It’s time again for SteadyTrade Book Club, and this month’s pick is “The Inner Voice of Trading” by Michael Martin.
Hey, everyone’s stuck at home right now, right? So why not learn something?
This is an extra-special episode: Author Michael Martin joins co-hosts Kim Ann Curtin and Tim Bohen! You’ll get great insight into the book … And you’ll hear the author’s take on trading, investing, writing, and life in general.
But wait — there’s more! You can score a FREE audiobook copy of Michael’s book using a special link. See the bottom of this post for the deets.
Why Kim Chose This Book
Kim’s been familiar with Michael Martin’s work for years. She connected with him on a deeper level when she featured him in her book “Transforming Wall Street: A Conscious Path for a New Future.”
In both Kim’s and his book, Michael explores the emotional side of trading. He digs into the spiritual/emotional intelligence necessary for trading well.
That’s why Kim chose this book to share with SteadyTrade readers. She believes that knowing yourself and honing your emotional intelligence is important. As Michael puts it in his book, “Knowing yourself is more important than what you know.”
About the Book
Wanna be a hotshot trader? Sorry, but it’s not just about memorizing trading strategies or patterns. Yes, those things matter … But knowing yourself matters just as much.
You’ve got to understand how to choose the strategies that work best with your personality and risk tolerance. You must understand your tendencies.
In this book, you’ll learn why self-knowledge is so important for traders. You’ll also find out how to apply what you’ve learned to your trading career. Imagine the possibilities if you make emotions — what many consider a trader’s worst enemy — into your biggest ally!
A Discussion With Author Michael Martin
In today’s episode, Kim and Tim get to discuss the book with the author.
If Michael wants you to learn one thing from his book, it’s that long-term trading success isn’t just about knowledge.
In the book, he shares his own journey. That includes how he learned (the hard way) that as a trader, you need to “invoke persistence and determination.” You need to not take things personally.
They talk about how “it’s too easy to lose money in good times” and how mentality matters more than most new traders suspect.
Don’t miss a frank discussion of how forcing trades will only lead to your getting “chopped into oblivion” according to Tim. They also get into why it’s so important to experiment until you find what works for you as a trader.
Remember … just because a strategy works well for one trader doesn’t mean it will work for you.
Michael Marting offers some perspective on that: “It’s OK to try things and fail because it teaches you a lot about yourself in the process, and that helps you draw boundaries around your own behavior.”
Putting It to Work
At the time of this episode’s airing, the world is in full-on pandemic-management mode in the wake of the coronavirus. To say it’s been a unique market is a massive understatement.
The trio talks about how you can put the practices in the book to work. For some traders, like long-term trend-follower Michael, it’s no time to find an edge. Instead, he’s focusing on other interests like poker and jiu-jitsu. As he says, “Trying to impose my will onto the marketplace is a fool’s game.”
Tips From Michael Martin
Ready for some powerful life lessons from the author? Here are some highlights…
Let go of the account balance as a character trait. When you’re trading, you’ve got to emotionally divorce yourself from the money. You’ve got to figure out who you are as a trader rather than thinking you have to watch things 24/7.
Be an independent thinker. It’s easy to get into a herd mentality when you follow the news. Don’t misunderstand … it’s good to watch the news and absorb as much knowledge as you can. But at the end of the day, you have to think for yourself.
It’s a marathon, not a sprint. As Michael cautions, you don’t want to “puke out your first 2K” on a single trade. He thinks you need to learn a lot about yourself first: “Knowing yourself, to me, is the biggest asset that you can have as a trader.”
Tune in to the episode to learn why Michael thinks “rejection is God’s protection” and why you shouldn’t feel FOMO when you miss a trade.
Connect With Michael Martin!
Want to follow Michael’s work? Here’s where to find him on social media:
Ready to Read?
Don’t miss the chance to score a FREE copy of Michael Martin’s audiobook! Visit this link to get your copy now: https://martinkronicle.com/kim.
Wanna follow along with the crew? Here’s what we’ve read already:
- “Technical Analysis Using Multiple Timeframes” by Brian Shannon (Episode 141)
- “Trading in the Zone” by Mark Douglas (Episode 133)
- “The Hour Between Dog and Wolf: How Risk Taking Transforms Us, Body and Mind” by John Coates (Episode 127)
- “The Daily Trading Coach” by Brett Steenbarger (Episode 122)
Find the full schedule and synopsis for each book in this episode.
[As an Amazon Associate, we earn from qualifying purchases.]
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