#621: Master Trading Discipline and Consistency

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#621: Master Trading Discipline and Consistency

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Master Trading Discipline and Consistency Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Click Here to Attend my Free Masterclass #621: WMaster Trading Discipline and Consistency In this video: 00:25 – The mental side of trading well. 00:49 – Tom’s background. 02:40 – You don’t need to be perfect. 06:34 – Ideas for new traders. 09:25 – AI and the future as a trader. 14:25 – Closing the trade early for profit. 16:52 – False results from gurus online. 19:50 – Trading and stress. 23:14 – Andrew looking at D1 charts in a few minutes. 26:25 – People need support and community. Andrew Mitchem Hi everybody. It’s Andrew Mitchem here at the Forex Trading Coach. Welcome to another video on podcast. I’m really excited today to be joined by Tom Winterstein, who is a certified mental performance coach and trader over in the US. Welcome a long time. Nice to see you Tom Winterstein Great. Thank you. Great to be here. The mental side of trading well. Andrew Mitchem Tom, look, I think we’ve got a lot of great information that we’re going to help people with on this, video on podcast. Because we were just chatting about the mental aspect of trading and how it’s something we’re both huge on, but it’s something that most people just completely overlook in their trading, especially if they’re new. Andrew Mitchem So maybe you can give us a bit of background on yourself and that aspect of your trading and how it’s crucial to someone’s success. Tom’s background. Tom Winterstein Sure, sure. Thank you. Thank you for that. Well, I’ve spent over 30 years in the markets as a trader, an investor and an educator, and I’ve been focus on, you know, global markets like futures and, equities and commodities, forex and, and even crypto using a price action based approach. But that wasn’t always the case. That wasn’t how I started. Tom Winterstein Like most traders, I went through various different systems, indicators, you know, gurus, signals and stuff and totally ignored, any of the, the trading psychology or mental performance side because I thought I didn’t need it. You know, I could succeed without that. You know, most traders, you know, like yourself and like me have been very successful. We’ve had successful periods in our life and we approach this as something that it’s another thing we can be successful in. Tom Winterstein Although it’s not quite that easy, it doesn’t translate that as well. If you leave out certain parts of it. So what I realized is that most traders don’t struggle because they they lack a strategy. You know, most traders have a strategy. They’re not just, you know, throwing a dart and buying or selling willy nilly. They struggle because their execution breaks down when there’s real money on the line and in their emotions take over the, the class and that that right there, you know, that experience was the shift that led me to focus on building a repeatable performance environment. Tom Winterstein Okay. Right. Hence the mental side of it had to be combined with price action or whatever your strategy or edge was today. My work centers not only in price action, but risk management and mental performance systems that help traders perform consistently, not perfectly, but consistently. And that’s that’s really, you know, the best we can strive for as traders or investors is to be consistent and have a system that that, you know, takes us through the decision making process. You don’t need to be perfect. Tom Winterstein So in the heat of the moment, those decisions are outsourced to our process. Andrew Mitchem Yeah. Interesting. I like I really like the phrase that you use to that not making it perfect because I think when people get into trading and, you know, they buy a course or they read an e-book, whatever it might be, they see that boring bit at the top that talks about risk management and psychology and mind control, you know, mining everything, the all the important things that we’re going to talk about. Andrew Mitchem But they get that, oh, I don’t need that. I scroll down through the important bit because I want the strategy. And then when they do things like backtesting, they they want the perfect strategy. And and your phrase about it’s not perfect is so true because as we both know, we can see what we think is an A-grade setup. Andrew Mitchem You take your trade and it still doesn’t work sometimes. So that’s just the way of the markets. But not being perfect is something that people, don’t want. They want to be perfect, but they ignore the important and the risk and the micro. Why? Why is that? Why do people do that? Is it just a boring topic? Tom Winterstein Well, it’s many cases. Like even myself, when I was younger, I didn’t know what I didn’t know. Andrew Mitchem Yeah, I ...

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