“I Need Confidence To Trade” Is A Myth?

In episode 166 of the Desire To Trade Podcast, I am sitting down with Alejandro, a student from the Desire To Trade Academy to discuss confidence in Forex trading.

Watch the video interview here.

Topics Covered In This Episode

• How you can have confidence when you trade 1:19
• Being curious and having an adaptive mindset 6:10
• The question of making money or not in trading, and shifting your mindset to be profitable 7:42
• Thinking about the overall picture and the process 10:50
• Focusing on the goals rather than profit 14:47
• Having to know the numbers 18:32
• Putting taking profits too high and stop-losses too low/tight 19:45
• Creating a journal 22:17
• Why you cannot trust on your memories 22:33
• Your personality and ego and how it relates to your mindset 24:54
• Having motivation in trading and doing it for freedom 28:48
• Thinking of trading strategies as different employees 32:21
• Why there is always an adaptation part 34:32
• Starting to implement the strategy and making it work to make money 36:36
• Every person has different strategies that resonate with them 39:03
• Why we tend to overestimate and underestimate market moves 40:57
• What a good risk-reward for day trading is, and win rates 44:06
• Example of backtesting 48:25
• Thoughts on crossover strategies 50:52
• Why automation systems in your process is essential 54:38
• Rules of a discretionary trader and tools for doing backtests 58:02
• What the leverage is to use to be able to place all the trades you need 59:46
• What the timeframe for day traders is 60:35
• Not every single strategy will work on all pairs 61:49
• Advice for someone starting to code and the platforms to use 63:29
• How to measure the magnitude of an economic event 66:32
• The best strategy for trading cryptos 71:26
• Why Python is one of the best tools to use in coding 74:59
• Why you need to meet traders in person 77:12

Resources Mentioned

• Reuters Eikon Terminal
• Bloomberg Terminal
• RANSquawk
• Join the Academy
• Trading Assistant
• Example of backtesting
• Montreal Traders Meetup
• ForestParkFx
• Forex trading strategy I use

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)

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!