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Trading Psychology How do we learn to conquer our fear and greed? Discuss the mental aspects of the game.

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Old 08-19-2016, 03:19 AM   #1

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Tom Baldwin: A Market Force to Reckon With

WHAT YOU NEED TO KNOW ABOUT MASTER TRADERS – PART 15

“It seems that these days few traders are interested in trading long-term. The monthly and weekly charts remain relatively unnoticed. Traders are so busy looking at anything and everything from 60 minutes down to 1 minute, that they let beautiful trades slip right by them in the very markets where they are trying so desperately to make a buck… Please keep in mind that the moves you will be seeing are huge on the monthly and weekly charts; and if they last for only a few bars, which is many times better than the moves you are getting on intraday charts.” – Joe Ross (Tradingeducators.com)

Name: Tom Baldwin
Nationality: American
Occupation: Trader/investor
Company: Baldwin Group of Companies

A TRADER WHO CAN SINGLE-HANDEDLY MOVE THE TREASURY BOND MARKET
Tom took a Master’s degree in agribusiness and worked as a meat packer in Ohio. He’d already taken a few trading-related courses at graduate school, based on a friend’s advice, he moved to Chicago.

Being a trader and investor, Tom founded the Baldwin Group of companies. He traded the 30-year bond, and he’s recognized as a force to reckon with. He currently serves as Chairman of Baldwin Group Ltd., the parent company of several investment and financial services. Companies in the group include: Baldwin Commodities Corp., a Treasury Bond Futures proprietary trading company, and Baldwin Managed Futures, a CTA.

Tom’s career as a trader was a profitable one. Wikipedia say he is also the current owner of Granot Loma, the great American castle on the southern shore of Lake Superior in Marquette County, Michigan.

He was inducted into the Futures Hall of Fame in 2009, which was instituted in the year 2005 to honor exceptional contributions to the global futures and options community.

What You Need to Know:
1. Tom followed this trend. Period.

2. Trading is a lot of hard work, for one. It’s perseverance. You have to love to do it. Also, in your business, you have to have a total disregard for money. You can’t trade for money. You shouldn’t make money your number one goal in trading.

3. As far as trading is concerned, patience is a virtue. Some people trade too much. They just enter the markets at random and trade anything that moves. So they’ll be forcing trades rather than waiting patiently for their setups to form. Patience is an important trait many people don’t have. Tom believes that patience has been the most difficult thing for him to work on. Although he’s made great strides in the past two years, he still catches himself worrying that the next bull market is going to take off without him. He expects to continue to improve in this area as he continues to gain more experience.

4. Education doesn’t necessarily make you a great trader. Some newbies think the more they know, the better it is. But being smarter can also mean being dumber. More knowledge could make your trading results worse, because what you need to be profitable are simple principles. Many great traders believe that there isn’t anything special about them. They just show up to work everyday and study their asses off.

5. Tom said trading is like any other job. You work hard, put in the time and effort, and make your own luck.

6. For a successful trader, the ego has been put under control. They find it very easy to cut their losses. You don’t need to be self-confident that all trades must go in your favor. Tom has come a long way with this as well, of course, with having a few big winners under his belt would really aid his psychology.

This article is ended with the quote below.

“Actually, the best traders have no ego. To be a great trader, you have to have a big enough ego only in the sense that you have confidence in yourself. You cannot let ego get in the way of a trade that is a loser; you have to swallow your pride and get out.”


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Old 08-19-2016, 06:00 AM   #2

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Re: Tom Baldwin: A Market Force to Reckon With

Funny thing about learning from others success is how much wrong it is to do so
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Old 08-19-2016, 07:53 AM   #3

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Re: Tom Baldwin: A Market Force to Reckon With

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Originally Posted by JoelDarr »
Funny thing about learning from others success is how much wrong it is to do so
Yes. That must be the most challenging aspect to the coaching business...that and the certainty that 90% of your customers won't make it.
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