159: What It Takes To Be Successful In Trading (@TopDogTrading)
What It Takes To Be Successful In Trading
In episode 159 of the Desire To Trade Podcast, I am joined by Barry Burns, full-time trader, and owner of Top Dog Trading.
Barry has been in a prior episode of the podcast (episode 116) a few months ago where he shared some anecdotes and he’s back today to discuss how he's been able to progress to become successful in trading.
With 51 years of experience in the markets, Barry had the chance to learn from impactful mentors.
Not only that, but his first trading experience occurred at 8 years old.
However, Barry makes it clear that not because you start young, you'll become successful. He went through major challenges like everyone else.
His favorite quote: “successful people are willing to do what unsuccessful people are unwilling to do!”
Make sure you don't miss this out!
Topics Covered In This Episode
- Who Barry Burns is and what he does [0:40]
- How Barry Burns feels after many years of trading [3:49]
- The reason why Barry Burns keeps backtesting strategies and testing things [10:17]
- Barry Burns’ favorite period of time, anecdote or story in his 51 years of trading [12:01]
- Trading to make a living with what Barry Burns know now and being passionate about it [16:29]
- The common things that people hear are wrong or should not be applied in the market to become successful in trading [20:18]
- What technical analysis includes; reading chart patterns and indicators to become successful in trading [22:36]
- How possible (or not) it is to learn how to trade like banks [30:06]
- Which education is recommended for beginners and what they should learn to become successful in trading [32:27]
- Barry Burns’ best teacher or mentor and 1 or 2 things he’s been coached on [39:11]
- Risk management and money management to be successful in trading [42:25]
- Differences in the way he traded or the market in general back then [44:19]
- Worst years in trading where things did not fall as expected and Barry Burns had to work better [47:05]
- Recovering from drawdowns and not focusing on wins/losses to be successful in trading [49:56]
- Action steps that people should apply to become better traders [60:06]
- Top Dog Trading “Rubber Band Trade” Setup
- Barry’s Book: Trend Trading For Dummies
- Book: Technical Analysis for Dummies
DesireToTRADE Top Resources
- Desire To TRADE Forex Trader Community (free group!)
- Complete Price Action Strategy Checklist (free checklist!)
- One-Page Trading Plan (free template!)
- DesireToTRADE Academy (exclusive training program)
How To Find Barry Burns?
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!