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"As bull markets roar to a top, it is relatively easy to see the emotional or psychological signs of an impending top. Virtually every source of news will provide coverage of the seemingly endless climb towards higher levels. Greed infests the public as the inexperienced flock to get a piece of the action. Finally, when it is “impossible” for a market to decline and everyone who wants to buy is in, the top will be struck. Buyers become sellers and a downmove ensues.
To an extent, the same sort of pattern unfolds at major bottoms. However, since the events surrounding the decline are not as exciting or newsworthy as those in a bull market, the signs are harder to see. Instead of greed permeating the atmosphere, fear becomes the emotion of significance. As the news becomes per- ceived as increasingly bearish, traders who had been bullish give up. The emotional stress of margin calls and “bad” news finally forces long liquidation..."
In this workshop, John Hayden will examine if there were a "Holy Grail", what would be its characteristics and how would we know it was the "Holy Grail" if we did discover it? Before computers, men became great traders by studying human nature, history and acquiring all the relevant facts about a particular industry. The traders that read the "tape" were very aware of the psychology of other traders and the market.
Today we use the biographies and autobiographies of previous traders in conjunction with the study of what propels an individual to the top of his chosen profession. It is a fascinating study, one that strips away at many of the myths concerning what it really takes to become "one of the best."
The outcome of this talk is to empower everyone present so that they may take some of this new knowledge and immediately use it to increase their profitability. Every trader needs a way to perceive the marketplace; this "way" may be through technical analysis, fundamental analysis, or by trading in the "moment". However, before these techniques can be used the trader must master his own beliefs and thoughts. All traders look for certainty and desire courage and confidence. This is only possible by mastering one's beliefs, increasing ones virtues and decreasing ones vices.
Just a few of the topics that John will cover are:
-Confidence is required for success.
-Disciplined traders are consistently profitable.
-Doubt, hesitancy and indecision - a sure fire way to ruin.
-Developing a written strategy for trading your methodology.
John Hayden is the Director of Risk Management for Directional Research & Trading Ltd. From 1998 to 1999, John worked for Lind-Waldock as a Managed Account Representative where he advised clients on Asset Allocation and Risk Control. Prior to that John Hayden was CEO of PGM Refining Ltd., a Colorado firm that specialized in the processing and refining of gold and platinum group metals where he hedged and traded inventories in the futures and cash markets. John was the founder and CEO of Continental Security Products Inc., a Colorado firm that imported high security equipment from England and other international sources. His clients included Fortune 500 companies, as well as many of the large jewelers in the United States.
In the spring of 1999, John Hayden wrote "The 21 Irrefutable Truths of Trading" which McGraw-Hill is publishing in May 2000. John started day trading stocks while in college in 1975, shifting his focus to commodities in 1992. He earned an A.A.S. degree in Business Administration from Dutchess College and studied Geo-politics at the University of Plano.
Saturday Seminars are just a taste of the power of INO TV. The web's only online video and audio library for trading education. So watch four videos in our free version of INO TV click here.
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