In this developing trader series episode, I speak to Chris D, a day trader from the UK who finally found his perfect trading style after years of struggling.

We discuss:

• Why switching from the DOW to the FTSE was his best-ever decision
• What trading strategies he currently deploys
• His extensive (punishing?!) pre-market routine
• Non-negotiable rules 
• His obsession with data gathering and how it supports his decision making
• Chris’ current scaling-up challenge

And more.

This was a great conversation with a trader who just would not quit!

His perseverance and grit have allowed him to discover a trading strategy that works for him.

If you have been trading for a while but aren’t quite where you want to be, this episode is a must-listen.

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“The grass is always greener on the other side”

Never a truer word has been spoken in trading!So many traders are seduced by the latest big thing, a strategy, a market a methodology. (guilty!)It may have merit, and it may well find a way into your trading edge at some point.

But fix the holes in your trading business first…

Adding another thing to master and learn just takes away from what you are working on.

Be strict with yourself.

Collect all the info and resources, then shelve it for a later date. No distractions or backsteps.

You’re already on a mission, don’t let yourself be derailed.

You’ve seen the guy on the golf course, new top-spec clubs, fully kitted out, gets on the first tee… shanks it!

Trading is similar.

But in trading, the ‘gear’ is knowledge.

Too many traders know much about the markets but fail to apply it…

Overcomplicating, overthinking and trying to outsmart the market each day.

Trading is not the arena to be smart. Simple, consistent execution is the key.

In this episode, I talk about how to simplify your trading. Ways to mentally unlock that urge to overcomplicate, overtrade, and overthink your trades.

We’ve all been there, your equity curve looks amazing, you feel pretty pleased with yourself, trading has been going well. But all of a sudden things take a turn for the worse. You start to drawdown heavily and you wonder what happened.

You’d give anything to get yourself back to equity highs. To get that feel good factor back.

But watch out for the trap!

That’s the fork in the road that catches most traders out.

But not you…

In this episode I discuss practical strategies to help you recover from drawdown.

Stress is good.

Yep I said it, a certain level of stress is good, it keeps you alert and moving forward. It stops you being complacent.

But too much can affect trading performance, badly. And no one wants that!

In this episode I explore what you can do to manage stress as a trader to keep you performing at your best all year round.

Let’s face it, we’ve all had those moments where we’ve wanted to throw in the towel and start over.

And that’s okay!

In this episode, I’ll show you how to wipe the slate clean and start fresh - without having to burn down your trading station...

I’ll discuss practical strategies for starting over, such as reevaluating your goals, creating a new plan, and letting go of past failures. We will also explore the mental and emotional aspects of starting again, and how to develop the mindset needed for success.

Traders love technical analysis, but as soon as you start talking about macro themes everyone switches off!

But, big money moves markets and big money loves macro… So it makes sense to have a basic understanding of how and why these bigger players are making decisions to trade.

Right?!

In this episode I ask macro expert Michael Brown, ex FX Dealer and now market analyst at TraderX to explain the foundations of macro economics.

“Keep it super simple” I told him.

“Lets go back to basics so traders can understand what’s going on and build an edge around it”

That’s exactly what we did.

In this episode I asked Michael questions like:

• What really is inflation?
• What are the institutions looking at?
• What actually triggers an institution into placing a trade?
• Where’s the opportunity right now?
• How does a retail trader pick a market to trade?
• How can a trader plan and prepare to trade a data release?

& much more.

If you’ve always wanted to learn a bit about macro basics and how you can use that knowledge to your advantage then this is well worth a listen.

Please enjoy!

See more of Michael on Twitter @MrMBrown and at Traderx.com

The episode explores how understanding the concept of the Stockdale Paradox, named after James Stockdale, a US Navy pilot who was held as a prisoner of war in North Vietnam, can help traders achieve success.

The Stockdale Paradox is a combination of two attributes.

1. An honest assessment of the current reality
2. An unwavering belief in ultimate success.

This seemingly contradictory attitude can help you tackle the immediate road-blocks in your trading and yet stay motivated and focused on the overall vision.

In this episode I’m diving into some of the most common cognitive biases that can affect traders: loss aversion, confirmation bias, and familiarity bias.

First, let’s discuss confirmation bias, the tendency to seek out information that confirms our existing beliefs. This can lead to a lack of objectivity and an inability to consider alternative viewpoints. I’ll discuss ways to mitigate confirmation bias and make more balanced, unbiased decisions.

Next, let’s delve into loss aversion, the tendency to avoid losses and seek out gains. This bias can lead to poor risk management, as traders may hold onto losing positions for too long, cut winners short or be too hesitant to take on new risks. I’ll explore strategies for overcoming loss aversion.

Finally, let’s talk about familiarity bias, the tendency to favour familiar markets or strategies over those that may be less familiar but potentially more logical choices. We’ll discuss how to overcome this bias and make more diversified, well-rounded trading decisions.

Join me as I explore these common cognitive biases and learn how to overcome them to make better decisions in the markets.

I’m a big fan of focusing on one thing at a time.

Trade setup, a specific market, a strategy. The laser focus helps you achieve what you want quicker, allowing you to move on to other important things.

I even talked about this from a health perspective in episode 41 when I didn’t really have a clear goal in the gym. But when I decided to focus on losing body fat first and then gaining muscle I got much closer to the physique I was looking for.

Goal-setting (like journaling) can be overwhelming. You’re focusing on so many things that would be great to achieve but often end up getting none.

But what if this time you just made one simple goal and a handful of supporting goals?

One goal that you could constantly think about each day.

Something to flash into your mind constantly that keeps your decisions in the right alignment?

In this episode, I explore the concept of easy goal setting. An alternative way to attack what’s important to you this year.

Books mentioned:

Ed Mylett - The Power of One More