166: How Mechanical Trading Made The Scruffiest Of Traders Profitable w/ Gary Langley (The Scruffy Trader)
Mar 16, 2022
auto_awesome
The podcast features the Scruffy Trader who shares his unique money management and entry technique. They discuss the concept of forward purchasing and its benefits. The speaker talks about transitioning to a trading life, emphasizing the importance of price levels. They also discuss their experience of reinventing their trading strategy and achieving high win rates. Techniques for analyzing price charts and identifying trading opportunities are explored. The speaker shares their preferred broker and offers trading tips.
Identifying and analyzing levels on price charts can provide solid entry points and guide trade decisions.
Develop patience as a key mindset trait to wait for optimal trade opportunities and maintain discipline in trading.
Deep dives
Focus on Solid Levels
Master the art of identifying and analyzing levels on price charts. Look back at the left side of the chart to see where price bounces from, particularly on higher timeframes like daily, weekly, monthly, and four-hour charts. These levels can provide solid entry points and help guide trade decisions.
Practice Patience
Develop patience as a key mindset trait. Avoid chasing trades and wait for the market to align with your setup. Use techniques like listening to music or engaging in other activities to distract yourself from fidgeting with the charts and maintain discipline in waiting for optimal trade opportunities.
Staging Into Trades
Consider staging into trades by placing multiple positions in a trade, each with a smaller size. This approach allows for a wider stop loss and reduces risk while increasing potential reward. By scaling into trades, you have the opportunity to pull out of a trade with a smaller loss or scratch trade if the price goes against you.
Minimize Overtrading
Less is more when it comes to trading. Avoid overtrading and focus on quality setups rather than quantity. Aim for one or two high-probability trades per day rather than constantly being in the market. This approach helps to maintain discipline, avoid excessive risk, and increase profitability.
Click here for Scruffy's interview show notes: https://tradingnut.com/scruffy-trader/?r=pod
FREE: Cam's Robot Training & Profitable Algo https://tradingnut.com/trading-robots/?r=pod
For more free trader education: https://compiled.social/tradingnut
Get the Snipd podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share & Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode