trade Goes Parabolic
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Marshall Ulrich is an American legend in ultra marathon running and mountaineering.
He’s climbed each of the Seven Summits and made it on his first attempt for each one.
He’s run over 130 ultra marathon races that were 100 miles in length or more.
Marshall may be most known for his completion of the Badwater 135 ultra marathon across Death Valley 18 times, winning it 4 times.
His new book is called “Both Feet on the Ground: Reflections from the Outside,” which is available on Amazon in Kindle and physical copy.
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