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: 28:07 / 32.1 MB)

In this episode:

00:43 – cryptic email

02:18 – distractions

04:16 – wealth of choice

06:55 – a red flag

10:02 – biggest complaint

12:00 – stew and analyze

13:42 – one core idea

16:57 – what fits our theory?

19:38 – bending the rules

20:46 – focus

22:04 – worst stories

26:13 – absolutely crazy

Tweetables:

Focus is what leads you to where you want to go. [Click To Tweet].

Find out what you believe and stick to that. [Click To Tweet].

You do not have to know it all to find your edge. [Click To Tweet].

Download The Full Episode 69 Transcript Here

Walter: What you needed to do is find out what you believe and you stick to that. Stick to your beliefs and let those beliefs grow into a system that you’ll stick with for life…

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. It’s Walter here and I’ve got Darren on the line. Good day, Darren.

Darren: Morning, Walter.

Walter: It is an interesting idea that you came up with that we are going to use for today’s topic and I’ll just let all the listener’s know. I received this cryptic email from Darren. It says “The secret to becoming a great trader is to divorce your wife, sell your kids, sell your house, move up a mountain, live naked in a wood shack and eat vegetables from your garden”.

So, Darren, please explain what are we going to be talking about.

Darren: Obviously, when I sent that email, I was trading. I was a bit bored and there is some serious point to it which was this idea that a lot of people think to find happiness in their life and control in their life. What they really need to do is just simplify; sell everything, move up a mountain, block out the rest of the world, and live this holistic lifestyle.

I just thought that there is a parallel there with trading and it’s this idea of removing distractions from your trading. On obvious level, there’s this distractions of your everyday life like your spouse and your family and problems you’ve got outside of trading.

Maybe you’ve got debt, bills to pay,