Adam Grimes
Keeping this post short as there's only one (indirect) quote that I want to mention. As I read through TopstepTrader's blog, I came across a post on Adam Grimes. Specifically, here's the quote:
What stuck with me is this idea that we're often so focused on finding opportunities to trade, we often don't consider moments when we shouldn't be trading. Before you think something stupid like "obviously you don't want to overtrade", I don't necessarily consider this the same thing.
In order to talk about this, I do want to reference something Kenny Glick briefly said in the Chat With Traders interview. He said something along the lines of "if you make money in the morning and lose in the afternoon, what should you be doing?" The answer is simply to not trade in the afternoon. What I'd like to get at here is that it's not just about overtrading, but understanding your position in the market. Figure out what works for you, but, more importantly, figure out what doesn't.
"[...] achieving positive expectancy in your trading is as much about identifying conditions not to trade within as it is about identifying setups where price action is less than random."
What stuck with me is this idea that we're often so focused on finding opportunities to trade, we often don't consider moments when we shouldn't be trading. Before you think something stupid like "obviously you don't want to overtrade", I don't necessarily consider this the same thing.
In order to talk about this, I do want to reference something Kenny Glick briefly said in the Chat With Traders interview. He said something along the lines of "if you make money in the morning and lose in the afternoon, what should you be doing?" The answer is simply to not trade in the afternoon. What I'd like to get at here is that it's not just about overtrading, but understanding your position in the market. Figure out what works for you, but, more importantly, figure out what doesn't.