Notes on Trading using Tom Dante's teachings.
Short and valuable notes on Tom Dante's work.
I assembled some notes on Tom’s teachings on trading after studying him a few years back. See them below.
His Website
His Twitter
YOU ARE THE EDGE
Systems don’t have the edge; you have the edge. The trader has the edge and that is predominantly because of his patience, discipline, mental power and fortitude.
The market reflects the whims of mass psychology, and so by definition it is crazy. By being crazy, it has the power to make you crazy as well. Tom did not say that, I said that – but that is basically what he is saying in his hour-long videos on YouTube.
The Demon Finder
Tom created the Demon Finder assessment tool, in order to clear out the mistakes a trader does.
The Demon Finder is made up of 8 sins, they are:
Exited too soon
Exited too late
Exited too soon
Exited too late
Not in trading plan
Took too much risk
Didn’t take planned trade
Bad Reward/Risk
All of these 8 sins fall under the weakness of fear. Fear of missing out, Fear of losing, fear in general. Clear out fear from your life, fear is the enemy.
Common Errors in Trading
Boredom causing bad trades
FOMO
FEAR
Moving the stop loss to break-even after a trade moves, and then getting stopped out on that level only to watch the market crash your way.
Letting a bias infect your thinking. As in, wanting to see the market go down and looking for shorts when the market is not confirming your thesis.
Having no discipline when trading your plan. A rookie move.
Four points to remember when trading.
There are no free trades. Moving your stop to break-even or not.
Momentum does not necessarily indicate a force. This is not physics.
Profitability in a niche is useless unless you can sit on your hands. i.e. Niche = Trend-trading only.
Access Tom’s educational material here
Good & straight to the point