In this first part of 2 Traders Podcast episode, Darren and Walter are joined by a fellow naked forex trader, James Kensington. The three traders talk about James’s journey towards successful trading, his beginnings, and what made him become the trader and person that he is now. James shares the importance of having a mentor, and the right mindset when it comes to risks, desires, and motivation.

Also, James pulls down the curtain on how he juggled his full-time job while trading — and why it’s tough to split your passions. James shares his “big three” tips for going pro, and enjoying the lifestyle you want.

Download (Duration: 20:22 /23.3 MB)

In this episode:

01:23 – fascinating journey

03:09 – in a nutshell

04:04 – having a mentor

06:16 – personal limitations

08:16 – mental block

10:22 – being different and unique

12:49 – too many mistakes

13:44 – similar strategy, different time frames

15:16 – what alleviates the pressure?

17:38 – responsible investing

18:58 – make or break situation

Tweetables:

The main thing is to work full time and trade part-time. [Click To Tweet].

Lifestyle is really important when trading. [Click To Tweet].

We are all human, we make mistakes. [Click To Tweet].

Download The Full Episode 57 Transcript Here

James: That is playing in your mind, no trader is a good trader. All traders, to me, are bad traders because at least they could admit when they have made bad trades. We all done a few of them…  

Announcer: Two Traders, Darren and Walter, pull back the curtain on profitable trading systems, consistent money management, and profitable psychological triggers. Welcome to the Two Traders Podcast.

Walter: Welcome to the Two Traders Podcast. Today it is the “Three Traders Podcast”. We’ve got Darren on the line. Hi, Darren. How are you today?

Darren: I am really good, Walter. Nice to see you again.

Walter: And we’ve got James. James here has got quite a story to tell so we decided that we are going to hear it. James has been so kind to donate his time. He is quite a busy guy, you will find out in a moment.

James Kensington. How are you today, my friend?

James: I am currently in New York. I am enjoying the New York lifestyle, obviously, with the Brexit and everything. We travelled from Australia to UK and then to New York but doing very well this morning and looking forward to contributing a little bit of my knowledge along the way.

Walter: Let us get into that. Let’s talk about your trading journey because I think it is a fascinating one for people listening. Tell us a little bit about how you got into forex trading. What was it like for you in the beginning? What were the early days like?  

James: To be honest, I started getting into trading when I was an I.T. guy that started off an I.T career and then went into paramedicine and then realized that ...

Would you go fishing while trading — or vice versa? In this episode of Two Traders Podcast, Darren and Walter dig into listener questions. The discussion covers two different fishing methods: line fishing and spear fishing, the dangers of spearing a friend, and why institutional traders have headaches retail traders don’t have, and the pros...

Would you go fishing while trading — or vice versa?

In this episode of Two Traders Podcast, Darren and Walter dig into listener questions. The discussion covers two different fishing methods: line fishing and spear fishing, the dangers of spearing a friend, and why institutional traders have headaches retail traders don’t have, and the pros and cons of trading with support and resistance.

Darren and Walter also discuss about restaurant menus and how this relates to your trading system.

Download (Duration: 19:27 /22.2 MB)

In this episode:

00:12 – finding time to trade

02:07 – an instant disadvantage

05:05 – a different animal

07:05 – spearfishing versus pole fishing

09:00 – illusion of control

11:03 – not-so-significant details

13:29 – information overload

16:26 – distill it down

17:22 – M&M experiment

19:22 – the last question

21:33 – over complication

23:26 – breaking your own rules

Tweetables:

Trading is becoming comfortable with the uncomfortable. [Click To Tweet].

Sometimes, too much information does not help. [Click To Tweet].

Let the trade do what it wants to do. [Click To Tweet].

Download The Full Episode 56 Transcript Here

Darren: But if you have too many choices, too many options and too many elements to consider, our ability to make a good decision is reduced….

Announcer: Two Traders, Darren and Walter, pull back the curtain on profitable trading systems, consistent money management, and profitable psychological triggers. Welcome to the Two Traders Podcast.

Walter: This is part two. If you have not listened to the part one, then please go back and do that. This is part two, Episode 56 of The Two Traders Podcast. In this episode, we are going to talk about fishing and trading, spearfishing and trading, spearing a friend, spearing a fish and why institutional traders, such as the traders at banks and hedge funds, have one huge headache or a problem.

All these and more in today’s episode.

Walter: Alright, Darren. We’ve got another question here from another trader. This is the third of four and this question is: I need to find time to trade with my work schedule.

This is a big one and to me it screams out. You are probably looking at trading as sitting down, busting out a few trades, and then going to sleep or whatever.

Maybe just shifting to a higher time frame is the right way to approach this. Maybe what you need to do is get to the point where you can sit down in over fifteen to thirty minutes, just adjust your trades or have a look.

Make sure everything is going well and then go on with your life. Come back the next day for fifteen to thirty minutes and do the same thing instead of thinking of trading as something that you sit down and do for four hours or something like that.

It sounds like this person is quite busy and my gu...

Walter and Darren jump into your questions in this episode. How do you know you are ready for “real trading?” Darren stresses looking at the process, rather than the end result. Walter encourages new traders to look at trading as a job. From this episode you’ll get the three simple questions you must ask yourself...

Walter and Darren jump into your questions in this episode. How do you know you are ready for “real trading?” Darren stresses looking at the process, rather than the end result. Walter encourages new traders to look at trading as a job.

From this episode you’ll get the three simple questions you must ask yourself before trading real money.

Another listener’s question about trading frequency is covered in this episode. Is it possible to take three trades per day? And if so, why would you want to? Darren and Walter both agree that the key to successful trading lies in doing this one thing well and is completely unrelated to frequency with which you take trades.

Download (Duration: 19:27 /22.2 MB)

In this episode:

00:54 – practice before jumping in

02:34 – take plenty of time

04:22 – liquidity to the market

05:37 – “get-rich-quick”

07:12 – practice to get confidence

09:03 – what is going to happen next?

11:03 – three trades per day

12:43 – what’s going to be successful for you?

14:13 – expand your horizons

15:41 – in the wrong spot

17:38 – get your hands dirty

18:34 – new traders with no system

Tweetables:

Trading is about learning about yourself. [Click To Tweet].

The best path to getting confidence is to just practice. [Click To Tweet].

Get into that groove where you are comfortable to accept expectations. [Click To Tweet].

Download The Full Episode 55 Transcript Here

Walter: A lot of what you are going to come up with as a trader, and your sort of take on something, is going to happen when you get your hands dirty and you start looking around. I think that’s …

Announcer: Two Traders, Darren and Walter, pull back the curtain on profitable trading systems, consistent money management, and profitable psychological triggers. Welcome to the Two Traders Podcast.

Walter: Welcome to the Two Traders Podcast. Walter here and we’ve got Darren on the line. Today, we’ve got a series of questions that we have coming from listeners. I thought, what we can do is take time today to go ahead and tackle each of these four questions. How does that sound?

Darren: That sounds good. I like the questions and comments from the listeners.

Walter: Excellent! The first one that I have here is: I need to take time to practice before jumping in right away with real money.

This trader’s issue is that he/she is, essentially, feeling like he/she does not have the right background in the trading system before jumping in and trading real money.

It does not sound like it is going well. What would you say to this, Darren?

Darren: It seems to me like the person, perhaps, wants it too much. Something I am aware of with traders, usually. If you’ve got to the end of your table with your particular life set up at the moment or there is some things yo...

Here’s what’s inside this episode: What is “reframing your losses?” How do you “focus” on your trading targets? Why drawdowns do *this thing* to your system execution… and the importance of aiming for the “bigger fish.” You’ll see some of the important factors to consider when making decisions in the midst of a drawdown, how...

Here’s what’s inside this episode: What is “reframing your losses?” How do you “focus” on your trading targets? Why drawdowns do *this thing* to your system execution… and the importance of aiming for the “bigger fish.”

You’ll see some of the important factors to consider when making decisions in the midst of a drawdown, how to “reframe” and how to avoid making one of the “classic” trading mistakes.

Darren offers a tip for finding your comfort zone as a trader and for defining the best strategy for you.

Download (Duration: 18:40 /21.3 MB)

In this episode:

00:46 – still too attached

02:43 – reframing losses

05:19 – building bridges and skyscrapers

07:03 – black swan events

08:18 – in the midst of a serious drawdown

09:33 – what feeds into a gambler’s fallacy?

11:40 – a big trap for traders

15:13 – focus on single trades

17:22 – a number’s game

18:13 – the easiest way to earn money

Tweetables:

Do my next twenty trades fit with my system? [Click To Tweet].

Keep a journal and record of trades that you did. [Click To Tweet].

Don’t throw a profitable trading system because of a drawdown. [Click To Tweet].

Download The Full Episode 54 Transcript Here

Darren: It’s about that mindset, it’s about seeing trading as being the numbers game and trying to  work the numbers in your favor. It’s not about being able to read the market and pick the exact moment/time to get into the market and read the conditions and always pick the right exit…

Announcer: Two Traders, Darren and Walter, pull back the curtain on profitable trading systems, consistent money management, and profitable psychological triggers. Welcome to the Two Traders Podcast.

Walter: Welcome to the Two Traders Podcast. How are you today, Darren?

Darren: I’m good. Thanks, Walter.

Walter: Cool! We have this question from a listener and the question is: I’m still too attached to single trade instead of having a focus on the bigger picture. This leads to bad decision when managing my trades, like cutting when they’re short.

What should this trader do? I have some ideas, Darren, but I’m interested in your thoughts.

Darren: I completely get where this trader is coming from. It’s something that I used to do all the time and you need to get a way of reframing your results. What’s something that’s worked for me is I used a piece of software that catalogues all my trades for me. Then, I can go to it and see what my results were week on week, what my results were month for month.

I can compare this year to last year and all of that information is available at the click of the button for me. Whenever I’m having a bad, whenever I can feel myself being affected by a few losses, a couple of trades, I will go to that — let’s say, I’ve had a bad week so far — I’ll go to that and look how I’ve done for the y...

In this episode of 2Traders Podcast, Walter and Darren discuss holding on to winning trades, moving to break-even, entries and exits, and why you might get a different result compared to other traders using the same system as you. Walter outlines some of the situations that may help you in finding the right approach to...

In this episode of 2Traders Podcast, Walter and Darren discuss holding on to winning trades, moving to break-even, entries and exits, and why you might get a different result compared to other traders using the same system as you.

Walter outlines some of the situations that may help you in finding the right approach to trading based on your beliefs and perception. Darren also points out how he uses a simple strategy for acknowledging trading mistakes, and using this knowledge to your advantage for your next trades.

Also, you may see what your biggest trading challenge may be, and why…

Download (Duration: 20:25 /23.3 MB)

In this episode:

00:58 – holding on to winning trades

02:14 – you’ve got that volatilities

03:35 – interview with trader Collin

05:02 – more wiggle room

06:55 – loss aversion

10:09 – pain of trading

11:43 – take on the challenges

13:40 – chasing your tail

15:25 – what’s the hardest thing to learn?

16:55 – the most important element

18:03 – expressing emotions

Tweetables:

Take on the challenge and feel good about yourself. [Click To Tweet].

Trading is about making decisions at key moment. [Click To Tweet].

The most important element of your trading system is you. [Click To Tweet].

Download The Full Episode 53 Transcript Here

Walter: The most important element is you. The way that you interact with the market and take risk in the market is based on your beliefs, has nothing to do with the CCI or the Alligator or the MACD or what Darren says or what I say,  for that matter. It’s really about you….

Announcer: Two Traders, Darren and Walter, pull back the curtain on profitable trading systems, consistent money management, and profitable psychological triggers. Welcome to the Two Traders Podcast.

Walter: Welcome to the Two Traders Podcast. Walter here and Darren is over there. How are you today, Darren?

Darren: Very good, Walter. Thank you.

Walter: We are going to talk about a question that comes from a listener. The question is: How can I learn to hold on to my winning trades when I get them?

I’m pretty sure that you’ve got some thoughts on this, Darren, this idea of holding on to winning trades when you get them. Can you share some ideas for this listener? What might he or she be able to do?

Darren: This is a hot topic with the traders that I work with at the moment, as well. I find it becomes a highlight when you’re in a period where, perhaps, the winds are coming slightly harder.

Perhaps, when you’ve got a run of losses. There’s one event that I feel always stands out on my mind that causes the most trouble for traders and that is the fact that a winning trade is always going to come back to your entry.

The trade that you enter that goes directly to your take profit is the one in fifty… one in one hundred. Even though we’re fully aware with that,

At times, as traders we may lose confidence in trading and question whether we can “make trading work”, especially if you’re new to trading. When you experience drawdowns, it can be tough to stay the course. Perhaps, you’ve thought “is this something that I really want to do?” or “is this worth my time and...