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058: Peak Performance And Trading Success (@FxTraderPaul)

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paul wallace on the Desire To Trade Podcast

Paul Wallace: Peak Performance And Trading Success

In episode 58 of the Desire To Trade Podcast, I interview Paul Wallace, a trader with a high emphasis on peak performance located in London, UK.

After a career in the Royal Air Force Paul started trading whilst working in the City during the dot-com boom of the late nineties.

Paul is a professional financial trader with more than 24 years’ experience working in competitive, results-driven, performance environments. He has experience trading both as an individual and for funds.

Paul has always been fascinated by success, achievement and peak performance, whether on the battlefield, sports-field, boardroom or financial markets. He blogs about his own trading at FXTraderPaul.com.

He also runs the trader support practice, Tradingbeliefs, helping traders manage and improve their overall performance.

As a trader, you must ensure to live to fight another day. @FXTraderPaul Click To Tweet

Fear-Based Traders (FBT) vs. Greed Based Traders (FBT)

Fear-based traders must have a simple system and know exactly what they must do. You must ensure to eliminate doubts and be certain regarding when to pull the trigger. They are likely to avoid pulling the trigger in the face of small hesitations.

Most Greed-based traders are normally bad risk managers as they are looking to get more out of the market. They must still have a simple trading strategy.

Everybody gets what they want out of the market. - Ed Seykota @FXTraderPaul Click To Tweet

The 3 Crucial Components

Process: having a checklist you can rely to (like a plan pilot). Find out more about it in Creating Your Forex Trading Strategy Playbook

Discipline: “being disciplined is part of the job description for being a world-class trader.” If you aren’t disciplined, you might need to re-evaluate whether you really want to trade.

Self-Awareness: use your mistakes as an opportunity to learn by reviewing your performance.

 

Topics Covered – Paul Wallace

  • Paul Wallace’s take and prediction on Brexit
  • A real explanation of a popular trading quote
  • Paul’s main trading strategies
  • How Paul went from a Air Force to trading
  • Why veterans are great traders
  • The Process – Discipline – Self Awareness crucial components
  • The importance of de-briefing
  • Figuring out if you are a Greed-Based Trader (GBT) or Fear-Based Trader (FBT)
  • Managing expectations
  • And much more!

What is one thing you are going to implement after listening to this podcast? Leave a comment below, or join me in the Facebook group!

 

Books Mentioned

Checklist Manifesto: How To Get Things Right by Atul Gawande

 

Free Audiobooks (pick the ones you want!)

 

How To Find Paul Wallace?

  • Blog
  • Twitter
  • Skype: wallache
  • Mobile number: +44 (0) 7903457940

About The Desire To Trade Podcast

6 Comments

  1. Marlene Sery
    October 12, 2016 at 9:36 am

    hia , thanks for the terrific website and interviews. However, i’ve been visiiting and re visiting and trying to listen to Mr Paul Wallace and can not even find the link to the podcast …and the market is moving and i am getting slightly annoyed rrrrrrrrrr ok partly joking but could you make it simpler for people to listen to the featured podcasts ..there are some great ones and i can’t find the link and with itunes it is a mess etc…please help Etienne

    • October 13, 2016 at 3:04 pm

      Hey Marlene,

      Thanks for the comment! Normally there should be a player at the top of the page. You can use it to listen to the interview.

      If it doesn’t work, I’d recommend going on my Youtube channel. There’s a playlist for podcast episodes: https://www.youtube.com/playlist?list=PLwmpbNUnTt6gL4jdULaMVuMi24O8KPZqw

      You can also try iTunes: https://itunes.apple.com/us/podcast/desire-to-trade-podcast-trading/id1037685976?mt=2&ign-mpt=uo%3D4

      Hope that helps! Let me know!

      Etienne

      • Marlene Sery
        October 13, 2016 at 7:49 pm

        Thank you Etienne to point me into the incredible trading podcasts on your youtube channel. I had already listened to Kim Krompass without remembering it was you interviewing her. I am going to subscribe to your channel as I know from the choice you make in the people/ traders you’ve chosen to interview …the podcasts are a great and of a high quality content…very good ! i am even considering a very specific blog on trading very specific markets etc…as hedging is my profession….for people who speak/ read english i may with your “blessings” (?) of course put links to some of your content

        • Marlene Sery
          October 13, 2016 at 7:50 pm

          sorry i re read myself and it is awfully written ..hope it still make sense

  2. Normal Andy
    June 2, 2017 at 2:47 am

    Risk management is the area which requires most discipline because it is so dull. Boring like a seatbelt. 2% limit allows me to calculate my exits, knowing my exits gives me a plan. Sticking to my plan stops any big failures. Great podcast- thanks!

    • June 4, 2017 at 11:00 pm

      Thanks a lot for the comment! I have to agree on that…risk management is boring at times but it’s necessary to implement. Good job for sticking to the plan! That’s a major success factor 🙂