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EP40: Cycle of Doom
In this episode of 2Traders Podcast, Walter and Darren talk about the “Cycle of Doom”. They each share their views about it, how this has effected the way they trade, their system, what causes this, and the possible solutions.
According to Darren, most traders make bad decisions because they don’t set realistic goals for themselves. He shares how his own disappointments in the past have helped him make better decisions now.
Also, you might find a hint here on the best time to quit your job.
Download (Duration: 23:01 / 26.3 MB)
In this episode:
00:46 – what is cycle of doom?
01:50 – easier with indicators
02:30 – a system thing
06:30 – slippages
08:26 – disappointments
10:13 – customized system
12:53 – small consistent wins
14:13 – execution of system
16:12 – thinking about quitting your job?
18:49 – realistic expectations
19:51 – it’s all about balance
Tweetables:
If you really want to quit your job, make sure you can double your money. [Click To Tweet].
Set a realistic and achievable goal for yourself. [Click To Tweet].
Just because it hasn’t happened in the past doesn’t mean it can’t happen now. [Click To Tweet].
Download The Full Episode 40 Transcript Here
Darren: I’m very much looking at trading now as how can I make a salary from trading? I’m not thinking, “Right, am I going to move five and then ten?” Thinking, “Right, what do I really need to live on?” …“Okay. Well, I’ll make a little bit more than 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: Welcome back to the Two Traders Podcast. Walter here. I’ve got Darren on the line. Today, Darren, we’re going to talk about the “Cycle of Doom”. Shall I explain what this is all about?
Darren: Yes. Please explain because I don’t know what you mean by that.
Walter: Okay. So, cycle of doom is something that I wrote about in the Naked Forex book and I’m intimately aware of this because I do it, done it, and I’m trying to stay away from it. Now, what I’ll do with this cycle is I’ve shifted it to testing.
Essentially, this is how it works. You find the system that looks amazing and — maybe somebody is trading it, or maybe you heard about it, maybe you know someone who’s doing really well with it — so you decide, you’re going to trade that system.
You trade it for a while. Things might even go really, really well for you for a while. It looks like this is going to be how you’re going to trade for life then, all of a sudden, something happens. That something is a drawdown. You’ve got a losing streak and then maybe you think to yourself, “the market has changed” or “nah, the system is not as good as I thought it was” and then you give up o...
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By Walter PetersIn this episode of 2Traders Podcast, Walter and Darren talk about the “Cycle of Doom”. They each share their views about it, how this has effected the way they trade, their system, what causes this, and the possible solutions.
According to Darren, most traders make bad decisions because they don’t set realistic goals for themselves. He shares how his own disappointments in the past have helped him make better decisions now.
Also, you might find a hint here on the best time to quit your job.
Download (Duration: 23:01 / 26.3 MB)
In this episode:
00:46 – what is cycle of doom?
01:50 – easier with indicators
02:30 – a system thing
06:30 – slippages
08:26 – disappointments
10:13 – customized system
12:53 – small consistent wins
14:13 – execution of system
16:12 – thinking about quitting your job?
18:49 – realistic expectations
19:51 – it’s all about balance
Tweetables:
If you really want to quit your job, make sure you can double your money. [Click To Tweet].
Set a realistic and achievable goal for yourself. [Click To Tweet].
Just because it hasn’t happened in the past doesn’t mean it can’t happen now. [Click To Tweet].
Download The Full Episode 40 Transcript Here
Darren: I’m very much looking at trading now as how can I make a salary from trading? I’m not thinking, “Right, am I going to move five and then ten?” Thinking, “Right, what do I really need to live on?” …“Okay. Well, I’ll make a little bit more than 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: Welcome back to the Two Traders Podcast. Walter here. I’ve got Darren on the line. Today, Darren, we’re going to talk about the “Cycle of Doom”. Shall I explain what this is all about?
Darren: Yes. Please explain because I don’t know what you mean by that.
Walter: Okay. So, cycle of doom is something that I wrote about in the Naked Forex book and I’m intimately aware of this because I do it, done it, and I’m trying to stay away from it. Now, what I’ll do with this cycle is I’ve shifted it to testing.
Essentially, this is how it works. You find the system that looks amazing and — maybe somebody is trading it, or maybe you heard about it, maybe you know someone who’s doing really well with it — so you decide, you’re going to trade that system.
You trade it for a while. Things might even go really, really well for you for a while. It looks like this is going to be how you’re going to trade for life then, all of a sudden, something happens. That something is a drawdown. You’ve got a losing streak and then maybe you think to yourself, “the market has changed” or “nah, the system is not as good as I thought it was” and then you give up o...