When I get traders on I often ask them if they know of other traders I could interview. In this instance Mercedes van Essien recommended Jeremy Hills.
Jeremy is not only a student of Mercedes but he’s also an NLP (Neuro Linguistic Programming) expert who works with traders and business owners to break the habit of being themselves.
This episode is a mix of trading psychology and trading mechanics from someone who has a superb grasp of a traders mind and what’s holding them back from success.
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The Buddhist Trader by Mercedes van Essen
Trading in the Zone by Mark Douglas
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With BlackBull Markets
Jeremy’s Strategy of the Week
- He looks for a lower-top or higher-bottom on a weekly chart
- He goes to the daily chart and trades when the daily trend confirms
- He puts his stop above of the high of the previous day
[11:04] I started reducing the amounts I started to trade and I just focused on being consistent starting with a smaller trading account.
[12:14] I think, having good position sizing and good money management made me learn and made me stay in the game.
[13:16] I’ve always found that all the people that I met, the successful ones, are keen about learning about themselves and they’re keen about learning about markets.
[14:39] I find the people who have tons and tons of stuff all over their trading charts are usually the ones that are having the most negative emotions, the most conflicts and they’re trying to wait for more confirmation.
[17:13] I found that the best way to trade for me is just let the market tell me and the best way the market tells me is when it takes me out of the position through a trail.
[17:24] Once I’m in a trade, the most difficult thing is to keep in that nice, calm mindset and stay in that headspace.
[20:18] I’ve never blown up an account, ever, because I’ve always had good money management.
[28:06] Some of the best traders I know they’re trading just a few stocks or they just trade one or two setups.
[28:55] When I look for a market to trade, I want it to be liquid.
[31:05] Most people know what to do, it’s just they don’t do it or they are hesitating because of self-doubt, internal conflicts, and negative emotions that are going on.
[33:35] Every trader I’ve known, that has made it and is successful, they keep journals and they understand how they feel.
[34:25] It’s very hard to be in a really good state of mind when you’re tired.
[39:30] Intuition is the key. Even if you are using a mechanical system, you need to know when to turn it on and you need to know when to turn it off.
[39:48] If you are trading a trending system in a trending market, you don’t need to be a genius, it’s going to make money.
[40:36] Knowing when to stop is the key and the only way you’re ever really going to know is by having intuition – understanding market conditions of change.
- He originally started trading Futures around 2007, before he started trading Forex
- He trades longer term and makes around 25% to 30% a year
- He looks at the weekly chart and takes his trades using the daily charts
- He uses an hourly chart or a 4-hour chart to get a better stop placement
- He has an average winning percentage of 35%
- Most of his drawdowns are only 3% to 5% maximum, at any given time
- He’d never blown up an account because of his good money management
- He uses Support & Resistance and sometimes trendlines
- He looks for patterns like Head & Shoulders, Double Bottoms
- He became consistently profitable after 7 years
- He likes trading the higher-bottom or the lower-top on the daily chart