"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 magnitude of an economical 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!
