058: Peak Performance And Trading Success (@FxTraderPaul)
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!
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