In this episode of Truth About FX, Walter dissects trading consistency, execution, and the psychology of a winning mindset. According, although books can greatly help you achieve success, a new and a much more scientific solution can help you manage higher timeframe charts.

And, did you know that wearing a “unique” headband can actually help you make better decisions?

Download (Duration: 06:46 / 7.75 MB)

In This Episode:

00:39 – winning mindset

01:22 – brainwave entrainment

03:07 – trigger hypnosis track

04:20 – reprogram your thinking

04:34 – muse headband

06:13 – personal record

Tweetables:

Seed yourself with some positive thoughts [Click To Tweet].

You can get the right mindset by using a brainwave track  [Click To Tweet].

Reprogram your thinking.  [Click To Tweet].

Announcer: Sometimes, forex trading is a wild and wooly place to be. That’s why Hugh is here, to post your questions to Walter, the naked forex guy. Hugh’s got questions and Walter’s got the answers. Here at the Truth About FX Podcast.

Hugh: Hi, Walter. Somebody wrote in and asked, or they mentioned,  they are overall profitable but they are generally aiming for 2:1 risk to reward ratio. They are finding it difficult to be consistent.

I think they’re saying plenty of examples on the conditions in the overall psychology of a winning mindset would be helpful. What would you say to this person?

Walter: This person is basically struggling with the psychology of executing his system with a 2:1 ratio. That is tough. I mean it almost sounds like this person could be better off — I hesitate to suggest this but he could be better off — going with the higher win rate system, the lower risk reward.

The problem, of course, there is it puts a pressure to hit the win rate higher. There’s a couple of things that you can do. One is — I’ll put a link to this on the shownotes for this episode — but one thing you can take a look at is brainwave entrainment.

Brainwave entrainment is a great way to set yourself up so that it’s almost like you see athletes get their mindset right before they enter a big race or play the big game or whatever.

It’s the same thing where you can literally click into brainwave track and what will happen is you are putting your mind in because our mind goes to different phases throughout the day depending on what we are doing.

There are some that are very useful for traders, especially making trading decisions and there are others that are not so useful. It sounds like there’s some anxiety and some confidence issues here.

Some of those can be helped by using brainwave entrainment tracks and so what you do is you listen to the brainwave entrainment tracks then you sit down and make your trading decisions which is I always do.

I find that very useful and it’s good if you are trading the higher timeframe charts because you’ll know when you are going to make your decisions. If you are trading the lower timeframe charts, you could be making the decisions at any place.