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Rolf and Moritz have a combined trading experience of over 25 years. 6 years ago, they founded Tradeciety.com and Edgewonk.com where they‘re helping traders improve and find their edge. In their Traders Improved podcast, they talk about their daily lifes as traders and share tips around self-improvement to empower other traders to achieve their full potential.
Episodes
Sunday Jul 07, 2019
Friday Jul 05, 2019
Friday Jul 05, 2019
I understand that this is a controversial topic but I believe it is important that you approach it with an open mind.
Backtesting might have its place and purpose, but 99% of all traders will never see any benefit from their backtest.
We can probably all agree that trading is 90% emotions (maybe even more). However, during a backtest, all emotional factors are excluded.
What makes trading hard is letting winners run, cutting losses effectively, waiting for the right situation, staying out of the market when there is no trade and being patient when growing your account.
During backtesting, you fast forward candles, you fast forward holding time, drawdowns and losing streaks are over within minutes and growing an account happens quickly.
The learning effect is then absolutely 0. That is why backtests never lead to the same results during live trading.
Of course, live trading can be costly, it will take much longer to learn the craft but it's the only way.
Keep in mind, this is my experience and what I have seen when coaching hundreds of traders over the past 12 years.
If you are not seeing the results you are hoping for, maybe it's time to start questioning your approach.
Thursday Jul 04, 2019
Thursday Jul 04, 2019
Tuesday Jul 02, 2019
Monday Jul 01, 2019
Monday Jul 01, 2019
Trading is 90% psychology in my opinion. Although we might have a great system as traders, the way we execute our system is determined by our psychology and by our mental state.
The way we judge our performance and our trading are determined by our emotions.
You can see the best setup but if you are coming from a series of losses, you might hesitate or trade too small because you lack confidence. And if you just experienced a good run, you will often end up taking bad trades because you are over-confident. When you exit a profitable trade too soon or close a loss too late, emotions are the driving factors behind your decisions as well. And, of course, the big problems such as revenge trading, chasing or over-leveraging are all also a product of our emotions and our inability to manage them.
However, I believe that one specific trading emotion stands above all: Patience. Or better a lack of patience. In my latest podcast, I talked about why I believe that patience is the most important trading emotion / skill.
What do you think? Let me know in the comments below and I would love to hear your thoughts about patience and trading emotions in general.
Monday Jul 01, 2019
Friday May 17, 2019
Friday May 10, 2019
Thursday May 09, 2019