Adam Ryan - The keys to building a successful trading strategy

In this episode of the Chat with Traders podcast Aaron Fifield interviews Adam Ryan of Optic Trading. We included this episode in our list of recommended podcasts because it is a great example of how an average person with no trading or financial background can build a successful trading strategy and become a profitable trader. Adam is a Canadian trader who trades crude oil, gold and S&P mini futures. Adam notes that goal-setting, and establishing a detailed process to reach his goals, was crucial to his trading success. He attributes his determination and perseverance and the will to never give up as the keys to his success. In the interview Adam discusses how he got started by unsuccessfully trading penny stocks. At the time he was working with a mentor and tried to replicate the mentor’s system. He found out the hard way that it’s almost impossible to be successful by copying someone else’s trading strategy.  He eventually found a trading course and mentor that helped him to develop his own trading strategy. His strategy is uncomplicated and uses price action as its main indicator. Adam notes that it took him about three years to become a profitable trader. Adam is primarily a day trader but notes that his trading strategy could also be applied to swing trading. Adam’s favourite trading book is Reminiscences of a Stock Operator by Edwin Lefvre.

Trading advice from the Podcast that will make you a better trader:

  • Price action is the most reliable indicator.
  • A trading mentor can significantly reduce the trading learning curve.
  • Trading is not a get rich quick scheme. Becoming a successful trader takes time. You must commit to the process.
  • Consistency is the key to becoming a profitable trader.
  • A successful trading strategy should work on any financial market.
  • There is no holy grail trading strategy. You need to find a strategy that you understand and fits your personality.
  • The biggest mistake new traders make is jumping from trading strategy to trading strategy.
  • Trading is not easy; it is extremely difficult. That is why over 90% of traders cannot outperform the market.
  • Most traders give up too soon. It takes years to become a proficient trader, not weeks or months.
  • Traders need to control emotions and be in optimal mental state. Meditation and visualization are great tools help traders stay calm during stressful times.
  • Goal setting and measuring performance are key components of successful trading.
  • Following a process is key to achieving trading success.
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