Trading psychology - Coaching for traders

trading psychology, trading coach

TOOLS of the TRADE

"Everything should be made as simple as possible, but not simpler." Albert Einstein

The Technical Tools in this section of the website are designed to do one thing only: make your trading as simple and easy as possible. These are tools from companies and individuals I know and trust.

EOT Pro (www.eotprolive.com): Glen was one of the first people to code indicators for computers; he has been building trend following indicators and trading systems since the 1980s. He and his trading partner Bill offer a very extensive collection of indicators. I have personally selected just three to use: a paint bar, an arrow indicator and a moving average. The screenshot depicts the S&P futures, arguably the hardest market to trade in the world.

S&P Futures 12.30.09 & 12.31.09.

The EOT indicators are simple-looking, but sophisticated inside. The proprietary paintbars (Bonnie's Bars) and the moving average (Cycle MA) help you identify the trend. The arrows (called Bill's Arrows) have unique code that gets you into the start of a trend and differentiates trend from chop. They also have a fancy volume parameter that triggers when 'smart money' is active in the market. Moreover, they work with all markets: stocks, ETFs, futures, currencies & commodities.

EOT charges $233/mo for their full indicator package, and is designed mainly to work with Ninja Trader.

Ken's EOT Method
I have developed a simple trading method for the EOT indicators using just three in their collection. My manual entry and exit signals are shown in the screenshot above. There were 4 winners, 1 breakeven trade and 1 loser on these two days. That is the type of win/loss ratio that I recommend traders try to achieve, in order to avoid random reinforcement by the market. I think it pays to invest in tools that can produce a high win/loss ratio. Then, of course, one must practice using them and also cultivate the patience necessary to let your tools work for you. Trading is much easier that way.

If you trade stocks, you have to visit my friend Eddie Z. at EZBreakouts.com. Eddie comes from a trading dynasty in New York and literally grew up on a trading floor. He is a private money manager and a trader. He has developed a simple trading method that gives him 5-10 trading candidates per day, both long and short. He uses this method to trade for his managed accounts and for his own account. Eddie is willing to share this list with you each morning for a very nominal fee. Plus you get a free e-book that describes his method, so you could actually do it yourself, if you so choose. Eddie also sells superb trading computers ready for 8 monitors at prices you will not believe!

Eddie is a person of enormous integrity, which is rare in this business, and a successful, methodical trader. I highly recommend him.

Want a great data provider for futures, equities, forex? I recommend Barchart.com
Barchart was voted the #1 easiest to use online broker by Barrons. Barchart will give you a 2-week free trial . The data feed is clean and fast. The folks are good people. You can use any platform, including Ninja.

With numerous awards, Jurik Research offers the gold standard in low noise, low lag technical analysis. Jurik has replacements for many classic indicators and building block functions for your own custom analysis. Mark Jurik actually has patents on the mathematics that drives his indicators; that's how serious he is. Jurik sells his indicators a al carte or in a package of six for $670. I recommend you get the package, as they all combine with each other in fascinating ways. www.jurikresearch.com .

Traders Help Desk

If you want to watch a skilled trader trade the Jurik indicators on currency futures go to www.tradershelpdesk.com and speak to Gail Mercer. She has a free trading room where she trades her own real money account. Gail is a 'KISS' trader, which means she does not over-complicate things and knows how to stay on the right side of the trend. Tell her I sent you.