In this interview with Chris Tate, we hear what are accurate expectations of a short-term trading system and how much cash flow it can bring. Louise Bedford talks about taking responsibility for where you are in life and your trading education.
That is the thing about trading… No one is ever going to ring you up and say:
‘You have made too much money, STOP MAKING SO MUCH MONEY.’
Short-term trading adds diversification and cash flow to your portfolio.
However, there are realistic expectations for a short-term system.
You can only get what the market will give you.
You may buy the Aussie dollar for 79c but you are not going to sell it for $7.90. You can’t a have a life changing return from short-term trading. It is not designed for what a long-term system does.
You need to have to have the right tool for the right job.
In this interview with Chris Tate, we also talk about back-testing and how human bias can creep into the analysis, renaissance technology and Jim Simons, and the psychology of traders who make a lot and then lose a lot, and realistic returns of the markets over the past years.
Louise Bedford – Mindpower
Automate Your Pain
What do you procrastinate about? Usually it some activity that you think is a drudge activity.
So link your activities to push your day ahead. The more you can link a habit with another the easier it will become for you.
Play your ‘A GAME’.
It is hard as an adult to accept responsibility for your actions. Yet to grow that is exactly what you need to do. Accept responsibility for where you are in life, if you don’t your circumstances will never change. You will always find someone to blame, some excuse to give, some reason why you are not where you need to be.
Be the best version of yourself.
There is no trading emotion that Chris and Louise haven’t felt themselves in the past.
Accept where you are in your trading education. If you have followed your trading plan that trade is never a failure.