May 22, 2017
In episode 93 of the Desire To Trade Podcast, I interview Stacey Burke, a Forex trader who has learned about trading the hard way while blowing up some small accounts and making all the mistakes most losing traders make.
Through that process, however, he has able to identify where the real problems were in his trading and how he could finally turn the corner to become one of the few profitable traders.
Coming from a sporting background in ice hockey and Ironman triathlon, hard work and a competitive nature are some of the attributes he believes are necessary to succeed in Forex trading.
Stacey gives credit to other great traders for his success. Brent Penfold's advice on being "the best loser", but he also implemented things in his daily routine to help him continually keep getting better at the process of trading. Like Mike Bellafiore says "how good can we get?"
Here's a key takeaway:
"Trading mastery is a journey, not a destination. Focus on constant progress, NOT perfection." (click to tweet!)
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Share This! Top Quotes From This Interview
“If you know the enemy and know yourself, you need not fear the result of a hundred battles." - Sun Tzu
"Focus on being a good loser and having asymmetrical risk/reward opportunities." -Stacey Burke
"Keep it simple and learn how to lose." - Stacey Burke
In This Episode, You’ll Learn…
- How Stacey went through 10 years of losing trades without stopping - and how he recovered
- The Forex trading habits and rituals that Stacey go through on a daily basis
- How to really learn from other traders - because you can't simply copy
- Why expecting to lose trades is powerful
- The importance of having a solid trading journal and how Stacey does his
- Some of the best lessons from traders around the world
- Why teaching and sharing makes you a more successful Forex trader
- The more you trade the more you are likely to make mistakes
- How Stacey uses paper notebooks - I do the same!
- One thing Stacey wished he knew when he started to trade
- How to create an asymmetrical edge in the market
- And much more!
Resources Mentioned In This Interview
- Edgewonk: the trading journal Stacey and many traders use on a daily basis. Enter "dtt20" at checkout to get 10% off and a 3-month complete membership of the Desire To TRADE Academy.
- Dr. Brett Steenbarger's blog: a great resource to grow in the field of trading psychology with daily content.
- Peter Brandt: a trader Stacey gives a lot of credit to for sharing his experience and knowledge.
DesireToTRADE’s Top Resources
- DesireToTRADE Forex Trader Community (free group!)
- Complete Price Action Strategy Checklist (free checklist!)
- One-Page Trading Plan (free template!)
- DesireToTRADE Academy
How To Find Stacey Burke?
What is one thing you are going to implement after listening to this podcast episode? Leave a comment below, or join me in the Facebook group!