Podcast Notes

I've been listening to Trader Interviews podcast for a while. Sometimes they have really good insights but other times they talk about stuff that's not really applicable or tehcnical techniques in Forex that have nothing to do w/ me. But here are some sage words that I got out of it.

Dan Fitzpatrick:

I started profiting when I stopped losing---don't approach it with a gambling mentality.

One way to cut losses is better entry. It's the fear of missing out on a trade and the emotion kicks in and you start chasing.

You want to buy as close as to a level that if it's breached the stock is going to go lower for a certain reason.

Make better decision by making fewer decisions---even though you're taking a small loss on the trade but you can't reason why you're in the trade except the thing is moving.

It's ok to be emotional and beating yourself up for making lousy trades, but just not let it get to you and start making rash decisions.


Bill Kraft:

Know your exit before you enter the trade