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Trading Education Posted by Team Topstep May 10, 2019

REWIND: Blowing Up a Trading Account with Trading Psychologist Dr. Kenneth Reid

Dr. Kenneth Reid remembers the first day he made $5,000 trading. That was followed shortly later with a day he lost $30,000, sending him down a spiral that eventually led him to lose $130,000 in the markets. As he dug deeper into the psychology behind his trading, he realized that he was trading in an addictive manner, without a well-defined written method. Now, Dr. Reid preaches deliberate trading practice that focuses on the process, not the outcome. If your process is good, the outcome will follow. 
 

  • [02:48] – Dr. Kenneth Reid background
  • [05:59] – Finding the psychology connection
  • [07:37] – What’s your trading style?
  • [09:25] – Why trading on a simulator is crucial
  • [11:35] – Traders need a method that they can explain in 5 seconds
  • [13:52] – Approaching sim trading to make it as real an experience as possible
  • [15:16] – How to view sim trading as an experiment without getting frustrated
  • [16:06] – How long should someone be in a simulator?
  • [18:31] – Getting off on the right foot with a real money account
  • [19:56] – Keys to smart sim trading – Principle #1
  • [21:40] – Keys to smart sim trading – Principle #2
  • [22:19] – Keys to smart sim trading – Principle #3
  • [24:08] – Keys to smart sim trading – Principle #4
  • [30:02] – Keys to smart sim trading – Principle #5
  • [31:48] – Keys to smart sim trading – RECAP
  • [34:45] – What’s the scariest trade you’ve ever made?
  • [37.05] – What piece of advice would you give yourself if you could go back in time?
  • [39:11] – Where can people find you online?

You can find more about Dr. Kenneth Reid at https://www.daytradingpsychology.com.
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Podcast episode production by Dante32.