"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

• 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!