Hollywood has given many would-be traders a warped perception of what it actually means to be a trader. The truth is, trading isn’t a get rich quick scheme so much as a skill that needs to be developed. Akil Stokes is a trading coach and co-founder of Tier One Trading. He joins Dan this week to debunk some of the myths around trading.
Akil also takes time to break down Forex trading and discusses why trading psychology is the most important piece when it comes to making successful trades. Listen to the episode for advice on creating the systems you need to be successful.
- (03:44) - Market Reaction
- (07:19) - Interview with Akil Stokes
- (13:56) - Consistency
- (16:15) - The importance of trading psychology
- (18:07) - Reality vs. perception
- (22:34) - Small clues
- (24:42) - Execute the play
- (29:03) - Stop & go traffic
- (33:28) - Preparing for when things get better
- (40:00) - Tier One Trading
Akil Stokes is an investor, Forex trader, trading coach, and host of The Trading Coach Podcast. Additionally, he is the co-founder of Tier One Trading which was featured in Forbes as one of the leading innovators in trading education. He's been an author/contributor to Entrepreneur and FX Trader Magazine and is also a Track & Field Coach at Millersville University. As a proud husband and father of two, his drive is purpose, providing value to the world, and leaving a legacy.
Limit Up! is a podcast for traders of all levels brought to you by Topstep. Whether you’re considering a career in trading and don’t know where to start, or you’re a seasoned veteran looking for advice from big names in the financial industry, Limit Up! is your guide. Join us weekly as we discuss the market in all of its volatile glory. Risk Disclosure: https://www.topstep.com/risk-disclosure/
Jack Pelzer is a co-host of Limit Up! He traded as part of a U.S. Treasury group for 7 years at Chopper Trading and DRW. After leaving the industry, he became a Writing Fellow and Senior Contributing Writer for The Onion. He is now the Head of Content at Topstep.
Dan Hodgman is a co-host of Limit Up! Prior to coming to Topstep Dan traded 30 Yr Treasury Options and Yield Spreads. Before that, he served in the United States Marine Corps where he simultaneously managed his own Futures Account applying the skills he grew up learning from clerking on the trading floor. Now Dan works with the Traders here at Topstep as a Performance Coach as well as being a regular on the Daily Market Recap.
Looking to enhance your trading performance? Topstep’s Performance Coaches work one-on-one with traders to help them find market opportunities, review daily statistics, manage setbacks and progress in their trading. Gain a path to progress by signing up today: https://info.topsteptrader.com/performance-coaching
Attend a free group coaching session offered every Wednesday at 1PM CT to get an idea of what Topstep Performance Coaches offer: https://zoom.us/webinar/register/WN_nZpAita9Rz-2_yMUjtkvpw
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Podcast episode production by Dante32.
