DEVELOPING A TRADER’S MINDSET

DEVELOPING A TRADER’S MINDSET INTERVIEW SERIES – GREGORY MCLEOD

Developing a Trader’s Mindset is the key for both new and seasoned traders to become profitable. A Trading Mindset helps you to not only recognize candlestick chart patterns as they develop, but it also helps have the discipline to wait for the pattern to confirm. In our First Installment in our interview series, we talk to Greg McLeod, Forex Trader and Publisher. We discuss his out of the box thinking for maximizing his Forex profits.Developing a Trader’s Mindset Interview Series Part 3 – Gregory McLeod

I am often approached by new traders looking for advice on how to change their trading results.  My response is usually about the fact that trading alone is pretty easy.  The hard part to trading is developing a trader’s mindset.  It is often said that over 80% of all day traders fail.Anyone can go out on google or visit a local Barnes & Nobles and find a book or website on the latest technical indicator or trading system.   However, what separates those traders who can go out consistently and make a profit in the stock market and those who are losing everyday is the ability to not only recognize opportunities in the stock market, but to be in full control of your emotions and make proper decisions about what they perceive may happen.

New traders are using in search for the Holy Grail.  They are looking for the magic bullet that will instantly change their trading results over night.  In the book, Trade Your Way to Financial Freedom, Dr. Van Tharp described the Legend of the HolyGrail as the ability of a trader to  manage the internal struggle between profits and losses.  Not an indicator, not a guru, not a trading room, but the ability to control your emotions on your wins and your losers.

Developing a Trader’s Mindset is the key for both new and seasoned traders to become profitable.  A Trading Mindset helps you to not only recognize candlestick chart patterns as they develop, but it also helps have the discipline to wait for the pattern to confirm.  It helps you to trust your proven trading system because you have backtested the setups.  You know that you can have a positive expectancy about your trading results.  So, I decided to go out an interview some of the traders who have impacted my trading results and share them with you all.

In our third installment, we have the pleasure of speaking with Gregory McLeod of FXCM’s trading and education division.  As I began looking at various Forex trading strategies, I came across the forum @ DailyFX.  There I came across a Free daily trading room called Pip and Run.  Greg was the moderator of the room.  As a new forex trader, I found his strategy of focusing on a multitude of small high quality trades versus big home run trades interesting.  It seemed like a good way to protect your capital.  Luckily for us, he was gracious enough to donate his time for this interview.  He has some real out of the box ideas about trading and shares them during interview.