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TABLE 10.1
Table of ART Platforms
Phone Numbers,
Web Site, and
E-Mail Contact
Information
Markets
Available
Compatible Brokers and
Data Feeds Include But
Are Not Limited To The
Following
TradeStation
Securities
800-292-3476
954-652-7407
www.tradestation.
com
All markets
Compatible with:
TradeStation Securities &
Data Feed
IQ Feed (DTN Markets)
Data Feed
QuoteTracker
(TD
Ameritrade
Securities)
www.quotetracker.
com
Stocks
Mutual funds
Options
Bonds
Compatible with:
TD Ameritrade Securities
& Data Feed
eSignal (Data
Feed)
800-815-8256
512-723-1765
www.esignal.com
All markets
Compatible with:
Interactive Brokers
GAIN Capital
MB Trading
OptionsXpress
NinjaTrader
www.ninjatrader.
com
All markets
Compatible with:
Interactive Brokers
TD Ameritrade
GAIN Capital
MB Trading
Mirus Futures
eSignal Data
Open Tick Data
DTN.IQ Data
This information is subject to change at any time and is for educational purposes
only.
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February 20, 2008
19:32
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Selecting an ART Platform, Broker, and Data Feed
61
TABLE 10.2
Table of Online Brokers
TD Ameritrade
TradeStation
Interactive Brokers
Toll-Free Phone
800-454-9272
800-292-3476
877-442-2757
Web Site
www.tdameritrade
.com
www.tradestation
.com
www.interactivebrokers
.com
Direct-Dial
Phone
402-970-5805
954-652-7407
312-542-6901
Markets
Available
from Broker
Stocks
Mutual funds
Options
Bonds
All markets
All markets
Minimum
Account to
Open
$2,000 USD
$5,000 USD
$10,000 USD
Margin Rate
11%
8%
8%
Compatible
with ART
Software
Yes (Quotracker
provides free
data)
Yes (TradeStation
provides free
data on all
markets for
active clients)
Yes For experienced
traders only (get free
data when linked to
NinjaTrader or
eSignal Platforms for
active clients)
$ Cost/Trade
$ Cost/Trade
$ Cost/Trade
Stocks
$10/Trade
.006/Share
.005/Share
Options
$1/Contract
$1/Contract
$1/Contract
Futures
N/A
$1/Contract
$1/Contract
This information is subject to change at any time and is for educational purposes
only.
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February 20, 2008
19:32
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62
ART
TABLE 10.3
Table of Live Data Feeds
eSignal
TradeStation
NinjaTrader
Toll-Free Phone
800-815-8256
800-292-3476
N/A
Website
www.esignal.com
www.tradestation
.com
www.ninjatrader
.com
Direct-Dial
Phone
512-723-1765
954-652-7407
N/A
Includes
Charting
Platform
Yes
Yes
Yes (connects to
many third-party
data sources and
brokers)
Stocks
Yes
Yes
Yes
Options
Yes
Yes
Yes
Futures
Yes
Yes
Yes
Forex
Yes
Yes
Yes
Bonds
Yes
Yes
Yes
Compatible
with ART
Software
Yes
Yes
Yes
This information is subject to change at any time and is for educational purposes
only.
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February 11, 2008
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C H A P T E R 11
Psychology and
the Trader’s
Mind-Set
D
eveloping the trader’s mind-set is a must for trading (and investing)
success, and this can take some time. It is not an area where you
can take a shortcut or learn a formula. It can be developed only by
actually trading and from the experiences you will gain from trading. We
will help guide you toward developing the trader’s mind-set. We’ll also help
you manage the emotions associated with account drawdowns, losses, and
profits (yes, profits and winning can actually cause stress!).
100 TRADERS AND INVESTORS—EACH
IS UNIQUE
If you show the same successful financial approach to 100 different people,
no two of them will use it in exactly the same way. Why? Because each
individual has a unique belief system, and those beliefs will determine his
or her personal style.
Even with a profitable and proven approach, many traders and in-
vestors will fail. If they do not have the proper belief system to trade, they
will lose. In other words, they lack the trader’s mind-set.
SELF-AWARENESS
When you encounter a psychological issue, it is best to recognize the is-
sue and not deny it. To eliminate psychological obstacles, you must first
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ART
become aware of the obstacles and the issues causing them. This requires
self-awareness.
In psychoanalysis a psychologist or psychotherapist helps the client
first see the problem. The reason this process can take so long, perhaps
even years, is that individuals will have varying levels of denial. After they
see the problems, they must take responsibility for them. There is little
room for denial when it comes to financial issues—if you want to be con-
sistently profitable.
15 COMMON DESTRUCTIVE
PSYCHOLOGICAL TRADING ISSUES
AND THEIR CAUSES
1.
Fear of being stopped out or of taking a loss.
The usual reason for
this is that the trader fears failure and feels like he or she cannot take
another loss. The trader’s ego is at stake.
2.
Getting out of trades too early.
The trader relieves anxiety by closing
a position. He has a fear of the position’s reversing and then feeling let
down or a need for instant gratification.
3.
Wishing and hoping.
The trader does not want to take control or take
responsibility for the trade or has an inability to accept the present
reality of the marketplace.
4.
Anger after a losing trade.
The trader has the feeling of being a victim
of the markets, unrealistic expectations, or caring too much about a
specific trade. He ties his self-worth to his success in the markets or
needs approval from the markets.
5.
Trading with money you cannot afford to lose or trading with bor-
rowed money.
The trader feels that this is his last hope at success
and is trying to be successful at something. He has a fear of losing
his chance at opportunity, no discipline, greed, or desperation.
6.
Adding on to a losing position (doubling down).
The trader does not
want to admit his trade is wrong and is hoping it will come back. His
ego is at stake.
7.
Compulsive trading.
The trader is drawn to the excitement of the mar-
kets. Addiction and gambling issues are present. He needs to feel he is
always in the game and has difficulty when not trading, such as on
weekends. He is obsessed with trading.
8.
Excessive joy after a winning trade.
The trader ties his self-worth to
the markets, feeling unrealistically “in control” of the markets.
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Psychology and the Trader’s Mind-Set
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