“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
• Being curious and having an adaptive mindset
• The question of making money or not in trading, and shifting your mindset to be profitable
• Thinking about the overall picture and the process
• Focusing on the goals rather than profit
• Having to know the numbers
• Putting taking profits too high and stop-losses too low/tight
• Creating a journal
• Why you cannot trust on your memories
• Your personality and ego and how it relates to your mindset
• Having motivation in trading and doing it for freedom
• Thinking of trading strategies as different employees
• Why there is always an adaptation part
• Starting to implement the strategy and making it work to make money
• Every person has different strategies that resonate with them
• Why we tend to overestimate and underestimate market moves
• What a good risk-reward for day trading is, and win rates
• Example of backtesting
• Thoughts on crossover strategies
• Why automation systems in your process is essential
• Rules of a discretionary trader and tools for doing backtests
• What the leverage is to use to be able to place all the trades you need
• What the timeframe for day traders is
• Not every single strategy will work on all pairs
• Advice for someone starting to code and the platforms to use
• How to measure the magnitude of an economic event
• The best strategy for trading cryptos
• Why Python is one of the best tools to use in coding
• Why you need to meet traders in person

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!