REWIND: Blowing Up a Trading Account with Trading Psychologist Dr. Kenneth Reid

Dr. Kenneth Reid remembers the first day he made $5,000 trading. That was followed shortly later with a day he lost $30,000, sending him down a spiral that eventually led him to lose $130,000 in the markets. As he dug deeper into the psychology behind his trading, he realized that he was trading in an addictive manner, without a well-defined written method. Now, Dr. Reid preaches deliberate trading practice that focuses on the process, not the outcome. If your process is good, the outcome will follow.  [02:48] - Dr. Kenneth Reid background[05:59] - Finding the psychology connection[07:37] - What's your trading style?[09:25] - Why trading on a simulator is crucial[11:35] - Traders need a method that they can explain in 5 seconds[13:52] - Approaching sim trading to make it as real an experience as possible[15:16] - How to view sim trading as an experiment without getting frustrated[16:06] - How long should someone be in a simulator?[18:31] - Getting off on the right foot with a real money account[19:56] - Keys to smart sim trading - Principle #1[21:40] - Keys to smart sim trading - Principle #2[22:19] - Keys to smart sim trading - Principle #3[24:08] - Keys to smart sim trading - Principle #4[30:02] - Keys to smart sim trading - Principle #5[31:48] - Keys to smart sim trading – RECAP[34:45] - What's the scariest trade you've ever made?[37.05] - What piece of advice would you give yourself if you could go back in time?[39:11] - Where can people find you online?You can find more about Dr. Kenneth Reid at https://www.daytradingpsychology.com.Limit Up! is a podcast for traders of all levels brought to you by Topstep. Whether you’re considering a career in trading and don’t know where to start, or you’re a seasoned veteran looking for advice from big names in the financial industry, Limit Up! is your guide. Join us weekly as we discuss the market in all of its volatile glory. Risk Disclosure: https://www.topstep.com/risk-disclosure/If you'd like to receive new episodes as they're published, please subscribe to Limit up! in Apple Podcasts, Google Podcasts, Spotify or wherever you get your podcasts. If you enjoyed this episode, please consider leaving a review in Apple Podcasts. It really helps others find the show.Podcast episode production by Dante32.