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

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

“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