When I read James Eaton’s email it had me intrigued:
“A scientific approach to manual trading (coming from a background as a personal trainer)”
… It had me wondering what he’d come up with.
James is a Forex trader currently based in Spain, but usually in the UK, who’s carved his own path in this industry. Instead of finding someone who is where he wants to be and copying them, he took the route less travelled and did the hard yards.
But it paid off, and you’ll see how in the interview.
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Trading in the Zone by Mark Douglas
James’ Trading Concept
[13:32] The key thing is the strategy has to sort of make sense to your personality.
[14:30] It really is so important that you understand your strategy.
[15:11] Technical indicators are just derivatives of price.
[15:41] Price is the cleanest indicator you can get.
[28:49] Sessions are more important if you’re trading on lower timeframes.
[30:17] There’s a big difference between predicting a price and forecasting it.
[34:01] You do need to have an idea of the efficacy of your strategy in the long-term.
[34:44] Take off all the indicators and focus on price action first.
[34:54] An indicator isn’t going to tell you anything new than what price can already tell you.
[35:03] Master price action, master candlesticks, master the price patterns first, and then start experimenting with these different tools.
[39:11] It doesn’t matter what strategy you’re using, how high your strike rate is, you are going to take some losses in this game.
[39:54] If you’ve got a strategy that has positive expectancy in the long term, you’re going to take losses, you just need to learn how to deal with those.
[40:26] You’ve got to learn to remove yourself from the concept of money and instead start thinking of your R multiple.
[41:36] You can’t allow the micro event to affect your belief on what’s going to happen on the macro level.
[42:13] You’ve got to believe that you are going to achieve success in this game.
[43:04] You and only you are responsible for your result.
[46:43] Stop viewing your performance and development as a trader by the absolute percentage amount that you’re making or not making.