Welcome to Episode 11 of the "Day Trading for Beginners" podcast, titled "Embracing Trading Obstacles with a Zen Approach." I'm Tyler Stokes from StokesTrades.com, on my path to becoming a full-time trader. In this season we're talking about strategy and for those interested in the details of the strategy I'm using, check out our free community on Skool. For this episode I want to talk more about the mental side of implementing a strategy, and the two main points are identifying obstacles, and developing a "Zen" approach to trading...


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Resources Mentioned:

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The Obstacle is the Way - Amazon

The Zen Trader - Amazon



Trading Psychology: Our main topic today revolves around two significant concepts in trading psychology that I've encountered through my readings: "The Obstacle Is the Way" by Ryan Holiday, and "The Zen Trader." Both books offer profound insights into facing challenges not just as barriers but as opportunities for growth and mastery.


The Stoic Philosophy in Trading: The idea that "The Obstacle Is the Way," draws from stoic philosophy, suggesting that what we often see as impediments to our success are actually the paths we need to take. Applied to trading, this means transforming trading challenges into opportunities for developing discipline, patience, and strategic mastery.


Zen Approach to Trading: Alongside stoicism, we explore the Zen approach to trading, which emphasizes introspection and the calm acceptance of market conditions. This method helps in managing our responses to market volatility and maintaining discipline in our trading practices.


Practical Trading Examples: In my own trading, I've identified specific obstacles such as impatience and overallocation. By acknowledging these challenges, I've begun to see them as areas for growth. Addressing these issues head-on helps in refining my trading strategies and improving my overall decision-making process.


Introspection and Growth: I emphasize the importance of introspection in trading—understanding one's emotions, triggers, and habits is crucial for long-term success. Journaling trades and reflecting on trading decisions can significantly enhance one’s strategic approach.


Conclusion: As we wrap up this episode, I reiterate that the true path to trading mastery involves understanding and leveraging one's personal trading obstacles. By adopting a Zen-like mindset and embracing stoic principles, traders can navigate the markets more effectively.


For those looking to dive deeper, I recommend reading "The Zen Trader" and "The Obstacle Is the Way" to get a more comprehensive understanding of how these philosophies can fundamentally improve your trading psychology.

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https://www.youtube.com/@StokesTrades


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Welcome to Episode 10 of the "Day Trading for Beginners" podcast. I'm Tyler Stokes from StokesTrades.com, and today, we're diving into the trading rules I'm adhering to, the common mistakes I've encountered, and the challenges of sticking to a strategy. This episode is crucial for anyone on the path to becoming a full-time day trader, offering insights into maintaining discipline amidst market pressures.


Download the 6 Month Blueprint: https://stokestrades.com/blueprint

TradingView Charting Software: Start a free trial here

TraderSync Trading Journal: Visit the official website here


Resources Mentioned:

Detailed Trading Rules and Mistakes: See this post in our group here.


Key Trading Rules and Common Mistakes: Trading rules are foundational, yet adhering to them consistently is a struggle many traders face, myself included. Emotional trading, such as reacting impulsively to market changes or doubling down after losses, often leads traders astray. This is why starting with paper trading is vital—it allows you to experience these pressures without the financial fallout.

Essential Trading Rules:

1. Stick to Your Strategy: Discipline is what separates successful traders from those who fail. It’s about executing your strategy mechanically, without letting emotions get in the way.
2. Never Chase Prices: Always let the price come to you. Engaging in FOMO leads to entering trades at suboptimal times.
3. Limit Position Size: Never allocate more than 10% of your portfolio to a single trade. Adjust your investment based on the volatility and your confidence in the trade.
4. Buy at Support and Sell at Resistance: Avoid trading in uncertain ranges. Clear support and resistance levels offer better probability for successful trades.
5. Embrace Discomfort: Buying at support levels, especially during dips, can feel counterintuitive and uncomfortable, but it's often where the best opportunities lie.

Implementing Rules and Handling Mistakes: Sticking to these rules is challenging, especially under real market conditions where emotional trading can lead to rash decisions. On Halloween, I was reminded of this when I attempted to buy at what I believed were support levels, only to see the market continue to fall. This experience underscored the importance of not only setting rules but rigidly following them to avoid common pitfalls like overtrading and emotional reactions.

Conclusion: In trading, the technical skills required to analyze the market are crucial, but the ability to maintain a disciplined mindset is equally important. Through paper trading, I've been able to practice and refine my approach without financial risk, preparing me for real-world trading where stakes are higher.

Website and Other Social Accounts:

https://stokestrades.com/

https://www.youtube.com/@StokesTrades


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Welcome to Season 2 Episode 9 of the "Day Trading for Beginners" podcast. I'm Tyler Stokes from StokesTrades.com, and as I progress in my journey to become a full-time day trader, I've been exploring various trading strategies. Today, I'll share more specifics about the strategy I'm currently learning, which is more aligned with swing and position trading, though it can be adapted for day trading as well.


Download the 6 Month Blueprint: https://stokestrades.com/blueprint

TradingView Charting Software: Start a free trial here

TraderSync Trading Journal: Visit the official website here


Resources Mentioned:

Market Symmetry Strategy Explained: See this post in our group here.


Market Symmetry Strategy: The core of this strategy revolves around market symmetry, recognizing patterns that repeat over time. Key components include:

• Entry Points: Buy at support levels or after a backtest of a breakout.
• Trading Philosophy: Focuses on buying during pullbacks to support levels, utilizing patterns to guide trading decisions without emotional interference.

Tools and Indicators: To implement this strategy effectively, I use several technical tools:

• Ichimoku Clouds: Provides a visual representation of support and resistance.
• Fibonacci Retracements: Helps identify potential reversal points.
• Gann Charts: Used to observe market symmetry and predict future price movements.
• Market Structure Analysis: Understanding overall bullish or bearish trends to make informed trading decisions.

Learning from a Pro: I've been learning this strategy from a professional trader known as The Great Mattsby, whose insights on market symmetry have been invaluable. For those interested, I've included links to his resources and Patreon in this write up.

Practical Application: Practicing this strategy in my paper trading account has been immensely beneficial. It's one thing to study a strategy, but applying it practically offers a whole new level of understanding and skill development.

Next Steps: In the upcoming podcast episodes, I'll share my experiences applying these strategies, focusing on the rules I've followed and the common mistakes encountered during live trading sessions.

Website and Other Social Accounts:

https://stokestrades.com/

https://www.youtube.com/@StokesTrades


Join Our Free Community on SKOOL:

https://www.skool.com/day-trading-for-beginners