Using indicators, such as the TDI indicator, is crucial for identifying confluences and weeding out bad trades.
Discipline, patience, and self-improvement are key factors in both addiction recovery and becoming a profitable trader.
Deep dives
Overcoming the Hurdles of Becoming a Profitable Trader
The speaker shares their personal journey of struggling to become a consistently profitable trader and highlights the challenges they faced, such as blowing accounts and struggling with discipline. After backtesting and practicing for several months, they were able to develop a successful strategy and become consistently profitable.
The Power of Using Indicators in Trading
The speaker emphasizes the importance of using indicators in trading and dismisses the negative stigma associated with them. They argue that indicators, such as the TDI indicator, are crucial for identifying confluences and weeding out bad trades. The speaker attributes their success to the combination of indicators, trend lines, support and resistance, and multiple time frame analysis.
The Relationship Between Personal Growth and Trading Success
The speaker draws parallels between their recovery from addiction and their journey to becoming a profitable trader. They highlight the importance of discipline, patience, and self-improvement in both areas. They suggest that spirituality and helping others also play a significant role in maintaining balance and maintaining a successful trading mindset.
The Importance of Patience and Risk Management
The speaker emphasizes the need for patience in trading and cautions against rushing to make profits. They stress the significance of risk management and advise against using high leverage or lot sizes. The speaker shares their personal experience of learning the value of patience and taking it slow in trading, even if it means starting with smaller accounts or prop firm challenges.