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Space Summary
The Twitter space focused on the psychological aspects of trading, highlighting the crucial role of mindset in making informed decisions. Speakers shared personal experiences, discussing the need for adjustments, risk management, and seeking professional guidance for better trading outcomes. The conversation emphasized the impact of psychology on trading performance, advocating for journaling, podcast listening, and support from mentors. Recognizing the influence of life seasons on trading, the space underscored the significance of mental well-being in navigating the complexities of financial markets. Traders were encouraged to prioritize psychological well-being alongside technical analysis for sustained success in trading.
Questions
Q: What was the speaker’s experience with risk parameters in May?
A: The speaker mentioned adjusting risk parameters in May to align with market conditions.
Q: How did the speaker describe the impact of psychological factors on trading?
A: The speaker highlighted how psychological factors significantly influence trading decisions and performance.
Q: What actions did the speaker take to improve psychology in trading?
A: The speaker engaged in journaling, sought guidance from performance coaches, and emphasized the importance of mindset.
Q: Who did the speaker mention meeting to discuss trading psychology?
A: The speaker mentioned meeting with a performance coach to discuss trading psychology.
Q: What did the speaker emphasize about trading performance and psychology?
A: The speaker stressed the interconnectedness of trading performance and psychology, highlighting the need for a balanced mindset.
Q: How did the speaker stress the importance of support in trading?
A: The speaker emphasized the importance of having a support system in trading for guidance and mental well-being.
Q: Why did the speaker mention listening to podcasts and journaling?
A: The speaker mentioned these activities as tools for personal development, learning, and self-reflection in trading.
Q: What role did the speaker suggest different life seasons play in trading performance?
A: The speaker suggested that different life seasons can impact trading performance due to varying emotional states and external factors.
Q: In what ways did the speaker reflect on past trading challenges and lessons?
A: The speaker reflected on past challenges by learning from mistakes and focusing on personal growth and continuous improvement.
Q: How did the speake…
A: The speaker emphasized that psychology is a crucial factor in making effective trading decisions alongside technical analysis.
Key Takeaways
- Emphasis on the psychological side of trading.
- Impact of life seasons on trading performance.
- Critical role of psychology in trading success.
- Adjusting risk parameters and strategies.
- Sharing personal trading experiences and lessons learned.
- Advocacy for journaling and seeking guidance from performance coaches.
- Significance of mental health in trading decisions.
- Promotion of having a support system and seeking help when needed.
- Diverse influences on trading performance beyond technical analysis.
- Encouragement for traders to focus on mindset alongside chart analysis.
Behind the Mic
“Hey Zach, Chris. Nice to see you again.”, “Be honest. You must have better holidays, right?”, “We did a lot of family time, man.”, “Good, good. Well, hope everything’s going well.”, “And Zach, I’m still tracking along each day watching the content.”, “Chris, good to see you here today as well.”, “Yeah, today we’re going to talk a little bit about consistency, right?”, “Being consistent in your trading.”, “There’s a lot of different variables that come into play.”, “There’s the idea of high-level consistency and there’s the idea of low-level consistency.”, “But ultimately, in my opinion, with trading itself, consistency really comes from how you’re approaching the markets day to day.”, “Yeah, I mean, I totally agree.”, “It’s funny, actually, I had a chance to chat with Steve Ward earlier in the week.”, “For anyone who hasn’t heard of him, he’s a performance coach.”, “And he has some pretty interesting insights.”, “He actually said to me, your issue isn’t necessarily a trading issue, it’s more of a consistency issue.”, “And I was like, huh, that’s definitely a new take.”, “So that’s what’s been on my mind this week.”, “Things have been shifting for you. How’s that playing out?”, “Not too bad, to be honest.”, “Just trying to hold myself accountable, keep myself in check.”, “It was a little rough to start with, but I’m getting the hang of it now.”, “Yeah, I’ve been good. I think, how I’ve really tried to figure this out for myself is.”, “It’s a little bit of a psychological game.”, “And it’s also a little bit about keeping those losses small.”, “I mean, we’re all going to take losses and I think that’s a big part of trading.”, “But do you think the consistency part is more about having a systematic approach?”, “Or is it more about understanding your own psychology and keeping yourself on track?”, “For me it’s a combination of both.”, “I know Tony Robbins talks about state management, right?”, “Which is about managing your psychological state and physiology.”, “And I think that plays a big part in trading too.”, “If I’m not getting my exercise and I’m not getting my sleep, it impacts my trading.”, “And that’s the part I’ve really been focusing on recently.”, “And then also having a repeatable system.”, “So it translates back to consistency in different ways.”, “Yeah, I mean consistency for me has been a big focus lately.”, “I’ve been reading a lot of books, doing a lot of self-inquiry, really trying to get to know myself better.”, “Because at the end of the day, it’s you against you, right?”, “It’s battling those inner demons.”, “Yeah, that’s definitely true.”, “I feel the same way, but I think for me consistency was more like a little bit of a shift.”, “I had to adjust my risk parameters in the end of May.”, “I had to adjust my strategy a little bit in the end of May as well.”, “Talking about that five minute opening range thing, I had this challenge.”, “I had two funded accounts through apex futures, which is pretty popular here in the state, and I ended up screwing it up and losing both of those accounts, which absolutely devastated me because I didn’t make those adjustments.”, “So from a psychological perspective, I’ve done a lot more work.”, “I’ve been doing a lot more journaling.”, “I’ve been listening to a lot more podcasts.”, “I’ve listened to that show that Jordan has been doing with Louise Bedford, a performance coach.”, “I’ll actually be meeting with Louise Bedford and paying her for her time to review some of my trading and talking about my psychology.”, “Because the reality of it is when we enter into different seasons in our lives and seasons in trading, our performance is dependent upon so much more than just what’s on the chart, but in our heads.”, “And sometimes our performance does have a larger bearing on our psychology than.”, “Than we would think.”, “So you guys don’t have to answer in too much depth.”, “But for you, what does consistency look like?”, “And how do you manage to maintain consistency?”, “For me, I’ve been working with a performance coach as well.”, “And very similar to you guys, I’ve really placed a priority on my mental and physical state.”, “I think the gym has been a big help for me recently.”, “Keeping a regular schedule, sticking to my trading routine.”, “It really does come down to self-awareness and developing those habits.”, “The other big thing for me has been tracking everything.”, “From my trades to my state of mind, really trying to keep things measurable.”, “Yeah, I think you really hit the nail on the head there.”, “Keeping things measurable is crucial.”, “It’s not like we’re robots, right?”, “We’re all individuals with different personalities, different strengths, different weaknesses.”, “And part of consistency is understanding that and working with it rather than against it.”, “I think the other key element of consistency is having a support system.”, “Having people around you who understand the grind, who understand what you’re trying to achieve.”, “Absolutely.”, “That peer support can make a huge difference.”, “Being able to talk through things, to share experiences.”, “It can help keep you grounded, keep you accountable.”, “Yeah, I’ve been very blessed in that way too.”, “I have a good group of trading friends, and we try to keep each other in check.”, “Talk about our trades, our losses, our wins.”, “It’s really important not to isolate yourself.”, “Absolutely.”, “That’s something I’ve had to learn the hard way a few times.”, “But once you get over the hump of your own ego and really start being open, it makes a world of difference.”, “So.”, “So.”, “Yeah, right there with you guys in terms of making sure we got people in our corner to help us.”, “Amen.”, “That is.”, “That’s the end of the first space.”, “Thank you guys so much for.”, “For joining us.”, “I’m going to be ending this guy out, but we’ll let you know about the next events that we’re doing.”, “I’m trying to bring on a couple different guests, a couple different trading psychologists, a couple different traders from a few different asset classes.”, “We’re going to try to bring in some guys that trade crypto, that trade FX, that trade futures, that trade options, et cetera.”, “As always, thank you guys for joining us here at trade delicious for the rest of the week.”, “Tomorrow, we’re back.”, “We’re right back at it.”, “Trade well and trade delicious.”, “We will see you next time.”, “Thank you.”, “Bye.”, “See you.”
