Becoming A Profitable Trader by Working on Yourself! - Chris Tate | Trader Interview

training doesn't cover the air it doesn't curl dealing rooms it doesn't beaker anywhere other than between your ears that's it that's where markets are where they occur so Christopher days work on the podcast how's it going today it's going well in sunny a bit very cold milkman down here in Australia if using other weather before members like pretty interesting for the weather always changing always a different can Accord they say you know when you come to Melbourne prepare prepare for four seasons in one day and you can't actually get that that's a funny part so glad you know podcast been a while we've been changing scheduled interview together and I'm glad that you can make it today and we can do it this one question so my first question is about kind of a chord that you resonate whether that inspires you but my my view of trading is really quite simple and I think the impression people will get of me is that my approach is really really quite simple in trading the intrinsic quality you need is one of resilience so I always default to there's a wonderful Confucian saying which simply says fall down seven get up eight and that that's the nature of trading trading is a profession whereby you have to continually pick yourself back up and the image I always have in my mind and this is showing my age is that when we were kids we used to get you know Christmas you get those little clowns they'd stand about a meter 5 meter 3 told you blow them up that have sand in the bottom and so that when you hit them they always bounce back and that's my view of the perfect trader is someone who just continually gets him and bounces back and I think that's the bit that's missing from when people talk about trading people always talk about the indicators how much you can make occasionally they'll talk about money management which is very rare but they very rarely talk about resilience and even really is talking about courage unfortunately trading is a profession that requires courage and it requires courage because you suffer an infinite number of knocks until you actually finish trading but it also requires courage in that markets have this awful habit of showing you who you actually are people have a vision of themselves and that vision might be that they're rational calm controlled markets have a way of holding up a mirror that says look that's the way you think you are what you are actually is ill-disciplined illogical irrational and you've got to have the courage to look at that true reflection of yourself and go well it's not working as I am so I actually have to change yeah and that's what difficult people think that they can change by changing a strategy like you said before but they don't thing I think again they have to change by changing themselves and that there's the thing people think that if they would choose a simple example that if they've got a chart with a 30 period moving average on it it doesn't work they think that by changing to 40 periods that works and it doesn't because the driver doesn't change and the driver is the individual and without the capacity to look at yourself and go wolf I really screwed that up and why did I screw it up then you really get nowhere and I actually think there's no cognitive impediment trading that there probably is someone with someone somewhere who is too stupid to trade but they'd have to be pretty dense the impediment is that people just can't control themselves they can't reflect upon what they do they can't sit down and assess themselves like they're a trading system I can't sit down and go will the system worked here but I didn't I worked here but the system didn't so they can't do this form of analysis to actually get to a point where they become profitable that's one jesting it I think we're throwing pretty strong it's this big advice so far so I want to go back in time I wanted to tell people kind of what was your training stories how things started and how did that if over it done I think probably like a lot I got started accidentally I don't have of undergraduate training and finance or business my career path was set on a completely different trajectory my academic geek which is where I perceived myself to be going was as an immunologist my academic and research interest is the human immune system and that's what I have trained to do but I'd encountered a few things one is I I don't know what the university system is like in your area but here it is rife with politics there's problems with funding and I was always getting a bit sick of that so I was doing some work from industry and here in Australia in very early 80s we had emerging biotech sector so that really interested me but at the same time I had a friend who had done gone to graduate school with and she had a friend a stockbroker and that fascinated me enormous Lee and foot for some reason and I don't know why to this day I still banged my head against the wall and wonder why I thought that if I became a stockbroker I'd actually learn about training and I can niven I can never decide whether it's the best decision I ever made or the worst because because what I learned I taught my land were a stock broking office and stock broking here in Australia it was fairly unregulated in the early 1980s and when I roughed up on the dealing desk the bloke who said opposite me been selling carpets two weeks before but beside me meant selling cars I was the only one who could add and subtract and they thought that was a black heart and that sort of kicked off the formal part of my involvement in the industry my involvement is the investor goes back and a little bit earlier and I had the worst thing that could ever possibly happen to a new investor the first trade I bought for the first trailer pulled on went through the roof and being somebody who testicle actually thought that was me I thought it was something I'd done I hadn't actually realized that we were at the very very very early stages of the 1980s bull market and that everything was doing that and so you know sort of truncated way I came by thinking I was much cleverer than I was and it hidden stock broking think that they actually burn would tell me something they are trading I was mistaken on both counts if they were happened from there what happened from there is I stayed and stock broking for several years and I actually used it as a mechanism to teach myself because it gave me access to information he gave me access to a floor for a while here in Australia we still have trading floors up until 1987 when we met fully electronic so going down to the floor sort of tweaked in me the interest of understanding that markets moved on emotional sentiment it was what people perceived that made the move it wasn't necessarily an event there are some times when an event is a catalyst where you get and a horrific event like 9/11 that is obviously a catalyst for markets or when you get an event such as the GFC but on sort of the micro day-to-day scale things move because of people's perceptions because of the way they feel about something even Australia we have a resource-based economy so when people get all excited about resources resources irrespective of what they are will run and so it was being on the floor that sort of piqued my interest about that one of the problems though we have been hearing strategies in the 80s along before Amazon is that we're so damn far away so in terms of getting in information or books about quantitative trading which interest made technical trading it was extremely difficult it was extremely difficult for the simple reason that often books you would buy here in Australia would not come to Australia they'll actually go to Austria even though it's spelt completely differently and so that was problematic so it was a matter of learn on the job and I eventually got the secret stock broking another look to be honest of us seek the people in it because when I was involved it was fairly unregulated they were uneducated and in many ways unethical and I simply got sick of it and so one day just decided I literally had one of those sort of one of the young people call them now mic drop moments where I just said that's it I'm done and then you'll lift with the sort of problem of well that was a good move genius what comes now and so this the thought of not eating or being able to pay for your house does tendering that concentrate the mind and it does tend to focus your attention on can you solve organised and there are a few bumpy years there trading for my stuff but again what once once you get over that psychological hump of a training is really quite simple in terms of the rules it's really easy by things that are going up so things are going down a bit farm it's not anybody can do that and tools you can generate to you know identify those things and what have we it's not difficult despite what people say again what is difficult is I struggled to get over myself because of my academic training I I perceive the market was a an external problem as a problem out there that I had to solve it dawned on me after several years the problem was actually an internal one the problem was me and once I began to work on that then I once they things became easier but they became more obvious my mistakes became obvious I could see why I had gotten something wrong and it's simply because I turn the mirror around to look at myself and not the market and I see this in new traders they spend so much time looking at the markers if that's going to give them an answer market system book and then profoundly generous in that they'll tell you everything you need to know you just have to listen the problem was that I couldn't listen because I would had an opinion had an idea thought that a new better was cleverer and once I got rid of that as a default setting and accepted that I don't know anything but more importantly nor does anybody else then things became that opacity that markets had began to fall away and things became transparent for me and once you can do that you can start to see opportunities and what you can see opportunities you can actually become profitable yes it's kind of like coming to a book but instead of coming up with your own ideas to try to read the book if I understand well it sounds very much so what is your trading style these days is it a mix of their mental and more like chart analysis or is it because I think this in your ear is true in your experience too pretending more to word looking for the metals like data and in the market actually actually not because I I started off when I started offering stop working if everybody buys Benjamin Graham's classic little bobble and I looked at that and thought what's it actually telling me because we're not one of the problems I had is that when you see trading floors there's a disconnect between perception and reality and the thing that wins is perception reality is you know it's an artificial construct and everyone's reality is different the only reality that matters is the markets and your perception they're off and so I quickly ditched the notion of looking at fundamental data simply because I couldn't marry cause and effect in any way shape or form there I just couldn't see it it's it's the old thing of companies will come out with making gifts and announcements and the share price drops why does it do that well it does that because of investor sentiment and perception regarding the announcement the data itself won't tell you that the price will actually tell you that so I'm simply price driven everything I do is price driven so each and it's very very simple I buy existing trends and I break out by break outs from existing trends so it's really simple and it's about three lines of code which is the thing I like the most because I believe the world's a simple place and can be understood by simple ideas if you've got a very very complex system then it's probably not very robust and one of the books I like people to read despite not liking the individual that much is two leaves anti fragile and it is it's this motion that seems me to be robust they need to be tough and things are made tough by being simple but also by having skin in the game which is a wonderful expression my trading system suits me because I put my money into it I think one of the problems people have is that they embed trading systems that they don't put money into it I see this all the time on LinkedIn I regard the LinkedIn as Facebook for people with a job and my LinkedIn fee is constantly getting posts by people who is magic algorithmic systems that apparently make more money than God the problem is it doesn't seem to be making more money than God for them and that's the issue the moment you put your money on something your mind is concentrated and my mind concentrates on being a trend follower and buying breakouts I love simple things I love simple ideas okay well you're always tending towards something simple or did you have to kind of force yourself to be simple I had to force myself because you come from an academic background and every Ally that's at university there is this teamwork powerful equations are both elegant and beautiful the part of the abuse is in their simplicity some of them are not very simple I mean we all know about e equals MC squared which is a wonderfully beautiful statement of how part of the world works I had to force myself to be simple I had to force myself to adopt the idea that if I put up a chart on the monitor I could walk to the back of the room turn around and instantly see what the trend was without putting anything on the chart and one of the things I always counsel the new traders about is to subtract to continually subtract because every alteration you make to a trading system has to increase the fidelity and as you add more information you don't really add greater fidelity you just tend to clown what's occurring but I also see in some ways a little bit of the reverse occurring in the Sun traders or pre-minced granularity they drill down they drill down they drill down they drill down they drill down until they encounter the problem that we've talked about it University is that then you know everything about nothing because your perception of what you're seeing is so tiny but you know everything about it but it's that relevant but it in sort of the broader context of what's happening and I just like to see big broad trends by us or something and then do nothing and let the market do its thing because I find that when I interfere I double up I just get it wrong if other the market do its thing it does its thing we're all happy if I interfere I get it wrong rollin a B so what who you advice if you bought that want to do this they they want to be able to just take a train and go away but they can't seem to do it they can't seem to just leave it there and let it run yeah I don't want to be one of my favorite books I think it should be everybody's library other market Wizards books yeah just simple reading you could be quite open in a chapter read it over breakfast or coffee and then they really look that way but some of the insights are very powerful and it's a coat and makes one where he is asked what kind of losing try to do to make themselves a profitable trader and he says nothing because they'd already be a profitable trader I actually think that's a little bit harsh I actually think it's a little bit depressing too because it says there's no hope because the issue is we all begin as unprofitable traders yeah this is very very few who from the get-go just keep going and if they do why I would posit the Daley's of luck more than anything else and there's bound to be some one lucky somebody wins the lottery you know we've had people here in Australia we've won the lottery twice three times that's not skill that's look there's obviously those people in training but for everybody else too for us mere mortals as among its coders you actually have to sit down and think about your role what are you doing to get things wrong because my view is that most trading systems that are trend-following that are breakout that have good money management work if you run them through in any form of that testing agent any variation of that is profitable stress tester any variation that is profitable why does it go wrong and it goes wrong because we said because the driver people who can't look at themselves and work out what their role is other ones who struggle for example we have a trader in one of our groups at present who struggles to allow positions to run so there when when they hit a certain level of profitability they're always closed out the problem with that from a training perspective trading systems depend on outliers for their profitability but it's a reflection of their need to be a validated that they're right and to perceive that the marketers job they do paid regularly and they can't simply let themselves go and leave it alone and they're struggling to reflect on the reasons as to why that might be there's obviously a fundamental insecurity there and until you can identify your own failings and weaknesses your own insecurities no system in the world will work for you it just seems to be one of the unwritten rules about trading it is always the driver of the system but people don't want to know that people want to be told that got the wrong moving average they're using it on tattling package you know they should be using m2 for I should be using this version in 24 background color of the screen should be different it's none of those things it is what are you thinking when you sit down to put a trade on okay the trades now what are you thinking now we should be thinking anything just leave it alone you have a stopping place you have a plan in place and until people can get to that point of reflection and understanding their role then its trainings are always going to be proper and it's this notion that there's an internal locus of control not an external one trading doesn't occur ennui Rivia then you have trading floors I believe I know the u.s. still has trading floors which is a little bit primitive because the rest of us have grown up gone electronic trading doesn't cover there it doesn't occur in dealing rooms it doesn't occur anywhere other than between your ears that's it that's where markets are and where they occur but that is an NHIN an understanding that you have internal locus of control markets don't do anything to you markets just do their thing and you react once you understand why your act the way you do then I won't say things become easy but they become transparent and you can see where opportunities arise see words be a fan of some sort of journaling and writing the exam to understand yourself your angling is an immensely powerful tool and unfortunately this very few psychologists who are trained directly in dealing with traders we're fortunate here in Australia in some respects because we have a national obsession with sport which is just insane but it's not it doesn't seem to replicate any of us in the world but what that means is that we have a lot of sports psychologists who are going around looking for work which means stood you know you can always drop in and see one of those but the first step is write down your thoughts and write them down first thing the morning write them down as you trade write them down as the trade ends now writing them down is only part of the battle the rest is actually reading and understanding what you've written and then having an action plan based upon that so you can you can course correct your own emotions you can cause corrector where you are but it takes work and there's that awful word when people come to trading they don't understand that it's work it is actually a grind my day involves doing the same thing in the sideway every bloody day it never alters it's a production line it's that's just the ideas and it's very difficult to convince people that his work and those people who understand that it is work and and not that they're going to be ringing their broker yo and buy this so discover that the most of the time they'll be doing nothing they are the ones who seemed you better sit down with their thoughts and go okay what am i doing and why did I do that but it's understanding that it's actually work what is your typical day look like then is it the series of routines or is it kind of very none it's actually a series of routines I'm on the routine person so I'm actually pretty dull in the I'm an early riser I'm always up for five wander out make to switch the PC on check the overnight prices to see if there's anything I need to do if the system's thrown anything up is preliminary signal before the fall clothes if there's anything that's been stopped out there's generally not much to do and that takes no time at all and then it's off to the gym and once that's done stealing gym but first come back check the formal clothes on those markets that I trade that have an overnight clothes and that's generally not much to do move stops reporters for the evening and that's really the end of the trading day before luckily before I run a also for our system so even for that that is largely the end of the day in terms of trading I'll check again as the UK opens particularly they're fierce because the UK is the largest sort of trading venue for FX and if there's any savage move going to come it will come out of there but again there's generally not much to do other than into the orders for overnight so they're all contingent and then the routine starts again the next day and the only variation to that is that on the weekend I have an equity system to trade using weekly data so on Sunday dunno the weekly data for equities run my system over that see if it throws up anything if it does prick the orders for Monday night that's it we're done so Tex Tex you really boring profession and you're using our goals to take your trades at least finder to setup largely they I mean ended very very simple or a few lines of code that I use to scan and so they're either day I have a time series of markets or a small universe of commodities and indices I trade which I can actually visually scan they will all fit on my monitor and it's just yes that sort of thing scanning equities is a different matter and I actually use a really simple program I use better stock for that because I I run a very very simple breakout system it can be coded into that but it's actually very good at mingling all the data I require because I trade US equities and domestic equities here in Australia so there's a few thousand bits and pieces to go through and it is much better to let a machine do that then we go through a by hand yeah it's definitely less time and easier to nothing mistake which is a good point and then that's the thing it is it is about bringing efficiency to the system and once you're efficient and you have a routine then it's very hard to get it wrong you've actually got to work hard to deviate from the system because I'm rules are written based things just it's just as easy mmm-hmm as similarly fuel that want to jump it to trading with Argos or at least our goals that they can use to find trades or trades with them trade with them but the thing is some people don't know how to go into it or they're not sure if that's the right time for them to go into it like maybe do it a little bit so what are you doesn't this did you went from manual to go and how did that happen exactly and I think that we're simply from my regard if we to look at trading as a business and to say what sort of business is it it's actually an information management business because we're not when I first started trading the only stocks like a trade well the only things I could trade with those listed on the Australian Stock Exchange now let me take a step back I started so long ago that exchanges in Australia was split into exchanges for each state so we had one in Melbourne had one in Sydney had one Perth they're all over the place so I can only trade what I can see directly in front of me the problem now is that I can pick up my phone if I wish I can buy stocks in Finland I would have no idea what to Bible I can do it and that amount of information using the trader is very difficult to manage so part of the battle is deciding what you're going to trade where you're going to trade it and not necessarily how you're going to trade it moving to the idea of saying well this is when I look before manual they have a little machine to do it was really quite simple because of my background I'm actually used to writing things in in a set fashion that machines can understand if I if I can't get a machine to understand it I know people who are clever a liar who can and who will do it for me a lot of people unfortunately because they're not rules-based struggle to none say what they want the machine to do they don't know what to tell it to do if you can't write sort of your trading rules down you know coherent men are on a sheet of paper then you can't convert that to code and that's that's part of the problem for people they can't get to that point where I wanted to do a in B and C the day what they generally do is they go I've got a I might read the paper for a while and see what it does well that that's that's not translatable to any form of machine language you wandering off and watching the Fox business is in no way compatible with the idea of the way machine thinks and so again it's that it's that capacity to be logical people who are larger constantly write down their rules came to welcome to Cairo I actually think machines should do most of the work beats and I actually think rules should do much to it because if we look at the literature if you look at the literature virtually on any high performance endeavor systems rules algorithms beat humans in decision-making process they just do for example if you look at your in Australia we have a common with skin cancer because we spend all summer outdoors getting baked we've actually found that artificial intelligence which runs a series of algorithms are better at identifying the skin cancers that can turn malignant then dermatologists can rules being humans and everything and so if you can get to the point is simply going my rules are ABC and a then this becomes easier you can actually do that but most people get stuck at the first step they can't write down the rules because they don't thought about them they generally trade on you know what they heard down the power what the radio brother-in-law says they saw something on TV they saw something in a shop and win or this company makes widgets I like those who reach it's owned by the company they're not the receivers of random inputs they're of no value or I think the fact of being especially online social media can be a lot of ideas trade that people should not necessarily use I think this one feels I do in many ways I may be says you try this because the summary of a change the markets nothing you guys actually feel sorry for them because they're bombarded with noise and then social media reading of itself is noise and I'm wondering just as a general philosophical point in 20 years time we're not going to look back at social media the way we now look back and regard smoking as a health hazard there's something to be avoided and new traders are subject to so much noise when when I when I talk to people it's amazing the amount of gibberish they have in their head I was sitting in a cafe last year a very very early last year I over her young girl talking to another young girl and they were talking about trading just unusual the Union Cafe and one of the young girls was trying to explain trading and was referring to all sorts of social media and was referring to all sorts of basic crap and one of the things they research and one thing she said was you need to buy Bitcoin because they say it's going to a million dollars you know I must have missed that because I don't think it did and this is the thing people overwhelmed with noise and it's I feel and I do feel sympathy for them because it is difficult for younger traders to filter that out because social media is such a part of their day we eat a part of the way they interact with the world on each other so learning to filter one particular section out must be extraordinary difficult it's something my generation don't have to worry about yeah what would be your advice for people that are feeling confused or overloaded with information and they cannot kind of find out what to focus on one of the things like I try and get people to do is to simply set up a watch list of charts beginning X pink listen P 500 convert the charts to a weekly format convert them to a line chart so it's the least amount of information you receive as possible pick a moving average set up as a template and just sit there once a week scrolling through just one by one you're not looking to see anything you're just looking to observe and what we'll see is something really really really interesting markets trend and there is always something trending and it is getting used to that notion that trends persist and they go far far longer and you will ever imagine they will go we all have this notion if we think what something is worth I keep a series of charts here on my desk that look at to remind me that I have no idea how fast something will do though and charts will guess where price will go much further you could ever imagine think of think of it this way think of any example think of Enron one of the greatest scams of all the time nobody imagined that when Enron began to collapse that it would go to zero but it did it went far further than people could ever imagine didn't stop Wall Street recommending it all the way down as a you know crashed and burned into the ground but it still went far further than you can imagine the reciprocal Facebook window when Facebook twisted people going to Facebook's dead gameplay will just go users it's rubbish look at the price now prices move far further than you could ever imagine and so it's convincing yourself off that you can get yourself all that by singing it in repetition and a good data set is the S&P 500 it's small enough to view just by flicking through it once a week it's all sort of a reasonable size once you get a sense of what seemed to go well I've seen that when price moves X amount above the moving average the trend seems to persist I can I can write that down if I can write that down I can probably code that like I can code that let's run it see what we say and it is that start simple with some point mind hmm and I think everything yourself of that is good for two things so first of all if you know that chances are gonna persist more than you think then you're not you're not inclined to keep a trade that's losing longer it's like you might be losing even more and the same time you might select your perfect run which is a good thing also and the the thing you mentioned first is the really case statement accepting that when it's gone wrong it's gone wrong yeah any going wrong is not personal you get some maggots mother want you a personal attack on you saying you're a pain I why did you buy that it's simply a function of the way price acts it's it's a little bit like you know if I hit you on the beach to go surfing there are days when the waves are rubbish you sit out there and you go I'm shark bait and freezing there are days when the waves are brilliant three days when the waves are brilliant and one of them smashes into the ground when the smashes you in the ground is not doing it personally it just is a function of the ladies and losing trades are simply a function of trading so it's not a personal attack is not a reflection of your ego they're not telling you is stupid but you need to understand there's no nexus between being right and making money if your payoffs are high enough on average over time you can have a trading system that's right 30% of the time and still make a great deal of money in fact that's how most trading system how most trend-following trading systems work they have a humane that is below random and but they pay off when they win is so high because they just hold their nose and they don't if you say let the losers kill them that's a good point it's awesome now I know some people if they were to do this to kind of look at a chart and like a weekly chart for some time they might get bored or they might feel like things are moving fast enough and then they might stop and go back to trading and it just getting straight quickly yeah and the day that I mean that that's an excellent point and that is a perennial problem and I have to confess self-interest hearing them I might trade systems at both ends of the spectrum I trade a short term for our system over a very narrow into this which is used to generate cash flow that's all it does the wealth creation occurs flier long term equities because they're the only things I've come across that can generate that level of wealth over a period of time where you have a stock that goes up not from one dollar or two but from one dollar ten to fifteen to twenty and it gives you all these opportunities as it goes along to pyramid into it and actually buying war when you're trading shorter term systems and what you say is a really good point because the majority of traders trade for entertainment they don't trade to be profitable it's that you've got a delineate wealth creation from cash flow but what happens is most people go on trading for cash flow therefore off a short term that's not the reason the trading short term they're trading to be entertained and if you can get if you can give that notion of the markets a casino out of your head then you can actually do both you can have one that pays the bills and keeps the lights on and one that acts as a wealth creation device and then they can exist they can coexist in harmony together and I think for some traders what happens is that one takes the pressure off the other so that if they do have a small amount of their portfolio they trade for cash flow they're not tempted to be you to disturb or disrupt the long-term system which is actually generating real wealth but it's getting over their notion that it's it's not it's not for entertainment it's a business nor is it ob-obviously meant to be pleasure although there are times when trading is really not pleasurable and it's a really expensive hobby for people to get or wrong so it's you know we come back to their thing it's work it work yeah what are we going people to do this like both at the same time so chain long term and short term or should I start with one and go with the other after we could depend I think it depends upon personality I think one of the unfortunate things is we come back to this problem with noise it's a people fire up their scrape and part of the issue is that at this space this arena is full of people who if you google magic trading system you'll get fifty six million dollar to see the turns and you'll get people saying and we have them here in Australia you know give it me day job start intraday trading with ten thousand dollars using bitcoins yeah what the hell how much you're gonna make for a day with a ten thousand dollar flow unless you leverage the entire thing up to a hundred B one and then that's not gonna last long because you're playing double or nothing you only need to get it wrong once and unfortunate that's infiltrated the way people think and people's attention span has gotten shorter and shorter and shorter and so they're attracted to it this is why retail effects has become such a big thing because if X is beautifully fractal in that it's self repeating over different time to time frames which means you can trade using one our charts 30 minute charts 15 10 5 1 we can use teen charts the trade every transaction to go through and that's wonderful for people and their short attention span but it doesn't answer the primary question the primary question is why are you trading are you trading to get rich which is let's be honest you know the underlying current of what people perceive to be well then the way you're going to do that is to find a way to keep the lights on pay the bills but also generate wealth and my recommendation is that people generally start at a higher time frame and work down not at a shorter time frame and work up so they start weekly they might wind down to a small universities daily they might one that down to an even shorter time frame but there is a caveat you can't trade very short-term time frames if you have a job because you have to be available for when the market is available so if you're trading setting their chance then you need to be available when the market is available if your trading thing chance trading the sp500 emini will guess what for here in Australia you're going to be up all night it works really well if you don't have a job if you have a job and a life it doesn't work very very well so everything in trading is a compromise yes you might want to do it that way but at this stage of your training career might not be able to do it because of the simple fact that you have an impediment known as a job why do you need the job or the job pays the bills despite what people say you can't give up a job that make $10,000 a week trading bitcoin with $10,000 that's that's a wonderful advertising spiel and it all over Google and we see them all over the place here in Australia but it's not reality and this has to be teeny greens reality we come back to the unit trading is work totally and but the linking upon 3 DS learn and don't think about is that they will have to evolve over time they'll have to have older style and how they trade and that means that if they learn to evolve to go from - slow timeframe or vice versa that they can do anything they want but they gotta be able to learn how to evolve and change and then in a nutshell you need to have that capacity to be fluid within yourself and to evolve and then and that's a really good word is evolved if you can't do that you can't change if your personality is not malleable then you gotta struggle with trading completely if you can't evolve as a person we have any tips on that on how to do this more easily or is that something that it's based on the person that is an immensely difficult question because if it was everybody makes the same mistakes in trading so everybody's trading journey is almost identical the mistakes I've made will be the mistakes you've made which will be someone else's mistakes we all do the same things but the journey itself how how we get to those points and how we deal with them is so idiosyncratic and and so individual but unfortunately there's not there's not a single sort of theory this that work thing that the only things I can sort of throw up to this sort of thing are a series of words and the words are the ones we've spoken about fluidity resilience courage effort and I'll throw in the word grind because and I'm certain you've had this experience as well and I'm certain everyone you've spoken to is had this experience where people got partway through their trading career and they just go ah it's just too hard and at that point most people give up yeah because unfortunately particularly nowadays we're decondition to things that are difficult we don't like things that are hard and so we tend to walk anything that is hard getting up early as hard having cold showers is hard early in the morning is hard not being a dick is hard eating correctly as hard we tend to shy away from all of those trading at times is very very hard and everybody at one stage is on the go that's it I've enough I've done what I'll do but I'm not going to do this those who get through that point the ones who become successful that's with anything else it's like any career there are points in everybody's career irrespective of what it is they eat probably sportsman actor performer scientists lawyer businessman entrepreneur where they've just gone too hard I'm gonna quit and I do but the ones that don't quit when admittedly we see survivor bias as an issue but the ones that make it and it is just that you keep reading in you keep making tiny course corrections and they are tiny course corrections they might be half a percent here half a percent there and you just you find a way through you man the maze that is presented to you but you've just got to keep going you actually got to be too stupid to stop I think this is a good fight and that moment can happen if it's on the thoroughly once that you might be tempted to quit the sheet dance look it's not me it's not other once I'm Bob I'm about to update my blog with the results of a highly leveraged version of my for our system that's really highly leveraged and it there's all these things to went immediately into drawdown then took off and there's been drawdown for almost a year has just been recovering and when was in raw down I'm sitting there thinking why am i trading the system for in this way I know it works in this way so one of we must sort through it so it's offering a repeating question that's thrown up to you why are you doing this what is your motivation but what are you getting out of it and you're gonna have to you can have to answer that question over and over again but but if you're able to answer the question take a deep breath have a pause and a pause is a powerful thing in trading and in life in general we're just sitting going okay then there we good it then you can push on but everybody goes through the same trauma of you know you stand up you get knocked down stand up get knocked down stand up get knocked down it's it's the same way for everybody it's just it's just the way it is you know so hard that's also has been nothing to you so far so how can you find you think if they wanna connect with your each other after this podcast if you wanna click with me just go to trading game.com do you and you can find me air you found my blog you'll find the things we do you'll find audited results of some of the systems we tried that's where I live awesome and you know some of the few books I get social media everywhere so at the same time well then for you they're kinda sort of my business partner always been for the you have you scared it's all those social media cuz she's just all over it she knows how it works I being slightly all the steering go was a do I don't know things you do that because like I'm huh billion which is awesome cool it's like I've caused every future my mighty use I tend to default to an old same which I can arrive I must admit if the MoMA I can't remember whose quote Awards and it is that tomorrow will be the same as today but different and I think that's life in general I think it's markets in general it's awesome so good things from you in a bucket because it there you hear and people should reach out to you should follow you on your site and everything the admin secret resource and thank you the work you're doing also and I will catch gasps pretty soon on problem thanks it'd be great to talk you

Channel: Etienne Crete - Desire To TRADE

Views: 23,898

Rating: 4.9285712 out of 5

Keywords: desire to trade, forex trader traveling, forex, forex trader, swing trader, forex trading, Trader Interview, chris tate, Becoming A Profitable Trader, how to become a profitable forex trader, how to become a profitable trader, forex trader interview

Id: ITrvLWtyBUY

Length: 51min 19sec (3079 seconds)

Published: Sun Jun 16 2019