Desire To Trade Podcast | Forex Trading & Interviews with Highly Successful Traders 109: How Pro Traders Control Their Emotions & Trade Stocks - David Moadel
In episode 109 of the Desire To Trade Podcast, I interview David Moadel, a trader, and investor based in Florida, United States. He came on the podcast to talk about how pro traders control their emotions and trade stocks.
More About David Moadel David Moadel is a trader and investor of stocks and options. A former elementary school teacher, David has a master's degree in education and a unique ability to convey knowledge in the area of finance.
He has coached many people and likes to combine fundamental and technical analysis to help people find their own trading style.
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Share This!"Wait for a great trade setup and if there's none - do nothing" - David Moad
5 Key Lessons From This Episode The Market Brings Money From The Impatient To The Patient
Patient traders are usually those who get most rewarded by the market. I have seen this personally over time.
Read: How To Cultivate Patience As A Trader
Listening Recommendations From Non-Traders Is Usually A Bad IdeaThe next time a family member tells you about a "hot stock" to buy, think about it twice.
I never got any results in Forex trading by copying people, and that works in all fields.
Do Not Follow The MajorityIn alignment with the previous lesson, following the majority is rarely the way to go in trading & investing.
Most people do not know what they are doing and are acting out of emotion.
Remember Sam Walton's quote?
"If everybody is doing it one way, there's a good chance you can find your niche by going exactly in the opposite direction." - Sam Walton
Wait For Your Great Trade SetupWhile you cannot always wait for the perfect trade setup in the market, the best you can do is usually to wait for a great trade setup.
The market does not produce great trade setups at all times. That's why patience is important.
I recommend writing down the things that make your setup great. For me, taking trades at key support & resistance levels typically transform an average setup into a great setup.
Diversify - Do Not Go All-In On TradeProper risk management in trading requires that you do not put all your money on one single trade. This is one of the simplest ways to avoid blowing up your trading account.
Resources Mentioned- The Intelligent Investor by Benjamin Graham: must-read investing book!
- 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!