Louise Bedford has been trading since 1990. She trades the US and the Australian stock markets and is the founder of The Trading Game and Talking Trading podcast. She’s also the author of Trading Secrets and Charting Secrets.
When Louise was starting out she only saw trading as an extra source of income and she never expected that trading would become her full-time career.
Louise has gone through a debilitating health problem which forced her to leave her corporate job. Scared of not being able to work again, she decided to pursue trading. It took her three years to break even and five years to finally become profitable.
Listen to her interview below to discover her secrets to success and her winner trading tips.
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- [10:47] This trading is absolutely the “Plan B” that everyone should have in their back pocket.
- [16:54] We have to really shoulder the burden of so many little microaggressions to be able to hang on your next big payday.
- [17:24] I wanna get into the highest probability trades every time based on my archetype of a trade
- [20:09] I think people confuse activity with profitability. They think they have to keep on trading, be on the market all the time and that to me does not work.
- [20:20] There are three market cycles – it’s going up, going sideways, or it’s going down. To work out how to make money in those three cycles is freedom.
- [21:59] Shorting tends to make money if you don’t use equities.
- [22:16] We found that the people who got in for shorting equities tend to lock to be in it for the entertainment and that is death to a trader. We should be in there for the money and not for entertainment.
- [24:02] A trend will keep on going further than you can possibly imagine.
- [24:22] You have to be really careful that you’re not putting your views on top of that chart because the market’s gonna do whatever the hell it wants.
- [26:45] I think sometimes we could have a good system that the human who runs that system can totally fill it up.
- [28:47] Look, if banks are going, they’re my darlings and I’ll row with those.
- [30:40] There are cowboys there, there is so much hype around it where people are not looking at the chart as the pure source of information and all of these are damaging.
- [32:08] If you’re looking for a strategy around Crypto, definitely apply those same technical analysis concepts to that market but remember risk management is going to be the key here.
- [33:45] We can’t predict where our situation is going, we really can’t. All that we can do is back based on the evidence that we have gathered a high probability position.
- [37:54] Look at your results, look at your perfect trade and compare the ones that you’ve already taken to that perfect trade. Listen to the lessons.
- [38:42] You need to educate yourself because if you’re trying to learn from scratch, you’re gonna run out of money before you’ve conquered this thing.
- [41:49] Listen to the chart, look at the color of the chart, and get your head around some basic indicators.
- She’s a Stock trader
- She trades US and Australian share(stock) markets
- She also trades Options
- She’s not a day trader and she doesn’t trade short-term systems
- She only has an average of 30 trades in the whole 12 months
- She runs a medium-term trading system
- She looks for new potential positions during the weekends
- She uses a contingent order, a freedom tool to enter in her trading system without her active intervention
- She checks on her trades once or twice a week
- She uses GSLO (Guaranteed Stop Loss Order) to automatically take her out of the market
- She’s not a big fan of Cryptocurrency trading
- She’s 100%, technical trader
- A sideways progression with a clear green candle on heavy relative volume breaking past a line of resistance is here favorite entry setup
- She’s using ATR (Average True Range) to manage her exits
Louise’s Strategy of the Week
- For those who love candlestick charting, you need to really look at the overall trend first
- During an existing overall uptrend, bottom candlesticks will be massively strong because they are in-line with the trend which means that they are much stronger than the top reversal candlesticks. They can fine-tune your entry into an existing uptrend
- In an existing downtrend, you’ll find strong top reversal candlesticks which you can use to guide your short position entry