Genius Trading Advice for 13 Minutes Straight...

here's some amazing trading advice from six coaches that will take your trading to the next level let's get into number one so many people are looking for that easy solution and the reality is as we know it's not that that straightforward what we have to do and that actually that first point there is Embrace rejection we have to get used to like we're talking about being hardwired get used to taking losses and yet most people almost can't accept that even if you said to someone I can give you a strategy which has I don't know if I'm going to say a 60 success rate and they would be happy while sat in this room with you um saying yeah okay I'll be happy with that as soon as they go through then as soon as they go through those losers that's it then they start to hesitate and they start to second guess and make all of those decisions which all of a sudden makes them underperform the strategy so yes I'm a big believer it takes time and embracing rejection I'd always say to someone look you've got to accept taking losses don't get so all-encompassed in that one trade that you're taking right now this one trade you're taking right now is just one trade in the next trades try to put it in perspective and actually minimize the importance of the the very next trade that you're taking it's all those sort of little tricks that a Trader can can take to um to help at least it's easy for me to say I've been there and we've been there trading for years but at least if they make some little notes of this sort of thing then it might actually help them now trading can be a difficult profession for that can we sit in front of our computers all day long and we feel unproductive if we're not always in a trade or pushing buttons you know we follow Traders on Twitter who tweet a new idea or ticker every 35 seconds and we say hey that guy trades 80 to 90 tickers a day I need to do the same thing no I think that's BS I don't I think you should not do the same thing I think you need to stick with your high probability setups the setups you know you're going to be profitable on I'd say at least 75 80 hopefully 90 percent of the time now sometimes it can be hard to sit on your hands and be patient wait for those setups but why why Chase subpar setups you know why Chase boredom trades why put good money after bad now how many of us here of Traders have followed a chat room a Twitter or friend into an idea that we knew was not a high probability setup for our own trading style now we all have different trading Styles here what works for you may not work for me personally I'm a terrible long biased Trader if and when I ever do go along I take profits extremely fast knowing that a lot of times profits can just get get away from me pretty quick I don't have the patience nor the conviction you know to hold them that's why month after month year after year I personally get more strict about the trades that I place I probably Place half the amount of Trades I did maybe just five years ago but I make way more money why because I trade the high probability setup setup so I know I'm going to be profitable and 80 to 90 of the time I like to use size with those trades and I have very strict rules when it comes to cutting losses fomo is an anxiety fomo is a fear fear and anxiety occur when we perceive threat the problem this is a very important concept the problem is not that we have missed a potential trading opportunity the problem is that we perceive that to be a threat to us to our success to our future so once something becomes a threat we go into stress mode and literally our brains respond with a what's known as a fight or flight response we're priming ourselves for Action how do we do that the blood flow if we were in a functional magnetic resonance imaging machine we would see the blood flow in the brain go from the frontal cortex to the motor areas of the brain priming us for Action because we're perceiving an emergency right now what goes on in the brain's frontal cortex higher level thinking higher level thinking judging planning all the things we're supposed to be doing when we're trading well the blood is Flowing away from those regions of the brain into the action areas so as long as we perceive threat we're going to be shifting our blood flow to a more impulsive action-oriented mode rather than focusing our mind the key to overcoming fear is taking the threat out of the situation we're always going to miss opportunities where have some of the biggest opportunities been recently in financial markets yeah in crypto some big moves guess what all of us missed every one of those moves why aren't you upset if you're afraid of missing out you missed out on some big moves okay you can only trade what you focus on and none of us has perfect Focus so we want to take the threat out of that we which means we want to normalize that so those discipline folks you're going to have to grit your team and a stick to the process so the first step would be the set time with one of these guys put together your trading plan a simple mechanical plan the more mechanical the better and then my challenge to you folks is to follow that plan without deviation for a batch of somewhere between 20 and 30 trades that's going to take quite a bit of doing it is a right of passage no I'm not a psychologist I've had psychologists in my classes and they still don't know why this happens but to build a habit okay any habits you've got to break your teeth and do it and then all of a sudden you actually build this neural pathway between your ears by doing it you're gonna find that sticking to the rules for the first few trades is difficult somewhere between 5 and 13 trades you build the pathway and you'll find that the discipline to stick to the rules is no longer required because that's what you do so my challenge to you all is out of this get busy make a nuisance of yourself get yourself to a point where you've got a written plan that suits you it should not be more than one page and then the real exercise is to focus on perfect execution of that plan for somewhere between 5 and 20 trades the one thing that I can say which is positive that everybody in this room is 8 to 13 threads away from the trader you want to make that's all most trading mistakes made by beginners even intermediates and occasionally even Advanced people when they lose their heads is to do with trade sizing so that they take a loss too big there's nothing there's no damage done in taking your managed loss that's part of the game and being wrong um the problem is that recovery ladder when you then emotionally negatively respond to taking an already slightly bigger loss so let's say you lose 15 or 20 percent and then you think damn I want to get back to where I was so I need to make 25 so I'll trade bigger again I'm sure I'm right this time you can't cope with the mental um it's like a mental cognizance dissonance uh cognitive dissonance that makes you need to get back to where you ones were because you're now seeing yourself as the Lesser self as dictated by this balance and that then pressurizes you into trading bigger again on what looks like a sure thing but now you're punch drunk because you must find an opportunity quickly and it's not a sure thing it's the first thing you grabbed hold of um that best represents a possible trade so you then bastardizing your criteria to grab hold of something that you expect to live coverage you back into where you once were this is a very big fatal spiral because once again you're then over trade because you've got to make back more to get back up and that's the recovery ladder concept and boom that's that is probably the single most destructive uh that sees someone have a ten thousand pound account reduced to you know a few hundred or a thousand pounds and then virtually giving up realizing that they've they've they've blown it learning to trade without fear hesitation internal conflict is a function of believing that you don't have to know what's going to happen next on a trade by trade basis to win or make consistent money this is the this is the heart of it right here everyone okay this is the heart of it but eventually what you're going to do is get to the point where you believe that you do not have to know what is going to happen next on a trade by trade basis this trade at this particular trade in this particular trade you don't have to enter these trades thinking that you know it's going to happen next to win to make consistent money and that when you stop believing that you will start making consistent money because it's there it's your expectations about this trade winning that's that's going to mess you up go ahead what you're really saying is you have to have a belief in your plan or your methodology and you're looking for a probabilistic result saying over a period of time I will execute 60 70 80 of my trades the one I'm going into now could be a good one could be a bad one that's right I don't care that's right exactly right perfect thank you thinking assuming or believing you know what will happen next creates an unrealistic expectation in a in a specific outcome what's wrong with unrealistic expectation well think about let's say expectations in relationship to the the characteristics of humanity you can this cuts across all everybody and cuts across all cultural all cultural lines or barriers everyone it won't first of all people can get to that point what is an expectation an expectation is a mental representation in other words a belief an assumption or an opinion or whatever thinking assuming or believing a mental representation of what the next moment meaning next moment next five seconds or the next and ten seconds or the next hour or whatever is either going to end the environment in other words they have a mental representation and we have an external environment that expresses itself okay so my mental representation meaning my expectation if the in if the environment shows up in a way that is consistent with what I believe then what it what what will by State of Mind be this is a universal characteristic of humanity this isn't any different with anybody anywhere how will I feel what will be my state of mind what will be my experience I'll be in a state of satisfaction a state of well-being I could be joyous I could even end up in a state of euphoria the degree to which the environment does not express itself in a way that's consistent what I the way inconsistent with the way I think it's either going to look like sound like taste like smell like or feel like okay I will be in a state of dissatisfaction state of betrayal disgust anger fear Terror your ability to create consistent results as a Trader is all about what you expect when you change your expectations to be consistent with the way the environment the market environment exists the fear will go away when you change your expectations in a way that's consistent with the way the actual Market environment exists your fear will go away and you'll be able to do exactly what you need to do when you need to do it without conflict without hesitation and be able to close that profit gap between what your methodology will give you and what you end up with in your bottom line the first step in the journey to becoming a profitable Trader is finding a simple strategy to start working with if you want a simple one that I've tweaked and worked on for years check out this video right here foreign

Channel: Riley Coleman

Views: 48,023

Keywords: live day trading futures, day trading strategies, futures trading, futures trading for beginners, futures trading strategies, trading strategies, trade ideas live, day trading live, stock market for beginners, price action trading, Price action trading strategy, price action trading system, price action trading live, price action trading for beginners, price action trading small account, trading price action, Trade ideas live, live day trading, scalping, scalping strategy

Id: c3tgWD0FJjo

Length: 13min 31sec (811 seconds)

Published: Sun Apr 02 2023