.picks Interview With Anne-marie Baiynd Part 2-jodie foster

NetPicks Interview with Anne-Marie Baiynd, Author of The Trading Book Part 2. In NetPicks’ Author Series, NetPicks President Mark Soberman sits down with the leading day trading authors as they discuss key concepts that will help individuals elevate their trading. Read this 5-Part series as Mark chats with Anne-Marie Baiynd, author of The Trading Book, and see what insights are in store. To listen to the entire interview, to listen to past interviews with top trading authors, or to be notified of future webinars, please visit: .netpicks.com/authorseries. Mark Soberman: Good deal. Well, thanks a lot Brian. I appreciate that. And we are excited to do this full-on interview with Anne-Marie Baiynd. She’s the author, which you should see on your screen there, of The Trading Book: A Complete Solution to Mastering Technical Systems and Trading Psychology which I had the pleasure of reading. It’s a very – it’s a really good book, highly-recommended. I just found it to be very honest. Those of you who are listening on a lot of the NetPicks webinars and our presentations, that’s kind of one of the things that we always try to get across, is sort of the, you know, the realistic vision of what trading is. We, you know, at all cost, try to avoid that it’s, you know, it’s easy, it’s get-rich quick, et cetera. And I think Anne-Marie does a great job in sort of laying out the path that you can take to become successful but not, you know, ignoring the fact that it’s, you know, it is a major challenge for most people and most retail traders. So with that, Anne-Marie, welcome to the interview. Anne-Marie Baiynd: Thank you very much. I’m excited to be here. Mark Soberman: Great, we appreciate that. So what I’m going to do is I’m going to be firing off some questions at you, Anne-Marie, and then we’ll sort of take it from there. And I also want to tell the people listening that you can ask questions, usual format for us in the good webinar. Feel free to put those in anytime and then I’ll make sure that we save some time at the end for some Q&A. And we’ll read those out and then Ann-Marie will answer those for all of you so we can make this interactive. But I felt one of the, you know, the logical places to start, of course, is just give us a little quick background on you. Really, what you did before you started to trade, you know, we all had a pre-life to trading, and maybe what was the major inspiration that got you going down the trading path. Anne-Marie Baiynd: Sure. Well, I went to school and got a couple of Mathematics degrees, Mathematics in Statistics. And I began work as a, actually, as a neuroscience researcher, working on something – having to do with intractable epilepsy. I thought, you know, I’d be doing something great, I’d be helping people that I thought really needed help. And it was a really very, very interesting line of work but it paid very, very poorly. And, literally, I make a joke about it, but seriously, I ate ramen noodles. And it felt like I was doing something great but, you know, not really someplace where I could actually build a career for myself. And I come from a family of entrepreneurs and so it’s never been the motto of, “If it’s to be, it’s up to me,” was certainly something that I grew up with. And so I was working with a lot of technical people and I bumped into a gal who said “Listen, I run a recruiting company and I’m looking for somebody who can talk that lingo. I’m looking for technical folks.” And I stayed with her for a few years and decided I was going to open up my own recruiting company and did that for about 14 years. But recruiting is a very intensive business, long hours and very contractually-heavy and interrelationships that really taxed me personally. And I’m particularly outgoing individual, a little bit on to myself. And so it was extremely mentally taxing. And after 14 years, I was fortunate enough that the business had done well enough and that my financial situation was a space where I could say, “You know, I can pretty much change and do anything that I want.” And so my husband and I – I’m not really quite sure how we got to this, but he was taking some of his staff to a success magazine event with all these folks coming, and I sat down and watched my first exposure to technical trading analysis. And frankly, I looked at it and went “Oh, my gosh. This is easy.” Now, prior to that, I couldn’t even spell the word “stock” and had really quite the aversion to the business and finance world because it just wasn’t my thing, right? But I saw it and I thought, “Wow! I can use all my education from a technical perspective and really learn something neat.” And so I just absolutely flew right into it. Absolutely went from 0 to 60. The problem is, I didn’t do that vastly important thing called paper trading. And because I was a person that really had a lot of personal confidence about what I could do as an individual because I had done some really good things, I thought, I thought, “You know what, this is going to be easy for me. And because I was good at this, I’m going to be good at this.” And it’s not really like that at all. For some reason, the trading world has a totally different conception of any other vastly difficult with lots of moving parts kind of career. For instance, an attorney, you wouldn’t come out of law school and then, a year, say, “Okay. You know, now I’m running a $15 million firm.” But somehow in the trading world we think that we can jump from 0 to 100 and have all the trappings and all the success and everything right away, right? Yesterday, I was in the trading room and I said it’s sort of like thinking that you can go out and rob banks for three years and then decide you’re going to quit, because it’s just some way to – you think you’re going to get rich really fast and then retire on the French Riviera, and it’s not like that. It is a complex mechanism. And there are many folks that spend a lifetime trading, and it takes them a lifetime to amass the kind of wealth that they’re looking for. And many folks sort of fall into trading thinking that, you know, they’re going to hit the mother load. And I, unfortunately, was one of those folks, and so I jumped right into real trading. And the truth of the matter is, the only reason I was able to last was because of the amount of money I started. And, really, I lost a tremendous amount of money before I put the breaks on and said “Hey, listen. You know what? You do not know what you are doing and until you figure it out, you need to start working with paper money instead.” I know that was a long answer but, really, it was kind of a convoluted way into where it is that I got where I am. Mark Soberman: Yeah, I know. It’s always important to kind of know people’s past. I will tell you, you know, we’re probably all a little disappointed because one of the things that we use to promote the webinar is that if they listen, they would be able to retire on the French Riviera. So are we saying that that’s actually going to be a little bit more difficult than just listening to the webinar? Anne-Marie Baiynd: In 12 months, yes, just a hair. Mark Soberman: There you go, there you go. Well, I like your background. I think one thing that’s interesting is the fact that, you know, you were a neuroscience researcher and you’re like, “Hey, I’m really good at this. I should be really good at trading.” And, you know, for me, I mean, my background was really just, you know, sales and marketing. It doesn’t quite live up to neuroscience but I came into it the same way. You know, “Hey, if I’m really successful in this pre-career, then obviously, trading, come on, how hard can it be?” And, obviously, as we know, it can be quite difficult. Early in the book, you had a description on how you talk about the retail trader which I liked. And you said, “The retail trader is like that great kid from Pop Warner League, full of promise and burgeoning skill, stepping on the grid iron, only our opponents are the Pittsburgh Steelers. One of us, all of them.” And for our international folks, Pop Warner is the kids’ football league. So, you know, when I read that I was like, yeah — it was early in the book, and clearly, for the new trader, that seems pretty overwhelmingly daunting. You know, how do you really stand the chance to persevere? I mean knowing that’s kind of what you’re faced against as the starting retail trader, I mean, what was sort of the thing that got you to persevere through those challenges? Anne-Marie Baiynd: Well, for my temperament, I’m a bit of a never-say-die person. But if I weren’t, I would think that the major thing that the newer trader needs to realize is that you must know who your competition is, right? I mean if we use the sports analogy, right, we pay coaches millions and millions of dollars to sit down and watch film all week and say “Oh, no, no. When these guys do this, then we need to do this.” Trading is no different than that. In order to win, we must know our opponent. And many of us come in with that overconfidence that, “No, no, no, I don’t need to know all that. I just need to know X, Y and Z, and that’s all I need to know.” And the fact is, when money is involved, people will become extremely ruthless at getting what it is that they want. So I think more people should be fearful of entering the trading world, only in the sense that they must learn that their capital needs to be preserved and they need to put a watchful eye on it and they need to know that every time they put it in the market, someone is there to take it. And in any transaction, there is always going to be a winner and always going to be a loser. And if that’s the case, you need to decide beforehand which one you would like to be as opposed to going, “Oh, yeah, this looks good. I’ll do this.” you know. So we must — as traders, we must become more discretionary about how it is we allow ourselves to be exposed in the market. I think the management of risk or the mismanagement of risk is the one primary reason that people cannot make it in this business. I coach all the time. And I have some very talented students who do not know how to manage their risk. And invariably, if they don’t learn that skill, they’re out of the game. And the only way you can learn to manage that risk is by knowing your opponent. Mark Soberman: Yeah, I would agree with that. I min it’s interesting because it’s something that we do say a lot to people when, you know, we’re doing our trainings as well, is that our experience always is usually, and it’s not always, but usually the people with the very large accounts they talk to us a lot about the risk and the percentages, they don’t even talk hardly at all about the profits. And the people with the smaller accounts are always the ones that come to us and want to know if and when they can double their account and can they make $500 per day, you know, with a $1,000 starting balance. And all they talk about are the profit side and don’t make any mention at all of the risk. And we try to point out to people, there’s a reason that the guy with the big account, all he talks about and cares about is risk. And there’s a reason that person with the small account, all they talk about is profit. So I mean that’s the point that we make. Anne-Marie Baiynd: Spot on. Yes, that is spot on. Mark Soberman: I was trying to think of what was one of the things that sort of made me sort of persevere, because I faced all the same challenges. I did everything wrong that you could possibly do. And I was like, you know, I’m really competitive, I hate to lose. I think, you know, when you talk a lot about some of the, you know, the references to be an athlete, that’s obviously something that motivates people. But I also know I’m really stubborn. And I hit a point in the book where you were talking about, you know, what if you suffer from the right-all-the-time disease. And you said, “Being stubborn does not help you make it in the market. In fact, it often breaks you.” And I’ve kind of thought sometimes, it’s like, “Well, I think my stubbornness has motivated me.” But, you know, if I think a little deeper about that, it may be something that’s really, you know, gone in the way, you know, either with the right-all-the-time disease or that stubbornness, I mean, kind of. What’s your take on that? Anne-Marie Baiynd: Well, there’s a fine line there, right, because you do have to be wiling to take those slings and arrows in the market. You have to be – you have to be capable of handling the punch in the gut. But that’s different than a sense of being stubborn versus the sense of always wanting to be right, or maybe a little bit different. And here’s what I mean by that. It is okay to get punched in the face and then get back up and get punched in the face and then get back up. That is absolutely a great ability. Not a lot of people have that ability. But to get punched in the face, to get back up and go “No, I’m absolutely right. There is nothing that I did wrong,” or stay in a trade so long because you’re so sure that the market is going to turn around because you’re so right, that’s the problem. It’s not the ability to persevere, it’s not the ability to stick to, it’s not the ability to get up after the worst day you’ve ever had in your life and come back. What’s worse is, “Hey, I don’t reevaluate because, hey, I’m always right”. And that was a problem I really had. I was so certain that I was right. We have a tendency to create cognitive filters, right? So To listen to the entire interview, to listen to past interviews with top trading authors, or to be notified of future webinars, please visit: .netpicks../authorseries. 相关的主题文章: