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EP06: Bending The Rules
What should you do when you think it is time to change your trading system? Is it ever more profitable to change (or bend) the rules? Walter and Darren dig into strategies you can use for maintaining consistency with your trading system.
http://media.blubrry.com/2traders/content.blubrry.com/2traders/2_Traders_-_EP06_Bending_Your_Trading_System_Rules.mp3
Download (Duration: 22:23 / 20.5 MB)
In this episode:
02:10 – what’s really going to happen with your system
02:39 – your most important trading system questions
03:51 – the view from Mt. Everest
05:03 – why some traders don’t “pull the trigger”
05:30 – a trick for vetting your trading system
07:33 – trading is so “easy” (or is it?)
09:37 – the surprising way to avoid “knee jerk” mistakes
10:45 – the weird trick that winning traders use
12:00 – how to think about “trading work”
12:31 – getting paid per decision
13:09 – the recency bias in trading
14:51 – intelligence won’t make you money
15:36 – what traders flock to, and why
17:30 – how to reduce poor trading decisions
Tweetables:
Lazy traders lose pips. [Click To Tweet].
Traders get paid for making decisions. [Click To Tweet].
Your pen is a trader’s friend. [Click To Tweet].
Download The Full Episode 6 Transcript Here
Walter: One of the big mistakes that we make as traders is that we highlight what happened last time, so the last trade, or the last couple of trades, if there’s some sort of theme going on that …
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: Hey there, it’s Walter Peters, and you’re here at the Two Traders Podcast. I’ve got Darren with me on the line. Hi Darren.
Darren: Hello, Walter.
Walter: We’re going to be talking about this idea of bending the rules. Why is it that some traders, or many traders, in fact I’ve been one of them, want to bend the rules instead of just sticking with their trading system? You’ve got a trading system, you’re pretty convinced that it’s going to make money for you, so why don’t we just execute it, Darren? What is it about traders where we want to bend the rules or change the system, and not really stick to what we believe is going to do well for us?
Darren: Simply, I think, Walter, we’re not built for trading, firstly. We’re not built to deal with uncertainty. We want to remove uncertainty in everything we do. We want guarantees. You have to do certain things to be able to counteract that, and the one I know the most with traders is … someone spoke to me the other day, and they said … I’d explained a training system to the...
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By Walter PetersWhat should you do when you think it is time to change your trading system? Is it ever more profitable to change (or bend) the rules? Walter and Darren dig into strategies you can use for maintaining consistency with your trading system.
http://media.blubrry.com/2traders/content.blubrry.com/2traders/2_Traders_-_EP06_Bending_Your_Trading_System_Rules.mp3
Download (Duration: 22:23 / 20.5 MB)
In this episode:
02:10 – what’s really going to happen with your system
02:39 – your most important trading system questions
03:51 – the view from Mt. Everest
05:03 – why some traders don’t “pull the trigger”
05:30 – a trick for vetting your trading system
07:33 – trading is so “easy” (or is it?)
09:37 – the surprising way to avoid “knee jerk” mistakes
10:45 – the weird trick that winning traders use
12:00 – how to think about “trading work”
12:31 – getting paid per decision
13:09 – the recency bias in trading
14:51 – intelligence won’t make you money
15:36 – what traders flock to, and why
17:30 – how to reduce poor trading decisions
Tweetables:
Lazy traders lose pips. [Click To Tweet].
Traders get paid for making decisions. [Click To Tweet].
Your pen is a trader’s friend. [Click To Tweet].
Download The Full Episode 6 Transcript Here
Walter: One of the big mistakes that we make as traders is that we highlight what happened last time, so the last trade, or the last couple of trades, if there’s some sort of theme going on that …
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: Hey there, it’s Walter Peters, and you’re here at the Two Traders Podcast. I’ve got Darren with me on the line. Hi Darren.
Darren: Hello, Walter.
Walter: We’re going to be talking about this idea of bending the rules. Why is it that some traders, or many traders, in fact I’ve been one of them, want to bend the rules instead of just sticking with their trading system? You’ve got a trading system, you’re pretty convinced that it’s going to make money for you, so why don’t we just execute it, Darren? What is it about traders where we want to bend the rules or change the system, and not really stick to what we believe is going to do well for us?
Darren: Simply, I think, Walter, we’re not built for trading, firstly. We’re not built to deal with uncertainty. We want to remove uncertainty in everything we do. We want guarantees. You have to do certain things to be able to counteract that, and the one I know the most with traders is … someone spoke to me the other day, and they said … I’d explained a training system to the...