[I've always liked Linda Raschke ... she's the real deal and every word is gold. You should seek out everything she has ever written and recorded]

Episode 48 ... Linda Raschke (49:29)

1981, started as equity options trader on the floor
Barriers to entry minuscule today compared with the past when she started
Once you find the key, they change the lock
Must learn to adapt
What works for someone else might not work for you
Still learns something new every day
After ten years of trading, she felt confident with her plan
You can't go and copy another trader
Have to move to markets where there's volume and volatility
Many markets she used to trade no longer exist (pork bellies, OEX options, etc.)
Markets either go up or down
Don't force anything
Like tennis, keep the ball in play until you see an opening
The big money is made holding overnight, which is riskier
Don't use linear framework to approach the market
Wyckoff ideas of range contraction and tests and re-tests still good
Look for strong volume, strong directional bias
Lethal to trade in the middle of a range
Trade location irrelevant if you're getting on a trend
Market moves now efficient, instantly goes to new equilibrium level
Look at price, not derivatives of price, like oscillators
Always check liquidity first ... can you get out quickly?
Intuition just the sum of experience, she's not a fan of intuition
Every time she's had a hunch, she's been wrong as often as right
Need a very consistent approach or framework to the market
Prepares the night before, has a game plan, comes in next morning ready to go
80% of your profits come from 10% of your trades
Don't scramble in the morning to get prepared, do it the night before
You need to concentrate and focus, don't get distracted by Twitter and TV, shut out the noise
Take anybody else's opinion with a grain of salt
Most "educators" couldn't trade their way out of a paper bag
Anyone who trades well doesn't teach anybody else how to trade, it's a bottom-line business
Find your own style, do your own work
Print out charts and make a notebook, study action that preceded big moves
Gann was demented at the end, suffering from syphilis
Concentrate on one initial pattern and study it: a breakout thing, or a retracement in direction of trend
Keep track of your performance statistics, turn it into a game
Free yourself from ego, rid yourself of the need to call turns
Imagine yourself standing on your surfboard alone in the ocean waiting for the great wave
People think trading is easy, want to follow a guru -- they're doing it wrong
Every successful trader has found one little thing that works for her, and does it consistently
Has a website but neglects it
Look for YouTube videos of her ... all free! (5,210 results)