MarketLife Ep 35 – The beginner’s mind (a new mini-series)

Podcast-Cover300This episode kicks off a mini-series in which I work with a beginning trader to learn the very fundamentals of the business. We will cover method, psychology, risk, learning techniques, money management, and much more, and hopefully we will get to see Austin have some success along the way! Look for future udpates in this mini-series over the next few months. Here are the show notes:

Where did the idea for this podcast come from?

  • A question from someone who doesn’t trade: How do you know for sure what a market is going to do?

What will this podcast do?

  • Follow real beginner from very first steps
  • Reflect on the beginner’s questions and mistakes and misunderstandings
  • Present the course of study I give that beginner
  • Expect irregular updates

Who is this podcast for?

  • Learners, at various stages
  • Experienced traders. There is great value in revisiting basics

Teaching beginners

  • Chopin’s philosophy on beginners (and why he’s wrong!)
  • Best performers/athletes/etc not always best teachers/coaches
  • Beginner is a blank slate
  • Beginner has a lot of enthusiasm and energy. That’s a valuable resource
  • Also no bad habits. (That’s an even better resource)
  • Understand why beginners fail
    • False expectations

Lesson One

  • Why is this hard to learn?
    • It’s not really about knowledge
    • It’s a skill. Skill must be transmitted or developed
  • Buying and selling for profit
    • Shorting
  • Everything we do is about probabilities
    • Math matters
  • Importance of managing anxiety, etc

The trader’s questions:

  • What markets should I trade?
  • What is the best timeframe?
  • How much money can I make?
  • How should I get started?


  • Read from The New Market Wizards
    • Selected interviews with specific goals in mind
    • The Market Wizardom section. We will discuss
  • Read from The New Trading for a Living
    • Just explore the book
  • Find and track several markets
    • Write down daily prices
    • Investigate free internet data sources

If you enjoy the podcast, one of the very best things you can do for me is to leave me a review on iTunes here. Also, if you like the music for this podcast, then be sure to check out Brian Ashley Jones, my friend, and a fantastic singer-songwriter.

Enjoy the show:


Adam Grimes has over two decades of experience in the industry as a trader, analyst and system developer. The author of a best-selling trading book, he has traded for his own account, for a top prop firm, and spent several years at the New York Mercantile Exchange. He focuses on the intersection of quantitative analysis and discretionary trading, and has a talent for teaching and helping traders find their own way in the market.