DR. KENNETH REID CONFIRMS TO TRUST YOUR TRADING STYLE 100%
Well Dr. Kenneth Reid confirmed 100% of what I knew. In an earlier post, I mentioned how you have to trust your trading style 100% in order for you to be successful: https://evancarthey.com/november-2-2015-set-power/.
This is a concept I did not come up with but it is one I had to realize before it became a cornerstone in my trading that has led me to profitability. Dr. Reid is a trader (trades the NQ) and a trading coach who focuses on psychology. Here is his website: http://www.daytradingpsychology.com/.
I am getting very close to adding him to the “Approved Resources” category but I am not yet through with one of his meditation/psychology courses yet. As soon as I finish it and I feel 100% comfortable in recommending it then I will do a review on it. I will never recommend a product that has not helped me in life or in my trading journey.
I found this interview with him today: http://blog.tradovate.com/top-trader-interview-series-ken-reid-pick-a-futures-market-and-become-an-expert. I am going to cut out a couple of his answers and paste them italics and then talk about them.
What are characteristics that you see among successful futures traders?
The best futures traders trust their method 100% and therefore have the ability to stay in a trade to target. They have the patience to let the market work for them. They trade smarter, not harder. Some pros might take two to three trades a day whereas most amateurs over-trade.
There it is, you have to realize this if you want to make money trading. You have to trust your trading method 100%. I even bolded it in the paragraph. I firmly believe you cannot fully trust someone else’s method 100% which is why the “traders” selling their programs are better marketers than traders. Learn all you can from other traders and then try it for yourself in order to pick and choose what works for you. Craft your trading style to fit you. Trading is all about you.
Who you are is going to determine how you trade!
Your trading style will be a reflection of who you are and what you believe. That is why no two people will trade exactly the same way since God did not create two people exactly the same. There is no one just like you who came before you or who will come after you.
There are people very similar to you but no one exactly like you. You truly are one of a kind created by God. In another post I’ll talk about the journey I took to get my mind right because where I was 5 years ago was no where near ready to be a successful trader. It took a lot of time, effort and some money because you get what you pay for and you cannot short change your mind.
What is the most common mistake you see among futures traders?
Professional futures traders are excellent risk managers, but at the same time they are not afraid of risk. They know their job is to put on risk, especially when others think the situation is too risky. They mostly trade levels and don’t sweat the small stuff. Amateur futures traders, however, trade way too tight and way too late, so they get stopped out by noise and by simple stop-run games.
This was another key point when I had my revelation last March. I thought a 15 min time frame was enormous and a 1 hour time frame was the slowest period ever! I was used to the 5 minute frames and was just starting to get used to the 15 minute.
Well the problem is that in the forex market when reports or news come out to the public the moves can be massive for those time periods and you are pretty much guaranteed to get stopped out if you use a stop loss and are not in some serious profit already.
I was stopped out so many times after news came out trading the 5 -15 minute time frames. Once I finally was tired of getting stopped out on these moves I moved to the 1 hour chart and a month later I moved to the 4 hour chart which is the time frame I have been trading ever since. I also quit using stop losses which goes against what every book and trading program teaches. To me that was the key, do the opposite of what the “trading gurus” teach.
Wrapping this up, keep learning so that you can pick and choose what works for you and you keep crafting and refining your trading style. Once you do then the results you have will be so much greater than you ever have had before, trust me. You have to trust your trading style 100% and the only way to do that is to have created it yourself so you fully understand what you are doing which fits who you are.
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My Robinhood Review: https://evancarthey.com/review-robinhood-trading-service-with-no-fees-part-1/
