1. Importance of Routine in Trading

Axel emphasized that maintaining a consistent routine is vital for trading success. He personally starts his day early at 6:00 a.m., which allows him to prepare and execute trades effectively. He notes that having a structured routine enables traders to align their strategies with market opportunities, particularly for those trading in specific markets like the Dax, where timing can significantly impact trading outcomes.

2. Risk Management is Crucial

According to Axel, trading is fundamentally about risk management. He advocates for starting with conservative position sizes to preserve capital, which is especially important for retail traders who often do not have the same risk constraints as institutional professionals. By managing risk effectively and knowing where to set stop-loss limits, traders can survive inevitable downturns and make wise decisions even during periods of distress.

3. The Value of Experience and Mentorship

Axel discussed how his early trading experiences were formative and sometimes challenging, often involving costly mistakes. He recommends that traders actively seek mentorship or coaching to help them navigate the complexities of trading psychology and risk management. He notes that having an experienced mentor can provide insights that one might overlook when trading independently.

4. The Role of Technical Analysis

Axel has a deep commitment to technical analysis, using it as a primary tool for trading decisions. He stressed the importance of understanding price action rather than simply identifying patterns like head and shoulders or trend lines. By focusing on underlying market momentum and historical performance, traders can make smarter, data-driven decisions that align with market conditions.

5. Trading Psychology and Emotional Awareness

Axel highlighted the significance of managing one's emotions while trading. He practices daily self-assessment to gauge his emotional readiness and removes himself from trading during stressful periods. Axel points out that recognizing emotions and their potential impact on trading decisions is crucial, particularly for retail traders who may lack the professional discipline found in institutional settings.

6. Collecting and Analyzing Trade Data

Axel is a strong advocate for meticulously documenting and analyzing trades. By keeping detailed records of trades, including why positions were taken and their outcomes, traders can identify patterns in their performance. This approach helps in refining strategies and understanding the probabilities behind certain trade setups, ultimately fostering greater trading discipline and informed decision-making.