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166: “I Need Confidence To Trade” Is A Myth?

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Confidence to trade

“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

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!