Reflections on Markets, Trading, and Life. TOGS Trading Podcast No 23 - Season 1 Finale
The Togs Trading Podcast episode 23 reflects on the first half of 2024, focusing on markets, trading, and personal experiences. Key insights include the importance of letting indicators guide trading decisions to reduce energy expenditure, managing emotions by understanding physical sensations, and the impact of lifestyle on trading performance. The speaker noted a decrease in FX volatility and an increase in equity market opportunities. He emphasized the value of professional conversations and the need for continuous learning. The episode concludes with plans for a summer break and a call for listener feedback for season two.
What I wish I'd known when I started trading..... TOGS Trading Podcast No 22
In the TOGS Trading Podcast episode 22, the hosts discuss key lessons learned in their trading journeys. They emphasize the importance of not focusing on making money immediately, as it should come naturally with experience. They highlight the necessity of understanding the subconscious and managing fear, which often hinders traders. The conversation also covers the importance of systematic trading, the role of mentors, and the need for consistency. They stress that trading is a long, arduous process and that traders must be prepared to learn from their mistakes and adapt. The hosts also mention the upcoming break for summer and the final episode of season one, which will include reflections on their trading experiences.
Should Traders take breaks? TOGS Trading Podcast No 21
The discussion emphasized the importance of taking breaks in trading, especially during the summer months. Ian highlighted the need for both multiple-day breaks and regular breaks during trading hours to avoid burnout and maintain performance. He shared his strategy of using music to manage concentration and stressed the importance of having a social life to prevent isolation. Paul and Ian agreed that prevention is better than cure, advocating for planned breaks to avoid forced breaks due to overexertion. They also discussed the impact of stress and the necessity of having a defined process for returning to trading after a break.
Are Trading Indicators any use at all? TOGS Trading Podcast No 20
In episode 20 of the TOGS trading podcast, the hosts discuss the usefulness of indicators in trading. They argue that while indicators can be part of a decision-making framework, they should not be relied upon as standalone tools. Ian emphasizes using a primary indicator like the stochastic and understanding its context, rather than relying on multiple overlapping indicators. They highlight the importance of context, noting that indicators are inherently lagging and should be used to identify divergence or confirm trends. The hosts agree that less is more, advocating for simplicity in chart analysis to avoid information overload.
What's the best trading timeframe? TOGS Trading Podcast No 19
In the 19th episode of the TOGS Trading Podcast, the hosts discuss the importance of choosing the right trading time frame. Ian emphasizes that there is no perfect time frame and that traders should select one that aligns with their lifestyle and trading needs. He outlines his process, starting with monthly charts, moving to weekly and daily charts, and then using lower time frames like 60 minutes, 5 minutes, and 699 ticks for entry and management. Paul shares his experience, noting that traders often struggle with intraday trading due to lack of experience and patience. Both agree that understanding higher time frames is crucial for effective trading and that traders should avoid overly frequent time frame changes to manage emotions and avoid chasing trades.
Are Trading Prop Firms worth it? TOGS Trading Podcast No 18
The discussion on the TOGS Trading Podcast focuses on the value and challenges of Prop firms. Paul and Ian explore the business model of Prop firms, which profit from both successful and unsuccessful traders through fees and copy trading. They highlight the recent instability in the Prop firm industry, with many firms collapsing due to poor management and ethical issues. The conversation emphasizes the importance of understanding the risks, having a solid trading plan, and managing expectations. They also discuss the psychological pressures and the need for discipline in trading, suggesting that traders should aim to build their own accounts rather than relying solely on Prop firms.
Should you have a Trading Routine? TOGS Trading Podcast No 17
In the 17th episode of the TOGS Trading Podcast, Ian and Paul discuss the importance of having a trading routine. They emphasize that routines, which can be as simple as checklists, help in making consistent decisions and reducing stress. Ian highlights that routines reflect the subconscious mind, which makes 90% of daily decisions, and that self-discipline is energy-intensive and can lead to burnout. They also discuss the impact of dyslexia on trading, noting that routines help dyslexic traders stay organized. The conversation concludes with a reminder that routines build self-trust and confidence, ultimately leading to better trading outcomes.
Is Trading Education Worth It? TOGS Trading Podcast No 16
In the 16th episode of the TOGS Trading Podcast, Ian and Paul discuss the value of trading education. Ian shares his personal experience of trading during a difficult time after his father-in-law's passing, emphasizing the importance of managing emotional and physical disruptions. They debate the effectiveness of trading courses versus mentoring, noting that courses often overpromise and underdeliver, while mentoring can provide personalized guidance. They also highlight the importance of understanding trading psychology and the role of personal development in trading success. The conversation concludes with a reminder that everyone pays for their education, either through formal courses or through personal experiences and mistakes.
How To Scale Up Your Trading? TOGS Trading Podcast No 15
In episode 15 of the TOGS Trader Podcast, Paul and Ian discuss the challenges and strategies of scaling up in trading. Ian shares his experiences, emphasizing the importance of incremental position size increases to avoid overwhelming stress and errors. He advises against scaling up due to external pressures, such as income goals or social comparisons. The conversation highlights the psychological impact of trading losses and the need for traders to maintain objectivity and manage risk properly. They also discuss the role of prop firms in pushing traders to scale up too quickly and the importance of having a tight trading setup and a genuine edge.
How to deal with Euphoria. TOGS Trading Podcast No 14
In episode 14 of the TOGS Trading Podcast, Paul and Ian discuss dealing with trading euphoria. They emphasize that euphoria often leads to significant lows after highs, highlighting the importance of emotional regulation. Ian shares his experience of a trader who rapidly grew his account from £10,000 to £120,000 but lost it all in two days due to overconfidence. They stress the need for consistent risk management and the dangers of chasing euphoric highs. Ian also notes that professional traders often have routine setups and emphasize the importance of effort over luck. The episode concludes with a reminder to manage euphoria and maintain a balanced perspective.
How to deal with Trading Slumps. TOGS Trading Podcast No 13
The podcast episode focuses on managing trading slumps, a common experience among traders. Paul and Ian discuss the importance of recognizing and addressing trading slumps early, emphasizing the need for self-awareness and understanding one's trading environment. They highlight the significance of keeping detailed records to identify patterns and adjust strategies accordingly. The conversation also covers the impact of external factors, such as personal life events and market conditions, on trading performance. Strategies for coping with slumps include taking breaks, reducing position sizes, and ensuring trades align with one's setup. The importance of self-forgiveness and maintaining a positive mindset is also stressed.
New Quarter, New Goals? TOGS Trading Podcast No 12
The TOGS Trading Podcast episode 12 discusses the start of a new quarter and its impact on trading goals. Ian reflects on his workaholic tendencies and the influence of his dyslexia and upbringing on his trading approach. He emphasizes the importance of having a clear process and self-discipline, noting that new traders often struggle with style drift and lack of accountability. The conversation highlights the need for checklists and social interaction to manage trading effectively. They also touch on the challenges of trading slumps and the importance of self-awareness and routine to prevent burnout. The next episode will focus on managing trading slumps.
End Of Quarter Inventory. Trading Podcast No 11
The conversation between Paul and Ian reflects on the first quarter of 2024, noting the challenges in trading due to market volatility and unusual trading patterns. They discuss the impact of health issues on productivity and the importance of adapting to market conditions. They also touch on the differences between institutional and retail traders, emphasizing the need for emotional intelligence and the ability to adapt to changing market environments. Additionally, they highlight the role of prop firms in trading and the pressure to achieve quick results, which often leads to traders focusing on status rather than profitability.
Pauls Trading Gripes. TOGS Trading Podcast No 10
In episode 10 of the TOGS Trading Podcast, hosts discuss various trading gripes and experiences. Ian shares his recent flu-induced trading hiatus and a mistake that led to a stopped trade. They delve into the distinction between trading strategy and tactics, emphasizing the importance of understanding context and avoiding small, overly specific setups. They criticize social media influencers who sell unrealistic trading dreams and highlight the challenges of trading platforms with poor execution tools. Additionally, they discuss the impact of life commitments on trading, the importance of focus, and the pitfalls of multitasking. The episode concludes with a reminder to conduct a quarterly inventory check for trading performance.
Ian's Trading Gripes. TOGS Trading Podcast No 9
In episode 9 of the TOGS podcast, hosts discuss Ian's trading gripes. Ian highlights the challenges of time management, lack of social contact, and issues with brokers, including poor technical support and unacceptable response times. He emphasizes the importance of having an edge in trading before focusing on self-discipline. Ian also criticizes the portrayal of traders in media and the unrealistic expectations of new traders. Additionally, he notes the male-dominated nature of trading and the misconceptions society has about traders. The conversation concludes with reflections on the humbling nature of trading and the importance of continuous improvement.
4Ms - Myself. TOGS Trading Podcast No 8
In the eighth episode of the Togs Trading Podcast, the hosts discuss the importance of self-management for traders. They emphasize that traders must prioritize their health, including sleep, exercise, and social interaction, to maintain performance. They highlight the challenges of trading, such as dealing with failure and the impact of external factors like illness. The conversation also touches on the psychological aspects of trading, including the need for self-reflection and the dangers of ego. They stress the importance of having a strong process and being honest about one's performance. The hosts also mention the benefits of trading meetups and the value of debriefing sessions.
4Ms - Money. TOGS Trading Podcast No 7
The podcast episode focuses on the importance of money management in trading, emphasizing risk management as a critical component. Key points include setting daily loss limits, position sizing, and the necessity of using stop losses. The discussion highlights the common pitfalls of over-positioning and the psychological challenges of managing risk. The speakers stress the importance of having a trading system with pre-determined rules and the dangers of curve fitting. They also touch on the impact of external factors like electricity outages and market events on trading. The episode concludes with a reminder that effective risk management is essential for long-term trading success.
4Ms - Method. TOGS Trading Podcast No 6
In the sixth episode of the Togs Trading Podcast, hosts discuss the importance of understanding trading methods, one of the four key elements of successful trading (markets, method, money, and myself). They emphasize the need for simplicity in strategies, highlighting that a clear, simple strategy is more effective than overly complex ones. They also stress the importance of consistency and adapting to market conditions, noting that certain methods work better in different market environments. Additionally, they caution against following other traders blindly and emphasize the necessity of personal experience and learning. The episode concludes with a reminder to subscribe and provide feedback for future topics.
4Ms - Markets. TOGS Trading Podcast No 5
The Togs Trading Podcast episode discusses the importance of understanding markets for traders. Ian and Ann emphasize the need for traders to choose markets that align with their trading style and capital. Ian shares his early exposure to E-Mini trading and the influence of professional traders. They highlight the significance of market liquidity, understanding market context (trending, ranging, or transitioning), and the importance of aligning trading methods with market conditions. They also discuss the impact of peer pressure on market choices and the necessity of researching suitable instruments. The conversation concludes with the importance of process in achieving a flow state and the benefits of understanding market environments.
Facing Challenges in 2024. TOGS Trading Podcast No 4
In the fourth episode of the Togs Trading Podcast, hosts discuss various challenges faced by traders. Ian recovers from a significant flu, emphasizing the importance of having a cash reserve for unexpected downtimes. They highlight the necessity of managing time, energy, and boundaries, noting that traders often lack sick pay and must balance trading with personal life. They stress the importance of a consistent trading plan, proper position sizing, and the psychological aspects of trading. Both hosts agree that trading is a continuous learning process, and they plan to address specific trading topics in upcoming episodes, including understanding markets, trading methods, money management, and personal challenges.
The 'pros' and 'cons' of Trading Plans. TOGS Trading Podcast No 3
Paul and Ian discuss the importance of trading plans, emphasizing that they should include both a strategic business plan and a tactical trading plan. They highlight the pros of trading plans, such as reducing workload, providing pre-made decisions, and aiding in self-reflection. However, they also note cons, including the potential for over-detailed plans that hinder decision-making and the reluctance of some traders to engage in the necessary self-reflection. They stress that a trading plan should be simple, actionable, and evolving, and should include lifestyle considerations and psychological aspects. They conclude that while trading plans are not a guarantee of success, a lack of one guarantees failure.
Making 2024 Your Best Trading Year. TOGS Trading Podcast No 2
The podcast discusses strategies for making 2024 the best trading year. Ian emphasizes the importance of planning, including reviewing the previous year, setting financial goals, and managing psychological and physical health. He advises against quitting a job to trade full-time without adequate funding and stresses the need for patience and realistic expectations. Paul highlights the importance of understanding market environments and using appropriate trading methods. They also discuss the necessity of managing risk daily and turning weaknesses into strengths. The conversation underscores the need for a holistic approach to trading, considering all aspects of one's life and trading business.
Why listen to the TOGS Trading Podcast? TOGS Trading Podcast No 1
Paul and Ian, both experienced traders, discuss the challenges and realities of trading in the new year. Paul, a trend trader, and Ian, a scalper, share their insights on trading psychology, risk management, and the importance of a supportive network. They emphasize the "survive, acquire, prosper" (SAP) framework and the necessity of adapting to market conditions. Ian highlights the impact of Bitcoin's volatility on new traders and the importance of focusing on the trading process rather than immediate profits. They also discuss the benefits of micro-lots and the abundance of resources available today compared to the past. The podcast aims to provide practical advice and share their experiences to help new traders navigate the trading journey.
