I simply couldn’t understand why my previous guest Louise Bedford was so desperate for me to interview her business partner and professional stock trader, Chris Tate – until I was about 5 minutes into the interview that is!
Not just a world of knowledge from a trading point of view but his take on “life as a whole” was simply spectacular.
The big takeaway this interview left me with was a sense of perspective. Perspective on the market and how I had perceived it in the past. And how it may have affected my entire approach to trading.
When you learn this perspective shift I know your trading will thank you for it. Take a listen now…
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To download a free trading plan template from Chris Tate’s website, go to TradingGame.com.au. It will help you implement all of the aspects that Chris discussed in this interview.
Chris’ Video of the Week
[08:43] I noticed a few things about academia, 1) politics were a pain in the ass, 2) the money was appalling and 3) dealing with students drove me mental.
[09:18] I started investing on my own account and made all the classic blunders that everybody makes.
[09:28] Nobody makes a new mistake; everybody makes the same mistake over and over again.
[10:58] Retirement is profoundly middle-class concept and very, very, very boring.
[13:33] My view is do the things whilst you can and never really retire.
[14:55] One of the advantages and disadvantages of trading is that it is gloriously isolating.
[20:21] If you sit down and annotate every position you take and then note what has happened, sooner or later it will become obvious to you what you are doing wrong.
[20:45] A lot of people recognize their mistakes, but then, because we act with a tremendous degree of ego defensiveness, they move to shift blame for that to somebody else.
[23:21] Stock broking is an intriguing endeavor
[26:13] The people who know the least about trading are people in the finance industry.
[27:24] Price is the final arbiter of all things we do, it is simply the market’s message to you.
[28:35] If you get method and psychology right, you’re much better off being out of the industry
[31:52] Simple models work really well under stress so that you can actually stress test them quite easily
[35:25] I dropped a long time ago, soft commodities because they seemed to have undergone a disruption that means they don’t trend like they used to.
[38:37] When markets are trending very, very strongly, it is incumbent upon me, I’m obligated to, it’s a form of philosophical obligation I feel to make as much from that as possible. Which means I will pyramid continually and very, very aggressively until a trade is over.
[39:51] The thing that hamstrings people is that they simply don’t go after their winning trades.
[40:47] The market exists to enable me to be wealthy.
[41:01] If you have a trading system, it must have taken advantage of all running positions.
[42:05] I think the great impediment that people have is that they won’t accept what the market will give them which is somewhat disappointing to say.
[49:10] All I need to do is to be 1% calmer than the people around me and I have an edge.
[52:01] I think the thing that separates good traders from the ordinary is not only introspection but it’s the ability to manage your own emotions and to step back from them.
[54:26] The market’s is the only voice that matters. Yours is irrelevant!
- He has a basic degree in Immunology
- He teamed up with Louise Bedford
- He views retirement as a middle-class concept
- He prefers training with younger generations than people of his age
- When he started trading, he also made the same newbie mistakes that everybody makes
- He’s rigorous at looking at the data and the mistakes that he made
- He has a very simple trading style – he buys breakouts in existing up trends or sells breakouts in existing down trends
- He has an hourly system for commodities and indices, a weekly Equity system, and a true wealth creation mechanism
- He trades European Indices, S&P 500, NASDAQ, Brent Crude Heating Oil
- He has a low win rate of 33% but with a strong overall positive expectancy
- He has a collection of outlier trades where all the profitability comes from
- His favorite entry setup is a simple breakout into an existing trend
- He uses ATR to manage his active trades