Mindset — How what you focus on impacts results
A podcast with Al Brooks by Les Meehan, founder of the Right Mind Trader website and Engineered Trading Mindset trading psychology services.
The podcast was first published on April 18, 2017.
Focus on the things that matter most in your trading
In this episode of ‘Engineered Trading Mindset Experts Talk’ show specialist Price Action Trader and well known author Al Brooks MD – founder of BrooksTradingCourse.com – shares why he thinks many beginners focus too much on the wrong things and offers his insights about what the professionals focus on.
In the podcast Al discussed the following points with Les Meehan:
- Do you know the real probabilities of the markets? Learn the exact % numbers that matter.
- Are you getting enough trading opportunities? Learn why Al believes you can buy or sell 90% of the time.
- Do you overly dwell on past trades? From his 30+yrs experience Al shares a more useful alternative.
- Do you know what your “I Don’t care” position size is? Learn how to find out and why it is essential to know.
- Do you have the optimum character traits? Learn the #1 trait Al believes is essential for successful trading.
Right Mind Trader
Right Mind Trader, Engineered Trading Mindset links and resources can be found on the podcast page: Right Mind Trader: Al Brooks Podcast
Hi Al and BTC Admin,
Really glad this is posted. While learning price action is tough, I feel it is made easier hitching my hope to the education inspired by Al.
My question regards starting out and starting small so as to avoid focusing on risk. I am currently trading one contract. Staying objective can be a challenge within this all-in/all-out effort. If I were to stick to price action targets (e.g., measured moves) I would have a lot of profit that could leave me. So, I currently aim for 2 points then exit, knowing another opportunity will occur. If indeed this is an approach with merit, where should I place stops? I could use a four tick stop, but I feel that is trading momentum and the dominant trait of the market, randomness, would kick me out of trades too often. Also, with one contract there is not runner for instance nor is there scaling, so the really big wins spoken of in this interview are non extant.
Thanks again for your work – it has made the start of my trading education very enjoyable.
John
Good stuff, thank you!