Walter and Darren dig into a trader’s question about confidence issues with support and resistance trading. They talk about trading beliefs, the dangers of tweaking your system to fit what other traders do, and using your emotions — such as fear — as a tool in trading.

They also share some tips for keeping your confidence up and how some successful traders use support and resistance in this episode.

Download (Duration: 19:27 /22.2 MB)

In this episode:

00:55 – what is your gut reaction?

02:53 – belief, faith and confidence

03:35 – tweak the system

05:20 – need to incorporate

07:21 – tweak and experiment

09:31 – What can you do to use your emotions in trading?

11:08 – accountability

13:27 – good parameter

15:15 – why don’t I just do the opposite?

16:52 – embrace the change

18:26 – your ticket to long term consistency

Tweetables:

Why wouldn’t I just do what he does? [Click To Tweet].

Find somewhere you’re comfortable trading. [Click To Tweet].

You have to tweak things and experiment. [Click To Tweet].

Download The Full Episode 48 Transcript Here

Darren: We basically break each other’s rules completely. We come at trading from that completely different perspective and we both seemed to get a certain amount of success doing it. Anything is possible, be open- minded and try some new things…

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 and I’ve got Darren. Hello, Darren.

Darren: Hello, Walter.

Walter: We’ve got a question here, Darren, about confidence in support and resistance. Let me read it for you. This trader says:

“I have a question about getting confidence in my system and drawing support and resistance minds without doubting them.”

There are a lot of things that pop out her but I’m just curious what is your gut reaction to this, Darren?

Darren: I think it’s right to doubt them because they’re not a guaranteed thing. There’s uncertainty with support and resistance. You can get the right level of support and resistance but price just push it a bit farther that it’ll normally would and miss a trade. Sometimes, it’ll go down and stop you out then reverse and go in your direction.

It’s right to have some doubt in them, it’s right to expect that they’re not always going to work out because then you can focus a bit more on the things that do matter. If you focus in drawing support and resistance lines that are always going to be right then you’ll miss the big picture.

Walter: It’s clear to me that this trader probably doesn’t believe in support and resistance. I would say that this trader is probably has a belief that somewhere around related to the way that you see the ch...