Trading Success: Put Small Wins And Self-Mastery 1st (original) (raw)

Successful traders understand that there are no guarantees in trading, and that losses are a part of the game. In this crossover episode, listeners are treated to an insightful conversation between Casey Stubbs and Louise Bedford. The discussion centers around Casey’s background as an army veteran and trader, and the importance of discipline and humility in trading success.

They also delve into the challenges of overconfidence and risk management, and how these can impact trading outcomes. Listeners will learn about the effects of noise on IQ and confidence levels, and the traits of successful traders. The conversation emphasizes the importance of self-awareness and avoiding negative self-talk, and offers free resources for traders.

In this episode, you will learn:

  1. The importance of risk management and humility in trading.
  2. Knowing our talents and shortcomings as well as any potential biases we may have, can help us make better judgments and prevent expensive errors.
  3. Risk management, self-evaluation, and having a clear routine or procedure can all help traders stay on course and prevent rash judgments.

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Casey says, ‘I've learned a lot of hard lessons-Just hit myself in the face, so many times because of overconfidence, overtrading, risking too much money...’ Join us on this episode of How To Trade It to find out more! Share on X

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If you want to hear more from Casey & Louise, you should listen to this episode:

[00:02:31] – Early experiences with money

[00:06:01] – Discipline and overconfidence in trading

[00:09:05] – Risk management in trading

[00:11:40] – Visualizing the Ideal Trader

[00🔞59] – Reprogramming Triggers

[00:21:17] – Successful Traits of Traders

[00:24:10] – Financial Success

[00:28:28] – The Cat Weight Reset Method

[00:30:44] – Beating Yourself Up

[00:34:30] – Pushing Beyond Limits

[00:40:26] – Honoring the small wins

[00:41:10] – Overconfidence and risk management

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Discipline In Trading

Discipline is an essential aspect of trading. It refers to the ability to follow a set of rules and trading strategies consistently, regardless of the emotional highs and lows of the market. Successful traders understand that discipline is critical to achieving long-term profitability and avoiding costly mistakes.

Discipline is a critical component to trading success. It helps traders stick to their trading plan, control their emotions, manage risk, avoid overtrading, and continuously learn and improve. Developing discipline requires commitment, patience, and self-control, but it is essential to achieve long-term profitability in trading.

Self-Awareness and Perseverance = Trading Success

Successful traders are frequently able to use their prefrontal cortex instead of their limbic system to down-regulate their emotions and react with objectivity. Trading psychology, self-awareness, emotional regulation techniques, mindfulness, and risk management techniques are all tools that traders can use to train themselves to make judgments based on logic rather than emotion.

Although it takes time, effort, and self-awareness to master, emotional control is a crucial ability for effective trading. Successful traders have the capacity to control their emotions, which is a critical quality. The prefrontal cortex, the region of the brain in charge of making logical decisions, can frequently be overridden by the limbic system, which is in charge of processing emotions. Successful traders, on the other hand, are frequently able to suppress their emotions and respond logically by using their prefrontal brain rather than their limbic system.

Managing Risk

Physiological stressors like stress and anxiety can have a big impact on how traders handle risk. Successful trading requires the ability to control risk, and when physiological pressure interferes with risk management, it can result in impulsive behavior and increased risk-taking. Traders can lessen the impact of physiological pressure on risk management and make logical decisions based on market analysis rather than emotions by putting stress management techniques into practice, taking care of their physical health, adhering to a robust risk management plan, and educating themselves on the impact of physiological pressure on trading.

Trigger Reprogramming

Reclassifying triggers as cues can be a useful method for increasing self-awareness and skill in responding to them. This method entails reprogramming the mind using neuro cycles, which is a process of deliberately guiding the brain’s neural pathways to build new, more positive habits and cognitive patterns.

Reclassifying triggers as cues and retraining the mind via neuro cycles can be an effective technique for increasing self-agency and self-mastery in responding to them. We can generate new neural pathways in the brain that encourage positive responses to inputs by consciously directing our attention, participating in introspection and physical activity, and developing new habits and cognitive patterns. This process can lead to increased resilience and the ability to better manage stress and hardship.

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Resources & People Mentioned:

God’s Smuggler

Tom Basso

Jack Shwager’s The Little Book of Market Wizards

Luke Mathers

William McCraven

Connect With Louis Bedford:

Louise Bedford

Connect With Casey Stubbs:

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Disclaimer: Trading carries a high level of risk, and may not be suitable for all investors. Before deciding to invest you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment. Therefore, you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.