Desire To Trade Podcast | Forex Trading & Interviews with Highly Successful Traders 091: Grinding Daily Profits In The Market - Mike Tedeschi
In episode 91 of the Desire To Trade Podcast, I interview Mike Tedeschi, a day and swing trader running a portfolio as well as a trading chatroom. At the time of the interview, he has been trading for himself for over 6 years.
Mike looks at the investment world through a contrarian lens. By going against the herd, he positions himself to achieve the largest possible returns in the quickest time frame with the least amount of risk.
One of the topics we touch on is the need for a trading plan. Mike, like me, has also been developing a trading playbook that contains multiple trading strategies he uses on a daily basis based on how the market moves.
We also touched on the topic of trading alerts. As the main takeaway, you can make money in the market without being involved in the market at all times. There are times when the market isn't producing anything worth trading and that is where you need to be able to step away. There are absolutely no reasons to go in the market when there are no trades.
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Share This! Top Quotes From This Interview"Prices are never too high to begin buying or too low to begin selling" -Jesse Livermore
"If you can't make money on the leaders, you can't make money in the market"
If you treat trading like a hobby it's going to pay like a hobby.
There are no reasons to go in the market when there are no trades.
In This Episode, You'll Learn…- How Mike started to trade from Japan
- The types of mistakes traders make at the beginning
- The 3 most important aspects of trading
- How to overcome the fear of losing money
- The analogy of flipping a coin in risk management
- EXACTLY how Mike trades intraday and swing
- How Mike uses a trading plan, playbook, and checklist
- The types of behaviours that are costing most money to traders
- Why Mike doesn't give that much importance to backtesting
- Why you can't rely on news to trade at all times
- Why you can't look at the market as an ATM
- How to avoid trading all the time - how to use alerts like a pro!
- How to increase your ratio of successful trades
- And much more!
- FINVIZ: a free financial visualization tool (i.e. mostly stock screener)
- DesireToTRADE Forex Trader Community (free group!)
- Complete Price Action Strategy Checklist (free checklist!)
- One-Page Trading Plan (free template!)
- DesireToTRADE Academy
What is one thing you are going to implement after listening to this podcast episode? Leave a comment below, or join me in the Facebook group!