255: “Trading Pitchfork’s Made Me More Money than Carrying Them” w/ Conor Sadler
Nov 29, 2023
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Experienced trader Conor Sadler shares his success using pitchfork indicators, transitioning to a new smart money approach, and emphasizing quality over quantity. He discusses mindset shifts, transitioning from demo to live accounts, and mastering discipline in trading. The podcast also covers promotions for a robot builders club and sponsorships with various companies.
Transitioning from pitchfork to bankers approach improved trading lifestyle balance for Connor.
Connor's risk management shifted to 0.5-1% risk with 3-4% profit target, enhancing trade efficiency.
Discipline, mindset reinforcement, and continuous learning are vital for trading success, emphasizing patience and resilience.
Deep dives
Transition from Pitchfork to Bankers Approach
The transition from employing a pitchfork strategy to the bankers approach marked a significant shift in trading style for Connor. The change was motivated by the desire for a more balanced lifestyle as constantly monitoring the market on the one-minute timeframe associated with pitchfork trading became time-consuming. The bankers approach, focusing on smart money and supply and demand dynamics, offered a more leisurely pace and better fit with Connor's lifestyle, aligning with his original goal of trading for freedom.
Risk Management Evolution and Trade Frequency
Connor's risk management strategy evolved to entail risking 0.5% to 1% per trade with a target of 3-4% profit. This risk to reward ratio aligns with his trading approach, aiming for one to two trades per week. While adapting to the new strategy, Connor also transitioned from the one-minute time frame to higher ones like 4-hour or daily, optimizing trade opportunities and enhancing trade execution efficiency.
Maintaining Discipline and Mindset
Throughout his trading journey, Connor emphasized the importance of discipline and maintaining a robust mindset. Transitioning from demo to live trading posed challenges like loss aversion and confidence issues common among traders. To address these, Connor advises starting with smaller risks, like 0.5%, to build confidence gradually. He highlighted the need to remain patient, evaluate losses objectively, and focus on a mechanical approach to trading to foster a resilient mindset that can withstand market fluctuations.
Mindset and Discipline in Trading
Maintaining the right mindset and discipline in trading is crucial for success. The speaker emphasizes the importance of continuous learning and mindset reinforcement through various resources, not limited to trading materials. By listening to mindset content regularly, even during everyday activities like driving or working out, the speaker stays focused on the long-term perspective and patience required in trading. Additionally, the speaker highlights the significance of being patient, sticking to a trading plan, and not rushing decisions, attributing their success to discipline and perseverance over the years.
Chart Time and Trading Experience
The importance of spending significant time analyzing charts, understanding market dynamics, and gaining experience in trading is discussed. The speaker shares their journey of consistent chart analysis and trading activities, emphasizing the value of practical chart time. By engaging in multiple trades daily, the speaker obtained invaluable trading experience, enabling them to recognize patterns, liquidity sweeps, and trade setups effectively. This hands-on experience navigating various timeframes and trade scenarios ultimately contributed to the speaker's growth as a successful trader and shaped their trading strategies.
Conor's Links: https://tradingnut.com/conor-sadler/?r=pod
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