Episode 17 – Why trust is at the root of successful trading w/ Ray Burchett

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Summary

What is the role of trust in trading?

On previous episodes you may have heard me speak about why I believe confidence is the most important emotion to carry into trading.
Confidence is what allows you to have the convictions to do what needs to be done even when it’s uncomfortable.

In this week’s show I interview Ray Burchett.
Ray has well over 30 years of trading and trader training experience having spent time trading at the CME and running and owning a number trader development companies.

And in this show we delve deep into the topic of trader development.

We hear a lot about trading psychology and we spend a lot of time talking about it on this show but often times at the root of many issues that are diagnosed as being trading psychology related is the question of whether or not we can truly trust of methods and ourselves.

 

So let me ask you –
  • Where are you with your trading?
  • Where are you struggling?
  • What is keeping you from being able to trade at your best?
  • When your trading actions deviate from your intentions what is the underlying cause?
Now how much of this is based in a lack of belief and conviction in either the system you trade or how you will respond to uncertainty?

 

How much of this is based on having a lack of confidence?
Can you see that you can’t have confidence without trust?

 

Ultimately trust is something that must be earned.
That is a trust in one’s system, methods, decisions, and actions.

This is why seeking confidence without trust is impossible.

So before we get to the show let me ask you one final question – where do you need to develop yourself to begin to build trust in your trading?

 

Big Ideas

Here’s what you’ll hear on this episode:

  • 2 reasons why most’s trader – ego and expectations
  • The 3 foundational elements of trading
    1. Functional
    2. Practical
    3. Psychological (Trust)
  • The importance of understanding your competition
  • The relationship between energy and anxiety
  • The difference between intuition and instinct
  • Why creativity is the spark and attracts us all
  • The key traits of peak performers
    • highly efficient decision making process
    • active curiosity
    • driven to take themselves even deeper on what they already know what works

Quotables

On comparing traders to the Wile E. Coyote and the Roadrunner –

Unfortunately 99% of traders are the Coyote – they keep thinking they’re going to catch the Roadrunner but it’s never going to happen because they keep doing all the wrong things.


Transcript


Resources Mentioned

www.trust1st.com –  Ray’s website

 – Reminiscences of a Stock Operator

Ray presenting the Intuitive Development for Traders Process


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Episode 17 – Why trust is at the root of successful trading w/ Ray Burchett

by editor time to read: 44 min
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