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Rich Trader, Poor Trader

Apr 16th, 2013 | By | Category: Bruce Bower, Guest Blog, Trader Development, Trading Psychology
Trading is inextricably linked with money. You are taking risk in the markets because you want to make money. If you trade well over a long period of time, then you will make lots of money. We all know what the results of trading success can look like, and that motivates us—the cushy bank balance, nice house(s), etc. Most traders are a competitive lot and they want to outdo themselves and others. Less understood are the interactions between traders’ psychology and money. Traders, like anyone else, have a certain emotional relationship with money, and that can affect their trading for better or worse. If trading is all about “planning the trade and trading the plan”, then you’ll Read more [...]

Tags: , , Posted in Bruce Bower, Guest Blog, Trader Development, Trading Psychology | 2 comments


Four Ways To Get Your Trading Ready For the Summer

Mar 31st, 2013 | By | Category: Bruce Bower, General Comments, Guest Blog, Trader Development, Trading Lesson
In most parts of the US and Europe, this winter has been positively arctic. Record snowfall, freezing temperatures and howling wind. It can be a downer, even for the hardiest of souls. Even then, most traders are in the office, focused on their screens and their results and not paying any attention to the weather. Summer may seem like the furthest thing from your mind, but you should start thinking about it now. It offers an opportunity to reflect on our trading progress. As the middle of the year, it’s a readily identifiably halfway point; given the changes in market conditions over the summer, we usually have to think about making some changes or improvements anyway.  Turning our thoughts Read more [...]

Tags: , , Posted in Bruce Bower, General Comments, Guest Blog, Trader Development, Trading Lesson | No Comments »


Finding a Jungle Guide

Mar 12th, 2013 | By | Category: Bruce Bower, General Comments, Guest Blog, Trader Development, Trading Lesson, Trading Psychology
It can be a rough and cruel world out there in the markets. The competition is high, people are cutthroat, and the markets are never easy. Sometimes it can feel like a feral jungle, with danger lurking everywhere. You want to give yourself every edge and extra chances to succeed, but what really makes the difference? Simple: A mentor. In his classic Liar’s Poker, Michael Lewis referred to a mentor as a “jungle guide”, implying that he helped you navigate the savage environment of Wall Street. While the word “mentor” may not be as colorful as "jungle guide", it doesn’t diminish the need for a mentor. As traders, if we want to succeed or just get to the next level, then we Read more [...]

Tags: , , Posted in Bruce Bower, General Comments, Guest Blog, Trader Development, Trading Lesson, Trading Psychology | No Comments »


How Are Those New Year’s Resolutions Going?

Feb 17th, 2013 | By | Category: Bruce Bower, General Comments, Guest Blog, Trading Lesson, Trading Psychology
Maybe it’s the bubbles in champagne, or the sound of the cork popping, but New Year’s always brings out a rush of emotions. The end of one year naturally lends itself to reflection on the past.  As the calendar turns over, people wax lyrical about another year passing. Taking stock of the past year, people figure out where they are – and then dream of where they want to be. The gap between those – and there is almost always a gap-- can spur us on to change for the better. Yes, the dreaded New Year’s resolution. I can hear the skepticism already. We all know about the person who swore up and down that one year was “’the year’ that they finally got in shape”, only Read more [...]

Tags: , Posted in Bruce Bower, General Comments, Guest Blog, Trading Lesson, Trading Psychology | 4 comments


What a Star Fund Manager Can Teach Us About Improvement

Dec 9th, 2012 | By | Category: Bruce Bower, General Comments, Guest Blog, Trader Development, Trading Lesson
  Imagine that a star fund manager, with nearly a decade of stunning results, decides to completely retool the way that he does things. Would you think that he’s crazy? Would you call him a has-been? Or would you draw a different, more instructive lesson—that this is the reason why he’s stayed a top fund manager? The FT recently ran a story about Pierre Lagrange, a well-known and extremely successful hedge fund manager in London. Famously the “L” of the prestigious fund GLG, he runs a $2 billion long/short equities fund. He admits to being stung by the 2008 crisis, in which his fund fell nearly 20%. For a long/short fund which is supposed to deliver smooth and generally Read more [...]

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What I Learned From The Best Trader at Citibank

Nov 25th, 2012 | By | Category: Bruce Bower, General Comments, Trader Development, Trading Lesson, Trading Psychology
In my senior year of college, I hit the jackpot. No, I didn’t win the lottery. I did even better-- I got the job I wanted in the markets. Let me repeat: *the* job. Note: the lesson is that if I can do it, then anyone can! Ever since I was 14, I knew that I wanted to be a trader. One day, I was in my dad’s office and pulled a book off his bookshelf about famous investors—and discovered a world that I barely knew existed. The stories of making great fortunes through one’s intellect drew me in and I was hooked. Ever since then, I knew that I wanted to be a trader. In college, I naturally looked for trading jobs. The single most coveted one amongst my classmates was one Read more [...]

Tags: , , Posted in Bruce Bower, General Comments, Trader Development, Trading Lesson, Trading Psychology | 6 comments


What’s Your Number?

Sep 23rd, 2012 | By | Category: Bruce Bower, General Comments, Guest Blog, Trading Psychology
If you hang around long enough in the investing or banking communities of New York or London, you’ll soon hear the infamous question: “What’s your number?”. The first time, you answer by rattling off your phone number; then you realize that the question has nothing to do with speaking on the phone. “Your number” is usually the number at which you have made enough money that you can safely retire and/or leave the business. Once you’ve reached “your number”, you have enough money for a place to live while earning a passive income that covers your expenses and funds a good lifestyle. At first glance, it would seem that this is a brilliant concept for traders. After all, most Read more [...]

Tags: Posted in Bruce Bower, General Comments, Guest Blog, Trading Psychology | 1 Comment »


How to Become One With Your Trading System

Jul 29th, 2012 | By | Category: Bruce Bower, Guest Blog, Trading Lesson, Trading Psychology
  We’ve all heard the sad excuses after a bad run. The lame rationalizations. “I know it was through my stop, but I thought that it would come back”. “Yes, I saw the signal, but I just didn’t believe it” “I don’t know, I just froze” When someone is struggling, one way to lessen the pain is to rationalize it away. That’s understandable. After all, no one wants to wallow in pain and suffering anymore than necessary.  But these sure are annoying to listen to. If a friend or colleague is struggling and in a bad place, then the last thing anyone wants to hear from them is some BS. What’s even worse is when we catch ourselves making these excuses. We all Read more [...]

Posted in Bruce Bower, Guest Blog, Trading Lesson, Trading Psychology | 1 Comment »


How To Tell If A Trading Book Is Useful

Jul 23rd, 2012 | By | Category: Bruce Bower, General Comments, One Good Trade
As part of your desire to learn more and improve as a trader, you have probably checked out some books on the subject. Some of them, like Market Wizards, are truly inspiring and excellent reads. Maybe some of them have been helpful but most likely a lot of them were bad. Similarly, if you go to a bookstore or browse online, there are innumerable books about the markets and investing out there. How do you save yourself the precious time and effort and thereby avoid a bad read ? How do you find a trading book that’s useful and informative and will leave you better off for having read it? Come to think of it, why are most books about trading so bad? The core of the problem is that people Read more [...]

Tags: , Posted in Bruce Bower, General Comments, One Good Trade | 5 comments


What Is The Best Preparation To Be A Trader?

Jul 5th, 2012 | By | Category: Bruce Bower, General Comments, Guest Blog, Trader Development
You want to be a trader. Maybe you’re just starting out in the working world or maybe you’re considering a career shift. Nonetheless, you know one thing will all of your being—you want to make it as a trader. There could be a host of potential reasons, all of which make sense. You want to swing around huge positions and make tons of money. You want to compete with the best and vanquish them. You want the excitement that comes with the market constantly moving. You want the intellectual challenge of figuring out the global economy and wagering on macroeconomic trends. The primary goal of being a trader is to be profitable. Obviously, no one ever says, “I want to be a trader so Read more [...]

Tags: Posted in Bruce Bower, General Comments, Guest Blog, Trader Development | 3 comments


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