Table of Contents
This one-hour interview brings together trader-psychology heavyweights Rande Howell, Andrew Menaker, Gary Dayton, Adam Grimes, and Jared Tendler to break down how real pros think, plan, and execute. It’s a rare round-table where clinical performance work meets practical chart time—perfect for newer traders who want to understand why mindset and process matter just as much as entries and exits.
In this piece, you’ll learn the core mental edges that separate consistent traders from the rest: treating P&L like a scoreboard—not a trigger; journaling performance to spot emotional patterns; using mindfulness to manage tilt and hesitation; risk rules that keep you in the game; when to step up size on trend days; and even why a simple 1R profit target can smooth your equity curve without dumbing down your strategy. By the end, you’ll have concrete habits to build discipline trade-by-trade while staying calm under uncertainty—so your strategy can actually show up when it counts.
Rande Howell Playbook & Strategy: How He Actually Trades
The Operating System: Build the Trader, Then Trade
Before entries and exits, Rande Howell focuses on building the person who will execute the plan under stress. The goal is a durable “performance self” that stays calm, follows rules, and thinks in probabilities when risk shows up. Here’s how he installs that operating system day-to-day.
- Define a clear trading identity in one sentence: “I am a risk manager who executes a tested edge with discipline.”
- Separate “you the person” from “you the trader” (new role = new rules); use a pre-session cue (deep breath + posture reset) to switch roles.
- Treat each trade as one play in a long season—never a verdict on self-worth; judge yourself on rule-following, not P&L.
- Commit to probabilistic language: replace “I know” with “If/then; odds say…; my job is execution.”
Pre-Market State Control: Calm the Body, Clarify the Mind
Rande starts with physiology because the body hijacks the mind when risk appears. Two minutes of deliberate state control beats hours of willpower later. Do this before charts.
- 2 minutes: 4-6 breaths per minute, nose inhale/mouth exhale; extend exhale to down-regulate arousal.
- Progressive release: relax jaw, shoulders, hands; then widen peripheral vision for 10–15 seconds to reduce tunnel vision.
- Label the day’s risk stories: “fear-of-loss,” “FOMO,” “revenge.” Write one counter-script for each (e.g., “FOMO → price must confirm; no confirmation, no entry”).
- Visualize one full trade loop (setup → entry → management → exit) with a small adverse excursion; rehearse staying rule-based.
Process over Prediction: If/Then Playbook
Rande frames the market as uncertainty managed by process. Your edge is a checklist that survives emotion. Keep the language plain and binary.
- Pre-define your two core setups (A and B) with context, trigger, stop, initial target, and management rules.
- Write If/Then cards for each setup (e.g., “If 20-EMA pulls back into prior day’s VWAP with declining delta, then limit at X; if stop hit, flatten—no re-entry until fresh signal.”).
- Set a daily loss limit (max 1–2R) and a “bad behavior” stop (1 strike = warning, 2 strikes = step away for 15 minutes).
- Green-light criteria: trade only when all checklist boxes are checked; any missing box = pass.
Entry Discipline: Confirmation First, Impulse Last
Impulses look like urgency and feel like certainty. Rande reduces them to mechanical gates that must be crossed before the click.
- Minimum confirmation: structure + signal + timing (e.g., higher-timeframe bias, local trigger, and session condition).
- 10-second rule: after the trigger prints, count to 10 while re-reading the entry line and stop; if the price invalidates any rule, stand down.
- No “anticipatory” clicks: touching the level ≠ entry; the bar must close or the trigger condition must complete.
- If late by >0.3R, skip; don’t move the stop to “make it fit.”
Risk & Position Sizing: Survive First, Size Second
Rande treats risk as the cost of finding out. The job is to keep risk small and constant so your edge can be expressed.
- Fixed fractional risk per trade (e.g., 0.5R–1R of account risk); never scale risk mid-day.
- Hard stop goes in immediately; no widening after entry—ever.
- First scale up only after 20–30 executed trades at target compliance (≥80% checklist adherence) and a positive expectancy.
- Cap daily trades (e.g., 3–6). More clicks, more emotional noise.
Trade Management: Script the Middle
Most traders have rules for entry and exit, but improvise the messy middle. Rande scripts the middle so emotions have nowhere to land.
- Pre-define management by volatility: ATR-based stop distance and trail increments; adjust size, not stops, when volatility spikes.
- Partial-out plan: take 1/3 at 1R only if trend quality degrades; otherwise, let full size run to target.
- One decision per bar: no intrabar tinkering unless a hard stop or profit target is hit.
- If price stalls for N bars at structure (define N by timeframe), tighten to breakeven + tick and accept re-entry risk later.
P&L Detachment: Scoreboard, Not a Siren
Open P&L grabs the primitive brain. Rande removes its power by rule and ritual, not by hope.
- Hide running P&L; show only R-multiples or position size.
- Check equity only at pre-set times (e.g., after exit or at session midpoint review).
- Reframe each trade: “I bought information at a fixed cost; I’ll judge success by rule compliance.”
- If you catch yourself trading “to make it back,” halt for 15 minutes and perform a breath + rewrite cycle before any next click.
In-Session Resets: Interrupt the Hijack
Even great prep cracks under heat. Rande uses fast resets to recover the executive brain before the next decision.
- Physiological sigh: two short inhales + long slow exhale; repeat twice.
- Name it to tame it: say out loud, “This is FOMO/anger/doom-thinking,” then read the counter-script you wrote pre-market.
- Micro-journal: one line—“State, Setup quality (A/B/C), Rule compliance (Y/N).” No prose during live risk.
- If two rule breaks occur within 30 minutes, stop trading for the day or move to replay.
Post-Trade Debrief: Journal for Patterns, Not Poetry
Rande’s journal is a performance tool, not a diary. You’re hunting repeatable emotional patterns tied to market conditions.
- After each trade, answer three questions: What did I do well? Where did I fall short? What will I change next time?
- Tag every trade with two labels: emotional state (calm, rushed, tilted) and market state (trend, range, chop).
- Weekly, sort by tags to find “state × setup” edges (e.g., “Setup A + calm + trend = +2.1R expectancy”).
- Write a one-paragraph “next week protocol” with one behavior target (e.g., “No anticipatory entries for Setup B.”).
Practice & Simulation: Reps Build Reflex
Execution skill is athletic. Rande emphasizes rehearsal so the body recognizes the play under stress.
- Do 15–20 minutes of bar-replay daily on one setup; speak checklist items out loud as the pattern forms.
- Sim trade first week after any rule change; only go live after ≥80% compliance in sim.
- Record three live trades per week; watch on 1.5× speed and note the exact second where arousal or hesitation appeared.
- Run one “pressure drill” session weekly: trade a smaller size in a faster market to practice staying rule-bound.
Emergency Plans: When Things Go Sideways
A bad stretch is a systems test, not a personality test. Rande’s approach contains the damage and restores your process quickly.
- Drawdown brakes: at −3R day or −6R rolling week, shift to sim until two green sessions with full compliance.
- Reduce risk to half-size for the first five trades after any drawdown brake is lifted.
- If anger, fear, or despair hit 7/10 or higher on a quick self-rating, flat all positions and initiate a 24-hour no-trade rule.
- Speak the identity line out loud, rewrite the If/Then for the last mistake, and restart with Setup A only.
Weekly Rebuild: Identity → Edge → Execution
Consistency is an identity you practice. Rande anchors the week with a short, repeatable rebuild that aligns beliefs and behavior.
- Sunday 30-minute review: score last week on four pillars—state control, checklist adherence, risk discipline, journaling.
- Choose one focus metric (e.g., “90% of entries with bar close confirmation”) and post it on your screen.
- Refresh counter-scripts for your top two sabotaging narratives; rehearse them daily before the open.
- Plan one deliberate rest block (no charts, full recovery) to keep emotional capital funded.
Communication with Yourself: Language that Trades Well
Words drive the state. Rande curates a small vocabulary that keeps the brain in execute-mode.
- Ban absolutist phrases (“must/never/sure thing”); replace with “if/then” and “odds/probabilities.”
- Use present-tense action cues: “See it, say it, do it: bias, setup, entry, stop, manage.”
- Keep a one-page “trader talk” sheet visible: identity line, setup criteria, risk rules, stop-widening ban, reset steps.
- End each day with one sentence to your future self: “Tomorrow I will protect my rules first, then my P&L follows.”
Andrew Menaker Playbook & Strategy: How He Actually Trades
Core Operating Principles: Process Over Prediction
Here’s the backbone of how Andrew approaches markets: build the person who trades before you build the trade. These rules make your actions repeatable, so your results don’t depend on luck or mood.
- Identity first: “I am a risk manager executing a probabilistic edge,” said out loud before the open.
- Separate goals: process goals (follow rules) > outcome goals (make money) for every session.
- One edge, two plays: keep a primary setup and a secondary “light” version for lower-quality conditions.
- Define “no-trade” days upfront: low energy, poor sleep, or high stress = half size or flat.
State Control: Enter the Market With the Right Brain
Most mistakes come from arousal spikes, not weak charts. This pre-market routine keeps your nervous system quiet enough to follow rules.
- 2 minutes of slow breathing (4–6 breaths/min), lengthen the exhale; shoulders and jaw relaxed.
- Name your top risk emotion for today (fear, FOMO, anger) and write a one-sentence counter-script.
- Quick body scan: rate tension 1–10; if >6, delay first trade until it’s ≤4.
- First trade embargo: no trades in the first 5 minutes unless your A-setup triggers with full confirmation.
Market Context: Start Wide, Then Narrow
Andrew filters opportunity by context first, signal second. This prevents forcing trades in the wrong environment.
- Mark higher-timeframe bias (trend/range) and one key level you’d defend with your own money.
- Define session condition (opening drive, balance, trend day potential) before any lower-timeframe trigger.
- Trade the first leg against your bias only once; the second attempt must align with the dominant context.
- If context is unclear for 15 minutes, no trades—reassess or stand down.
Set up Clarity: If/Then Cards You Can Read Under Stress
You need decision cards so simple you can recite them when your heart rate is up. Keep it binary.
- For each setup, write: context, trigger, entry type, invalidation, initial target, and management rules.
- Example: “If prior day high holds as support + momentum expansion, then buy pullback at VWAP; stop = swing low; target = 1.5R; trail only after +1R.”
- Any missing piece = no trade. “Almost there” is not there.
- Time-stop rule: if price does nothing for N bars (define N by timeframe), exit or tighten to breakeven.
Entry Discipline: Slow Hands, Fast Mind
Entries should feel boring. You’re gating impulses with simple mechanical checks.
- Confirmation triad: structure (HTF bias) + signal (trigger) + timing (session condition). Need all three.
- No anticipatory clicks: the trigger must complete (bar close or tape condition) before entry.
- If late by >0.3R, skip—never shrink stops to “make it fit.”
- 10-second rule: after trigger, count to 10 while re-checking stop/size; if any doubt, pass.
Risk & Sizing: Keep Losses Small, Predictably
Confidence comes from knowing your worst case. Andrew standardizes risk so each trade has the same emotional weight.
- Fixed fractional risk per trade (0.5–1.0% or R-based); never increase risk mid-day.
- Hard stop in the market immediately; no widening after entry—ever.
- Daily loss limit = 2–3R; hit it and you’re done for the session.
- Cap number of trades (e.g., 3–6). More trades ≠ , more edge, just more noise.
Managing the Middle: Script What You’ll Do After You’re In
The messy middle is where emotions rewrite plans. Pre-write how you’ll manage so you can’t improvise your way into trouble.
- ATR-informed stops and trail rules; adjust position size when volatility changes, not stops.
- Partial-out only on objective signals: stall at structure, momentum divergence, or time-stop—never “feels heavy.”
- One decision per bar; no intrabar tinkering unless stop or target hits.
- If price compresses for N bars at your level, tighten to breakeven + tick and accept re-entry risk.
P&L Detachment: Focus on R, Not Dollars
Money talk wakes up survival circuitry. Keep your brain in execution mode by changing what you see.
- Hide running P&L; show only R-multiples and position metrics.
- Check cumulative P&L only at predefined moments (mid-session break, session end).
- Self-talk script after each exit: “I bought information at a fixed cost; did I follow rules?”
- If you catch “gotta make it back,” pause 10 minutes and perform a reset before any new order.
Emotional Resets: Break the Tilt Spiral Fast
You won’t avoid emotions—you’ll interrupt them. Short resets bring your prefrontal cortex back online.
- Physiological sigh: two quick inhales, long exhale; repeat twice.
- Name the emotion out loud and read the counter-script you wrote pre-market.
- Micro-journal line after any spike: “State, setup grade, rule compliance (Y/N).”
- Two rule breaks in 30 minutes = shutdown for the day or move to sim.
Journal That Finds Patterns, Not Poetry
Your journal is a data tool, not a diary. We’re hunting for repeatable patterns between your state and the market’s state.
- Log each trade with three tags: emotional state (calm/rushed/tilt), market state (trend/range/chop), setup (A/B).
- End of day: score compliance (0–100%) and note one behavior to improve tomorrow.
- End of week: sort by tags to see where expectancy lives (e.g., Setup A + trend + calm).
- Promote or demote setups based on journal evidence, not opinion.
Drawdown Protocol: Stop the Bleed, Rebuild Fast
Loss streaks are part of the game. A prewritten plan prevents revenge trading and accelerates recovery.
- At −3R day or −6R rolling week: stop live trading; switch to sim until two sessions with full compliance.
- When returning live, trade half-size for the first five trades.
- Reduce to Setup A only; ban discretionary adds and counter-trend plays.
- Daily debrief focuses on behavior metrics, not P&L.
Weekly Rehearsal: Make Discipline Automatic
Repetition wires execution. A small, consistent routine keeps your process sharp.
- 20 minutes of bar replay on Setup A, speaking checklist items aloud as the pattern forms.
- Record and review three trades/week; mark the second where hesitation or arousal spiked.
- One deliberate “pressure drill” session: trade smaller size in faster conditions to practice staying rule-based.
- Choose one weekly focus metric (e.g., “90% entries only on bar close confirmation”) and post it on-screen.
Language That Trades Well
Words create states. Use language that keeps you objective and probability-focused.
- Replace absolutists (“must/never/sure thing”) with probabilistic “if/then/odds.”
- Short action mantra on the monitor: “See bias → spot setup → confirm → size risk → execute → manage.”
- End-of-day note to future self: one sentence about the single behavior you’ll nail tomorrow.
- Identity refresher before the open: say the line, breathe, then trade the plan.
Gary Dayton Playbook & Strategy: How He Actually Trades
Core Operating Principles: Mindfulness Meets Market Structure
Gary Dayton blends trader psychology with clear structure so decisions stay calm and repeatable under pressure. The aim is to execute a defined edge while keeping arousal low enough to follow the plan. Here’s how he frames the job.
- Identity statement before the open: “I am a risk manager executing a tested edge with calm focus.”
- Process goals beat outcome goals: score the day on rule-following, not dollars.
- Trade what the market is offering: context first (trend, range, auction condition), signal second.
- One A-setup and one B-setup only; everything else is passed without debate.
Pre-Market State Control: Build Calm on Purpose
The nervous system drives most errors. Gary starts by settling the body so the brain can read the structure and wait for confirmation.
- 2–3 minutes of slow breathing (extend the exhale); relax jaw/shoulders/hands; widen peripheral vision for 10–15 seconds.
- Name the day’s likely trigger (fear, FOMO, frustration) and write a one-line counter-script you’ll read before any click.
- If tension >6/10 on a quick self-check, delay the first trade until it’s ≤4.
- First-trade embargo: no entries in the first 5 minutes unless the A-setup prints with full confirmation.
Market Context: Top-Down Read Before Any Trigger
Gary starts wide, then narrows. This prevents forcing trades against the day’s auction and keeps you aligned with higher-timeframe flow.
- Mark higher-timeframe bias (uptrend, downtrend, balance) and the two levels you would “defend with your own money.”
- Label the session condition (opening drive, trend day, balanced rotation) before dropping to your trigger chart.
- Allow only one counter-bias attempt; any second attempt must align with a higher-timeframe direction.
- If context is unclear for 15 minutes, stand down and reassess rather than “find” a trade.
Structural Levels & Preparation: Draw the Map
Preparation keeps you patient. Gary maps where trade decisions will happen, so entries are responses, not reactions.
- Pre-mark prior day high/low, overnight high/low, VWAP, and the most recent swing inflection.
- Define “decision zones” (± a few ticks/pips) where you will act only with confirmation.
- Set alerts at zones; avoid staring at every tick to reduce impulsive clicks.
- Write one sentence for each level: “If price tests/holds/fails here, I will [action].”
The A-Setup: Context + Signal + Timing
Your best play combines structure with a clear trigger and the right session backdrop. Keep rules simple enough to apply fast.
- Context: trade in the direction of the higher-timeframe bias or from the edge of balance back to value.
- Signal: pullback to a pre-marked level with evidence of absorption/exhaustion (e.g., rejection wick, failed break, or momentum stall).
- Timing: enter during session phases that favor follow-through (e.g., continuation after the first pullback on a trend day).
- Invalidation is structural (beyond swing/zone), not “feel.” If invalidated, flatten without discussion.
Entry Mechanics: Confirmation Over Impulse
Entries should feel boring and deliberate. Gary uses simple gates to remove guesswork and keep risk defined.
- Wait for the trigger to complete (bar close or tape condition), not just “touch.”
- If late by >0.3R relative to your planned stop, skip; never shrink stops to fit an entry.
- Use limit entries only at pre-defined levels; otherwise, enter at market on confirmation.
- After clicking, immediately place the hard stop—no exceptions, no widening.
Risk & Position Sizing: Keep Emotional Load Constant
Sizing is set so each trade carries the same psychological weight. This stability makes discipline easier.
- Fixed fractional risk per trade (e.g., 0.5–1.0R); never increase risk mid-day, even after wins.
- Daily loss limit = 2–3R; hit it and you’re done for the session.
- Cap trades (e.g., 3–6) to reduce noise and decision fatigue.
- Adjust position size with volatility (ATR or average excursion), not by “confidence.”
Trade Management: Script the Middle Before You’re In
The middle is where plans die. Gary pre-writes management so emotional stories can’t take over.
- Define target logic by structure (next area of value/imbalance) and volatility (ATR-based scaling).
- One decision per bar; no intrabar tinkering unless stop or target is hit.
- Partial-out only on objective cues: stall at structure, shift in momentum, or time-stop after N bars of nothing.
- If price compresses at your level for N bars, tighten to breakeven + tick and accept re-entry risk later.
Exits & Review: Let Structure End the Trade
Clean exits protect expectancy. Gary keeps it binary so you’re not negotiating with P&L in real time.
- Three exit types only: invalidation (hard stop), target (pre-defined), and time-stop (N bars with no progress).
- Trail only after +1R and only by objective rule (swing/ATR/VWAP), not “I want to lock it in.”
- After exit, record whether the exit matched the plan—no rationalizing allowed.
- If you move a stop or target outside the rule, tag the trade as a rule break, even if it made money.
P&L Detachment: Trade R, Not Dollars
Dollars trigger survival mode. Gary keeps attention on the quality of execution so the plan can play out.
- Hide running P&L; show R-multiples and position metrics only.
- Check equity at scheduled times (mid-session break and session end), never during live management.
- Post-exit script: “I paid a fixed cost to test my edge. Did I follow the rules—yes or no?”
- If you notice “must make it back” thoughts, initiate a 10-minute reset before any new order.
Mid-Session Resets: Interrupt Tilt Quickly
You can’t stop emotions, but you can stop them from steering. Short resets bring the thinking brain back online.
- Do a physiological sigh (two short inhales + long exhale) twice; rate arousal again.
- Say the emotion out loud (“this is FOMO/anger/urgency”) and read your prewritten counter-script.
- Write a one-line micro-journal entry: state, setup grade (A/B), rule compliance (Y/N).
- Two rule breaks within 30 minutes → stop trading for the day or switch to replay.
Journal That Finds Patterns
Journaling is a performance lab. Gary tracks how his state and the market’s state interact to produce results.
- Tag each trade with market state (trend/range/chop), emotional state (calm/rushed/tilt), and setup (A/B).
- Score compliance (0–100%) each day; the day’s grade is compliance, not P&L.
- Weekly, sort by tags to find expectancy pockets (e.g., A-setup + trend + calm), then double down on what’s working.
- Promote/demote setups and rules only based on journal evidence.
Drawdown Protocol: Contain Damage, Rebuild Confidence
Bad stretches happen. Gary uses a prewritten plan so you stop the bleed and return stronger.
- At −3R day or −6R rolling week: stop live trading; switch to sim until two full-compliance sessions.
- When returning live, trade half-size for the first five trades and limit to the A-setup only.
- No counter-trend trades, no discretionary adds, no “one more try” after the daily stop.
- Daily debrief focuses on behavior metrics (state control, checklist adherence), not P&L.
Weekly Rehearsal: Make Calm and Clarity Automatic
Repetition wires execution. A short practice loop makes discipline the default.
- 15–20 minutes of bar-replay on the A-setup; speak each checklist item aloud as it forms.
- Record three live trades weekly; review at 1.5× and mark the exact second arousal/hesitation appeared.
- One “pressure drill” session: smaller size in faster markets to practice staying rule-bound.
- Pick one weekly focus metric (e.g., “90% of entries only on bar-close confirmation”) and post it on-screen.
Language That Trades Well
Words set state. Gary keeps language probabilistic and action-focused so you can execute under uncertainty.
- Replace absolutes (“sure thing/must/never”) with if/then and odds language.
- Keep a one-page sheet on-screen: identity line, context checklist, A/B setup criteria, risk rules, reset steps.
- Use a simple action mantra: “Context → Setup → Confirm → Size → Execute → Manage.”
- End-of-day: one sentence to future you naming the single behavior you’ll nail tomorrow.
Adam Grimes Playbook & Strategy: How He Actually Trades
Operating Principles: Probabilities Over Predictions
Adam Grimes builds everything on statistics and repeatability. The goal is to express a small edge with ruthless consistency, not to forecast headlines or call tops and bottoms.
- Identity line before the open: “I execute a quantified edge with strict risk.”
- Process goals beat outcome goals: grade the day on rule-following, not P&L.
- One main setup and one backup; anything else is “observe only.”
- Trade fewer, better: quality filter first, then timing, then execution.
Market Regime First: Trend, Range, or Transition
Context decides what kind of trade makes sense. Adam classifies the day’s regime so he doesn’t force trend tactics in chop or fade ranges on trend days.
- Mark higher-timeframe bias (up, down, balanced) using swing structure and moving averages as context, not as signals.
- Label the session: opening drive, balance, or trend day potential before dropping timeframes.
- Only one counter-trend attempt per idea; the second must align with the dominant regime.
- If the regime is unclear for 15 minutes, stand down and reassess.
Structural Map: Levels You’ll Actually Trade
Preparation removes impulse. Adam pre-marks where decisions will happen, so entries are planned responses, not reactions.
- Map prior high/low, overnight extremes, weekly swing levels, and value areas like VWAP.
- Convert levels into “decision zones” (± a few ticks/pips) and set alerts; no staring at every tick.
- Write an action sentence for each zone: “If test holds/fails, I will [entry/skip/flip].”
- Scrap levels that price ignores; promote levels that repeatedly act as pivot/acceptance.
The A-Setup: Pullback in an Established Trend
Adam’s bread-and-butter is a simple pattern with a statistical tailwind: momentum push, controlled pullback, resumption. Keep the rules binary.
- Context: higher-timeframe trend in force, not fresh breakouts with no structure.
- Trigger: pullback to a pre-marked zone (prior high/low, VWAP, or dynamic mean) with momentum deceleration.
- Entry: confirmation on bar close or tape failure at the zone; no anticipatory clicks.
- Invalidation: beyond the swing that defines the pullback; if hit, flatten without discussion.
The B-Setup: Failed Breaks Back Into Range
Failed moves often travel to the other side of value. Adam treats them as mean-reversion with defined risk.
- Context: balanced market with clear range boundaries.
- Trigger: breakout that immediately stalls and closes back inside the range.
- Entry: fade back into value with a stop just beyond the failed extreme.
- Target: opposite side of value or mid-range; trail only after +1R.
Entry Mechanics: Confirmation Over Impulse
Entries should feel methodical and a little boring. Simple gates prevent paying for “almost there.”
- Require structure + signal + timing (session condition) before any order.
- If late by >0.3R relative to planned stop, skip; never shrink stops to fit.
- Use limit orders only at pre-defined levels; otherwise, enter on confirmation at market.
- After clicking, place the hard stop immediately—no widening later.
Risk & Position Sizing: Volatility Sets the Clip
Sizing matches volatility so each trade carries a similar emotional weight. That stability is what lets statistics show up.
- Fixed fractional or fixed-R risk per trade (e.g., 0.5–1.0R); keep it constant intraday.
- Use ATR or recent adverse excursion to size position and set initial stop distance.
- Daily loss limit = 2–3R; hit it and you’re done for the session.
- Cap trades (e.g., 3–6) to reduce churn and decision fatigue.
Managing the Middle: Script It Before You’re In
The “middle” is where plans die. Adam prewrites what price must do to continue or to exit, so emotions don’t negotiate mid-trade.
- One decision per bar; no intrabar tinkering unless a stop/target hits.
- Time-stop: if price does nothing for N bars (defined by timeframe), reduce or exit.
- Partial out only on objective cues: stall at structure, momentum fade, or volatility shock.
- Trail after +1R using structure (higher lows/lower highs) or ATR; never because “it feels heavy.”
Exits: Let Structure End the Trade
Clean exits protect expectancy more than fancy entries. Adam keeps exit rules simple and enforceable.
- Three exit types only: invalidation (hard stop), target (pre-defined), and time-stop (no progress).
- Don’t turn winners into “let’s see” experiments—either trail by rule or hit the target.
- If the exit deviates from the plan, tag the trade as a rule break, even if green.
- After exit, record R-multiple and whether the exit matched the script—no rationalizing.
P&L Detachment: Trade in R, Not Dollars
Dollars light up survival wiring. Adam normalizes risk so the brain stays in execute mode.
- Hide running P&L; display R-multiples and position metrics only.
- Check equity only at set times (mid-session, session end), never during active management.
- Post-trade script: “I paid a fixed cost to test my edge. Did I follow rules—yes/no?”
- If “make it back” thoughts appear, pause 10 minutes before any new order.
Statistics & Validation: Keep What Works, Cut What Doesn’t
Edges survive scrutiny. Adam uses simple stats so you know what deserves capital.
- Track each setup’s win rate, average win/loss, and expectancy over rolling 50–100 trades.
- Promote/demote setups based on data; retire anything with negative expectancy after enough samples.
- Review outliers separately; don’t let one monster win, hide a weak process.
- When volatility regime changes, re-baseline stops/targets with fresh samples.
Journal for Patterns, Not Poetry
Journaling is a lab notebook. You’re hunting repeatable relationships between your state, market state, and outcomes.
- Tag each trade with market regime (trend/range/transition), setup (A/B), and emotional state (calm/rushed/tilt).
- Grade daily compliance (0–100%) and write one behavior you’ll improve tomorrow.
- Weekly, sort by tags to find expectancy pockets (e.g., A-setup + trend + calm).
- Build next week’s focus metric (e.g., “90% entries on bar-close confirmation”) and post it on-screen.
Mid-Session Resets: Interrupt Tilt Fast
You won’t avoid emotion—you’ll stop it from steering. Short resets bring the thinking brain back online.
- Do two rounds of physiological sigh (two short inhales + long exhale); re-rate arousal.
- Say the emotion out loud and read a one-line counter-script you prepared pre-market.
- Log a micro-journal line: state, setup grade (A/B), rule compliance (Y/N).
- Two rule breaks in 30 minutes → stop trading or switch to replay.
Drawdown Protocol: Contain, Diagnose, Rebuild
Bad stretches happen. A prewritten protocol prevents revenge trading and accelerates the bounce-back.
- At −3R day or −6R rolling week: stop live trading; run two full-compliance sim sessions.
- Return at half-size for the first five trades; A-setup only.
- Ban counter-trend plays and discretionary adds until back above water.
- Debrief behavior metrics first (state control, adherence), P&L second.
Weekly Rehearsal: Make Discipline Automatic
Repetition wires execution. Adam keeps a small but consistent practice loop.
- 20 minutes of bar replay on the A-setup; speak each checklist item out loud as it forms.
- Record and review three trades per week; mark the exact second hesitation or arousal appeared.
- One “pressure drill” in a faster market at a smaller size to practice staying rule-bound.
- Refresh the one-page playbook: identity line, regime checklist, A/B rules, risk limits, reset steps.
Language That Trades Well
Words create a state. Keep language probabilistic and action-oriented so you can execute under uncertainty.
- Replace absolutes (“must/never/sure thing”) with “if/then/odds.”
- On-screen mantra: “Regime → Setup → Confirm → Size → Execute → Manage.”
- End of day: one sentence to future you about the single behavior you’ll nail tomorrow.
- Before the open: say the identity line, breathe, and trade the plan.
Jared Tendler Playbook & Strategy: How He Actually Trades
Operating Principles: Skill, Not Willpower
Jared Tendler treats execution as a trainable skill, not a motivational speech. The idea is to make your best decisions show up on command, regardless of P&L swings or market noise.
- Identity statement before the open: “I am a risk manager executing a defined edge with stable emotion.”
- Score days by rule-following and decision quality, not dollars made or lost.
- Build systems that work when you’re stressed; if it only works when you feel great, it isn’t a system.
A-Game, B-Game, C-Game Map: Know Exactly Who’s Clicking
You can’t fix what you can’t see. This framework makes your performance states obvious so you know when to press, when to protect, and when to step aside.
- Write three short lists: A-game (what you do when sharp), B-game (minor leaks), C-game (blunders).
- Add concrete tells for each state (breathing rate, mouse speed, inner dialogue, chart hopping).
- Pre-plan actions per state: A-game → full rules; B-game → confirm with extra filter; C-game → reduce size or stop.
Tilt Profiles: Name the Enemy to Control It
Different emotions break rules in different ways. Label the specific tilt you’re prone to so the right fix is always on hand.
- Identify your top two tilts (e.g., fear of loss, FOMO, revenge, outcome fixation, entitlement).
- For each tilt, write a one-sentence “Inject Logic” that you will read before any order when triggered.
- Create a decision tree: if Tilt X ≥ 6/10, then pause 5 minutes, breathe, read the script, and only resume on a valid A-setup.
Warm-Up Routine: Install the Performance Self
A short, repeatable warm-up aligns your brain with your rules. This is where you switch from everyday you to trader you.
- Two minutes of slow breathing (4–6 breaths/min), extend the exhale; relax jaw, shoulders, hands.
- Read your identity line, A/B/C-game map, and today’s Inject Logic scripts.
- Visualize one full trade loop with a small adverse move and see yourself following the stop and management rules.
Market Context First, Always
Context prevents forcing trades. Read the environment before chasing signals so your edge matches the day.
- Label higher-timeframe bias (trend, range, transition) and write one sentence about what that implies.
- Pre-mark two or three decision zones you’ll actually trade; set alerts so you don’t stare and drift.
- Allow one counter-bias attempt per idea; the second attempt must align with the dominant context.
If/Then Playbook Cards
Complex plans collapse under pressure. Use simple cards you can read when your heart rate is up.
- For each setup, write: context, trigger, entry type, invalidation, target, and management.
- Example: “If pullback to VWAP holds after failed break and momentum returns, then enter on bar close; stop = swing low; target = prior high + 1R trail.”
- Any missing component = no trade; time-stop if no progress after N bars.
Entry Discipline: Confirmation Over Impulse
Most pain comes from entering early or “making it fit.” Gate entries with mechanical checks that are hard to cheat.
- Require structure + signal + timing (session condition); need all three.
- No anticipatory clicks—the trigger must complete (bar close or defined tape condition).
- If late by >0.3R relative to planned stop, skip; never shrink stops to justify entry.
- After clicking, place the hard stop immediately—no widening later.
Risk & Sizing: Standardize Emotional Load
Your brain performs best when each trade “feels” the same. Keep risk constant so decisions stay clean.
- Fixed-R or fixed fractional risk per trade (e.g., 0.5–1.0R); never increase mid-day.
- Daily loss limit = 2–3R; hit it and you’re done—no “one more to get even.”
- Cap trades (e.g., 3–6) to reduce tilt exposure and decision fatigue.
- Adjust size with volatility (ATR/adverse excursion), not with confidence or mood.
Managing the Middle: Scripted, Not Freestyled
Emotions love the messy middle. Write rules that tell you exactly what to do after entry.
- One decision per bar; no intrabar tinkering unless stop/target triggers.
- Partial-out only on objective cues: stall at structure, momentum fade, or time-stop.
- Trail only after +1R and only by rule (swing/ATR/VWAP), not because “it feels heavy.”
- If price compresses for N bars at your level, tighten to breakeven + tick and accept re-entry risk later.
P&L Detachment: Trade in R, Not Dollars
Dollars trigger survival circuits. Shifting to R-multiples keeps your brain in execute mode.
- Hide running P&L; show R and position metrics only.
- Check equity only at scheduled times (mid-session break, session end).
- Post-exit script: “I paid a fixed cost to test edge quality. Did I follow rules—yes/no?”
- If “make it back” shows up, pause 10 minutes and run your reset before placing any order.
On-the-Spot Resets: Interrupt the Spiral
You can’t stop emotions from appearing, but you can stop them from steering. Use quick resets to bring the thinking brain back online.
- Physiological sigh: two short inhales + long exhale; repeat twice; re-rate arousal 1–10.
- Say the emotion out loud and read the matching Inject Logic script.
- Write a one-line micro-journal entry: state, setup grade (A/B), rule compliance (Y/N).
- Two rule breaks within 30 minutes → stop or switch to replay for the rest of the session.
Journal for Patterns, Not Prose
Your journal is a performance lab, not a diary. Track what repeats so you can scale strengths and sand down leaks.
- Tag each trade with market state (trend/range/chop), emotional state (calm/rushed/tilt), and setup (A/B).
- Grade compliance (0–100%) and note a single behavior focus for tomorrow.
- Weekly, sort tags to find where expectancy lives (e.g., A-setup + trend + calm); double down there.
- Promote/demote rules and setups based on evidence from 50–100 trade samples.
Variance Management: Normalize Winning and Losing
Variance is part of the job; dramatizing it is optional. Pre-plan how you’ll act after streaks so momentum doesn’t corrupt the process.
- After a +3R day: keep size constant next session; same rules, no “house money” adds.
- After a −3R day: mandatory debrief and half-size first five trades when you return.
- Ban discretionary “revenge” trades; any impulse must pass the full checklist, or it doesn’t exist.
- Keep a rolling 20-trade performance graph in R to normalize swings.
Drawdown Protocol: Stop the Bleed, Rebuild Fast
Confidence returns fastest when you prove you can follow rules again. Make recovery stepwise and measurable.
- At −6R rolling week or −10R rolling month: move to sim until two full-compliance sessions.
- Return at half-size, A-setup only, with a daily cap of three trades for the first two days.
- No counter-trend plays, no discretionary adds, no moving stops.
- Daily review focuses on behavior metrics (state control, adherence), not P&L.
Weekly Rehearsal: Make Discipline Automatic
Repetition wires execution so it survives stress. Keep the loop short and consistent.
- 20 minutes of bar replay on your A-setup; speak checklist items aloud as the pattern forms.
- Record three live trades per week; review at 1.5× speed and mark the second arousal/hesitation spike.
- One deliberate “pressure drill” in faster conditions at a smaller size to practice staying rule-bound.
- Post one weekly focus metric on-screen (e.g., “90% entries only on bar-close confirmation”).
Language That Trades Well
Words shape state, and state shapes execution. Use language that keeps you objective and probability-focused.
- Replace absolutes (“must/never/sure thing”) with “if/then/odds.”
- On-screen mantra: “Context → Setup → Confirm → Size → Execute → Manage.”
- Identity reminder before the open and after any reset: read it, breathe, then trade the plan.
- End-of-day note to future you: one sentence about the single behavior you’ll nail tomorrow.
Size Risk First: Let Position Sizing Dictate Every Trade Decision
Adam Grimes hammers home that position sizing is the edge you control, not a guess about where price might go. Jared Tendler adds that consistent size keeps your brain calm enough to execute, because every trade “feels” the same. Andrew Menaker frames it as identity—be a risk manager first, a predictor second—so your size is set before emotion shows up. Gary Dayton ties it back to structure: size to volatility and the quality of the setup, not to hope or fear.
Rande Howell pushes the discipline piece: a fixed-R framework and a hard daily loss cap stop tilt before it starts. When volatility expands, reduce the size instead of widening stops and calling it “confidence.” If you’re late on an entry and the stop grows, cut the size or pass—never force a fit. Treat every click as buying information at a known cost; the job is to pay the same price each time and let the edge express over a series of trades.
Trade Volatility, Not Noise: Adjust Allocation as ATR Regime Shifts
Adam Grimes stresses that volatility is the environment your strategy lives in, so you size and select setups based on ATR, not vibes. Gary Dayton pairs that with structure: when ATR expands, expect deeper pullbacks and give trades more room or cut size so the emotional load stays constant. Andrew Menaker warns that chasing the same allocation across quiet and wild regimes is just disguised prediction; the fix is a prewritten table that maps ATR bands to risk per trade. Jared Tendler adds the psychology: consistent volatility-based sizing makes every trade “feel” similar, which prevents overconfidence on trend days and panic in chop.
Rande Howell brings it home with discipline rules: if realized volatility jumps beyond your “normal” band, reduce size first, not after a loss; if it compresses, allow more frequent but smaller targets. Adam Grimes suggests rotating from breakout continuation to failed-break or mean-reversion plays when ATR collapses, matching tactics to the environment, not the other way around. Gary Dayton recommends time stops in low-volatility sessions to avoid babysitting noise and permits to stand down when nothing meets your regime criteria. Andrew Menaker keeps a single counter-bias try in high-volatility days to avoid getting whipsawed, then demands alignment with the dominant move. Jared Tendler closes the loop by tracking performance by volatility bucket so you know exactly where your edge lives—and where to press or protect.
Diversify by Underlying, Strategy, and Duration to Smooth Equity Curves
Adam Grimes argues that true diversification isn’t holding more tickers—it’s mixing uncorrelated return streams. Pair equities momentum with mean-reversion in indexes, add a trend-following sleeve in commodities, and you’ve diversified by behavior, not just symbols. Gary Dayton suggests staggering timeframes—intraday continuation, swing reversion, and a weekly trend core—so one timeframe’s noise doesn’t sink the whole ship. Andrew Menaker emphasizes psychological diversification too: if all your trades feel the same, you’re not diversified, you’re concentrated and emotionally fragile.
Rande Howell pushes rules for allocation: fix base risk per “bucket” (underlying, strategy, duration) and never let the hot hand quietly bloat exposure. Jared Tendler adds a performance review by bucket so you see which streams carry expectancy and which simply add variance. When correlations spike, Adam Grimes cuts position sizes across similar behaviors rather than killing all trades, keeping the machine running at a lower throttle. Gary Dayton finishes the loop by rotating attention: trade the setup that matches today’s market condition while the other buckets wait their turn, so the portfolio, not any single idea, does the heavy lifting.
Write If/Then Rules: Mechanics Over Prediction in Live Execution
Adam Grimes frames execution as a binary game: if context and trigger align, then act; if any element is missing, pass. Gary Dayton insists on structural anchors—if prior day high rejects and momentum stalls, then short on confirmation; if it reclaims and holds, then abort and stand aside. Andrew Menaker wants these statements printed on cards so that, under stress, your brain reads mechanics instead of inventing forecasts.
Rande Howell pushes identity into the rule: if emotion spikes above a preset threshold, then pause and reset before any order; if two rule breaks occur, then end the session. Jared Tendler closes the loop with clarity on exits: if price does nothing for N bars, then time-stop; if +1R is reached with momentum intact, then trail by structure. Adam Grimes adds the discipline clause: if entry is late by more than 0.3R, then skip—never resize stops to fit. Gary Dayton keeps it simple: if level, signal, and timing don’t all light up, then there is no trade.
Prefer Defined-Risk Setups; Know When Undefined Risk Is Worth It
Adam Grimes keeps it simple: if you can cap the downside at entry, you’ve already improved expectancy before the first tick. Gary Dayton echoes that defined risk makes execution cleaner—your stop is structural, your size is pre-set, and your brain isn’t negotiating mid-trade. Andrew Menaker adds the psychology: defined risk keeps every trade “feeling” the same, which protects discipline across hot and cold streaks. Rande Howell pushes a bright-line rule—no widening stops, no “it’ll come back”—because undefined risk often sneaks in through behavior, not just product choice.
Jared Tendler still leaves the door open for calculated exceptions: undefined risk can be justified when the edge is strong, liquidity is deep, and you’ve prewritten contingencies (hard exit, hedge, or rapid reduce). Adam Grimes suggests treating those exceptions as special plays with a smaller size and stricter time-stops, not everyday tools. Gary Dayton wants structure to decide: if a failed break traps participants and volatility is compressing, the asymmetric move might warrant a tightly managed, undefined-risk attempt. Andrew Menaker finishes the loop with process: log any undefined-risk trade as its own category, grade compliance ruthlessly, and keep it on a short leash until the data proves it belongs.
In the end, all five guests are saying the same quiet thing in different voices: build the trader first, then trade. Rande Howell makes it brutally clear that your default mindset about winning and losing either funds your edge or bleeds it dry. Andrew Menaker turns that into a daily operating system—identity first, process goals over outcome goals, and a simple state check that decides whether you trade, downshift, or step aside. Gary Dayton connects the psychology to structure so you stop forcing predictions and start acting only when context, level, and timing align. Adam Grimes wraps it in statistics: small edges, repeated cleanly, with risk standardized and exits scripted. Jared Tendler gives you the wrench set for when emotions inevitably flare—A/B/C-game maps, Inject Logic, and fast resets that bring the thinking brain back online.
The practical overlap is unmistakable. Treat each trade as buying information at a fixed cost; size by volatility so every click “feels” the same; and let If/Then rules decide when to enter, manage, and exit. Cap daily losses, cap the number of trades, and outlaw stop-widening so undefined risk can’t sneak in through behavior. Diversify by underlying, strategy, and duration to smooth the equity curve, but only allocate to buckets that show real expectancy in your journal. When volatility changes, change with it—adjust size, targets, and even which setups you deploy—so tactics match the day instead of your mood. And when the wheels wobble, don’t negotiate: shut it down, review behavior metrics first, and rebuild at half size with the A-setup only. Do these boring things ruthlessly well, and the “secret sauce” stops being a secret; it becomes your normal.
