This episode gives resuscitation to your portfolio and psychology as Adrian Reid discusses systematic trading and what makes traders profitable and Louise Bedford emphasises the importance of your trading definition.
Mind power – Your Trading Definition
Make your trading definition effective because it might determine how long you stay with trading.
As a trader your job is TAKE SMALL LOSSES and MAKE BIG WINS.
Every year Louise has so many small losses and just a few outside gains.
Even the turtles only earned on average from 35% of trades the majority of their profits.
It is extremely difficult to be profitable in this game if you are thinking your job it have lots of big wins and only a few small losses.
Traders are a smart bunch of people.
But being smart is not what makes you money in the market.
Being SYSTEMATIC is what makes you profit.
By having good trading habits and focusing on being a better trader THE MONEY WILL TAKE CARE OF ITSELF and your portfolio will grow.
In this interview Adrian discusses:
- What things cause traders financial pain
- Human psychology and the need to be right
- Being clear on your objectives and how much you are prepared to lose
- Getting serious about developing systems and profitable rules
- Portfolio CPR and resuscitating your system
- What it takes for trading success.
For a portfolio CPR cheat sheet to clean up for your portfolio and stabilize your trading go to: https://go.enlightenedstocktrading.com/talkingtrading
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