August 29, 2011- Trading Videos – Becoming a Disciplined Trader (Ari Kiev)

“Destruction is an essential part of creation” – Faceless Trader

8 parts in Youtube.  A total of 76 minutes and 23 seconds.  For the Filipino traders who are just relaxing in the comforts of their homes, how about spending that time virtually “attending” Mr. Ari Kiev’s trading workshop for free?  That’s exactly what I did today.  I watched it twice though, because I had to take down notes.  I think, when you listen, it’s best to have your MS Word open, so you can type the parts that you like too.

Dr. Ari Kiev is a world renowned psychiatrist for traders.  He doesn’t trade options.  He works with traders who trade those options.  He’s similar to Dr. Brett Steenbarger who enhances performances of people whether athletes, hedge fund traders etc.   He’s a coach for traders.  I was lucky enough to have borrowed a copy of his book “Hedge Fund Leadership: How to Inspire Peak Performance from Traders & Money Managers”.  In general, I’m a very big fan of Ari’s work, if only the books don’t cost so much. Fully Booked retail prices of his books range from 2799 upwards ( a bit pricey 😦 but well worth it.)  I was just talking to a friend of mine that even if Philippine Book Exchange initially starts small, I want most traders at least to understand that buying trading books is a worthy investment, just as other people rationalize their paintings as investments.  Books, I believe are worthy investments, and if I have to create a market just to make a point.  I will.

To know more about Ari- just visit his own site here.  He will be sorely missed by many traders and we are all lucky to have known him and his teachings, even as he already passed away 😦  God Bless his soul and the power of Internet to revive him and the countless generation of traders to come.

Here are the things that struck me most:

1.) Trading Stress is universal.  As much as we think that it’s unique to us, it ain’t.  Everybody experiences it.  Some people mask it that to some extent, our stress comes from anxiety from covering our problems and this is the reason why people stay too long in losing trades.  These are people who double down on a losing trade that proves costly and destructive.

Master traders have been willing to tell the truth- to face up with the confusion, the errors and all things that we face.  They begin to move forward because they don’t use too much energy to hide their mistakes.  They approach the world that the market is bigger than they are.  They listen to the market.  They take away their ego and self confidence and ability out of the equation.  They are flexible and adaptive to the market.

2.) The Decision – Change Your Routine.  Change Your Paradigm on what is possible.

Michelle Kwan decided to go for the gold medal, and prepared for the gold medal.  She didn’t expect it to happen, but she was committed to a gold medal performance.  This was how she did it.  (Watch the 25th minute)

3.) Set Outsized Targets.  Work backwards toward it.

– The question is what do you have to do to get there?  Do you need to do more studying?  Do you need to go out more to produce that essential result?

When you’re under stress, you’re not as quick or flexible.  You freeze and you just can’t hit the ball. The same thing happens in trading.  When the markets are wild, you won’t be able to execute your game plan well.

4.) It’s difficult to keep raising targets.  Don’t go from 500 to 2500.  Do it incrementally.

Don’t stress yourself out.  You want to challenge yourself, but not so much that you’re overwhelmed and paralyzed.  You don’t tell yourself that you’re going to make a million dollars and make it just because you said it.  You have to work on your trades.  Grow it slowly.  Walk before you run.  Go from 500 to 600, 1200 to 1300.  Buying too many contracts is just like buying yourself a lottery ticket.

5.) Relaxing and calming down in handling vicious markets.

You can train your mind to walk across discomfort, to do the unnatural.  Be in a state of mind where you had your best trade.  This will increase your flexibility and be more confident and control your trading experience.  Use the mindset to deal with the trading situation.

6.) Cut back to the comfortable amount of trading

You don’t want to trade too much that you’re tying yourself in one trade.  This will enable you to have the fortitude to stay in the trade to tolerate the uncertainty and volatility in the markets.

7.) You really have to pay attention to your own tolerances.  It sounds simplistic, but the market conditions may be there, but the human being is the ultimate variable.

8.) Prepare and visualize for many different scenarios.

9.) On Now

“Sooner rather than later, but later rather than never.” – Ari Kiev

10.) Finally, on Desire

Learn all the different moves that you’ll need to be a trader.  They’re all out there and anybody can learn them.  The only thing you need to bring is the desire. 

*Cameo to note: I’m not sure but I think I saw Felix Ty in this trading video.  Tsupitero once wrote about this Filipino trader here.  Hello sir 🙂

-The Faceless Trader


About Abc

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2 Responses to August 29, 2011- Trading Videos – Becoming a Disciplined Trader (Ari Kiev)

  1. Abundance says:

    this is an awesome read! thanks FT, keep it up! 🙂


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