Episode 95 ... "Adrian" (70:28)

British? Accent hard to understand
"My missus works away from home"
Professional sailer for 18 years, lots of races
Fishermen as "opportunistic pirates"
Early 40s, what do old sailers do?
Bought systems off internet, paid for poor quality trading courses
Found the common link among profitable traders was their approach to the business
Wasn't making progress trading while doing a side job, realized he needed to focus full-time
Wife supported him when he went full time to learn how to trade
Took 18 months after that to get profitable
Couldn't make a living since he was undercapitalized
Wife believed in him and he believed in himself
Have to go down the dead-ends to realize they're dead-ends, not avoidable
Tracked his trades very closely
Found he had random trades that gave him random stats
Found he had large number of errors that if eliminated would hugely improve results
Found if he followed his rules and eliminated errors, he would be slightly profitable
Now uses Volume Profile to take trades
Trades German bund primarily, secondary market in DAX, used to trade Eurostoxx but stopped
Intraday trader: big picture: hourly, intermediate picture: 15 mins, executes off of 3 min chart
Didn't have enough capital to trade off the daily charts
Discovered that no pros traded forex, all retail pikers there; pros all traded ES or Bunds, etc.
Keeps a lot of stats on the markets he trades
Discretionary trader, couldn't code his system up
Has a checklist before he takes a trade
Always risks approximately the same amount of money in each trade
Uses Volume Profile to place his stops
Knows stats on things like "gap fill" or tests of Point of Control (POC) ... what percentage of the time is the gap filled or POC tested?
How far "offside" does price go before the gap is filled? He tracks these stats
Uses Linnsoft's platform InvestorRT and their language to keep the stats
Starts looking at weekly charts, marks levels, does same with daily, determines bias
Then looks at hourlies, judges trend, marks levels, places where price will test
Does same with 15 minute charts
Is it trending or in balance? (volume profile language)
Always looking at levels where he expects it to test
Key thing is being honest with yourself when you do your trade reviews
People don't like to admit that they "made a tit of it"
Marks his charts end of day where he entered and exited, things he missed
On weekend he reviews all the daily charts from the past week
Grades all his trades and grades all of his days ... then reviews them
"Why did I do shit?" ... fear of loss and fear of missing out are the two big things
Score: Is it in my trade plan? Playing to win or not to lose? Was he patient, how he was feeling, all recorded
Also tracks his intuition, what did his gut say? Scores this too
Spends 20 hours outside of market hours reviewing his trades every week
The mental side goes hand in hand with your trading edge
Trading like any sport: you have to practice for hours, can't just jump into the ring and box
Preparation as important or more important than focusing during market hours
Website: takingonetradeatatime.com
Twitter: @adeyf69