Ep 53 - Can You Trade Without Losses?
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In this show:
- Chickengate 2: Return of the Fox. Hopefully Tom doesn’t have his chicken licence taken away after this airs...
- Owen complains about the lack of action in Swing Trading but then realises that ‘action’ really isn’t the point of trading and maybe he should grow up
- We interview David Peddle, who says he trades without taking realised losses. He knows that’s a big claim but listen to find out how he uses a unique system to reach this goal.
- We attended our second Traders Support Club webinar and give you all the goss!
Trader Interview - David Peddle - Can You Trade Without Losses?
Before you all start writing strongly worded letters (emails?) to us at Two Blokes Trading HQ, we should clarify that David’s opinions are not necessarily our opinions and you should come to your own conclusions! Obviously this is a slightly hyperbolic title, but David genuinely believes that his system enables him to trade without taking a realised loss. You listen and you decide!
About 2 years ago, David grew weary of constantly losing money while day trading, and the ‘system chasing’ cycle he found himself in did nothing to convince him that things would change. He found it emotionally draining to be taking regular losses, so even when he was making money overall his trading psychology wasn’t in the right place. Sound familiar!?
David switched to longer term time frames and has put together a trading methodology that twins careful asset selection with specific trend following rules. He says this means he never has to turn a paper loss into a realised loss and that his paper losses can never get out of control.
We will leave you to listen and make up your own mind, but he has now been trading profitably for 18 months and is very happy with his new style. Enjoy!
More Rules Based Trading
Following on from the support and resistance line and trend establishment rules that we learned from Ceri at Traders Support Club, we have progressed to consolidations and spotting breakouts, fakeouts and reversals. The rules-based approach to technical analysis leaves little room for ‘confirmation bias’ and should help us eliminate the associated money-leaks.
This approach is right up our strata and we enjoy discussing it on this episode. We look forward to next week’s webinar where are covering the dreaded chore known as ‘backtesting’!
5 Easy Steps to Start Trading Forex
Our first Two Blokes Trading Webinar has been created and will be broadcast live by us on Friday 9th June at 1900hrs! (That’s 7pm London time for those that didn’t spend their youth pretending they were in the SAS).
This webinar is perfect for you if some of the jargon we spout each week flies over your head, or if you really just want a ‘back to basics’ guide on how to get started. We’ll be showing you how to avoid the key scams, where the best free trading resources are and how to get your first account securely set up.
The link will be in the shownotes of the next episode, but for now just make sure you mark the date in your diary!
This is a free live webinar where we will both be available to answer all your questions. Until then we wish you happy trading!