Episode 72 of the Desire To Trade Podcast is part of the Holiday special, during which I'm bringing back guests I've had previously on the podcast. I selected guests that had made an impact on me throughout the year.
In this episode, I interview Chris Claflin, a multiple market trader, who is currently involved in futures and Forex.
Chris started being more involved in the Forex market during the past few months. That makes him a multiple market trader.
Throughout this interview, he shared his 5 keys to successful trading. Those apply in any market. In addition, we discussed some of the techniques Chris uses to trade on more than 1 market. The goal is to make trading multiple markets not too confusing.
Patience is also a topic we dive onto as many traders I talk with are finding it difficult to remain patient and accept that successful trading takes time & effort.
[bctt tweet="When you see the market as risk, reward, and money, it gets much less confusing." username="DesireToTrade"]
In this Q&A episode, I discuss the idea of relying on luck to make money as a trader. This is obviously a bad way to go about things even though several struggling hope their trades will work out without defining a process or a system.
Once you've removed luck from your trading, do not fall into the trap of adding an unlimited amount of variables to your trading strategy. A lot of traders think they must find the perfect way to make money in the market...
That is not your job.
You and I, as Forex traders, need to make our plan as simple as possible. That is the primary reason why I use a One-Page Trading Plan.
In my opinion, there's no need to look at other markets to confirm a trade you're about to place. In addition, if you are a technical trader, you do not need to spend hours trying to interpret the news in the Forex market.
If you want to trade multiple timeframes, do not make the mistake of looking for trades on all time frames at all times. That's not the way it works. I explain how I do multiple timeframe analysis in this podcast episode.
Episode 71 of the Desire To Trade Podcast is part of the Holiday special, during which I’m bringing back guests I’ve had previously on the podcast. I selected guests that have made an impact on me throughout the year.
In this episode, I interview Houston Truong, a full-time retail trader who, in the past year, left his job to concentrate only on his activities as a stocks trader.
Houston has made an immense impact on me. He was the one who inspired me to start the Desire To Trade Podcast in September 2015. He also taught me a lot about routines, mindset, and peak performance.
I currently co-host the Montreal Traders Meetup with him, through which we set up in-person events for traders monthly.
In this interview, Houston and I went back to reflect on the year, the one in which Houston left his job. We also discussed how someone has to go about leaving his job to trade full-time.
Houston is particularly concerned about the topic of continuous learning. Unfortunately, we’ve seen many traders who become consistent, and then stop learning forever. That is not a very wise way to go about it. Instead, traders from all ranges of experience should keep feeding their minds with useful information to keep growing.
It is a fact that markets change, and that makes it necessary for traders to adapt.
In this Q&A episode, I discuss the 5 things I believe all traders must know before starting to trade Forex. Those 5 keys to trading are summarized below.
I wanted to share those 5 things you must know as they are often overlooked. Looking back at my trading, those are things that would have helped me without a doubt.
If you do not track, you have no way to go back and find ways to trade better. That is the reason why I recommend you start tracking every single one of your trade from now on (no matter what). If you take bad trades, track them. If you take trades that do not respect your plan, track them. And obviously, do not stop to track when things are going well.
And obviously, do not stop to track when things are going well. Keep it going!
It's not because you read about a strategy and implement it flawlessly that you will see success. It is well-known by most experienced traders that any trading strategy goes through a period of consecutive losses. At that point, you need to remind yourself that trading is a game of probability.
That being said, you can have a general idea of the win rate your strategy is expected to have, but you can never know how many losses you'll have to go through before you reach the win rate you expected from the start.
No need to complicate trading. Most often, when traders feel overwhelmed, it is due to the fact that they try trading everything at the wrong time. By focusing on understanding the types of trades, and then selecting one you'll learn to trade, you will be able to bring back a great chunk of the simplicity that surrounds Forex trading.
Successful currency trading, after all, is about focusing on certain types of trades, and placing the odds in your favor (see #2).
The only way to build confidence as a trader is to see results. Those results can either come from a live trading account or from testing. The ladder is much less stressful, so I recommend you focus on testing before you ever put real money in a trading account.
The more you look at charts containing examples of your trading setup, the more familiar you get with your setup. You no longer worry about whether your trading strategy works or not because you've seen more than enough trade examples. Testing definitely builds confidence. If you do not feel confident about your trading strategy, you haven't done enough testing.
You do not need to create an algorithmic trading system that will replace you, but you absolutely need to understand the importance of creating successful trading habits. Those are things you do every time without thinking because you have created a routine.
Good examples of automation could be:
The way you want to go about creating habits is to do the action several times until you no longer have to think. You might want to start by placing a reminder on your screen until you no longer need the reminder. That has been a wonderful trick for me!
In episode 70 of the Desire To Trade Podcast, I interview Moritz Czubatinski, a Forex and futures trader currently living in Hong Kong. What I find really interesting about Moritz is that he has been able to travel the world while trading. That is definitely one of my personal goals (I’ll keep you updated!).
Interestingly enough, Moritz transitioned from his career as a professional Poker player to a full-time trader traveling the world. However, he had to go through an office job in Beijing in-between.
He is also the founder of the blog Tradeciety along with Rolf.
Moritz places a particular emphasis on trading journals. For him, having a journal is essential to successful trading. In fact, “I’ve never seen a profitable trader without a trading journal.’, he says. It is for that reason that Moritz created Edgewonk, a trading journal software.
In this Q&A #7, I discuss the topic of impulsive trading, especially for people who are day trading Forex. In addition, I go through the 3 questions I ask myself weekly to identify the problem I face in my trading, and how to overcome them. That has made an immense difference.
This episode ends with a quick discussion on trading beliefs. Those can either make you broke or rich. Therefore, I suggest you spend some time evaluating your beliefs. A good way to start would be to listen to my interview with Dr. Van Tharp as he describes the belief examination process he makes his students go through.
[bctt tweet="I've never seen a book telling you to surround yourself with other traders, yet it's so crucial" username="desiretotrade"]
In episode 69 of the Desire To Trade Podcast, I interview Anmol Singh, a stock, and Forex trader. The thing I find interesting about Anmol is the efforts he puts to trade those two markets both intraday and swing.
In short, this interview is packed with very tactical and comprehensive tips in regards to trading routines and the “how-to-trade” aspect. However, Anmol surprised me by sharing great advice on building a mindset that will help you generate an income from trading.
I sincerely believe that the way to improve the most consists of improving your mindset and state of mind prior to trading. Anmol had great tips on that.
Overall, one of the biggest lessons you can get from this interview is the power of walking away from your trading desk. Often times, you are much better removing yourself from the equation and leaving the market do its job. Your job as a trader is to accept the loss or profit and to keep executing as you should. You shouldn’t be there to watch every single move the market does as this will often push you to act or feel stressed. It’s simply counter-productive.
Every Friday, I host a live Forex Trading Q&A on Facebook.
In this Q&A #6, I discussed the ONE thing you can do to improve your trading quickly. In addition, I discuss the use of candlesticks in the Forex market.
This is based on my own experience.
As a matter of fact, I met a fellow trader in person for the first time around the month of June 2015 and that has made a significant impact on myself and my trading. It is also one of the major reason why I started the Desire To Trade podcast.
When it comes to candlesticks, I believe that traders spend too much emphasis on the candle close. That might be useful on a high timeframe but it doesn’t mean much on a very low timeframe.