The Routines & Rituals Of Top Forex Traders For Optimal Trading Results – Show Notes
In episode 93 of the Desire To Trade Podcast, I interview Stacey Burke, a Forex trader who has learned about trading the hard way while blowing up some small accounts and making all the mistakes most losing traders make. Through that process, he has able to identify where the real problems were in his trading and himself and turn the corner by adopting the rituals of top Forex traders.
Coming from a sporting background in ice hockey and Ironman triathlon, hard work and a competitive nature are some of the attributes he believes are necessary to succeed in Forex trading. Being a fan of performance himself, Stacey placed a lot of emphasis on adopting the rituals of top Forex traders (and traders in other markets as well). That allowed him to grow at a much faster pace!
Stacey gives credit to other great traders for his success. Brent Penfold's advice on being “the best loser”, but he also implemented things in his daily routine to help him continually keep getting better at the process of trading. Like Mike Bellafiore says “how good can we get?. One of the rituals of top Forex traders that I've identified is this idea of staying in a consistent growth mindset, no matter what level you are at.
Here's a key takeaway:
“Trading mastery is a journey, not a destination. Focus on constant progress, NOT perfection.” (click to tweet!)
Share This! Top Quotes From This Interview
“If you know the enemy and know yourself, you need not fear the result of a hundred battles.” – Sun TzuFocus on being a good loser and having asymmetrical risk/reward opportunities. - @drstaceyburke Click To Tweet
“Keep it simple and learn how to lose.” – Stacey Burke
In This Episode, You’ll Learn…
- How Stacey went through 10 years of losing trades without stopping – and how he recovered
- The Forex trading habits (rituals of top Forex traders) that Stacey go through on a daily basis
- How to really learn from other traders – because you can't simply copy
- Why expecting to lose trades is powerful
- The importance of having a solid trading journal (another part of the rituals of top Forex traders)
- Some of the best lessons from traders around the world
- Why teaching and sharing makes you a more successful Forex trader
- The more you trade the more you are likely to make mistakes
- How Stacey uses paper notebooks – I do the same!
- One thing Stacey wished he knew when he started to trade
- How to create an asymmetrical edge in the market
- And much more!
Resources Mentioned In This Interview
- Edgewonk: the trading journal Stacey and many traders use on a daily basis.
- Dr. Brett Steenbarger's blog: a great resource to grow in the field of trading psychology with daily content.
- Peter Brandt: a trader Stacey gives a lot of credit to for sharing his experience and knowledge.
DesireToTRADE’s Top Resources
- DesireToTRADE Forex Trader Community (free group!)
- Complete Price Action Strategy Checklist (free checklist!)
- One-Page Trading Plan (free template!)
- DesireToTRADE Academy
How To Find Stacey Burke?
What is one thing you are going to implement after listening to this podcast episode? Leave a comment below, or join me in the Facebook group!