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If you appreciate sound trading advice, detailed analysis, and disciplined consistency, then Charles Kirk’s THE KIRK REPORT should be at the top of your daily reading list. Mr. Kirk delivers a premarket report and an after market report (usually within 2 hours of market close) each trading day.
BACKGROUND
I recently had the pleasure of interviewing Charles Kirk. His 17 years of experience really shows in the thoughtful answers to the questions that follow.
Mr. Kirk’s site provides his own focused trading advice (hence his site’s tagline “one pro’s view of the stock market”) with numerous daily links to trading news and market insights.
He provides a FREE SERVICE and a MEMBERS ONLY service whose annual fee -considered a “donation” -is less than what most people spend on food for two days. These are perfect for the active trader who seeks trading wisdom not hand holding direction. You may see a sample post here.
He will occasionally provide links to stock trading e-books as well. The most recent one I have found to be well worth reading entitled Mental Fitness For Traders.
For a good summary of Mr. Kirk’s qualifications and media attention see his ABOUT ME page.
The following interview was conducted last week via an e-mail exchange and I appreciate his valued time in answering these for my readers. I hope you find them as worth while as I have.
INTERVIEW
CH TRADER: In your opinion, what are the basic characteristics of a successful trader?
KIRK: To become a successful trader you must know how to think and evaluate multiple factors quickly; you must be in control of yourself and emotions (especially your ago) and recognize your own bias and shortfalls; you must constantly challenge your assumptions; you must become a perpetual student who always has an open mind to learn about new things and to acquire new skills; and you must ultimately have the patience and courage in order to stick with your strategies when times are tough.
CH TRADER: Would you say nature or nurture is most important to a trader? In other words, are successful traders born or made?
KIRK: It is my view that everyone has the capacity to become a successful trader provided that they put in the time, effort, and dedication over a lengthy period of time. Those who become successful, in my view, ultimately discover through this process how to best utilize their own talents and skills to create and sustain a consistent trading edge for themselves. In my experience, no one personality or type of person is better than any other.
CH TRADER: What is most important to success: an understanding of technical analysis or the proper mind-set?
KIRK: Trading is a mind game. I don’t care what approach you use- fundamental, technical, or using astrology-if you don’t have the proper mind set you will not win. Positive expectations create positive outcomes. Always.
CH TRADER: Would you classify yourself as a trader or as an investor or both?
KIRK: I trade for a living but invest long-term. The vast majority of my long-term investments are in passive index funds, ETFs, and long buy-and-hold investments. I subscribe to the lazy portfolio approach over the long-haul.
CH TRADER: What is the typical trading day like for Charles Kirk?
KIRK: Pretty boring. Anyone who thinks trading is exciting is doing it wrong. I start my day at 5AM (mountain time) by looking through my premarket scans and news feeds to get a good idea about what to expect from the market after the open. The goal is always to have a handful of trading opportunities I may want to trade (or at least watch) within that particular day. I also eat breakfast (usually cereal) in front of my computer during this time. 30 minutes prior to the opening bell I post my premarket post to members. After that, throughout the trading day I monitor my screens and watch lists looking for what I call “low risk/high reward” set ups. I also try to share anything of interest or help to those who read my website. After the closing bell, I do my daily workout at the gym and then prepare myself for the next day’s battle. Rinse and repeat.
CH TRADER: What are you currently reading? What one book has made the most difference in your life?
KIRK: I’m currently reading “The Hidden Forces That Shape or Decisions” by Dan Ariely. While I have read a lot of books (see http://www.thekirkreport.com/2005/11/kirks_2005_read.html), no one book has made the “most difference” in my life. Instead, I can think of many people (especially my dad who passed away 10 years ago this month) who made a tremendously positive impact on me and my future. Simply put, I’ve learned far more from people and my relationships than I ever have any of the books I’ve read in total.
CH TRADER: If you could start your trading career all over again would you change anything or do anything differently the second time around?
KIRK: I started collecting observations/lessons I learned in the market three years after I became a full-time trader (i.e. what worked, what didn’t, and why). It would have been helpful to have a thorough written documentation of those things right from the beginning as it would have enabled me to not have to relearn the same lessons again the hard way and would have shortened the learning curve.
CH TRADER: Thank you for taking your time to answer these questions.
KIRK: Thank you for the questions. I hope my replies are helpful.
I encourage you to check out THE KIRK REPORT and add it to your favorites list. I believe you will find it well worth your time.
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