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EP71: Confidence and Fears
How can your win by losing?
Darren and Walter delve into trading fears and the human desire to win at all costs in this episode.
Walter examines the psychology behind confidence, and how you analyze your trading results. He talks about why you should pivot off your losses to improve and how to “see” the market through different eyes.
Darren encourages traders to think outside the box and ask yourself: what did I learn from these loses? Have I found my edge? He also offers a piece of advice for incorporating your learnings in your trading..
Download (Duration: 32:26 / 37.1 MB)
In this episode:
00:51 – analysis
02:21 – trading is pain
04:50 – the easy way
06:42 – execution
09:08 – more clear cut
10:33 – how to lose?
12:17 – information is everywhere
15:32 – a load of crap
17:30 – lose a little bit
20:19 – defined exit plans
22:00 – an auction
24:30- freedom into your system
26:49 – pen and paper
28:05 – one on one battle
30:13 – extreme view
31:48 – same problems
Tweetables:
Trading is about pain and learning how to lose. [Click To Tweet].
Looking at the bigger picture and find your edge. [Click To Tweet].
Why it is that you always want to win? [Click To Tweet].
Download The Full Episode 71 Transcript Here
Walter: Why is it that I feel so much pain when I am trading? Is it because of something in my history related to this desire to win?
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, we are going to talk about one of the listener’s question today. Specifically, the question is: I have lack of confidence in the analysis and therefore having to get out of the trade very soon with little profit out of fear of it failing.
What can you say to this, Darren?
Darren: The word that jumps out of me is the “analysis”. What I think the issue here is the trader is associating the problem with the element that probably is not the problem and missing the real call of the issue.
If you have lack of confidence in your analysis and you need to question, have you back tested the process that you are using, the strategy you are using? You should have if you are trading it and you should have a clear idea of how it is likely to perform over a period of trades.
The real issue here is that we, all of us as traders, fail to accept that trading is generally about feeling bad and reveal winning or losing whether you are following your process or not.
There’s always going to be an element of pain associated with trading. It is an uncomfortable environment to be in. That lack of confidence feeling is generally always there.
View all episodes
By Walter PetersHow can your win by losing?
Darren and Walter delve into trading fears and the human desire to win at all costs in this episode.
Walter examines the psychology behind confidence, and how you analyze your trading results. He talks about why you should pivot off your losses to improve and how to “see” the market through different eyes.
Darren encourages traders to think outside the box and ask yourself: what did I learn from these loses? Have I found my edge? He also offers a piece of advice for incorporating your learnings in your trading..
Download (Duration: 32:26 / 37.1 MB)
In this episode:
00:51 – analysis
02:21 – trading is pain
04:50 – the easy way
06:42 – execution
09:08 – more clear cut
10:33 – how to lose?
12:17 – information is everywhere
15:32 – a load of crap
17:30 – lose a little bit
20:19 – defined exit plans
22:00 – an auction
24:30- freedom into your system
26:49 – pen and paper
28:05 – one on one battle
30:13 – extreme view
31:48 – same problems
Tweetables:
Trading is about pain and learning how to lose. [Click To Tweet].
Looking at the bigger picture and find your edge. [Click To Tweet].
Why it is that you always want to win? [Click To Tweet].
Download The Full Episode 71 Transcript Here
Walter: Why is it that I feel so much pain when I am trading? Is it because of something in my history related to this desire to win?
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, we are going to talk about one of the listener’s question today. Specifically, the question is: I have lack of confidence in the analysis and therefore having to get out of the trade very soon with little profit out of fear of it failing.
What can you say to this, Darren?
Darren: The word that jumps out of me is the “analysis”. What I think the issue here is the trader is associating the problem with the element that probably is not the problem and missing the real call of the issue.
If you have lack of confidence in your analysis and you need to question, have you back tested the process that you are using, the strategy you are using? You should have if you are trading it and you should have a clear idea of how it is likely to perform over a period of trades.
The real issue here is that we, all of us as traders, fail to accept that trading is generally about feeling bad and reveal winning or losing whether you are following your process or not.
There’s always going to be an element of pain associated with trading. It is an uncomfortable environment to be in. That lack of confidence feeling is generally always there.