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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!