In this Vodcast Alistair Interviews Darryl Nagel from Method & Madness, where they discuss:
· The lessons learned from trading a wide range of methods since 1986;
· What his most competent students have as part of their trading foundation;
· The challenges and misconceptions all traders face and how to overcome them; and
· What those seeking a better trading experience can do to achieve their desired result.
Click play on the video to listen to the full interview.
Here are the notes from their chat in order of how they appeared in the audio file above:
· Darryl has been a trader since 1986.
· Importance of running your trading as a business.
· How to trade with complete confidence.
· The real essence of trading.
· Importance of practice in trading to build skills.
· How Darryl started trading in 1986 in the mining sector.
· Darryl got interested in trading options.
· Options trading has many strategies.
· Why Darryl is still trading options today.
· Darryl using options trading as a hedge.
· Why Darryl loves the Iron Condor options method when markets trade sideways.
· Options, CFDs and Futures gave Darryl leverage as a trader.
· The difficulty of trading Futures.
· Darryl views on the current market conditions
· Why risk management is more important now than ever.
· One of the critical components traders need before they place a trade.
· Why Darryl refers to emotions of trading as a friend.
· The importance of looking at trading in certainties vs probabilities.
· The importance of knowing your niche in trading.
· Investing across different amounts of capital in trading.
· How to look at diversification in trading.
· Importance of being able to trade both long and short.
· Experience in trading as capital grows and expanding the horizon.
· Darryl shares his favourite trading book where he got inspirations.
· Darryl talks about his biggest winning trades.
· Darryl also shares his worst trade and how he got over the emotional rollercoaster following the loss.
· Darryl discusses what he believes is the Holy Grail of trading.
· Darryl shares his experience and the key things he teaches all new students as an market educator.
· How to use past trades to help you become a better trader.
· The critical importance of Preservation of Capital.
· The importance of trading plans and risk management.
· Understanding how the markets operate.
· Uncertainty VS Certainty on trading outcomes.
· The biggest trading misconceptions.
· The Psychological aspect of trading.
· The importance of backtesting and forward testing.
· Darryl's recommendations to new traders.
