Linda Raschke, Master Trader
She needs no introduction but for those unfamiliar, here are some references.
Featured in the documentary Floored, her comments start at time stamp 4:34.
Other YouTube references are here and here.
Interview: Linda Raschke
Recent comments on being proficient, successful, flexible and un-biased, link here.
She speaks for a total of nine-minutes and twelve seconds; every single word is important.
Key Takeaways:
‘Ego, and calling direction, the most harmful thing a trader can do’
‘Attempting to project’
‘Waiting for the opening, does not come along that often’
‘Using weekly chart’
‘Frequency of Occurrence per market’
‘Profit centers’
‘It’s an 80-hour a week job’
‘Always looking ahead to the next trade and not thinking about trying to get back in’
‘Maintain fexibility’
‘No opinions … period, don’t box yourself into a corner’
‘Even verbalizing creates a bias’
‘Where the market shouldn’t go’
Stay Tuned
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Jason Shapiro did some podcasts with her recently and they’re all good. I’ve always wondered why there aren’t more women traders in the business but I guess the industry is male dominated.
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Thanks,
I’ll take a look.
I’ve seen quite a few of her interviews and first knew of her way back when Floored aired.
To take some liberty and summarize: Her thinking is strategic, tactical and task in nature (supported by endless data) which by definition, more easily falls into typical male brain behavior and structure.
She probably has an advantage with the ‘ego’ part as that’s also a typical male trait. Meaning, she has less ego to wrestle with. Dr. Alexander Elder discusses this male/female trading behavior in his book, Come Into My Trading Room.
However, maybe most important of all, is what’s not discussed (at least from what I’ve seen). Things like earnings, P/E ratios and all the trash the media puts out to make sure the typical participant never catches on … which is, none of those things directly move prices … never did.
If that weren’t enough, she is the only high-profile professional trader I’ve seen, that publicly mentions ‘Wyckoff’.
In a recent Titans of Tomorrow, the Interviewer is asking about a particular price action where price is pushing below support. Effectively, a Wyckoff spring set-up.
However, it’s telling to watch the trader respond to the question. He never mentions that it’s Wyckoff (you can almost see it in his eyes) and goes on to say in a very round-about way, ‘we have procedures for dealing with that’.
I bet you do 🙂
Thanks again. I appreciate the input.
Paul
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