This week marked the publication of the 94th interview Etienne Crete published on the Desire To Trade Podcast, a show that was started slightly less than 2 years ago in the hope to have a positive impact on Forex traders.
As the podcast is about to reach the 100th interview, this blog post will highlight some of the lessons that all FXStreet’s readers can apply in their trading to get results fairly quickly.
Successful trading happens when you…
Become addicted to the process
“You need to be diligent (i.e. your trading journal and stats) and nonchalant (not giving a sh** about your trades).” – Siam Kidd
For the most part, successful traders see trading not as a win/lose series of action, but as a process to be executed on like a pro. That has been a huge perspective shift for Etienne personally.
A professional Forex trader isn’t one that makes a lot of money trading because that trader might lose big at some point too. A professional Forex trader is one that focuses on his trading process and does everything to improve on its execution daily.
Remain consistent no matter what
“Opportunity comes to those who are prepared. Preparation is the key to everything.” – Raman Gill
In line with the previous lesson, the second ingredient that must be added to a successful trading process is consistency.
Early on in his podcasting journey, Etienne recorded a call with a friend and fellow trader. This was a call in French (so it wasn’t published on the podcast), but the takeaway was super clear.
On the topic of successful trading. Here was his answer (translated):
“It’s consistency. Everyone has big winning trades. You could go to a Christmas party and people will tell you about the great trades they made, but the problem is: it’s not only one transaction that counts. Unfortunately, you can’t have consistency in how the market turns out, so the only consistency you can develop is in your execution & how you show up in the market.” – Michel Villa
Track and review as much as they can
“I’m gonna get better every day, attack the process, and the results will come when they come.” – Kunal Desai
Etienne spends more time working on my trading when the market is closed than when it’s open and I actually place trades.
The most important part consists of going over what your past actions and see how you can improve.
Some traders even went as far as printing their charts every week and sitting down in a coffee shop for a few hours to review them. It works!
You’re mindful of how they feel and act
“We don’t see the market as it is, we see the market as we are.” – Andrew Menaker
Now, aside from the trading & review, there is a psychological aspect to Forex trading that you must learn to deal with.
Through an interview with Dr. Andrew Menaker, it was highlighted how important it was to identify how we feel when we trade. Most importantly, the second part to this is to identify “why” we feel that way.
The feelings we have are clues. They give us an idea of what we need to work on as traders, but without asking the “why”, we can’t really find out what to focus on precisely.
Stay surrounded by positivity and other traders
“Ignore the negativity.” – Daniel Sesay
It’s so easy to get overwhelmed by the ups and downs of your trading. Successful traders understand that they must surround themselves with positive people for them to be in an optimal state to trade.
Making sure that the people around you are positive is a big step forward. It allows you to remain positive in general.
That’s why listening to inspiring/educational podcasts, reading audio books, talking to positive people is so powerful. It kind of forces you to be positive too over time.
Treat trading as a job, not a hobby
“Treat trading like a business and you’ll be rewarded.” – Brian McAboy
One of the mistake new traders often make is to consider Forex trading as a hobby. They make a few trades here and there in the hope that money will come and the job will go away.
“If you treat trading like a hobby, it’s going to pay like a hobby.” (Kunal Desai)
Successful Forex trading isn’t you placing trades in the market. It’s you have a complete business. Take it seriously!
So we hope the lessons shared in this article resonate with you. In case you’re curious about the Desire To Trade Podcast and the 94+ episodes published up to today, you can check it out at www.desiretotrade.com/podcast/
If you want to suggest any guests, connect with Etienne through Desire To Trade. These suggestions are much appreciated!