166: “I Need Confidence To Trade” Is A Myth?
Listen to the audio episode:
“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
- 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!