Recognize your strengths and build a trading strategy that suits your individual psychology.
Practice thought redirection to develop a strong mindset that supports your trading journey.
Reposition trades based on market conditions to decrease risk and increase profitability.
Focus on developing your own trading style and understanding your chosen instrument's dynamics for success.
Deep dives
Yannes: From Elite Sports Analyst to Consistently Profitable Trader
Yannes shares his journey from being an elite sports analyst to becoming a consistently profitable trader. After transitioning to trading full-time, Yannes developed his own trading approach, combining concepts from well-known traders like ICT and Scruffy Trader. He emphasizes the importance of recognizing your own strengths and building a trading strategy that suits your individual psychology. Yannes' favorite entry setup involves looking for expansive moves followed by a retraction and focuses on managing positions through repositioning. He trades exclusively on the GBP/USD pair and uses Fiverr's as his preferred broker. Yannes encourages traders to avoid copying others and instead become their own trader by learning from different sources and adapting strategies to fit their own style.
Master Your Mindset and Choose Positive Thoughts
Yannes highlights the importance of mindset in trading and recommends practicing thought redirection. He advises traders to choose positive thoughts and replace negative ones to build confidence and discipline. By directing their thoughts towards success and consistently reinforcing positive beliefs, traders can develop a strong mindset that supports their trading journey.
Repositioning as a Trading Strategy
Yannes explains his repositioning approach to managing trades. Instead of relying on fixed stop losses and take profits, he adjusts his positions based on market conditions and constantly analyzes the market to find opportunities for better entries and exits. By repositioning and adapting to the current price action, Yannes aims to decrease risk and increase profitability.
Develop Your Own Trading Style
Yannes advises traders to focus on developing their own trading style rather than copying others. He emphasizes the importance of understanding your strengths and weaknesses as a trader and adapting strategies to fit your individual psychology. By testing and refining trading approaches that align with your strengths, you can become a more confident and successful trader.
Choose a Trading Instrument and Stick to It
Yannes recommends choosing a trading instrument that you are comfortable with and sticking to it. He personally trades the GBP/USD pair and focuses on understanding its dynamics and price patterns. By avoiding distractions from other markets, Yannes can fully immerse himself in his chosen instrument and develop a deeper understanding of its movements.
Focus on Your Progress and Build Confidence
Yannes encourages traders to focus on their progress and consistently profitable trades to build confidence. By celebrating small wins and recognizing personal achievements, traders can develop a positive mindset and reinforce their trading success. This confidence can lead to further profitable trades and overall trading consistency.
Recommended Resources for Mindset Development
Yannes recommends exploring mindset development resources such as books like 'Think and Grow Rich' by Napoleon Hill and materials focused on manifestation and positive thinking. He highlights the importance of personal development and understanding oneself as a trader in order to achieve trading success.