This presentation discusses trading and the psychology of traders. The speaker emphasizes that traders often make decisions based on fear and hope, rather than rational analysis. He suggests that truly successful traders are those who can hold onto winning positions and even add to them, rather than constantly seeking to take profits. The key message is that successful trading requires a shift in mindset and a deeper understanding of one's own psychology.
1. The speaker discusses how trading conditions have changed over time. In the past, traders had to pay high spreads to trade Dow intraday.
2. The speaker recalls the spreads they had to pay when they started trading. For example, they had to pay eight points for an intraday Dow trade, and sixteen points for a quarterly contract.
3. The speaker mentions that they are not trading themselves, but they have written a book that will be published next year.
4. The speaker uses a study on 25,000 traders at FXCM as an example, stating that these traders had a winning rate of 62% when they won.
5. The speaker shares a story about a friend who wanted to give them a birthday present by taking them to a racecourse. The speaker realized how bad a driver they are when they had to drive fast cars with twists and turns.
6. The speaker concludes by stating that they believe trading is a matter of mindset and that traders should be constantly pushing their limits.