In this episode of Truth About FX, Walter dives into where your weaknesses are and what are the things you can do to cross these barriers. What’s your biggest challenge? He also talks about these hacks that can help you float calmly across a stormy sea.
Download (Duration: 04:01 / 9.7 MB)
In This Episode:
00:51 – martial arts
02:03 – huge confidence boost
03:13 – trading can be traumatic
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. Are there any other activities outside of trading that can help me become a better trader?
Walter: What a great question. It’s probably going to depend on sort of how you’re coming at trading. What I mean by that is where your weaknesses are. For example, if it is impulse control. Like you take trades that you shouldn’t take. You take trades outside of your strategy then you would want to look for discipline things like martial arts or something like that.
If you just find yourself freaking out when you’re trading and letting your mind wonder what happens if this happened? What happens if my broker goes bust? What happens if something happens overnight, my position gets stopped out? Those are the sorts of things and maybe meditation would help.
So, it depends on where you’re at as a person. What’s kind of the big challenge for you. Typically, the big challenges are discipline. Also, feeling that you don’t have confidence. So you can build up confidence by doing lots of things.
You can build up confidence even just by learning how to code a simple exit, EA for your trades. That can also build confidence for you or even better would be to have a trading accountability partner.
This is something that is obviously we’ve talked about before but having someone that can look back and say, “Hey, you were here 6 months ago and we’ve been meeting every week for the last 6 months. Now you’re here.” That’s a huge confidence boost. To have someone watch you and know that you’ve progressed.
The other thing is just journaling. If you have a journal and you talked about your main concerns, your main challenges and you go back and look at that years later, it’s amazing how little the big challenges seemed today.
So, you have these big challenges two years ago and now it’s just like, “That’s easy.” Later on, it’s true. Those probably are the big ones. Having someone that you can confide in every week and can keep you on track.
Maybe doing something like martial arts or some sort of discipline sporting thing. It’s amazing how many good traders have some strong sporting background. Specially the traders who trade the lower time frames. I find that really fascinating.
Also, meditation can help if you find yourself wondering and certainly journaling. Just writing out your thoughts, that’ll helps. Just full stop in any sort of thing like if you’ve had a really traumatic event and it turns out that the people who write about it, the people talked about it, those people overcome it.
Trading can be traumatic like having this trading thing going on for years and years on end, and not really going anywhere like I did, that’s a traumatic thing and it can be difficult. Some people around you think you’re not going to make it work or whatever. So, that’s another one. Those are the big for us, I suppose.
Hugh: I see. Okay, cool. Thanks, Walter.
Walter: Thank you.