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EP60: Entries and Exits
When you make important decisions in life — do you decide by ticking off some self-made checklist? Or, do you go by your instinct?
In this episode of 2Traders Podcast, Darren and Walter tap into the subject of trading entries and exits, backtesting, market patterns, and how your trading results are the result of your psychology and mindset. According to Walter, a win rate is like a “median high tide line” that you should always consider when building a house near the shoreline. Darren believes that anticipating the market is more of an intuitive skill that you develop over time and experiences.
You will also see the connection between fiction reading and trading performance, and why women have a greater advantage over men in the trading world.
Download (Duration: 35:29 /40.6 MB)
In this episode:
00:51 – unique things
02:18 – odds and probabilities
03:11 – complexity and randomness
05:46 – newbie trader
07:56 – a false sense of confidence
09:06 – judgement calls
10:34 – pivot points
13:25 – human error
14:39 – simple options
16:02 – median high tide line
18:41 – scientific reading
20:04 – the “dead cat bounce”
22:18 – psychopathic personality
25:05 – algorithm
28:26 – all about the mindset
30:12 – what affects win rate?
33:43 – general rules
35:15 – system execution
Tweetables:
Accept uncertainties rather than pretend to knowing the results. [Click To Tweet].
How do you avoid making the same mistakes? [Click To Tweet].
Past results are not indicative of future results. [Click To Tweet].
Download The Full Episode 60 Transcript Here
Walter: Is it fair to say… Would you say that you believe that the markets are all continually changing?
Darren: Yes, they look like they are not changing. If you have a random up and down movement then it is going to look like a chart…
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 Darren is on the line. Hello there, Darren.
Darren: Evening, Walter.
Walter: We are going to talk about the entries and the exits. This is something that has been niggling with me and I am hoping that this discussion will open it up because I know one of the unique things about the way that you trade and the way you view your markets is that you see how it is likely that when you take a trade, whether it is a buy or a sell, you have essentially a fifty-fifty chance of it working out.
Now, obviously that is going to differ depending on the exit strategy you use. My question is if we have a fifty-fifty likelihood of our trade working out for pr...
View all episodes
By Walter PetersWhen you make important decisions in life — do you decide by ticking off some self-made checklist? Or, do you go by your instinct?
In this episode of 2Traders Podcast, Darren and Walter tap into the subject of trading entries and exits, backtesting, market patterns, and how your trading results are the result of your psychology and mindset. According to Walter, a win rate is like a “median high tide line” that you should always consider when building a house near the shoreline. Darren believes that anticipating the market is more of an intuitive skill that you develop over time and experiences.
You will also see the connection between fiction reading and trading performance, and why women have a greater advantage over men in the trading world.
Download (Duration: 35:29 /40.6 MB)
In this episode:
00:51 – unique things
02:18 – odds and probabilities
03:11 – complexity and randomness
05:46 – newbie trader
07:56 – a false sense of confidence
09:06 – judgement calls
10:34 – pivot points
13:25 – human error
14:39 – simple options
16:02 – median high tide line
18:41 – scientific reading
20:04 – the “dead cat bounce”
22:18 – psychopathic personality
25:05 – algorithm
28:26 – all about the mindset
30:12 – what affects win rate?
33:43 – general rules
35:15 – system execution
Tweetables:
Accept uncertainties rather than pretend to knowing the results. [Click To Tweet].
How do you avoid making the same mistakes? [Click To Tweet].
Past results are not indicative of future results. [Click To Tweet].
Download The Full Episode 60 Transcript Here
Walter: Is it fair to say… Would you say that you believe that the markets are all continually changing?
Darren: Yes, they look like they are not changing. If you have a random up and down movement then it is going to look like a chart…
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 Darren is on the line. Hello there, Darren.
Darren: Evening, Walter.
Walter: We are going to talk about the entries and the exits. This is something that has been niggling with me and I am hoping that this discussion will open it up because I know one of the unique things about the way that you trade and the way you view your markets is that you see how it is likely that when you take a trade, whether it is a buy or a sell, you have essentially a fifty-fifty chance of it working out.
Now, obviously that is going to differ depending on the exit strategy you use. My question is if we have a fifty-fifty likelihood of our trade working out for pr...