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

Confidence to trade

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
  • 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

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!

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