166: "I Need Confidence To Trade" Is A Myth?

  "I Need Confidence To Trade" Is A Myth? In episode 166 of the Desire To Trade Podcast, I am sitting down with Alejandro, a student from the Desire To Trade Academy to discuss confidence in Forex trading. Watch the video interview here.    Topics Covered In This Episode How you can have confidence when you trade [1:19] Being curious and having an adaptive mindset [6:10] The question of making money or not in trading, and shifting your mindset to be profitable [7:42] Thinking about the overall picture and the process [10:50] Focusing on the goals rather than profit [14:47] Having to know the numbers [18:32] Putting taking profits too high and stop-losses too low/tight [19:45] Creating a journal [22:17] Why you cannot trust on your memories [22:33] Your personality and ego and how it relates to your mindset [24:54] Having motivation in trading and doing it for freedom [28:48] Thinking of trading strategies as different employees [32:21] Why there is always an adaptation part [34:32] Starting to implement the strategy and making it work to make money [36:36] Every person has different strategies that resonate with them [39:03] Why we tend to overestimate and underestimate market moves [40:57] What a good risk reward for day trading is, and win rates [44:06] Example of backtesting [48:25] Thoughts on crossover strategies [50:52] Why automation systems in your process is essential [54:38] Rules of a discretionary trader and tools for doing backtests [58:02] What the leverage is to use to be able to place all the trades you need [59:46] What the timeframe for day traders is [60:35] Not every single strategy will work on all pairs [61:49] Advice for someone starting to code and the platforms to use [63:29] How to measure magnitude of an economical event [66:32] The best strategy for trading cryptos [71:26] Why Python is one of the best tools to use in coding [74:59] Why you need to meet traders in person [77:12] Resources Mentioned Reuters Eikon Terminal Bloomberg Terminal RANSquawk  Join the Academy Trading Assistant Example of backtesting Montreal Traders Meetup ForestParkFx Forex trading strategy I use    DesireToTRADE Top Resources Desire To TRADE Forex Trader Community (free group!) Complete Price Action Strategy Checklist (free checklist!) One-Page Trading Plan (free template!) DesireToTRADE Academy (exclusive training program)   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!