139: Improving Your Trades Probability Of Success w/ Gareth Soloway
Sep 9, 2021
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Guest Gareth Soloway shares insights on improving trading success through chart analysis and probability. He discusses the importance of understanding market signals, starting with smaller positions, and learning charts. He also talks about the skill of identifying signals of distribution and provides advice on starting small and continuous learning in trading.
Mastering signals of distribution improves trading success.
Keeping a trading diary helps analyze mistakes and improve strategies.
Deep dives
Importance of Mastering Signals of Distribution
One of the main ideas discussed in the podcast is the importance of mastering signals of distribution in the current market. Whether it's in crypto, stocks, or other markets, the speaker emphasizes the need to look for signs that the market is going to do something and to avoid fighting against it. By paying attention to signals of distribution, traders can improve their success rate and avoid making costly mistakes.
The Value of Personal Trading Diaries
The podcast highlights the value of maintaining a personal trading diary. The speaker believes that keeping track of trades and analyzing mistakes is crucial for becoming a better trader. Recording the reasons for entering a trade, reviewing losses, and learning from them can provide valuable insights and help improve trading strategies over time.
The Danger of Chasing Quick Profits
The danger of trying to make too much money on a trade is discussed in the podcast. The speaker warns that attempting to become a millionaire overnight or chasing quick profits can be detrimental to a trader's success. Instead, traders are advised to focus on learning the process, understanding market patterns, and letting the market dictate their actions.
The Significance of Patience and Discipline
The podcast emphasizes the importance of patience and discipline in trading. Traders are encouraged to relax, learn from their mistakes, and avoid rushing to become successful or make quick gains. Developing a disciplined mindset, avoiding emotional reactions, and maintaining a calm approach can lead to more consistent and profitable trading outcomes.
Click here for Gareth's interview show notes: https://tradingnut.com/gareth-soloway/?r=pod
FREE: Cam's Robot Training & Profitable Algo https://tradingnut.com/trading-robots/?r=pod
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