Anton Kreil Discusses Eliminating Emotion in Trading

I'm a Fed all right yeah good how's it going yeah good did you manage to get some sleep well probably eight and a half hours right so yeah first decent sleep into one okay so yeah feeling fresh I think audiences will have found Poland to be a really interesting experience why are we still filming you know these types of business trips happen quite a lot and obviously we were filming in Poland to capture the conference but you know filming in London is pretty cool because people can actually see what type of effort commitment and the types of work and habits of work that need to be implemented to maintain success or even just to get successful so getting successful and maintaining success in my industry trading a portfolio management and pretty much any other industry sure so I think it's good you know to continue doing what we're doing you've seen the schedule this week right we discussed it yesterday we've got half the mentors flying on Wednesday half the mentors flying in Friday we've got Institute traders meeting up we've got Institute alumni we've also got the seminar on Thursday which is huge and we've got the super conference on Saturday so the schedule is ridiculous so I think basically if we just carry on like we did in Poland and you know I'm just on a normal business trip now so you just carry on following me around and if we do that I think people are going to get a really good insight into what it takes to become successful in trading a portfolio management are naturally any other industry so let's continue filming and if anything comes up you know that you think people will find useful any thoughts you might have any discussions you want to have just let me know ask questions sure it's funny you say that I mean something that I have been thinking about since yesterday has been quite consistent right you say so actually I think I probably do have a question okay people might find interest let's sit down five minutes here cool part of the schedule yeah revolves around the mentors in fact almost all of the schedule revolves around the logistics involved in flying in institute mentors yeah from all over the world and ensuring that they can meet not only with each other we'll talk about the company but meets with retail traders well why is it important to have a mentor in this industry specifically trading and portfolio management yeah I guess that's the question yeah it's a very relevant question it's it's no difference at any other industry you know people for some reason think trading a portfolio management is different I don't know why it really is the same as any other industry you need the older guys in the industry to give you guidance in your career and show you what's what you know for guys who have been there done it bought the t-shirt been around the block several times and I think it comes really down to two things with mentors in specifically in trading of portfolio management its first of all when you're young really understanding how the industry operates having the sheet works knowing the ins and outs of the industry and secondly guidance in the details of how to actually become a successful trader and one of the first things that you really have to understand not about the industry but how to become a successful trader over time is how you deal with and how you lock out or eliminate if you like emotion in your training and that was really important for me when I was a young trainer it took a long time you know to really become a true that's I guess unemotional about positions portfolios the financial markets because the market really doesn't care about you as an individual and money doesn't care the stock doesn't care that you're buying or shorting any asset class that you're in money is it unemotional and you have to be unemotional about your trading decisions and your P&L you have to have how do you put it like emotional detachment if you have emotional tits if you have emotional detachment to your P&L then you can actually have consistency when you make losses and when you actually win so when your P&L is down when your P&L is up throughout your career and consistency is really really important and this is why people get emotional in training because they can't handle that stuff they can't handle losing money they can't handle making it and it's it's different emotions but if they're still emotions I know what you got to remember it is in financial markets and this is really key like you really have to accept this in trading when you buy something you pay the offer and when you sell something short you sell on the bit and your P&L when you buy is marked on the bit and your P&L when you sell short is marked on the offer it's you're losing money no I default yeah exactly so essentially the moment you press the button when you trade you are losing and losses are just a part of the game and you just have to accept that and most people just can't accept it now for me I picked it up quite quickly because I had some seriously good mentors when I was young obviously I was at Goldman Sachs and the guy that we he told me this was Christopher caffee right so I was 21 years old when I walked into Goldman Sachs and Chris was one of my mentors and he really really nailed it into me how to eliminate your emotions from trading and how to get emotional detachment from your P&L and obviously Chris is going to be here so you should actually ask him that question

Channel: InstituteofTrading

Views: 435,199

Keywords: Anton Kreil, Raj Malhotra, Jason McDonald, Chris Cathey, ITPM, Institute of Trading, Goldman Sachs, Trading, Retail Trading, FOREX, Instutrade, Institute of Trading and Portfolio Management, Ben Berggreen, Stock Market, David Perlin, Ross Williams, Anthony Iser, Million Dollar Traders, Hedge Funds, Investment Banks, Training, Coaching, Mentoring, Business, NYSE, NASDAQ, Day Trading, Swing Trading, Hichem Djouhri, Stocks, Commodities, Interview, Wall Street, Finance, Millionaire, Billionaire

Id: gxJ08XQv8Mk

Length: 7min 5sec (425 seconds)

Published: Wed Feb 07 2018