Sign up to save your podcasts
Or
Share EP185: How to Stick to Your System
Share to email
Share to Facebook
Share to X
Share to email
Share to Facebook
Share to X
Or
EP185: How to Stick to Your System
In this episode of Truth About FX, Walter lets out some tricks on how to have confidence in your trading system so you can get the best results. He talks about the Cycle of Doom, unraveling the psychology behind your trading beliefs and how this can make or break your trading system. You will also learn about this guy who won a trading contest and the unique way he was able to turn a $10,000 into $1.1 Million. All of these in this episode of Truth About FX Podcast.
" rel="noopener noreferrer">Download (Duration: 05:30 / 12.6 MB)
In This Episode:
00:33 – stellar results 02:01 – fancy candles 03:21 – risk point of view 04:43 – risk algorithm
Tweetables:Start with your beliefs
@TruthAboutForex http://fxtr.co/au" rel="noopener noreferrer">[Click To Tweet].Build confidence [Click To Tweet].What is obvious to you? [Click To Tweet].
Announcer: Sometimes, forex trading is a wild and wooly place to be. That’s why Hugh is here, to post your questions to Walter, the naked forex guy. Hugh’s got questions and Walter’s got the answers. Here at the Truth About FX Podcast.
Hugh: Hi, Walter. A trader writes in and asks: I have trouble sticking to and believing a system. I tend to drop a system as soon as I start and it shows a less than stellar results. What should he do?
Walter: This trader is basically looking for like a “cycle of doom” — that’s what I call it — where we find a system, we get excited. We trade it for a while, we hit a losing streak and then get not very excited. We think it is broken or the market has changed and then we kind of give up on it and move on to something else.
We’ve all been there. As traders, we are all quite familiar with this. The key here really is to start with your beliefs and build confidence. If you can do those two things, you are going to be alright.
What do I mean by beliefs? Do you think the best trades on the chart are those when the market hits a certain spot and then totally turns around and goes the opposite direction?
Do you think the best trades on the chart are when the market gets really, really quiet, doesn’t really go anywhere and then, boom, violently breaks out? Or, do you think that the best trades on the chart are when the markets really trending in the direction, looking really strong in one direction — up or down, doesn’t matter — and then you just kind of want to ride that trend and keep milking it for what it’s worth?
If you can figure out where you are — obviously, there are other systems. Like, if the markets in a box and then there’s a range-bound, you could assume that it’s going to hit the high of the box and then turn around and hit, go back down and hit the low of the box. If you like that sort of trading, that is another style. But, really, there aren’t that many systems.
You can slap lots of indicators and fancy candles and all that sort of stuff on the chart. You can use Heiken Ashi in forex indicator or whatever. It basically comes down to that. What sort of things do you really like that makes sense to you and then build it up fro...
View all episodes
By Walter Peters (FXJake) and Hugh Kimura (Trading Heroes)In this episode of Truth About FX, Walter lets out some tricks on how to have confidence in your trading system so you can get the best results. He talks about the Cycle of Doom, unraveling the psychology behind your trading beliefs and how this can make or break your trading system. You will also learn about this guy who won a trading contest and the unique way he was able to turn a $10,000 into $1.1 Million. All of these in this episode of Truth About FX Podcast.
" rel="noopener noreferrer">Download (Duration: 05:30 / 12.6 MB)
In This Episode:
00:33 – stellar results 02:01 – fancy candles 03:21 – risk point of view 04:43 – risk algorithm
Tweetables:Start with your beliefs
@TruthAboutForex http://fxtr.co/au" rel="noopener noreferrer">[Click To Tweet].Build confidence [Click To Tweet].What is obvious to you? [Click To Tweet].
Announcer: Sometimes, forex trading is a wild and wooly place to be. That’s why Hugh is here, to post your questions to Walter, the naked forex guy. Hugh’s got questions and Walter’s got the answers. Here at the Truth About FX Podcast.
Hugh: Hi, Walter. A trader writes in and asks: I have trouble sticking to and believing a system. I tend to drop a system as soon as I start and it shows a less than stellar results. What should he do?
Walter: This trader is basically looking for like a “cycle of doom” — that’s what I call it — where we find a system, we get excited. We trade it for a while, we hit a losing streak and then get not very excited. We think it is broken or the market has changed and then we kind of give up on it and move on to something else.
We’ve all been there. As traders, we are all quite familiar with this. The key here really is to start with your beliefs and build confidence. If you can do those two things, you are going to be alright.
What do I mean by beliefs? Do you think the best trades on the chart are those when the market hits a certain spot and then totally turns around and goes the opposite direction?
Do you think the best trades on the chart are when the market gets really, really quiet, doesn’t really go anywhere and then, boom, violently breaks out? Or, do you think that the best trades on the chart are when the markets really trending in the direction, looking really strong in one direction — up or down, doesn’t matter — and then you just kind of want to ride that trend and keep milking it for what it’s worth?
If you can figure out where you are — obviously, there are other systems. Like, if the markets in a box and then there’s a range-bound, you could assume that it’s going to hit the high of the box and then turn around and hit, go back down and hit the low of the box. If you like that sort of trading, that is another style. But, really, there aren’t that many systems.
You can slap lots of indicators and fancy candles and all that sort of stuff on the chart. You can use Heiken Ashi in forex indicator or whatever. It basically comes down to that. What sort of things do you really like that makes sense to you and then build it up fro...