This week my guest is a discretionary futures trader from London (UK), his name is Kam Dhadwar.
Kam originally started out in 2001, from 2005 onward he spent a few years trading within a prop firm, and now days has reverted to trading independently.
During this interview we discuss the great emphasis Kam places on auction market theory, market profiling and volume profiling techniques, to capitalize on intraday moves.
Additionally, we also discuss the importance of believing in your trading plan, the two types of risk; financial and psychological. And how Kam uses NLP, mindfulness and meditation practices to continually improve trading performance.
Plus plenty more – but, developing the right mindset seems to be the underlying theme throughout this episode.
“I wanted to put myself in a position where I had no choice – I had to succeed.”
“There are days when I don’t take a trade, I will sit there 4-5 hours and not take a trade. My plan is very specific.”
Lessons learnt in this interview:
- How Kam got a slight head start on most traders by studying the mindset before strategy, and how he transitioned from part time to full time trading in less than 2 years.
- Kam speaks about how he’s re-framed (often) negative aspects of trading, to view these in a positive light.
- Why Kam refuses to use the word ‘loss’ when discussing his trades, and replaces this with ‘the cost of doing business’ or ‘expenses’.
- The two very different types of risk – financial and psychological. Just cause you can financially handle a bad trade, doesn’t always mean you can psychologically handle it.
- Kam’s experience of trading in a prop firm for three years (both the benefits and the disadvantages).
- An overview of The Trading Framework, how Kam trades value in current times and what he’s looking for out there. Plus, how to form ‘context’ of where prices are trading.
- The importance of believing in your plan and believing in what you’re trading – how to do this even with limited experience.
- How Kam uses NLP, mindfulness and meditation techniques to continually improve his trading performance. And why traders continue to make the same mistakes, even when they know better.
- Plus much more…
Links and resources mentioned:
- TheTradingFramework.com – To learn more about Kam and his trading methods, you can visit his website here.
- YouTube channel – Before each day Kam posts his daily analysis on YouTube, as well as past webinars.
- @L2ST – Be sure to follow Kam on Twitter. He’s regularly posting charts, giving you insight to the type of trades he’s stalking.
- Mind Over Markets by James Dalton – One of the first books Kam read on the subject of market profiling, which he recalls as a ‘great book’ that covers the theory side.
- A Six Part Study Guide To Market Profile by CBOT – This guide is a free PDF download, that made it simple for Kam to understand auction market theory, when he was getting started.
- TadJames.com – One of the many resources Kam shares towards the end of the interview for anyone who is keen to learn more about NLP and/or meditation techniques.
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