In this episode of 2Traders Podcast, Walter and Darren talk about what could be some of the possible issues for a trader who can make profit from good trades over a week and can loose them all in just half an hour. They discuss different factors that can cause this such as inconsistency, confidence, risk/reward management, and trading psychology. They also emphasize on the importance of acknowledging problems and finding ways to solve them.

Darren also shares some tips that can help you accept mistakes and how to avoid them.

Download (Duration: 16:28 /18.8 MB)

In this episode:

01:10 – jumping in too soon

02:58 – stray a little bit

04:04 – market condition scenario

05:21 – mental block

07:06 – off track

08:51 – snapshots

10:44 – watch the hour tick by

12:49 – reframing

13:23 – confidence booster

15:40 – don’t beat yourself up

Tweetables:

The system looks like it’s making money for you because it does. [Click To Tweet].

You don’t get there by making the right decision all the time. [Click To Tweet].

It’s through experience and through years of making a mistake. [Click To Tweet].

Download The Full Episode 47 Transcript Here

Walter: That’s, I think… Sometimes what happens with me is I will see the candles start to print and think I know what’s going on and I’m almost always wrong. That’s something to think about as well….

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 back to the Two Traders Podcast. I’ve got Walter here and Darren is over there. I guess summer is coming to you, Darren. Slowly, slowly unfolding for you.

Darren: Yeah, we’ve got the heat and off in the UK now. It’s getting better and it’s a bit more livable .

Walter: Right. It must be time to leave then and time for another trip.

Darren: Yeah, you know it.

Walter: Awesome! Well, we’ve got some really interesting questions that are trickling through. I thought that this might be a good time to take a look at those and I think you’re in agreement. I’ve got this question here from a trader that comes through and actually highlights a couple of different points, Darren.

One of the questions is: “I’ve got this issue of jumping in too soon in my trades and being too inconsistent in my trading. I can go a week or two making money and then I lose it all in half of hour after that.”

I guess the question is, really, what’s going on here with this trader? What could be some possibilities? Of course, we don’t know exactly what’s going on but there are some clues in the question.

Darren: Yeah. It sounds like it could be a risk to rewards scenario, kind of trying to avoid any losses, taking very small wins and then one lost is literally wiped in a lot out.

Greed is one the Seven Deadly Sins taught to us by our elders… but does this apply in trading too? ​ In this episode of 2Traders Podcast, Walter and Darren talk about greed, how this affects your trading, and when should you — or should not — let your self fall into it. Darren and...

Greed is one the Seven Deadly Sins taught to us by our elders… but does this apply in trading too?

​

In this episode of 2Traders Podcast, Walter and Darren talk about greed, how this affects your trading, and when should you — or should not — let your self fall into it. Darren and Walter also share some good tips on how you can avoid it and the importance of keeping yourself in check whenever you trade.

​

You will also find out how yoga, meditation, and recording softwares can help you become a better trader.

Download (Duration: 23.04 /26.4 MB)

In this episode:

00:28 – greed: when to hold and when to fold?

02:30 – blown it away

05:05 – market is always fluctuating

06:32 – take a pause

08:39 – continue trading

11:13 – business as usual

12:39 – how to know when greed is creeping in?

14:03 – greed affects your decision making

15:31 – out of whack

17:13 – over confident

18:50 – pause button

19:27 – meditation

20:18 – journal thing

21:49 – trading buddy

Tweetables:

Greed is one of the main problems that people have. [Click To Tweet].

Stopping when you’ve made good profit is not bad. [Click To Tweet].

Overconfidence can lead to real errors. [Click To Tweet].

Download The Full Episode 46 Transcript Here

Darren: Stopping now if you’ve made good profit is not a bad decision to make…

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. I’m Walter and Darren is here. Hi, Darren.

Darren: Hi, Walter.

Walter: We’re going to talk about greed today, when to hold them and when to fold them. What I think about this, the one thing that comes to mind to me, Darren, is I’m always using…And I’ve done it a few times actually in a webinar to show people exactly how this works and it seems to be always at that point.

If you’re watching, let’s say, one-minute chart or tick chart or something like that where it’s moving quite fast, it’s at that point where I ask the audience “Okay. Now, everybody here, tell me when you’ve decided when you know the direction of the market here.”

A lot of times, for example, the EUR/USD keeps going up, up and up everyone says “Okay, now is the time to buy. It’s on a strong uptrend”. That’s usually the point where it turns around and collapses.

I think of this a lot when I’m thinking of greed. I like to look at the open position ratio. A lot of different brokers have this. I’ll put those links down there on the shownotes for you so you can see what the retail traders are doing. That’s a really good tool, too.

It tells you what everyone is doing because these sort of things looking at a certain point –if every one’s bought,

In this episode of 2Traders Podcast, Walter and Darren talk about a hedge fund that made money with losing traders. You’ll see precisely how they did it in this episode and you’ll get a trick to finding profitable trading ideas. Also, you’ll see the most important thing to look at when observing other traders. Darren and Walter also discuss why the institutions are now hiring a different type of prop trader and which gambling game is closest to trading.

Finally, you’ll learn about a rainforest meeting that led to a unique new idea.

Download (Duration: 14:59 /17.1 MB)

In this episode:

01:36 – beginners trading a “demo” account

03:28 – focus on the trader

05:10 – different lego pieces

06:27 – courage to try

09:29 – look out for parallels

11:32 – successful poker players

13:44 – from poker to trading

14:34 – read the context

Tweetables:

Just be brave enough to believe in your own ideas. [Click To Tweet].

The idea can be something very simple but that just works for you. [Click To Tweet].

Don’t just restrict yourself to trading. Look at other fields, look at other things. [Click To Tweet].

Download The Full Episode 45 Transcript Here

Darren: …I think still learn what everybody else is doing because that gives you some context anyway to start from…

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 of this episode for the Two Traders Podcast. If you haven’t listened to episode one, please go back and listened to that because that’s critical before you jump into part two here.

This is what you’re going to hear in part two. You’re going to hear about the crazy hedge fund that made the winning traders out of losers and how exactly they did this. You’ll also see what is the most important thing that you should pay attention to when you’re looking at other traders.

You’ll learn why the institutions are now hiring a different type of prop trader. You’ll also see where traders get their best ideas from and how you can tap into this also. You’ll learn about the crazy and bizarre rainforest meeting that led to a new idea.

Finally, you’ll see which gambling game is probably most fruitful for traders pay attention to. All these and more in this episode of the Two Traders Podcast.

Walter: …Yeah, that’s interesting. The closest thing I suppose I’ve heard to that was a fund that a friend of mine was running and, what he did was he brought in beginner traders. They weren’t necessarily vetted or anything like that, they were given demo accounts to trade.

What they didn’t know was they are actual accounts and the system reversed their trades. Every losers that they’ve had, when they let the losers run,

As children, we were taught by our parents to always follow the rules because they are going to get us to where we want to be. But did you ever think that maybe some rules are not really meant to be followed? In this episode of 2Traders Podcast, Walter and Darren talk about the importance...

As children, we were taught by our parents to always follow the rules because they are going to get us to where we want to be. But did you ever think that maybe some rules are not really meant to be followed? In this episode of 2Traders Podcast, Walter and Darren talk about the importance of market perception and its relevance to your trading behavior, learning to trust your instincts, and how your trading system should be based on one key word: personality.

Also, Darren and Walter touch into answering a common question: Do I need to be very smart to become a successful trader?

Download (Duration: 16:58 /19.4 MB)

In this episode:

01:01 – how big is the universe?

03:29 – one simple idea

04:19 – a different point of view

05:45 – how do you keep track of it all?

07:06 – it’s like a videogame

09:05 – just question your trading

12:03 – a definitive answer

13:57 – a negative element

16:14 – what affects decision making?

Tweetables:

The real discoveries are made by those who don’t follow the rules. [Click To Tweet].

Sometimes, it’s just how you perceive the market. [Click To Tweet].

There is no magic key. You have to learn to deal with the negatives. [Click To Tweet].

Download The Full Episode 44 Transcript Here

Walter: When you are thinking about your trading, don’t just restrict it to trading. Look at other fields, look at other things. What do they do in psychology? What did they do historically? Like for example, you can look at history and see…

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 I’ve got Darren on the line. Darren, you have really an interesting topic for us today. I’m actually looking forward unpacking this because I don’t know where else it’s going to go. Let us all in on exactly you’re thoughts in terms of this.

Darren: I was watching the story of how we are able to measure the universe now. Apparently, now we’re at the stage where we can pretty accurately measure how big the universe is. As I was watching this, what was interesting was, from some sort of the 1700’s — along the way, we’ve made just key discoveries — or people have made key discoveries — that accelerates towards this understanding of the universe.

Obviously, it’s like a really, really complex question how big is the universe. What was interesting to me was that, these key people who’ve made these discoveries as we’ve gone along the way, they’ve done it by breaking the rules.

Each day is kind of an understanding of the rules of what we know. Each of these people have been able to apply original thought to that. In effect, they kind of ignore what is the status quo and think outside of the box.

In this episode of Two Traders Podcast, Darren and Walter focus on the different aspects of the trading game, re-examining your beliefs, why Walter’s traders have difficulty with over trading while Darren’s traders have difficulty pulling the trigger, and what you must keep in mind when trading Darren’s system. Walter and Darren also talk about...

In this episode of Two Traders Podcast, Darren and Walter focus on the different aspects of the trading game, re-examining your beliefs, why Walter’s traders have difficulty with over trading while Darren’s traders have difficulty pulling the trigger, and what you must keep in mind when trading Darren’s system.

Walter and Darren also talk about why how you find your profits with your system is entirely up to you.

Download (Duration: 16:58 /19.4 MB)

In this episode:

01:21 a really good point

02:57 different angle

05: 12 figuring out what you like

06:03 keep in mind

08:19 choosing trading strategies

11:04 seeds of doubt

14:20 adjusting your strategy

15:45 unspoken rule

Tweetables:

We’re drawn into believing stuff so easily without really examining them deeply. [Click To Tweet].

If you want to squash the seeds of doubt, the best way to do it is to just do it. [Click To Tweet].

Be honest with yourself, see your mistakes, and try to correct them. [Click To Tweet].

Download The Full Episode 43 Transcript Here

Walter: The idea that you should be trading a certain amount of frequency probably is more related to your beliefs about trading and, potentially, even the approach that you take on your trading than in anything else…

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: In episode 43 of the Two Traders Podcast, Darren and Walter focus on different aspects of the trading game and talked about why this is. You’ll also hear why Walter’s traders have difficulty with overtrading while Darren’s traders have difficulty pulling the trigger. You’ll learn what you must keep in mind when trading Darren’s system and why how you find your profits with your system is entirely up to you.

You’ll also find out why you may not marry your dream girl and how do you know when to re-examine what you believe in in regards to your trading. Also, is there any proof with any trading systems? All these and more in episode 43 of the Two Traders Podcast.

…yeah, you bring up a really good point. It’s this idea that your traders who follow your system and have a hard time pulling the trigger. What’s happening is because of the basic structure of the system. It encourages a different way or, in a different way, it’s confronting.

Let me explain this in another wa. Because of the way I trade, and so much is in the emphasis on the setup, this leads to most traders looking for this setup and they just… “that looks good enough to me, I’ll take it.” That’s sort of thinking is overtrading. It encourages over trading in a way.

Most system is setup that way where “Look this is what the setup looks like, this is how you take it, and then you manage it like this, this is how you exit.” That’s normal.

In this episode of 2Traders Podcast, Walter and Darren talk about how often systems fire off trades, what that means to your performance, and how a trading system can entirely depend on your beliefs. Also, Walter and Darren discuss about why traders have mental blocks about pulling the trigger or overtrading, and how your decision...

In this episode of 2Traders Podcast, Walter and Darren talk about how often systems fire off trades, what that means to your performance, and how a trading system can entirely depend on your beliefs.

Also, Walter and Darren discuss about why traders have mental blocks about pulling the trigger or overtrading, and how your decision regarding trade frequency should come down to answering this question: What am I really looking for?

Download (Duration: 19:45 /22.6 MB)

In this episode:

01:13 – a look at my trading record

02:40 – wrong approach

05:13 – overtrading

07:00 – trade your beliefs

09:46 – benefits of trading less often

11:10 – another approach to trading

12:14 – decision points

14:27 – interpret trading visually

16:25 – other people’s belief

17:23 – human nature

Tweetables:

Pick the trade that  you know you’re comfortable with. [Click To Tweet].

You should first uncover what your beliefs are about the market. [Click To Tweet].

It just depends on what you’re really looking for. [Click To Tweet].

Download The Full Episode 42 Transcript Here

Darren: When you start trading, all you can do is to learn from other people. The nature of human beings is that if someone has got a convincing story about something then it’s quite easy for us to buy into that, especially if it’s a group of other traders they’re also trading like that.

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: Hi there! It’s Walter here from the Two Traders Podcast. Darren here is on the line. Good day, Darren.

Darren: Hi, Walter.

Walter: Well, Darren, we’re going to talk about frequency of trading and how often your trading system trades. What does that means for you and your performance as a trader?

I’ve had some of these questions come through and it’s probably one of the most frequent questions that I get or complaint — I guess you could file under — which is, “Hey, Walter. This looks good but you never trade, you’ve never taken that trade?”

One of the reasons why I’ve taken this approach, Darren, is because I’ve noticed that historically if I go back and look at my trading record, typically the more often that I trade, the worst I do.

In other words, the lower the timeframe I trade, the worse I do. The more trades I take, the worse I do. It’s almost like if you’re trying to shoot a target with a bow and arrow and you’ve got a stack full of arrows, you’ve got three hundred arrows and you know you’ve got three hundred arrows to hit the bullseye, you can keep doing that.

There’s nothing wrong with that. We have to understand that your win rate — the likelihood of you hitting each arrow there — is probably going to go down. Eventually,