In this episode, a seasoned trader Steve Ruffley discusses the psychological challenges retail traders face when transitioning from demo to live trading. Steve emphasizes the importance of an emotional connection to trades, the pitfalls of demo accounts, and understanding personal risk tolerance and trading style. He introduces his book, “The Pro Retail Trader,” aimed at helping retail traders achieve professional-level returns.
The episode covers common mistakes, the relationship between money and time, and the necessity of adaptability and emotional management in trading.
Podcast Interview
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Interview Link
Website – SteveRuffley.com
Recommended Books
The Pro Retail Trader by Steve Ruffley
The Ruff Guide to Trading by Steve Ruffley
Key Lessons
[04:21] It’s all the psychological and emotional side that people find it’s so hard, so difficult with and it’s always going to be difficult when you’re dealing with money.
[05:24] A lot of people don’t really kind of understand the relativity of size and time.
[21:33] If you want that money, it has to include some variation of size.
[22:19] If you don’t have that emotional connection to the trade, you’re not vested into that trade.
[23:37] It isn’t about how much you win. It’s about how much short-term pain and risk makes you almost uncomfortable at the start.
[24:29] This whole idea of taking profit the first time is offered, is so invaluable when you first start trading.
[29:13] The only system strategy outcome for any real trader is to make money.
[42:49] The only way you can test yourself and see what can be done is moving that size up.
[47:34] You are your own boss, you’re the trader, you take responsibility. You have to develop and own your own style.
