For most of my life I used the story of a traumatic, abusive and violent childhood as the root cause of my self-sabotaging patterns, struggles in all areas of my life and tendency toward self-destruction. After eating the humble pie and hiring an amazing, intelligent and compassionate therapist I came to realize that I was the driver of my destiny. There is no question that an innocent four-year old can not be held responsible for the suffering he endures at the hands of his caretakers, there comes a time though when we must realize that we do have the power to change our life experience and that we are not defined by our story.
Cognitive Behavioral Therapy, meditation, journaling and most valuable, mindfulness practice has given me the tools needed to transform my life. Therapy served a valuable purpose; it taught me that I am not broken or inferior to anyone. Neither are you.
Mindfulness allows me to remain aware of my bodily impulses, thoughts and actions and consciously choose the ones that are most appropriate for the moment. Trauma minds tends to be governed by knee jerk reactivity. This impulsive behavior is unconscious and automated.
In order to change our life experience, we must slow down the process by creating space between our feelings and actions. Mindfulness is the best tool for this coupled with meditation. This space allows us to become an observer empowering us to consciously choose our thoughts, perceptions and actions.
This powerful experience gives me a sense of having total control over my life. Journaling has also allowed me to dump raw thoughts onto paper and through this process experience new insights and revelations that has served to further my self-understanding ultimately moving from blame to self-responsibility.
I have more confidence in my self because I am living consciously in everything that I do and with this comes a life of greater fulfillment and ultimately giving me the sustainable peace and joy that I have yearned for all of my life.
I hope you find this article helpful.
Kevin Michaels, Certified Anthony Robbins Life Coach
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The Pattern Day Trade Rule also known as PDT requires traders to maintain a balance of $25K in their account in order to day trade. This rule does not apply to Swing Traders.
In order to begin trading with a small amount of cash, you can simply open up a brokerage account with TD Ameritrade or Etrade
with a couple of thousand and swing trade. What this means is you can take an options position on Monday and let close it on Tuesday or later in the week.
Low risk options trading is excellent in that your cost is merely the options premium so in order to buy say five contracts of Facebook you may only pay $1.20 or so per contract times number of contracts of say 5 which allows you to essentially control 500 shares so 1.20 x 5 x 100 equals $600 plus commission. That is your max risk and max loss if buying puts and calls.
You can easily earn $100 – $300 on a play like this and with Think or Swim and Etrade, you can set conditional orders to automate your trade!
There are also brokerages such as Sure Trader which allows you to open up an account with a mere $500 who will provide 6:1 margin. This means with $500, you will have buying power of $3K to trade stocks with. Sure Trader is also exempt from PDT because they’re in not in the U.S. The founder of Sure Trader is a former day trader who wanted to create a brokerage for the little man, folks just starting out with less than $25K. I have used them along with the above-referenced brokers and all are good in my opinion. What matters most is your trading strategy! However you will only have your $500 to use for options with Sure Trader.
If you manage your trades intelligently , you can very quickly double your $500 and build you account. Note; Sure Trader does not allow options spreads so you will want to consider TD Ameritrade or Etrade for more creative options trading!
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As a Professional Trading Coach, my first goal when working with new clients is to identify why they’re losing. Amazingly, many trader do not analyze multiple time frames before executing trades.
If they’re accustomed to trading the 1 minute chart, they may glance at the 2 or 5 minute charts. In order to get a big picture view of where the ticker in question is headed, I customarily review the daily time frames – 1 year and 3 year. In addition, it is important to know where the 50 and 200 day MA is in relation to current pricing as both can serve as major support and resistance.
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My wins result from technical analysis and gut/intuition. When emotions intervene I lose.
- fear of missing out
- revenge trading
- trying to recoup losses
- copying other’s calls without doing your own due diligence
- trading without a firm plan
- and the inability to follow your plan (namely your stops)
are all emotional shortcomings that prevent us from moving up from break even, commission burning, win/loss cycle to consistently winning every day.
The solution to resolving your emotional holes is to recognize they exist and learn to pay close attention to what you are feeling when watching the charts. Ask yourself; what am I feeling right now
- why am I about to take this trade
- am I sizing in too large
- am I scaling in
- do I have a smart plan based on correct risk/reward
- am I revenge trading
If you’re honest with yourself you’ll recognize when you are short-changing yourself and you’ll forgo the trade.
In truth, emotional maturity is something we all must strive to attain throughout every aspect of our lives – the consequence of not doing so in trading will cost you your account and possibly your mortgage!
Check out our Trader’s Coaching or contact Kevin to schedule a consultation by phone or email!