Information is great but can too much information set your trading back?

In this episode of 2Traders Podcast, Walter and Darren double click on trading distractions and what you can do to minimize  the effect of potential distractions on your trading performance.

They touch on information overload, system creation, confirmation bias, and the age-old trading question “when should you quit your job and trade full-time?”

Walter talks about focusing on specialization rather than picking the “best of everything.” Darren talks about finding one great idea and basing your trading on that.

Download (Duration: 25:22 / 29.0 MB)

In this episode:

01:04 – a beautiful mind

03:15 – reasons for trading

05:58 – tails between your legs

07:08 – hadron collider

08:18 – the “dot com” thing

10:51 – good image

11:39 – the double image

14:27 – a profession

16:25 – life as a zombie

18:27 – personality profile

20:17 – out of touch

22:25 – the same but different

24:16 – a “secret sauce”

Tweetables:

Becoming a good trader means you got to really love trading, as well. [Click To Tweet].

What does your trading account do for you? [Click To Tweet].

Look for that breadth of knowledge. [Click To Tweet].

Download The Full Episode 68 Transcript Here

Darren: The more successful you are, the more likely you are to show it and you learn from that process as well. Whenever I work with other traders and I show them something I do, invariably, one or two of them — two man stand the line — will do something similar but with a twist . I think “Wow, that is really smart”…

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. Hello, Darren.

Darren: Good evening, Walter.

Walter: We have this idea and I know it seems weird but it makes sense to us at some stage so we’re gonna go forth and see what happens. Darren, this idea that was bouncing around in my head was how looking at people… Some people have these bodies that are, essentially, just meant to transport their beautiful mind.

It’s just the body, it’s just basically meant to carry the brain around. This really smart person, we call these people “Professors.” That is the ultimate example of the body that just carries around the mind, the head, the brain.

Others have this really beautiful vehicles, this really beautiful bodies and they might not necessarily have much on top. Now, I am not calling… I know this is stereotypical but, for example, you could have a personal trainer.

A personal trainer is a beautiful vehicle but it’s just an empty bucket up there on top. Now, my question is extending this analogy onto you,