The 3 Pillars To Full-Time Forex Trading Success

let me present all you guys to mandy who's joining me tonight from or this morning i should say from melbourne uh mandy what's up wow it's my first time on google hangout you know i am joining the 21st century thank you for your awesome awesome so guys by the end of this event you have the three pillars that we talked about on how full-time traders can outperform the all the other ones who are on the side i've been trading for many years and pretty much not making money so that's going to be the outcome of tonight the goal is tonight and we have a special guest tonight so that's going to be really awesome i want to remind you guys as always take note stay focused special guest which we don't have every single month and that's going to make it even better i think 10 times better or more so i'm super excited about this so stay focused take notes and last reminder take a break from trading okay if you are trading during this event there's something wrong we want you guys to be focused on this and make sure that you get the most value out of these two pillars tonight and actually quick agenda for tonight we'll talk about a little bit who we are i think i've done a lot of introduction myself in the past i'll let me do more talk we have a lot of people awesome so i'll let penny talk a little bit more we'll do a quick check on your beliefs because beliefs are really important when it comes to trading then we'll talk about the three pillars that i mentioned both times and how to change your training results we'll finish everything up with the q a as always if you have any question during the event comment below and i'm going to monitor the uh the chat so we can go back on those questions and i think like the best webinars we have are the one where people interact and i think that makes it much more valuable it makes it better for you because it can retain more and makes it better for everyone because they learn more okay so comment with your question at any time and we'll cover those for sure quick reminder this training is not for people who expect to be given a clear path or clear strategy or like everything to win starting tomorrow or this evening that's not what we do we want to teach you guys solid stuff and that stuff takes time to implement and if you have no interest in trading of course it's not really made for you tonight okay and lastly if you're not willing to listen we cannot do anything for you unfortunately but that being said let's introduce yourself we have a quick disclaimer here uh basically this is for educational purposes only and we are teaching the best stuff we know the things that we know get get people resolved but just keep it that it's not tailor-made for you necessarily and just a quick uh disclaimer right here okay i've done that many times in the past i think you guys if you are watching this in the uh if you are watching this on youtube basically it's on youtube you should know who i am a little bit so i won't go through all of this but i've been trading since 2013. i've got my first fifty thousand dollars to trade in 2016 from someone else i specialize in trading methodology and psychology both different place and you guys know me anyway i was a podcast and that's that's pretty cool love traveling anyway uh people often ask me around what was that thing that helped me the most and i thought i would answer it tonight because you guys maybe you're not sure about all of this and maybe you don't know like you want to take action and the only thing i did basically is i began to surround myself with more traders as soon as i did that i saw like much more success and much more growth coming to me basically and i've learned more in one evening with traders and in two years of studying online and watching videos and reading blog posts okay i i think manny can comment on that as well but uh yeah a couple pictures so i'll let mandy introduce yourself maybe so that people get an idea of uh what you're doing i know i i didn't put harder certificate there i know you have a lot more you have accomplished a lot but maybe just tell yourself what you're all about and what you've been doing lately okay this photo is a little old but i have been so busy i didn't have a chance to take a new photo oh boy so i remember this was one of my first um trainings that i ran in 2007 and so i started trading in 2002 i believe it's such long time ago i even had to pick up the phone to call my broker there was no such thing as online trading as yet and um i i started by chance i got to trading by chance um because someone gave me a free um course seminar that i could attend to and the next seminar was trading i never saw myself as a trader and when i did this course i thought wow you know i can do that trading and i remember it was july when i attended this course and i was absolutely sure that by the end of the year i'm going to be super wealthy i'm going to have my ferrari in the garage and um you know life is going to be sweet but everybody who has been trading for a little while know that this is not how it panned out and funny enough you know people said to me in the trading industry or you know my trading coach said it's not that easy you know the biggest challenge is to be disciplined and i said come on you know i'm german i read germans have invented discipline and and again it was not as easy as i thought it would be it turned out and i know all that in hindsight of course at the time i wasn't aware of it that i my personality and my behavioral profiling was actually not suited for being a successful trader and i had to do a lot of work on myself in order to become the trader i am today and it took many years for me to figure out what i had to do and i started out like pretty much everyone i studied every strategy under the sun you name it i've done it like um you know i started with um pattern so i started with options trading pattern recognition candlesticks harmonics scan elliott wave everything and it took me a few years to get through all these methodologies but in hindsight it was really good because out of every methodology i picked something that was very suited to my style my natural style and i created my own trading strategy out of that and um so i again at the time i wasn't aware of it but what i um did unconsciously did was i created the strategy that was suited to who i am and who i created myself to be the trader i wanted to be and i also traded pretty much started trading stocks in australia started trading american stocks didn't work traded forex didn't work and started trading futures so started trading the s p the dow the tax the xjo and suddenly i started getting a feel for it and when i looked at my performance statistics i realized that the dex was the product that i was performing best at so it wasn't that i chose the decks to trade it was the decks shows me based on my performance statistics and over the years because i'm hanging out with quite a few institutional forex traders i also um added forex to my um to my um repertoire because i learned so much from those guys how really how the big guns look at the forex market very very differently to what we usually learn in in forex education very interesting so it's been 15 years and i've been coaching for since 2007 so for 10 years now almost over 10 years and um during my journey i became an nlp so neuro-linguistic programming master trainer neuro-linguistic programming for those of you who don't know what it is um two guys they wanted to figure out what is the difference between people who become successful people who don't become successful a bit like the turtle experiment where everybody gets the same [Music] information the same context but only if you make it to become successful and so in your linguistic programming we find out that it is certain ways of how we think what we believe what our values are in life that determine what we do with information um if you become successful or if we stay stuck in in the rut and the beautiful thing awesome awesome yeah i think maybe i just want to ask you a question and i'll take you on the spot right now but maybe just tell people what differentiate you from all the other coaches out there probably um i don't know i don't really look at other trading coaches um i would say what i hear a lot is to talk about discipline in patients and discipline in patients is what sells because this is what people who don't know much about trading psychology think is what they need but it's the stuff underneath underneath the trading discipline and patience that is required that we need to look at so what causes a trader to be undisciplined and impatient and that is the work that i'm specialized in through my neuro-linguistic programming training and through my coaching training yes awesome i trade i know what it feels like to make the mistakes and to lose money and to you know do stupid things everything that you've guys done i've done 10 times small because i've been training longer awesome i like it cool guys let's get back to you but before i just want to answer a couple of questions i've seen in the chat so a couple of comments i know we have 45 people watching now which is really good if you guys want to introduce yourself down below make sure you do it i'm watching the chat all the time and uh yeah someone was asking how long this is going to last the webinar i don't know exactly we have a lot to cover take uh maybe a long time maybe not too long but they pass on your question also let's say about two hours we plan yeah yeah if we cover everything for sure but we want to make sure this is of value so if you guys have any questions you want to direct this webinar to no problem comment below and let us know about your question at any time uh let's see we have a couple of people on tv game what's up we have luda awesome we have morocco trading news awesome merch cool many people and marina awesome so let's get back to you guys uh mandy wanna start with a small chicken sure let me just okay all right so let's get started huh now what i always find interesting what i would like you to do is to just stop for a moment and to think about your trading career so far and how do you feel and what are your thoughts about you as a trader and be real honest with yourself do you believe that you can make a great income trading full-time and enjoy the abundant lifestyle that we all dream about or do you believe it is possible for others but not for you that perhaps you don't have the education the support that you're just not lucky like others that you're not smart enough that you're too old too young not experienced or even not deserving enough these are all the thoughts that traders have shared with me when i ask them this question or are you certain you will eventually achieve trading success if only you could figure out why you always sabotage yourself now also if you think of your finances because trading and finances are closely related from a scale of one to ten how would you rate yourself in the context of your financial health can i can i change the slides or is that what you i'll i'll have to change them for you but uh yeah okay uh one question we want to ask you guys is you believe you can make it right now as you believe you can make a great income as a trader trading full-time enjoying the abundant lifestyle and for you and your family the lifestyle you want so what we want is comment below and let us know with the scale we we gave before 10 you believe attending the most you believe you can achieve this right now and it doesn't have to be like super high doesn't have to be super low we just want to get a feel of like where you are right now and what you believe about yourself because we've said it many many times believe for big and trading and in pretty much anything you want to accomplish in life so that's going to give us a feel uh kind of a feel for what belief you have right now about yourself so comment out of like 1 to 10 really confident that i can do it i really believe i can do it and i won't believe uh that's impossible so comment and let us know in the chat box well we'll move right away so we don't waste much time but comment below for sure and it's awesome possibility yeah i'll let's talk about that mandy okay so it doesn't matter where you're at it's about when you know where you're at then you know where you what you have to do in order to move forward and as i said before i didn't have the personality and the behavioral profile to become a successful trader but i worked on myself so hard and so much that i achieved my dream now what is really also very interesting is how possible do you believe it is for you to make one hundred thousand dollars a month net profit and how about a million dollars a month for many this seems to be so far out and the question is and what i want to achieve with these questions i want you to start thinking outside the square and start thinking expanding your mind so if you look at your current financial situation a lot of traders say my current financial situation my relationship situation because i have family you know whatever situation it is we use that as a reason for not being able to succeed but it is actually only a reflection of where you are right now it is not the reason why you can't succeed and this is really important for you guys to get that if you hope that trading is going to solve any problems then then it will be challenging if you hope that trading is going to be the answer for you to achieve your dreams and goals it is going to be challenging because trading is something that's outside of yourself and you need to start looking at who are you as a person who are you as a trader and this sense the question of where are you at in the scale from zero to ten um ask yourself look at your life do you actively manage your finance at the moment what i mean with that is are your finances in order um up to date bills paid on time are people paying you on time are your savings accounts in the black is your trading account in the blank or is there a lot of chaos in your in your financial life now this is really important because your financial life will be a reflection of what's going on in your trading life as well so if you um if if you don't pay your bills on time i can pretty sure say that you will find it hard to take your losses on time so everything is very closely interrelated and it gives us feedback on what we have to learn and what we have to work on nothing else and look at your trading house which room in your trading house needs to be cleaned up the most so that you can start um moving forward on that path that that it can is going to talk about so most avoid dealing with their trading challenges because they don't know how to deal with it ask yourself how long do you want to put up with this when are you going to deal with your stuff so that you can have this clean path to trading success and if not now when again i'm sure you had to ask yourself the same question at some stage right let's just go back on the the result from the the question we ask because there's a lot of people commenting i think some people are pretty much optimistic which is good we have some seven from italy robert ten yes that's cool android seven seven also confirmation okay uh we have abdullahi at six craig at ten i think will stop him from achieving his goal that's awesome rob at nine uh bj8 can i comment right now it's driving what's up jeff welcome to zero live on planet earth and a vltinomatrader at 10 but fairly news who needs more time and information that gives us a small idea of where people are at fantastic thank you guys now all of you who have been um especially committing with the higher numbers i have a question for you have you ever stayed up all night watching every pip fighting to get out for losing position to at least get out at break even many many times or you know have you received your margin calls then you just keep adding more funds to your trading account rather than dealing with the trade itself and exiting the trade or do whatever you need to do to manage the trade rather than trying to fix it by adding more funds now if you have done that don't get upset about it simply get curious on how to change this because then what happens is it you know we do this we have the losing trade and we're like i will be a great trader from now on right again of course that happens a lot and that's something that i've told myself so many times like like pretty much every week at some point and ultimately what people have to realize is that is that much like people don't succeed because they don't have the right strategy working their strategies that means there's a difference between trading the plan trade and trading the plan those are two different things and we think that we can do both at the same level like i'm going to plan like my strategy and then trade it but the trade the traded part is not as simple as you think and that's basically a question of mindset and belief that's why we ask you guys in the beginning about your belief and if your mind if your mindset and your belief are kind of reduced of course it's gonna be hard to kind of progress and keep going because you don't have you all you're in the right like the wrong place from the beginning to understand and what's going to happen with this is that you're going to fast forward a little bit you tell yourself i'm going to be like i'm going to be able to be a good hitter from today because i know what it takes i'll do all the right action from today but fast forward that a little bit and then you get to where it doesn't work exactly and then when you realize that it doesn't work then you realize that you have to retrain your thinking that you have to retrain your mind because your most powerful trading tool is not your trading strategy your moving averages your charts and your bars it is your mind and what makes trading so difficult is scientific research has confirmed has proven that the way your brain processes information naturally is actually stopping you from making good financial trading decisions and i always have this joke right where i say whoever invented trading must have known a lot about human psychology because what they did is they looked at the psychology of humans and how they naturally make decisions and how they naturally interact with the world and then that created the trading arena exactly the opposite way so it's a bit like ballet right our bodies are not made to to perform in ballet you know i don't know our hips are not made to have our feet pointing outside but we have to train our bodies so much that we are able to do that and trading is the same we have to train our mind to do what we are not naturally wired to do now the question that that i asked myself for many years is why with all the training available online with you know funky technology like eas high speed internet sophisticated trading software why is it that the stats still haven't changed since the 1990s when richard tala first did his research and identified that over 97 of traders or retail traders are losing money and the last stats were done in 2016 it was still 86 percent of retail traders are losing has improved a little but still you know not good enough in my opinion i mean this is why there's so many brokers and so many rich brokers because on average every trader lost about 2 pounds now we all know what to do and you know it's the goals that we set um based on what we know what to do and yet we're not doing what we know we know how to behave but we don't get ourselves to do exactly that the question is what is the gap and again this is the reason why we decided to hold this webinar and why we won trainings because there is so many traders who are in pain around their trading and i know again guys i get your dms on twitter and i get your emails and it's heartbreaking stories and you know some traitors to say i would be so much more successful if only i had more money and i can tell you it's not the money because even if you were to get a hundred thousand dollars you would turn a hundred thousand dollars into nothing only if you have learned to turn a thousand dollars into um ten thousand dollars then you can start looking at bigger accounts others they are so unhappy with their lives they hate their life so much that they hope that trading will be their savior and so you know i came to think there's so much more to it because if one part of being impulsive and having compulsive behavior is the the urgency to get out of our crappy lives you know so wanting to escape a boss who's who's not nice um wanting to have more time freedom wanting to enjoy life more and because of that we become so impatient and then we do the stupid things this is pretty much one of the gaps now in fact i know most traders work really hard on their trading but the thing is they don't do what needs to be done simply because they don't know what it is that need to be doing in order to set themselves up for success so what i don't want to do here today is i want i don't want to give you a theory on what it is um that successful coaching is i i want you today to be able to walk away and saying ah um this is something that i can implement and not just oh that was interesting but something that's pragmatic that is useful that is actionable right now and what i want to give you is um an understanding of what is it really that causes traders to not perform what is the level that you have to work on and when you don't perform your trading most probably you won't perform in your personal finances personal relationships uh whether it be with your partner or um in in friendships any situation really so trading is really just the mirror it's a reflection of what else is going on in our lives and this is good news as well because often when we can't grasp the problem in trading we all we need to do is look at our day-to-day life with so much more logic to us and we can work on these areas and that will have a domino effect into our trading because we all know that the success of our work environment which in this case is trading is heavily influenced by how we are in our private lives so if your private life is a financial mess or is deeply sucking in terms of relationships you're lonely um you you feel um you're not i'm living up to your potential that will have an impact in your um success in trading so i want to show you how it actually works so these um picture these two circles i don't know can you see my mouse no they're not gonna be able to see where they can see the circles or they can see my mouse please okay so the the uh what are these circles so the circle on the left or on the front is what represents your problems your experiences your stories the stuff that you write into my dm uh into the emails when you tell me what's going on in your trading um it's our problems our issues all that stuff so the core of the story you have in your life the core the story you have in your business in your trading about love about money about health why it is that you can't have what you want why you can't succeed and this is where um the problems lie now one thing i want to be very clear on is that and i think that i one thing that i notice is i'm not here to solve your trading problems here today but i'm here to so help you resolve the thinking that created your problems in the first place that is very very different so i saw um a tweet recently the guy said twitter or social media i know the social media is really bad for my trading performance but the thing is it is not social media that is bad for his trading performance it is his mindset it is how he feels about social media and him not being able to take feedback that was not good for his trading performance because i can tell you one thing if he were solid in his thinking if he fully believes in himself in his trading strategy in his um future no matter what people say on social media it would not touch him at all so i'm here to explore with you how the heck you created your challenges in the first place and we are here to learn and what i'm here to introduce you to is um the circle in the back that is what is really interesting to me as a coach because this is the background of what thrives your self-sabotaging behavioral patterns what thrives you not being able to take your losses what thrives you i'm taking your profits too quickly being impulsive being compulsive these are um this is this is the area where the work has to be done not looking at why am i fearful why am i not patient and disciplined in my trading so if there's 200 of you in this training today there will be 200 of these circles in the front but the exciting thing is even though there is 200 different experiences with your trading you all will have the same circle the one in the back so the patterns the codes that actually unveil and decode your sabotaging paper patterns they are all the same because we call them the universal codes they will all be the same for each and every person no matter what your social background what your cultural background which part on this world you are from you will we all have to use same universal codes the patterns to drive all our behavior and hence our results in life now when you start becoming an expert in yourself only then you are learning on how to become an expert in your trading and this is really exciting because in in this circle the one in the back it has taken me years and years and years literally to learn all of this i mean 15 years i've been working on myself so to put it into practice with my own trading with my own finances with my own relationships um and with my own life and then to deliver it to train it to coach it to evolve it and to speak it it has taken me years and during the hour or two hours that we have today all we have time for is a tiny little bit but i can promise you that tiny little bit will put so much light into the tunnel of your trading straight away that you can apply it straight away as well so unless we close the session later on again we'll explain to you also how you can access more of this and um what it is that you're going to actually cover here now the patterns and the code so decoding um that is what you're looking to learn okay that is really important bit awesome i feel people will have a lot of questions about that topic it's super interesting even for me so we'll move forward and if people have questions just make sure you comment below and let us know because that's going to be a lot to cover for sure yes yes exciting we'll jump into the three pillars now those are things that uh i finished in in the podcast a few few weeks ago a few months ago when mandy came to talk about the three pillars and those are really powerful so i think it's important to recap and remind like bring those back again tonight so we'll go up through all of them like all at once i'm separate and we'll talk about some strategies for all the pillars uh those are the two pillars and many can go with that to share what they're all about okay so the three pillars um to trading success it's really something that i um a strategy that i made up in how i need to work with my traders and i did this um i developed a strategy it's it's basically a three-part um training where um i looked at what are the areas that make a successful trader so i looked at successful traders and what is it that they have in place that they do naturally that helps them to succeed in life and also then i looked at what is it that i needed to learn for myself in order to succeed in my trading and what i see is that there are some traders to trust themselves and you know do that and they're trading cranks up easily they do know 10k or more in a month repeatedly and consistently and then there are other traders who are literally giving everything they need and they never ever make it now consider this if you don't even want to follow the trading methodology and deal with yourself and post limits and deal with your self-sabotaging behavior patterns um you know deal with your mindset challenges you're really declaring i have no intention of doing well in trading so if you see that you find it hard to press that mouse button to exit the losing trade and you keep googling how do i become more disciplined you have no intention to do well in trading because you're not dealing with a real problem the pressing the mouse button that's all you have to do you're looking for what we call a safe problem something that keeps you stuck so you in you pretend to try to solve your problem but you're not really and it's not about your patience it's not about your discipline either it goes so much deeper than that and this is what the trading mindset is all about i do this work it's coming up to my 11th year now and i'm telling you it goes so much deeper than that and the question you need to ask yourself is what is the source of this lack of performance and so again and i we also sat down we ask ourself what is the difference what is going on for for traders and we shared our experiences because the ken has been working with a lot of traders as well and also you know all his interviews man they're you know they're amazing so it's literally like the famous turtle trade experiment where you're given everything and some go on become widely successful and others stay stuck on the tarmac wondering why the plane hasn't taken off and when it comes to training psychology there are only so many ways you can say be patient be disciplined keep a journal analysis performance statistics constant seek to improve and and yet traders don't do it and the question is why if that is the very thing that makes you succeed what is it that stops you from not doing that one thing and so this is what what our training today will be also all about and you know you can simply not say i don't have the right strategy so i'm not getting the right support because i can tell you guys i have worked with traders who didn't have any of that they didn't have the tools they didn't have the support they had the crappiest childhood ever and yet they became phenomenal traders against all odds and then there's the traders who have all their need and you can't set the resources it's got to be what's within us and when you get that then you start focusing in the right direction instead of looking outside of yourself for the next twitter trader to follow the next tool the next tip you start looking inside and looking at your mindset now the trading mindset is really about how do you believe deep down inside how you can succeed and it's important that you're being honest because what we often do is we try to placate ourselves we try to make ourselves better we all have heard about this positive psychology you need to be positive and you know you need to believe in yourself but to be honest if i feel crap about myself and i feel like there's something wrong with me and i can't succeed in trading no matter how much positive thinking i stack on top of that it will still be rotten underneath and nothing will change and this is why we need to deep dive into what is it that we believe about ourselves about the world about trading that makes us prove to ourselves that we can't do it what does it take to start proving to ourselves that we can actually do it and the next one is the money mindset so money mindset and trading rights that are closely related money mindset is really um two parts where again what is your beliefs with money around money what is your values around money um how do you feel about money do you want to get rid of your money straight away so if you let's say you're a pai g and you get your income do you spend your income straight away so you don't want money to be around you or do you keep hoarding money that is a sense of scarcity you have to hoard it because you're afraid that there will never be enough um what is it that you do do you use money to make yourself feel better because you feel so empty inside all these will give us clues about your ability to um deal with losses and also deal with your profits and money mindset is also important in terms of prudent thinking strategies because i don't know about you but i have not been trained and have not been taught on how to make prudent financial decisions and especially reading the book um thinking fast and slow from kahneman was a total eye opener for me we were like wow this is so interesting i make really bad financial decisions so to give you one example i used to buy this favorite bottle of wine on the weekend let's say it was fifteen dollars and then there was a really nice bottle of wine it was fifty dollars was reduced half price twenty five dollars and i would be thinking wow i saved twenty five dollars and would feel really good buying this bottle of wine and thinking that i saved 25 and this is imprudent thinking strategies and that would show up in my trading as well because the reality is that my income is fixed and i would spend ten dollars more than i would usually spend and yes there's the emotional payoff of a threat of having a nicer bottle of wine but if you look strictly um financially to spend ten dollars more of a fixed income it's not a prudent trade it's not a prudent financial decision making process now this is very similar to adding to losing positions or doing martingale where you're not losing trade and then um price moves further um against your trade and you say wow now i can get in at an even better price but price keeps um i'm moving against your trade and we see that at the moment with the markets going gang buses just moving up and up and up and everybody who's starting to short um thinking now is a good area to short and the price keeps moving up now is a good area too short and price keeps moving up this is very similar and the next one is performance metrics here performance metrics is really it's it's that was a game changer for me so i was working with steve what in 2011 and i know he's on etienne's podcast i'm very excited about that you guys need all to listen to steve he's amazing he's like the most generous person ever he's a really nice guy amazing guy and steve introduced me to performance metrics and one of his books um high performance trading that was such a game changer for me i encourage you to buy this book and hence one of my comments is called oh my my company's actually called high performance trading because it was inspired by him and his book and how my life changed after after learning about performance metrics um and tn we'll talk about that um later so because attend loves performance metrics as much as i do we are like performance metrics um crazy people so what performance metrics does is it's utterly painful if you don't perform it's kind of like when you look in the mirror and you haven't worked out like i have been working so hard in the last few months because there's been so many trains going on so many private coaching sessions required and then i trade full-time as well right so i'm i'm trading professionally as well that i didn't get out much i don't want to look in the mirror because you know i don't i'm not as taunt as i would like to be and it's the same with trading if we don't perform well we don't want to look in the mirror at our performance statistics because it's it's uncomfortable it's painful but when we have been training much you know i've been going for my run on the beach every day and and working out and i look good and i feel good i will i can't stop looking in the mirror and against the same performance metrics i can't stop looking at my metrics when things are going well but the time we need to look at the metrics is when things are not going well because if you didn't have your profit and loss how would you know how you're performing and profit and loss is means nothing about your performance it could be luck that you know you just buy you just go long and the market just keeps running up but it doesn't mean anything about how good a trader you are so performance metrics shows you what is the weakest link in your trading what is it that you need to work on what is that you need to change and it also shows you what is your strongest link in your trading what is it that you need to do more of oh so yeah powerful we'll get to player number one and this is a quote i think mandy introduced me to that quote but i love the quote until you can manage your emotion don't expect to manage money and that's something that you kind of have to learn the hard way i used to think that trading for other people was the same western for myself but there's a lot more emotion to that come in when trade for the people and the same thing applies here so we'll talk about the first mindset and i won't dive too deep in it because my need is going to do a great job with talking about that that pillar so many people number one trading mindset so basically what trading psychology is about the study of how to manage our emotions and um in the past it was always spoken about that we have to cut off from our emotions that we should trade without emotions and now with mri scans and and and all the technology available to study what's going on in our brain when we do trading decisions um it has proven that emotions is really what is helping us to make the best decisions ever so what we're going to talk about is the emotional guidance system and how you can use your emotions to make better trading decisions rather than sabotaging your trading and this is then feeding into how to eliminate your self-sabotaging behavior also how to develop mental toughness because um trading is uncomfortable it's like getting up at five o'clock in the morning and going for your run because you said so when it's nice and cozy in your bed but you know it's freaking cold and and raining outside so developing mental toughness is doing what you don't want to do and hence when you have developmental toughness you learn how to become more disciplined and discipline is more if you look discipline as an isolated as an isolated topic it is doing what you don't want to do but once you develop your mental toughness it's not a question about discipline anymore you just do it you don't even question it you don't argue with your little voice in the morning when you have to get up at five o'clock you just do it because you said so and so it becomes more inspiration than discipline and in order to become inspired you need to look at what your limiting beliefs are if deep down i was working with a trader um yesterday and she got told by her mother that she shouldn't make any promises because she doesn't keep them anyway and mind you my client she is 45 years old she has been battling with success her whole life and she did not know why and she would always promise herself to lose weight to do the healthy thing to become a better trader and she would sabotage that like crazy and when we did something which is called deep state repatterning which is one of the neuro linguistic um so nlp methodologies we dive deep down and she realized wow you know i have been told i can't be trusted and i don't keep my promises anyway so what's the point and once she had the aware of awareness of it it was like the shackles were being taken away from her and she was so excited and so let's see how she's going in the next month we're going to monitor how she's changing how changing this limiting belief or unearthing it even is going to help her to be disciplined but more because she's inspired and not because she has to fight herself all the time yeah very exciting awesome so in short guys uh training psychology is all about how you manage yourself so you can create better training result and that's what we talk about from now on so we don't do trading with trading psychology only for fun because we like it we do it because we want to get better trading results and that's all there is to it but once we understand the principle that this leads to better to the result and like from the start not everyone knows that like people some people here trading psychology and they think it's boring they don't want to hear about it right and but once you understand the link between better trading result and their psychology only then you can start to move forward and start to apply the principle we'll talk about this is interesting how not to achieve your training goals and you know you raised a really good point because as i said before i was so i was so certain that i won't have the problems everyone else said because you know i was so special and i get that from a lot of newbie traders as well they think they're special and they won't have the challenges that everyone else has and um yeah life doesn't work this way they will have to challenge this physical um some more than others but yeah so how to not achieve your trading goals is ask yourself have you ever jumped into a trade impulsively and compulsively now one reason um that i figured out is that makes people having this impulsive and compulsive behavior is because they have been stuck at work and they have this inner void they feel so empty inside and then they come home and they want to feel good because training makes us feel good doesn't it it really hits um everything that we want in life it's exciting it makes us feel special it gives us a purpose in life so we can't wait to get back to the trading screen and then what do we do we jump into the market to get that feel good feeling but it doesn't last that long does it because when we have behaved impulsively then usually the traits are not working out well now what then happens is we have a losing trade and we add to it and one of the biggest mistakes that traders do and not only the retail traders also the institutional check the professional traders over leveraging your account you don't know how many times i see traders they have an amazing um technical setup and they know how to read the markets and then they get so this urge to make money quickly because they want to buy a house for their mother or want to take their family on a vacation that they over leverage themselves to bump out before their trade can play out it's crazy right um have you moved your stop-loss to break even um this is also really interesting because it's the reasoning of now you can't lose but it's not about moving your stop loss to break even it's your reasoning that's 40 years so that goes back to prudent decision making prudent thinking processes where if you let's say you're in a thousand dollar profit right and then you say i move my stop-loss to break even and it's just about the thinking process right it's not about stop-loss um and now i can't lose even if it goes back i can't lose now if you were to take your profit in that very moment and you put on a new trade and now your trade goes back to where your break even would have been you would not experience the same experience you would not think that you have nothing to lose you would experience it as a loss and this is what we call mental accounting in breaking cycle in behavioral finance now the next one is do you try to go for the home run far too often and you know i see that all the time and i did that myself where um we we we earn a good profit and we think there's more in a dense more in it and we want to have it all and this is when the market turns around so we stop focusing on what does the market tell us um we stop focusing on looking at the technical aspects or the fundamental aspects of the market we start focusing on i want to have this big profit and you don't know how many traders are being um being taken out shaken out of their really good trades because they don't read the market but because they want it all and again it doesn't work this way okay just mentioned a comment we have from uh from john and i think that's really applicable to that part also the pressure to make money so if you have a big pressure on yourself to make money like if you need to pay the bill forget it it's going to be tough or if you push yourself that like you need to to make it starting today like you need to become successful starting today it's kind of a pressure you put on yourself and it doesn't have its place in trading so i think that's a good comment john and it's a really good point because you know i know what i did when i got out of my trading course i told everyone that i found the holy grail to my life and i'm going to be successful really really shortly and i told my family and everyone so the pressure was on and um when i didn't perform and i didn't have a nice car in my driveway after six months you know it was humiliating because people do make comments and they judge you it's just yeah deal with it yeah awesome and another good comment from ludor can i move the surplus to half away from original uh this is this is going with the uh the thing you mentioned about surplus and like moving your surplus to break even i think there's no there's nothing wrong with that if you if you have this in your plan but the point is that if you do it only to feel comfortable much risk then it becomes a problem i think i think that's what you meant mandy right exactly so it's the reasoning behind maybe moving your stop-loss to break even is a smart thing to do um part of your trading strategy maybe using um a trailing loss stop loss is the smart thing for you to do that is not the point right so the point is what is your reasoning for doing that and if it is something so that you don't feel bad rather than a hardcore technical logical approach that is the difference yeah if this like on an impulse that you feel oh let me put my surplus like i don't want to get in this trade anymore and that that's a problem right there exactly that's the one well awesome i think we have yeah another rookie mistake um so it's this it's this loop that can never be broken out of so traders say i don't feel comfortable confident and then i say okay so what do you need to feel confident and they say well once i have a few profitable trades under my belt then i feel confident but on the flip side they say to me i can't be successful in trading and it can't be i can't make profitable trades because i don't feel confident can you see how they are stuck in this ever repeating loop now confidence is just a feeling confidence has nothing to do with reality i don't know about you but i have been confident many times and then i fell right flat on my face because you know i had no reason to be confident confidence is just a feeling something that we tell ourselves that has nothing to do with reality so um often i'm not confident and i do what i need to do but i'm confident in my behavior in terms of keeping my stop-losses doing my money management so even if i'm wrong then i don't need to worry because i know that i do the risk management that i need to do so for example when i got a nice car which was which was um quite powerful i i was a bit worried to drive this car but then i did train a driver's training and in driver's training we learned how to handle our cars in a scary situation so what you do when you when you get on an oil slick and oh my god it's so scary i actually got carsick being on this oil slick in my car turning like crazy um i'm not doing so well with my motion motions i get motion sick very easily so um and you know what you do if someone steps right in front of you and how quickly can you stop what you do when your car spins out of control what you do so you train you practice that i wasn't born with it and i trained and practiced um to react quickly in dangerous situations and it's the same with money management we need to train and practice how to behave um when the market moves against our position and use our money management so this is where the confidence needs to confidence needs to lie not in our ability to trade i hope that makes sense powerful absolutely i think so maybe just i just want to go back on this stop-loss thing because someone is still commenting on that twitter so yes positivizing of course is really important because if you trade too big and it's not like not gonna after anything it's gonna be too hard to keep going but the point is that moving a stop loss to break even is fine and the question is should you do it or should you not do it i think that's gonna depend on your plan and kind of whatever you take it's more technical i do it personally when i get to one to one and myself to break even only take partial profit it's a different way for me to do so because i realized over time that my step was hit too often and that that was unprofitable that was a way for me to kind of yes be being in a risk-free trade but over time it's not profitable so you need to figure out based on your testing and based on your like everything you've built is it worth it is it a good strategy for you maybe maybe not that that really depends and uh we have early early is that this is interesting for you mandy i think arleigh is saying uh most traders are told to find what works best for them like find like trade what what what works for you and then later they're told 95 percent of traders fail so like do you think the traders who fail they've done something that's worked for them or no i personally think the reason why people fail is because they do something that doesn't work for them but maybe you tell me maybe it's a different thing i don't know well they um when they did the research so professor tyler did um the research in 1990 they clearly pointed out what it was that made them made those traders fail and then again in the 2016 study was the same thing and there was clearly laid out what the problem where and it was surprise surprise letting your losses run cutting your profits short and it was most of the time no matter how many successful trades in a row a trader had there was this one blowout trait that killed them um [Music] so it's it's always the same thing it comes back to understanding ourselves it comes back to training ourselves it comes back to having a trading strategy that works so for example what we're going to talk about as well on down the track is how to know yourself so well that you know what kind of strategy you need to use so i'm a brilliant scalper and i'm really bad at long-term trading again i try to get into a long-term position to go short on the decks and i got shaken out but my short-term trades still performing like world champions because the decks are so volatile and um it suits me it's my personality it suits i'm really quick you know making decisions and also i used to be a show jumper and a horse so if you look at show jumping it's like sculpting so you you you you focus on this one obstacle and you accelerate you jump and then you relax and then look for the next obstacle whereas when you do dressage for all you guys who hopefully know something about horses um dressage is something that you do for over a longer time frame like 20 30 minutes one hour so if i had been really good in dressage which bores me to death i don't like dressage at all then i would must probably be a longer term uh trader so whatever we do in our private lives gives us an indication of what we are best suited at in our trading um environment as well what sports do you like um what what behavioral profile profiling are you what energy are you a high d high c high s high i um what does it take for you to improve on one area so i'm very low in my c in my natural tendency to be organized and to keep my performance statistics but i trained myself to be really really good at that because i knew i had to in order to succeed at trading yeah so um love it i hope it answered your question yeah i love it i'm sorry i think i think one of the things is that new traders don't take the time to look at and we'll talk about that later on today but most new theories don't think about what they're good at and what they're bad at and what they need to focus on i think that's a big problem because they only search for strategies like you mentioned in the beginning they only google like how to trade profitably and that's not the the way to go because you never get to understand what you are and what you really are good at which in sport funny we wouldn't do right um if you if you are a runner and you will actually look at are you are you built to be a marathon runner are you able to be a sprinter but in trading we don't do that we are so excited so yeah eventually everybody has to get to this point and and that brings us to our blockages as well to trading success so most of our self-sabotaging behavior plays out unconsciously in our trading obviously because if it were conscious then we knew what to do and how to change that and there's forced blockages that we have identified it's the spiritual the mental and the emotional blockages and that usually manifests in our physical rearm so if i have blockages around money then that shows in my physical world that i can't afford a nice car or i keep losing money in trading or i can't pay my bills or whatever it is right if i have um blockages about humans about other people limiting beliefs about other people that will show in my relationships that i don't have deep open trusting loving relationships so whatever our physical world shows us is a reflection of what's going on inside of us now spiritual is it's really the blueprint of your um blocks that stops from letting your view that stops you from letting your profits run and cutting your losses short so um your blueprint is again it's your your beliefs your values what's important to you in life um i hear a lot of traders saying my family is so much more important to me than than money and then i say they have to be kind of equal because money is nowadays the thing that helps us to to survive and helps us to live a fully functional life it's just the way it is but if you say family is more important than money then you must probably don't make the money to give your family a really good life but if you say money is more important than your family but your family will miss out on you and i have that a lot with really successful people they have put so much energy into making money that they get to this point in their life so like oh my god what happened my my kids grew up uh my wife um is not interested in me anymore she's you know finding her own feet in life and there's no family as such at all yeah so this is the blueprint really of what is running our behavioral patterns that create the results that we have in life and then there's the mental the thinking strategies this is what i mentioned before we have to train our cognitive faculties for making more prudent trading decisions because you're not trained in this and i always thought my brother he's extremely successful and i for many years have struggled and i thought what's the difference between him and me he's you know he's always better and but it wasn't that it was a limiting belief my brother is a lawyer he has trained in thinking prudently and when i realized he only has training that i didn't have he started playing chess at a very young age i didn't do that i was always hanging out with my horses so very feeling based brother really thinking based i realized that my feeling based is useful for trading in terms of my intuition but i needed to crank up my cognitive faculties i needed to learn how to think how to make prudent thinking strategies and hence i started studying um i'm thinking fast and slow looking at my performance results and so on and then there's the emotional blockages where why is losing money is so painful and why does it empower us so much because money is so emotionally charged for most of us and most importantly how can we claim back our power where money becomes just a means to creating the life that we want to live and doesn't have the power over us where money is to be all and end all of how we feel about ourselves and how we think other people feel about us and the physical minister infestation is then how all of these play out in our life and in our trading if you're doing well in trading you know that your three other dimensions are quite balanced if you have challenges you know you don't need to work on the external area so the physical you need to look at the spiritual mental and emotional areas of your life nice now we'll talk about the eight common mindset challenges and those are some things that i've experienced myself along like many many times before and i think some of you guys will relate to that so i'll let many talk about that because it's really powerful but let's get with the first one yep i have done all of that myself and i also see it in my clients so everything i'm sharing with you guys most probably have done myself or i have learned it from my clients um that these were the problems that most traders experience so of course we start out we look at performing perfecting our trading strategy and ignoring trading mindset you don't know how many times i've heard i never i always thought that trading psychology is something for whims it's you know i don't need trading psychology and then i realized maybe i should have a look into trading psychology as well so and i did the same you know how i shared with you before i studied every trading methodology under the sun and it was a good thing in hindsight but it wasn't if i had looked at who i am as a person what are my strengths and what are my weaknesses how are my strengths suited for trading how are my weaknesses interfering with my trading goals then i would have succeeded so much faster so it's not one or the other it's working on both at the same time and the next one is the famous fomo fear of missing out now the fear of missing out again traders they come and say can you please teach me how to be disciplined and how to be patient um how to be less impulsive and compulsive the fear of missing out is really one big title for many many little different behaviors that we that we do i created something which is called the critical moments and talk about that later on where i looked at what are the main reasons of me making mistakes in trading and most of it was the fear of missing out and then i had to look at where in my life do i do that as well and boy there was a lot of fear of missing out you know fear of not getting a seat when i when i had to take a bus so i would make sure that i get onto the bus as the first person instead of like you know what if i don't get a cedar stand it's actually doing me quite good as well so fear of missing out plays out everywhere in our lives and start looking at that first and then see how that applies in your training unrealistic expectations again this is how i started out thinking that i'm going to have um a ferrari or you know i didn't want a ferrari you know have a mercedes little amg that was what i wanted in my garage six months later it is unrealistic but it's also what we what we um see in all the marketing so the more marketing you see with funky cars and funky girls girls like if you look at tai lopez which is a very famous marketer with you know all the girls and the cars and the helicopters unrealistic he attracts a certain kind of people who will never ever make it because they don't look at themselves to look at the externals what they can get and the unrealistic expectations it's also because we feel so bad about our lives we want to escape the shackles of our lives so we have this unrealistic expectations of um instead of it being a process process of transitioning out into a life that we design that we create that we work hard for that it all will be easy to achieve yeah very unrealistic and the next one is the emotional fatigue where um again perfecting trading strategy or studying so hard i didn't look after my health and i see that with so many traders they don't look after themselves and um then you know let's say they get really tired and they go to bed especially for us here in australia where most of the action happens during the night and then we say oh my god you know i missed out on this amazing trade but the reality is even if the amazing trade would have set up and you had emotional fatigue you would have done everything that you could to do everything you could do to sabotage your trade because when you're tired and exhausted you can't perform well unless you have trained like an sas soldier were you trained to perform at the highest even on the emotional fatigue but you don't want to train yourself to do that in your trading right yeah even then it's kind of too intense yeah intense we don't need to do that thank god good point outcome-based versus process-based performance i'm sure you guys have read that before and we talked about it in in our perform um performance statistics part where traders supported their profit and loss the most you look at have i made money great i feel amazing about myself have i lost money um crap i feel i feel bad about myself that is not getting you anywhere what you need to look at is process based performance saying what did i do well today and have hardcore statistics and don't go based on your feelings so many times and i start working with the trader and say so how did you do today say oh i did i did okay and i said well based on what well you know feels good feeling doesn't tell us anything where are your hardcore stats of your performance that tells us what to do the next one is learnt helplessness so learned helplessness is really about um when we grow up then we are being brought up in a patriarchy family in dynamics most of us it's you know do what your father says and we have to do what our parents say and so we rarely learn to take charge of our lives to become responsible fully functional human beings and if you are in a trade in a losing trade and you find yourself not taking your loss and then you feel frustrated if you down on yourself if you despondent you have learned helplessness and that is great news because now you know on what to work on now you know on you have to work on keeping or learning how to take responsibility for your lives this is what oprah was really about oprah was all about learn how to take responsibility because yeah we all know we have to take responsibility but how specifically do we do that and so teaching um you how to take responsibility and move out of the slow and helplessness and that's the feeling thinking acting loop so when we whatever we do in life we have a strategy for it it's usually an unconscious strategy it's a behavioral pattern that we have learned so you will have a behavioral pattern a strategy that leads you to always choose the losing trade a strategy that leads you to always choose partners relationship partners who end up cheating on you you have a strategy on choosing getting yourself into situations where you get a boss or a job no matter how good the job looked at the beginning it turns out to be hell now so these are unconscious behavioral patterns filtering strategies as we call them where um we achieve a certain outcome that runs on the unconscious so this is a feeling thinking and acting loop so usually what happens is we get a feeling about something then we get a thought about it and the thought causes us to act what you want to do is you want to look at what's your feeling think in acting loop does it lead you to success and if not what part do we need to change in order for you to be successful and the last one is in the critical moments exercise where i looked at my trading over many many months and i said all right so this is the outcome that i had had a losing trade what happened right before that losing trade what caused me to get into this losing trade or what caused me not to get out of this losing trade in time and then i realized there's a behavioral pattern that always occurred so i have my patterns and i found every trader pretty much has their own patterns on what is the typical thing that they do that causes them to sabotage their trading i talk a lot about the superhero when i know that after four or five um traits um profitable traits in a row i start becoming superwoman syndrome or superhero syndrome where i think well i think i've got it and you know just one more trade just to get my um 50 to round up the account and that's the trade that would um make me end up in losing everything that i've made so now i know my critical moment is four or five trades and i get this feeling creeping up where i become careless and that's the moment when i stop now whereas in the past that was the one where i would think just one more trade it make sense oh yeah totally and even for me i can kind of relate some of my critical moments so i think that one is powerful i think it's powerful to identify what we have because those are gonna be different for everyone also it's not like one moment for everyone excited but they're going to be different still and i learned that actually from steve ford the critical moments exercise that's one of the best things that i learned from him wow eye opener awesome awesome put on the b2 right now so this is this is a bit different we'll get the money mindset yeah i love money mindset and i love this quote education is not the learning of facts but the training of the mind to think and this is what i was saying before most people who don't succeed is because they don't know how to think and they study in their study and they get more knowledge and more information and if you have been to many seminars and webinars and cds and red books and you could have a phd of of trading you still don't succeed it's because you have accumulated information and wisdom and knowledge but you have not taught yourself how to think and what we need to look at is um you know just one more example what i found a lot is i i teach traders something and they say oh where do i read more up on that and it's like guys you don't need to learn more you need to apply now apply it into your life try it on and do that but this is scary right this is uncomfortable for people so they rather go and learn new stuff than training their minds to think what they have learned so like learning a language rather than going to the country and practice the language they go to keep going to school and study how to speak the language same thing now you have noticed that etienne and i we both english is not our first language and it's often challenging but we throw ourselves in there and we constantly refine our language and improve and just do what needs to be done and it's fun yeah so it's the same with trading now the money mindset deals with what i said before the emotional blockages limiting beliefs around money um value conflicts around money what i said before value conflict between family and and making money um in the terms in the context of losing weight it could be the context the conflict of wanting to lose weight and wanting to have that yummy pizza and drinking coke right so it's also a value conflict between health and having fun so all these emotional blockages need to be unearthed it's so important we can't there's no way around it if you want to succeed in your trading then there's the systematic errors in thinking of the untrained mind again this is what i mentioned before i have not learned about financial literacy numeracy in in school i studied business i did not learn financial literacy and numeracy and what i found this is a really big gap for traders remember when we had this slide before when we said what is the gap between knowing what to do and not doing what we know to do that is financial literacy numeracy is one of those gaps and then behavioral finance which etienne and i love it's the mechanics that drive prudent decision making processes again this is different from financial literacy and numeracy this is about how we humans are naturally wired on making decisions and how we need to be aware of that sort of biases that we need to be aware of so that we don't fall into those trips of making bad decisions just because our brain is fired to behave like that yeah so i think so financial literacy is pretty much the set of skills and knowledge that allows um a trader to make informed and effective decisions with all the financial resources and we give you examples in a second i love the examples it's so much fun and financial numeracy is the ability to understand numbers statistics and probabilities right again i don't know about you but when i started working with um hedge fund guys and insta guys and like the professional traders i realized the really main difference between those guys and the retail traders is they understand their mathematics and i would do the same um games with them that i but that we are going to do with you guys and they would have the answers the right answers instantly they didn't even need to think about it and i realized this is a really big gap that we need to fill in the market and not just for your trading for everywhere in your life i understand why so many people have financial challenges because of that it's crazy you're crazy yeah so um my um my so one of the the guys a buddy of mine he had a really good example of why financial literacy numeracy is so important so that's the next slide and at the end so he said literacy and numeracy and keeping our performance statistics is the ability to quantify what we do in our trading and so he said it's the fitbit of trading and i totally got that when he said that it's the fitbit of trading because i have a fitbit i know how many steps i take per day i know what i'm eating i know how well i have slept i know everything about myself and i know why i'm fit or not fit physically in my life and it's the same with trading right so i perform statistics like the fitbit it tells us exactly what we have to do in order to perform or why our performance has dropped off i love that um when he said that and again he's he's a master in mathematics yeah now the thing is you loved it as well right yeah the thing is i'm still not the best at mathematics it's just not how i'm i'm wired and i'm still training my brain every day but i have a lot of friends so good with it so everything that i have to do in terms of statistics mathematics um possibilities probabilities i ask them to help me with as well so that goes back to having a good team around you where you have a team that covers your weaknesses like i don't know much about the technology that we're using here you know my first time on google hangout yay but etienne is a professional yeah you've got my back right i feel safe with you so yeah totally fine so we'll talk about the three steps to improve decision making those are really interesting and those are i think the ones i still go to myself but you can share those and talk about all the three steps and i think those are going to be really important because we talked about and especially the importance of understanding yourself as a trader and like what you're best at i think that's going to be like the first step here yeah exactly now this philosophy i also learned from steve ward first we have to understand what actually makes a good trading decision so yes we get our trading methodology um if this setup is is um fulfilled so if a equals b then do see but we know that there's so much more to it because if it were that easy so many more of us would succeed right um so what actually makes a good trading decisions how do you currently make your trading decisions do you second guess yourself do you have superhero syndrome where you overwrite your lack of confidence with bravery and then you know ultimately jump into a trade or you have compulsive behavior um is your trading decision overwritten by how you feel so um the trade feels good so you do you enter the trade or it doesn't feel good so you don't get out um or do you balance your feeling decision making process with a rational decision-making process because i'm very very kinesthetic i'm very feeling based and i needed to add rational hardcore thinking strategies to to make sure that my feeling is not leading me into losing trading scenarios and keeping me stuck there which factors affect your trading decisions again you know is it um you had a day at work and so you jump into the trade if you know you had a day at work what do you do to make sure that you're balanced like pendulum simply by understanding how you make your trading decisions so there's so much self-observation um to be done you can improve your decision making process already so i feel the feeling so yesterday i was trading i tried several accounts right so um on my on my short term scrapping account i was doing really well in the decks open and then i realized um this feeling creeping up where i lose focus i can't even explain what it is but i got out of my trade at the 200 moving average not knowing why but i trusted that and i thought 20 moving average technically get out and then the decks charged back up and was like oh man sorry i was swearing i was actually saying so you know it's like man am i so glad i got out of there so that's just where intuition when we use it wisely can be such a great advisor and i feel that feeling creeping up and this because i know myself so well so the next step is then having the awareness so once you understand yourself to practice the awareness around your decision making so that's what i said before when i have three four five winning trades in a row i also feel this feeling of superwoman creeping up and i know i have to stop even if the best trades are setting up if i could make a million dollars in my trade i will find a way to sabotage it to stuff it up so i closed on my computer and um i go to my mt4 account where i can trade one dollar per point or 10 cents per pip where i'm not much at risk to stopping up my my results again yeah so um because i want to be in the game i want to keep trading and i want to keep practicing and training the best that i can in what context or situation do you make the best and the worst decisions ask yourself so again did you have a great trade day at work and you come home feeling balanced um or did you have a bad day at work you come home feeling empty needing to fill this emptiness with with um chicken and chips and chocolates and beer and trading um also when you're elated i felt that when i came from you know after having a massage or personally when i had a coaching session i'm like yep i totally got that i would feel elated i would be most at risk at making bad trading decisions so and i was like what's wrong you know i had this amazing coaching session with my own coach and and i thought i really got it and yet i was sabotaging again so i realized it's the extremes of the pendulum when i feel really related or really bad about myself what are the mistakes and the traps that you might fall into again it comes to your thinking strategies um uh so i know traders who keep adding to the losing positions because they have so much conviction in their trade or because one of the trading gurus that the market's going to turn here and have so much conviction in their trading guru they keep adding to the position and then they run out of money they run out of margin and um their my trade might have turned out well but it didn't because they run out of margin um for other traders is the um um getting out of a trade and then the trade keeps running into their direction and then they re-enter so what is the one typical thing that you keep doing um so what factors that's the next one what factors adversely affect and support your good trading decisions so you don't only look at where you make bad trading decisions you also get good trading decisions we call that a context analysis and contrast analysis as well so you look at the context of what you make when you make good decisions on bad decisions and what is the contrast of under what circumstances you do make the good and the bad decisions and once you know yourself so well you then can start protecting yourself instead of constantly trying to fix the mess that you got yourself into but that's step two awareness and i like it perhaps i can just give an example for that's the last last question and this is this is really tricky to understand why you make good decision but i got to figure out about maybe a month ago that i was making much of a decision when i had the notebook in front of me with the trade i was looking for like the thing i was noticing on the chart and just following the notebook following the things that i wrote down in the in every morning so whenever i write down like what i'm looking for for the day every morning i make better decision and since then i've been doing it like every morning because i know it makes me more focused and i can spot the trade better and make the right trade eventually so i think that that's a powerful habit but it's gonna depend for everyone gonna be friendly be similar for every people for every person but uh i think it's a good example it is a fantastic example and and i think examples are really useful and this is what i said before where it's the theory of the knowledge of knowing what we are saying and then it's a practical application and both are often two very different um different kettle of fish so yeah yeah so that and i think yeah the other thing is that even if you're like four years into your trading journey you just have something to learn you starting to apply in ways to become better so i think those are things that like you cannot figure out from day one necessarily but you get to figure out every time which is uh always keeping an eye open for that yeah you know after 15 years of trading i still learn new things i still have to refine my behavior um yeah because reality is unless we have 100 performance which is unrealistic but there's always more to learn right and that is realistic so never never rest on our laurels so step three is tend to manage yourself so step three is yeah you know exactly what are your pitfalls what are your weaknesses what are your strengths and now you have practical tools and strategies to manage yourself powerfully but you need to do that you need to um um implement them as well and this is when you have inoculation as i said before you get out of the constant trying to fix and trying to um getting out of bad losses where you can say in advance i feel this feeling creeping up of i'm at risk of doing something stupid and you you go away you call your friend and say let's go for coffee because otherwise i i stuff up you know so um yeah you know even calling a chan and say again ah i'm just about i want to continue trading but i'm just i i i know i'm not in the right mindset just talk me out of it please and then i just say it in um in straight words that jen would say don't be stupid stop trading go and do something else come on grow up don't be such a baby yeah awesome yeah exactly all right so this next part is about understanding biases and i think this this is probably one of my favorite part ever something that i think human introduced me to that part the biases and trading and since then i've kind of researched them more and tried to understand like how they happen and why they happen and there's like so many of them but it's really important to understand the biases and like where they come from i think in the end the important thing to understand is that it's kind of a survival skill we've built over time the biases that we feel and with that that we experiment that we experience with they are all like basically shortcut that the brain takes to to help us make better decisions and that that's done automatically so you don't think about it it's kind of like it happens and it's just out of survival that we develop those and in trading the thing is that we have to understand how they work because we have to understand how they impact us and what they make us do eventually okay those are big things and one of the the i think the best biases that i've experimented with is the fact that you reframe your losses in some ways whenever you train us to say something moving you toward your goal or something moving you like further from your goal and if you see them in the second way which is like something bad then of course you're gonna make bad decision and the more you feel less is bad the more they're gonna impact you in a bad way so understanding how the biases impact yourself is really powerful and the next slide we'll talk about like some of them and you do that as well tian go for it yeah awesome so there's a couple of biases that we've uh we've come up with and those are the the main ones like if you go on wikipedia or whatever you type in you type up like uh i think mental biases you're gonna get a list of like 200 or something pretty big so but not all of them are going to be impactful in trading we need to understand the one that are going to make us like are going to make the biggest impact and mental accounting maybe mandy will ask you to just say it maybe a sentence or two about about that one yeah mental accounting is the famous um men in the green bathrobe story where and this is actually one of the example trading exams that i mentioned before as well when we move our stop-loss because we think we can't lose anymore so that's the mental accounting so the man in the green bathroom story was a story that was invented by professor richard tara who just got the nobel prize right for his work amazing and um and he's a really cool guy as well he's he's got like 80 000 followers on twitter and i tweeted something and tweeted to him and he responded to my tweet and i was like oh my god this is so cool very cool this guy so um the man of the queen bathtub is the story of the couple that just got married and went to um to las vegas and um so he can't sleep and he in his dreams he sees this chip appearing in this number so he thinks hmm maybe i just grabbed this chip which incidentally was on the side of his bedside table he said let's go and let's um go to the casino and do a little bit of gambling and so he kept gambling and made um you know 100 000 out of this one chip and then he gambled more he made a million dollars out of this chip and he made more he kept gambling he kept doubling and tripling his money and then he thought one last gamble all right he did the one last gamble and his chip was a thousand dollar chip and he put everything on this one last gamble and of course he lost everything by the one thousand dollar chip and then he went back to the hotel room his wife actually says where were you she said he says i was just out gambling and she says how did we go and he said well we did all right we didn't lose anything so even though he had made like millions and millions millions of dollars he was telling himself and his wife that he didn't lose anything but this is a faulty thinking right and this is what we do to make ourselves feel better duplicate ourselves so when i have made a profit as a professional trader i need to pay my rent i need to pay my bills this is for me like being paid from my employee i would never ever say if i get paid my monthly wage that and and then i spend that in in the casino or i lose it in trading that oh it was nothing and this is what we do with trading right we make let's say a thousand dollar profit and then it goes back to zero because we put our um stop loss to break even and then we say oh it was it was free money anyway no it was not it was money that you made it was your payment yeah that's mental accounting trying to justify awesome awesome i like it so it's like saying let's say you were making ten thousand dollars for that month and then you risk all of it on one trade right and then you lose everything so you could say yeah like at least i'm breaking even but did you do everything you was you were supposed to and the answer is going to be no of course right yeah exactly cool cool second one is entering effect and this one i think my knee on the podcast was really powerful uh maybe just give also like one or two sentences about that one okay cool um the trader asked me recently why is it that when i have 200 in my pocket in my wallet it's so much but i when i lose it in in trading it seems nothing and so the incurring effect here is that we look at let's say i look at the decks which is thirteen thousand now and thirteen thousand would be an anchor in my mind and compared to thirteen thousand two hundred is nothing so that would be an example of anchoring a factor we have to remind ourselves that two hundred dollars at least here in australia it's something that many people work eight hours 10 hours for and we can lose it in one minute yeah so that would be an anchoring effect nice and framing of course it's like the way you see things the way you frame things i think that's when it's powerful and like like i said before the way you frame your losses can have a big impact and the way you frame like everything happening basically so if you frame every single lust you have as like a step backward it's tough and they make you feel losses or if you frame like a big so let's say you frame a big winning trade you have but that was a bad trade you frame it as a good trade because you win money then like of course you're going to perform bad in the future because all these trades are bad trades but it's always the way you perceive things in the end you have anything to add about the framing part well what i also found interesting is you know yes how are you here can you hear me yeah yeah totally fine so you know how you hear people saying they had um a tragedy happening and then they say well that's the best thing that ever happened to me this is also framing um i find that when bad stuff happens to us we have the choice to say it's the best thing that ever happened to me because we made it the best thing that ever happened to us because otherwise what's what's the alternative you know depression and giving up on life so that's also a framing um i know traders who lost a hundred thousand dollars toast everything they said it's the best thing that ever happened to me because i grew up in that moment and i decided that never ever ever am i going to behave like that ever again but because i made this choice not because i started feeling sorry about themselves and hide and commit suicide which i also have seen tragically trade us do yeah yeah i think yeah we had a comment on that topic earlier but it's totally fun i love it that one about i'm not sure about that one so prospect theory is quite complex actually and um so one example um of prospect theory is so um prospect 3 was actually developed independently by kahneman and um [Music] thirsky i think it was where um prospect theory is let me just um get my thoughts together the um it's again it's a way of how we frame our how we frame our way of doing financial decisions so let me just call that one up i just want to make sure that i explain to you exactly and so let me get back to you on this one because i just want to make sure that i say that correct awesome yeah so we'll need to go forward and cover that one later possibly awesome yeah uh guys we have a small game and it's time to wake up now because some of you guys have been uh somewhere i don't know if you've been sleeping what but totally fine let's get back up and we'll do a small game which is going to be really interesting to kind of outline everything we talked about so far about the uh the biases and all that stuff and i'll tell you guys i'm really bad at that game and i i completely failed but let's see if you can figure it out you have to add up the numbers and i want you guys to comment below with the answer please don't use the calculator that's going to be like misleading and we want you to really understand the power of all these biases that we talked about before what are these numbers in your mind and in comment below with the answer once you have it so you have a thousand add 40 add a thousand add 30 again a thousand add again a thousand and finally 10. so what's the result i'll wait a couple of minutes so you guys can comment below with the answer it might take you some some time to calculate and totally fine but make sure you do it in your mind that will really get the power of all this uh this lesson right here and i know there's kind of a delay with the uh the videos it might take some time but compute this the the the calculation and then come up with the answer down below and we'll have mandy talk about the results right after can you tell me when to talk about it i want people to be calculated and that's why i want to leave them some some time and have the answer below because then yeah okay so we have a couple of answers awesome so okay let's let's share the answer mandy i don't know so go ahead that was uh something that i um also got wrong so most would get the answer ten five thousand right but it's the correct answer is actually four thousand one hundred because at the very end when we have to add another 10 our mind does um the shortcut and thinking which is you know what you call the bias and gets us to 5 000. i can tell you i calculated that like four or five times and i still did not get it right it was really crazy it's like what's wrong you know so until i entered it into my calculator and i was indeed 4 100. so this is the blind spots in our brain the biases the thinking gaps that also happen in our trading and this is what we wonderful fun right yeah yeah so now congratulations to rla and john for the 4100 well done we have five thousand five thousand four hundred uh four thousand eighty we have five thousand five thousand five thousand le and rani congrats for the 4100 uh five thousand again five thousand again five thousand again don't feel bad right just take it as feedback that you need to train your brain more now let me give you another one and um so which one do you choose to get um actually i do one in between that we didn't do um which one do you choose nine hundred dollars for sure or a ninety percent chance to get one thousand dollars and the second experiment is which one do you choose it was 900 for sure or 90 chance to lose a thousand dollars so this is what we call the prospect theory and now you know why i needed to make sure that i say it in the right way okay so prospect theory is that in problem one or experiment one which one do you choose nine hundred dollars for sure or ninety percent chance to get a thousand dollars most traders or most people would choose um would be a risk of worse and they would choose the nine hundred dollars for sure bet in the second experiment which one do you choose lose 900 for sure or have a 90 chance to lose a thousand dollars people become risk seeking they start gambling and they choose the 90 chance to lose a thousand dollars and think about it this is what we do in trading right we have our profits we take we bank our profits because it feels good and we are risk averse and then we let our losses run hoping that it will turn around even though the probability that it will continue running against us is so much higher so the sure loss is very um aversive and they drive us to take the risk so rather than taking a sure loss right now that's what our stop-loss told us we become wanting um driven to take the risk and this is what prospect theory is nothing better than giving a great example and so you can see i think in the in the yeah yeah sorry about that i think in the chat we had a couple of people yeah many people saying 900 that they would pick the 100 for sure instead of the 1000 with 90 but some people wanted the 90 chance of a thousand so it's interesting interesting for sure yes and uh and would be interesting if these people have trained themselves because now with the training i have i would also have given the right answer or if they are um trained in mathematics yes yeah we have the second example which is going to be interesting this is from a price price on university cognitive reflection test i want you guys to do this one also because this one is and this one i got it from completely but go ahead and figure it out a bat and a ball costs 1.10 dollar more than the ball how much does the ball cost and i'll give you guys like a minute or two to make sure that you do this properly and you calculate and you do everything you need to do to get the right answer and we'll come back with the the answer and all the calculation in just a minute maybe you guys can comment in the chat box and let us know your uh your result with that one so i hope you guys have answers let's see in the chat box oh that's dressing let's see uh awesome we've got 5 cent 5 cent 10 cent 10 cent 5 cent 10 cent 10 cent 5 cent 10 cent interesting it's about half and a half would you have another five cent awesome i see interesting part i see some people who followed your um your training mandy who got five cent and here's the answer it's actually five cent that's interesting i like it so maybe mandy can you explain a little bit like the the whole thing behind that calculation and why why people get it wrong so again it's the mentor shortcuts that our brains take there's three two more challenges in this cognitive test in princeton university so we just chose the one the if you calculate it mathematically you can see listed out a plus b equals 1.10 so mathematically you can see it's 0.05 but even if i still look at the question now the way the question was framed my brain immediately thinks it's 10 percent so if the baton ball costs 1.10 the bet costs one dollar more of course what you do is you deduct one dollar from 1.10 and you get the cost of the ball makes sense right still makes sense to me five cents doesn't make sense but if you look at the mathematics behind five cents is the answer and trading is the same when we look at the chart and we think it has to turn around it has to do something and our brain does those mental shortcuts and really interferes with prudent financial decision making yeah awesome yeah we've got some solid algebra here to show but uh yeah we won't go through all of that it doesn't really matter exactly yeah performance metric my favorite part i think of this whole webinar which is good because it's at the end so the best part i love this quote by jim rohn feedback is the breakfast of champion and for like i've like just last week i recorded the podcast about like the lessons i've got since the beginning of my podcast and before my podcast i never journaled i never reflected back on how i was performing i never got any feedback from my trading and the day i started to get feedback is like the data start to improve so if we can get feedback on our trading and how we perform then we can really start to move forward and know like a little bit where we where we fall short and where we perform best here's like if you couldn't look at your p l so let's say i was showing you my turning account and i block out the p l i block out the the graph or you look at your trading account your own account how would you know you perform good if you don't look at your profit and loss all right your growth equity curve what are the things that you have to look at every single day and like many maybe you can talk about this uh slide here or is it the same it's fun yeah so this question was actually just if you didn't ever get to see your pnl how would you know how your trading was actually asked by steve to me so how do you know and it's like oh i actually don't so and since then i always keep asking myself this question so this one goes back to being process focused versus being outcome focused and this is from this guy stephanie vishek it's an indian guy and i love love love his um website it's so powerful and he came up with this concept he said if you can control risk cost time emotions why and you can't control your p l why do you keep focusing on your p l rather than things that you can do to control um your outcome and this is so true right that's what we do we all you want to do is you want to look at the mirror and want to look at our pnl have you made money have you lost money everything else is just so much hard work can't be stuffed it's not important but every trader eventually get to the point where they have to start looking at their performance metrics the risk the cost the time and the emotion yeah awesome and we do have a couple of like performance metrics uh basically just to summarize a little bit there are it's kind of a petition how we perform so as we said we can only look at the piano and say well i made money or or i lost money but you don't really know how well you perform you could be making a lot of money this week and trade like the worst trader ever or you could be losing some money and trade at the best trader ever but you don't know like which one you have which one and the thing is that if you keep going in the wrong direction eventually like you might get some wins this week when it's next week the week after but in like a month or in two months then you then you're gonna get the losses and then it's gonna turn really bad and that's where you wanna be really careful and that's so true because um if if i hadn't looked at my statistics i would have never known that i performed best in the next because it didn't feel like it i had some bad losses index but also some great profits and my hardcore statistics taught me differently to how i felt about the banks awesome is that good awesome yep cool so we have conversation of metrics and i'll let you man you talk about those because the you know probably them better than i do so um if you just go back to the previous slide there was just one what i wanted to add so um exactly here the clear insights to our behaviors so also what i've found with doing the my performance statistics is that i know what times of the year i perform best so i know i perform really well in march april may and in september october november and not so well during the other months so if i have a down month in july i'm not really worried about it because i know it's not my strongest month anyway um i also know um that i'm doing best at um counter trend trading so even if i have a trending market i still perform better at taking the the little counter trends rather than going with the flow because i said before i'm not good at long-term trading so all these weaknesses and strengths you will only find out when you investigate your trading statistics that's that's what i wanted to add and so if you look at our metrics now at our statistics that tell us exactly these answers so remember how i said before i know four or five winning ones in a row that's my maximum and how do i know because i have the statistics here it's in the second column on the third line my winning numbers of in a row and i know after three or four i start losing also i know my losing numbers in a row when i had when i started out i realized i have a lot of losing trades in a row so i seem to go on a bench trading and when i see my statistics black and white i also know oh wow you know you are getting back into binge trading you need to stop that but if i only have a feeling i get back into binge trading or keep pressing the button and i don't have the black and white hardcore statistics in front of me it is so much easier to find an excuse to find a reason why i'm doing what i'm doing and not do what i need to do so you can see if your biggest winner is smaller than your biggest loser if it is an outlier fine but if it is consistently like that then something was not quite right you can see how important those statistics are and how much information they give us about ourselves oh do you want to add something and i think it's not that scary to track all of them yeah i think it's absurd track all of them maybe you can pick like the ones that make most sense for your own situation but i think having those like that are additional to just the p l can be very useful i track all of them chin okay yeah and it's easy once you have this it's just an excel spreadsheet it's easy or it's you know my effect um yeah yeah i think you get something out of every one of them for sure but i think for someone who starts to have all of them at once might be like something you want to import over time also yes but yeah they're very powerful for sure uh what's the real problem awesome so yeah so the real problem what i found um with you know working with i don't know thousands of traders by now over the years is deep down even though they have a brave face towards the public deep down they don't think they can ever make it and that's why we have to dig deep down and shift that at the very core so that even if they don't make it right now they know that something can be done so they can become the trader they want to be and have the results they want to have and the next one is um why is it that they think they can never make it it's because most traders that tell me they they don't they have a lack of proof that successful traders actually exist all they see is their own trading statistics they've never seen someone as a statistics and so they don't have a benchmark of what is good and what is not good in terms of performance they believe that something is wrong with them and that they don't have what it takes so trading success is elusive and even worse that the something is wrong is elusive they just can't put their finger on what it is that is not working whether that is wrong with them and if they only could find out this one thing then they would be able to succeed and of course they have unrealistic expectations of what trading success looks like a lot of trailers that i start working with when i say so what's your goal to say i want to have consistent profits month in month out every day and it's like good luck i've i've been trying that for 15 years still not achieved and i don't know anyone who has achieved that the reality is that we have good months we have bad months we have good days we have bad days and it needs to be leveled out and we need to be realistic about that then yeah yeah every day is not possible so there's not a lot with that that last part the fact that you could take any trader right now like any successful trader and you could take whatever period and that's what it could either be like a winning trader or losing traders you pick like batman and that's totally normal i think and it also tells us about what is the definition about success out there because it's not realistic but we are being told what success is so another another reason another thing to look at so and the great thing is that we can change our trading results i've seen many traders change their trading results i have done it for myself um over the years for me it took like four or five years to really accumulate everything that i needed in order to understand what it was that i had to change and then to be like an actor you know i thought that was the thing that got me through i thought alright so right now i obviously don't have the personality and the behavior to become successful but i can be like an actor because i had a friend who was a famous actress at the time and i just thought she can become a different person and i can too and you will see that when i'm in front of my screen trading i'm a very different personality than if i'm coaching or if i'm hanging out with my friends so the good news is there is a path to success and you need to figure that out for yourself what that path is and no matter where you are right now you can make it because you all you need to do is you need to learn how to emotionally self-regulate yourself so look at trading psychology study trading psychology study self-awareness find out what what is it that triggers you and your self-sabotaging behavior and how to shift that into triggering doing really good trading decisions and prudent trading behavior train your financial decision making skills by studying behavioral finance by practicing mathematics and understanding probability um learn to become a good loser first that was something that i had to learn where losing was so immensely painful for me you know all my limiting beliefs and my fears of never being good enough and you know failing my family and all that stuff came up and to learn to be okay with losing and to feel okay even if it was uncomfortable and to perform at my best and actually let's just i like these ones because i think you've talked about a few of them but i just want to make sure that we highlight some of the uh the things people can do and the first one is studying psychology all right so um i jump forward sorry emotional self-regulation means that you know yourself so well that no matter where you're at in your emotions you can bring yourself to a level where you need to be in order to perform well in trading so you had a day at work you need to make sure that you fill in your emotional void before you go to the computer screen you had um something amazing happening like the birth of a new baby um you will feel elated you have to make sure that you go back to balance um so that your elation doesn't interfere with um your decision-making process that you know you don't become a happy-go-lucky um so that is emotional self-regulation you need to know first what is your sweet spot when do you perform best and then you can do a contrast analysis at any moment and and realize and where you are right now in your emotions are you elated are you down on yourself and what you need to do to get back into balance to perform well the next one is train your financial decision making skill so the games that we just played before number one it's understanding how our brain naturally does financial decision uh performance financial decisions the strategies that lay behind our results that we get and then studying what makes a prudent financial decision and practice that more and more that's how to train your financial decision making skill and the next one is learn to become a good loser first so most traders they can't take the losses because losing is so immensely painful to them and learning to sit with that pain and to understanding what is that pain because the pain is not really realistic it's not really um appropriate for what we are doing losing a human being losing a pet that is painful losing money should not have the same level of pain associated with it if it does then we need to dig deep and find out what is it what beliefs do we have around ourselves around others around money that causes us to have this immense pain neuroplasticity that's the good news because it has proven that you can't teach an old dog new tricks your brain can change at any time and maybe that you have that you're stuck in the rut of keeping stuck with losing trades not being able to take your losses or making the same stupid decisions over and over again is simply a neural pathway that you have um created rather than that there's something deeply profound wrong with you maybe all you need to do is create new new neural pathways and with neuroplasticity persist plasticity it has been proven that this is possible and then of course your performance adjustments where every day you look in the mirror and you say what are my strengths what are my weaknesses what's the market doing how do i perform in that market um what do i need to do better tomorrow so instead of saying i shouldn't have done this you say tomorrow i will change my behavior and try this new behavior do this new behavior and see what the results are then and of course no more fairy tales fairy tales are really um you know the stories that we tell ourselves in terms of how quickly we can succeed um what is possible in terms of living a life of freedom and funky boats and cars and houses and realize that we do go through pain trading is painful being in a drawdown can be painful when we have when we feel good about ourselves it's less painful when we had you know a shitty day or shitty face in our lives it's more painful it's just reality so become realistic and don't think that you have to be superhuman to succeed just be who you are and and deal with it and the results will come when you focus on your performance adjustments on your methodology and on your behavioral patterns so yeah it is possible and creating your team what i found immensely useful and this is what that jen mentioned before being around people who are supportive um being in an environment of people who understand you i don't necessarily talk to my family about trading um [Music] because i don't understand my family loves me so they're in fear around me so you know doesn't help i can tell you that so i don't tell them i keep them safe and i can keep myself safe from them as well so i have a bookkeeper who is helping me who helps me with my statistics super useful i have it support i have family in terms of my trading family who's helping me so i have two families my blood family my trading family mentors i i also have coaches because i can't see myself from the back of my eyeballs i can only coach myself to a certain extent but then i need someone else to look at me from the outside and point out things that i have a blind spot in i continuously train and develop myself professionally as well as personally so professionally learning new ways of trading i i study what tom dante does i'm a great fan of tom dante for example um i do continuous personal development on looking at what else they need to learn what else do i need to clean and clear in my energy field in my you know limiting beliefs and my values are just set constantly so that's creating your team that is the stuff that leads to success eventually sounds like a lot doesn't it and this is where i've seen the most value and the most progress like surrounding myself with more traders and people who can support me with that training journey because like one thing you've noticed yourself mandy is that your family isn't always the best people to help you in trading probably unless you have like a trading family and people who are into that but other than that you have to find people who are supporting you in that journey what is going to be mentors people who have like bigger goals who are like further on the path and those are the ones that really make the big difference for you that's exactly it it was also one of the game changers for me um because when remember when i started that was before social media and i felt so alone with my problems felt so lonely um being alone at home trading especially you know when you live in a foreign country without your family was a lot of loneliness and now i kind of have several families you know my coaching family i hang out with a group of professional traders on on skype institutional traders hedge fund managers um so they're amazing guys they keep me very grounded as well and then you know on twitter i've got almost a great family as well um so i was asking about a plugin for mt4 i didn't have a clue i just asked the question on twitter and now four or five people pointed me to the direction where i can get what i needed to get so and this is what etienne and i wanted to create as well for for as many traders as possible because frankly i'm sick of seeing brokers making so much money it's insane you know like when i when i work with traders who lose a hundred thousand dollars in a day it's like man you know your broker just pocketed that it's wrong it's just wrong they should give you 50 back yeah so and i think people tonight are taking a first step by being here and surrounding yourself with with more people who have the same goals because we all have traders tonight in the uh watching this event which is really awesome and i think that's that's a good first step can't do it i'm pretty happy that people do it that these people cannot do it exactly and that counts if you if you watch if you're watching the replay after also same thing yeah that's right awesome so you guys you basically have two steps from here and we've talked about it like every time every time we do a webinar you can either try to figure out everything by yourself which is not really the way i took i started that way for my first two years and i didn't get any results and then i started to get in the supportive environment which is surrounding myself with more traders meeting more traders and this is exactly the relationship there is between the two this is the time below and the result on the left big of a result jump in a few times or you can have spend more time to get the same or less result and that's basically the two choices you have so i want you guys to comment below with your question and i know it's gonna be a lot to cover after the end but if you have any question right now comment below and we'll make sure to cover them all after and i know my knee is going to have a lot of uh a lot of thought for those questions for sure so guys let me just ask you a question now do you feel like this picture ready do you feel like a little bit confused because like you've seen a lot of information tonight you have a lot to work on just tell me below how how you feel do you feel overwhelmed you feel confident you can make it just let me know i think this is that maddie and i have been working on a kind of a program together and if you guys are open to it i would like to talk about it a little bit so let me know if i can talk about that program right now and pretty hard on that that thing i don't want to push it i want you guys to like this i'll just go ahead and talk about the program i know mendy's going to have a lot of discussion about that too so i i can't see the questions unfortunately yeah they're going to be on youtube cool so david's saying a lot of information very useful awesome and then we wanted to run it for an hour and a half so sorry guys that kind of two hours and 15. yeah okay so osmond saying a lot of things to think yeah for sure cool so guys let me just introduce this a little bit then mandy and i have been working in a forex trading psychology mastery program this is something that we thought about but we want to make it different from like that there is out there and the thing is like the first thing i've experienced with the training course and this is what you'll see pretty much everywhere online is that you have this lesson one after the other and then you get to lesson one you do lesson one check then you go to lesson two then you go then you check then you go to lesson three you check and there's never this kind of feedback there's never this kind of interaction with anyone and that is what we just talked about having a team and that is what is lacking there's no there's no team there's no collaboration there's no support there's no community and that is what i think is really missing in most courses you see out there we need the feedback we need the interaction we need the discussion with other people if you wouldn't want to succeed if you want to find out what we do well and how we can improve and i think that's everything we want to do different with that that program right now instead of having only courses and like lesson one lesson two lesson three we wanna do something where we have both a mix of lessons and a mix of mentoring a mix of interaction so mindy and i came up with this 12-week program for trading psychology especially and this is a topic that you guys requested a lot so we've got some some some dates here over 12 weeks that we'll do and we want to alternate between lessons and mentoring so every single week is going to be a webinar like this and kind of kind of a in a smaller group with more interaction where there's going to be some lessons and then some mentoring so it's going to be a group coaching session where you can ask questions interact talk and pretty much ask any advice you need about your trading at this point so that's going to be over a period of 12 weeks and this is exactly what mendy's doing with her clients whether people should coach she's not only like teaching stuff because that's only going to get you so far as we said you can only get so much information but you need to apply the information and you need to discuss with someone over time okay that's really powerful and so that's what we came up with yes actually you know when you learn a concept and then you apply it and it doesn't work you need to be able to go back to someone and say it didn't work can you help me with that um you know training for example you learn what the island reversal pattern is and then you you see it in the chart like yay island reversal pattern you trade it and and you know you end up in a loss like what happened why didn't it work an experienced trader can go back to you and say well it didn't work because of abc and this is the same with the trading psychology where um things might be elusive like looking at your performance statistics on your own so many numbers no clue how to read them where we then can go back to you and say this is exactly how you read it and this is your weaknesses your strength and this is what you need to work on where you're being trained on applying rather than just being filled up with knowledge and information and just doesn't lead you anywhere you have a phd and so many times yeah i have adhd too [Laughter] and so many times have i tried to email the uh like an instructor or someone giving a course and i didn't invest in that many courses i agree but so many times i tried to email the instructor and didn't get any reply didn't get like a single response and that's sometimes a problem and that's what you want to try to counteract and do things different with that that structure the way we're going to do things is that we understand that training psychology is a big thing but you also understand that training psychology by itself isn't the only answer right you still have my to to build other things on the side you still have you have to have a strategy a methodology that you can use to train so we're going to break down every single session we do into two parts the first part is the training methodology this is what i've been teaching the most so this is going to help you guys get organized have some habits some tools and a playbook that you can use to support your goals that's what i've been doing so far with traders helping them create all the habits and the strategies and and the things they need to succeed but on the other side there's a psychology thing where you get to develop the psychology of a mind of a world-class trader out there that have been making a lot of progress and trading big money that's what you'll get to develop and mandy just asked me today that we're gonna have some guest speakers for the program that are gonna come and speak about some topics some of the big institutional guys and i think that's gonna be the best value the best like way to learn if you wanna learn from a lot of people of good traders you have to learn from the one institution the one trading the biggest money and it's a whole different game but they're going to teach you exactly what they do and exactly what they what they think about it on a daily basis so many maybe you can break this down of what what people are going to learn throughout the program there's many lessons but maybe explain a little bit what that's all about okay so um so in lesson one laying the foundations um obviously um there's two parts to it so number one it's understanding what makes a um successful trading mindset so that's the blueprint like like an architect you know who says what makes a house stable what makes the house look good you know it's the golden ratio they use a lot of architecture what makes the house functional so you want to have the sunlight coming in during during winter time and um not coming in during summer time so here in australia because it's so hot um so you know it's the same with your mindset so understanding what makes a successful trading mindset and then how can you develop that so it's kind of like like again like a blueprint that you can put on because as i said before even though we all have different stories we all have the same coding and the same behavioral pattern that needs to be implemented and this is what session one will all about be all about then you um you get a set of questions where you can answer those questions and start identifying what it is for you you come back with your answers in our session too and we talk about it so you you give us feedback on what you discovered for yourself you ask questions on what it was that you weren't clear about and gaps that you identified how you feel them um challenges and so on um you can do it twice you can either email us um privately when it's something really personal so i had a trader who was dealing with um abuse as a child and obviously he didn't want everyone in the group to know that so he emails me um privately gives me background on what was going on and then we don't need to go into detail you know because we are only interested in patterns and codes you're not interested in the story but it helps me a little bit as a coach to know the context what what happens so you don't need to go into like deep childhood stuff not at all so that's a little context so lesson two it's then mastering your emotions where teach you the emotional guidance system and how to number one understand your emotions and what they are telling you and number two how to use your emotions so that there will be um a source of um making prudent financial decisions and part of a prudent decision making process rather than working against you yeah so rather than your emotions running you you will be able to run your emotions behavioral profiling so behavioral profiling is all about understanding yourself and how you tick what your natural strength and weaknesses are and based on that you can choose the methodology that's perfect for you without having to go through all the trials um trials and tribulations trials and arrows and finding out what is perfect for you so for me as i said i i tried long-term trading because you know you read on twitter and everywhere only the long-term traders can be successful and and i tried so hard to be a trend trader but i couldn't succeed for many years and then i gave up trying to be someone i'm not and it's like you know what i'm short-term i love short-term stuff i look at my stats short-term stuff beats my long-term stuff i start becoming who i am and stand for it no matter what other people say i don't care and um so that you will find out what is working for you then we need to look at the money mindset part so what are your unconscious blocks to being ultimately wealthy if you are not ultimately wealthy if you don't make 10 000 a month a hundred thousand a month a million dollars a month or even a thousand dollars a month in your trading they are blocks and it doesn't matter you know it doesn't matter if you make if you don't make a million or if you don't make a thousand all that matters is to identify there is a block identify what is the block removing it so that you can then progress to the next step and this is also talking about being realistic a lot of trials that i start working with they they are only in a loss and talk about making ten thousand profits a month you need to start slowly on your journey like if you have a thousand dollar profit start reducing your uh if you have a thousand dollar loss start removing your blocks so that you can move the thousand dollar loss to a nine hundred dollars to eight hundred dollars to five hundred dollar loss to break even with each time you remove a block you will see the results in your trading but not by going from minus 1 000 to plus 10 000 but by going from minus 1 000 to minus 950 taking your brain to the gym as as we hopefully showed you you need to study financial literacy numeracy you need to understand probabilities you need to understand why is it the 65 percent um profit loss ratio is the um the the the the best number to perform it and i remember many years ago i had a really good stretch i had like 90 profit loss ratio and i met a quant i met her for lunch and i said i have 90 profit loss ratio and she looked at me like really cool and she said uh then there's something wrong with her um um with your methodology because statistically this is not possible and i thought stupid cow you know don't tell me that and i was all righteous about it and then i realized she was right so there is a reason why we go why we say one hour risk to to our profit equals 65 percent profit loss ratio you need to understand those numbers and behavioral finance this is what um etienne was talking about our biases our natural thinking strategies that work against us in trading the mental accounting when we justify our behaviors you know we do most of us make our decisions based on feelings and we try to justify them afterwards based on what we think is logic but it does not put in financial decision making you need to take your brain to the gym and practice that and study that and where we will do number one where you learn you know the the theory behind and then um we do lots and lots and lots of practice application on what that looks like in your trading specifically so how we did the prospect theory example before yeah so this is how it will look like so so what i think people get a good idea of what what what it's all about and basically what you guys get this this is worth three thousand dollars and ninety six uh ninety six hundred no two thousand dollars three thousand nine hundred and sixty dollars for 12 program mendy's charging 330 per session and that's the minimum price you can pay if you want to get coaching with her that's pretty much what you get and mandy is also going to offer it online twitter assessment with with that and maybe mandy can just say i want to send one sentence or two about that pro that assessment and what this is all about so um there have been there are certain behavioral patterns that we can see successful traders have and what we do is we do this assessment where we see how far on the scale you have you are towards those behavioral patterns and so if you're very neurotic that means if you have a lot of drama in your life then um your chance to succeed will be very low because you will create more and more drama it's an addiction to drama it's nothing to be upset about it's just something to be curious about because you can you can fix that you can do something about it but if you know where on the scale you are then we know what to do which um resources to point you towards to and um and what the progress path for you would be compared to someone who doesn't have much neurotic neuroticity in their neuroticism in their life so that's for example one assessment so we assess for health mental health in terms of how happy are you in your life if you're sorry that's what you call mental health well-being if your mental well-being is low you need to work on your well-being first before you can be successful in trading because if you're you will be trying to make yourself feel better through trading and that will cause um impulsive and compulsive behavior yeah and will stop you interfere with being disciplined so that's a whole range of assessments with your behavioral patterns in terms of how do you make decisions naturally do you um see something and you buy it straight away or do you have to go through every shop first before you make your trading earlier your decision or do you need like a sequence of information before you make a decision or do you need a certain amount of time where you say i want to buy this car but give me one month and then i come back and i think about it or you say what are the three reasons why i would want to buy this car so once you understand who you are as a as a human being as a person you can then translate it into making prudent trading decisions so for example i'm very feeling based as i said before and i know that most successful traders they have about at least three different pieces of information a rational logical piece of information before they make a trading decision i didn't have that and i'm not good at that naturally so what i did is i looked at successful traders and i implemented their way of making a trading decision into my trading life so now it's second nature to me so that that's a fix something cool and basically so you guys get the whole program the tool of a program value of 3960 dollar plus the assessment which is worth 199 total value of 4 thousand and something dollar just make something clear guys and this is something that people kind of talk about many times before and i got some email on that topic too training psychology is good by itself but it's not the only thing you cannot only learn psychology and become the best writer ever it's going to be useful to some extent but there need to be these other things you learn at the same time things like money management trading strategies solid habits and this is why as a bonus i've decided to give you guys access to the academy as well and this is where i've been putting most of my work recently there's now five courses from experts to help you trade for the people those are things that i've built myself and with other coaches as well other experts in different topics there's monthly mastermind calls that we do every single month on a topic where people ask questions they share ideas and they interact it's meeting our researchers meeting auditors as well and you get all these guides and checklists that i've built for myself things like tips for day trading things like tips for how to spot short patterns how to trade this and that some checklists for full strategies and you get access to all that and more now those are the course in the academy so far there's as i said five or even now six courses those are the ones and we just released last month this course with uh michael thoma on risk management really really amazing really great course and i know the feedback on that course has been amazing so far some people liked it it's really applied though so if you are at this level where you are people looking to solidify everything and get down with your risk management like really solid this is the course you have to go to and there's also all these courses i've built on habits strategies and things to implement these courses come with exactly what i trade exactly what i've tested in the past and you gotta get you guys get access to all of it from day one and the thing is you know with trading psychology and and trade and what you just presented your academy it's like saying um i only need my arms when you say i only need strategy and i'll need my legs if you say i only need to work on my psychology you need both your arms and your legs to perform at your best and so it's the same they need to work hand in hand or need to work as a team um your psychology and your strategy yeah and this is why i think it makes a good compliment it makes a good like package so that people can get everything they need for one from one place not from like five different people love it and some testimonials from the academy we just had the elias this is like two months ago a month ago or so it's been a member of since 2015 recommends this to pretty much anyone who once again do the training business uh johan i don't know if john was here tonight i'm not sure we also have an tv game who is here tonight uh who has a good good comment on that topic uh mike just loved it brian also so basically what you guys are going to get by joining tonight is the full program it's going to be live so it's not pre-recorded it's not like a boring video that you guys watch it's something we do live we do it every week for the next 12 weeks and the uh for extending psychology mastery program value of 2960 plus the trader assessment value of one 199 dollar and the membership from my academy the illit membership which is the full lifetime membership value that uh 895 dollar over five thousand dollars [Music] and guys if all this did was to help you build solid beliefs that empower you as a trader would it be worth it like build the belief of world-class traders would it be worth it if all this did was to help you stop paying for so many courses because i know some of you guys played many courses in the past and you're probably going to buy more in the future but stop getting addicted to information and start acquiring the mindset you need the mindset of high-performing traitors which talk about tonight that would be worth it i'm sure and if you could organize a complete and that's a strategy complete methodology would it be worth it it's a lot and i will pay for that for sure so what you guys get tonight is you get these three two programs three bonuses three payment of 900 of 197 dollar we do it every month until the end of our program so it's like three payment and that's a really really good offer so you guys can get access and the link is going to be right here in the corners if you guys want to join this artifact.com for co i wanna make this talk about the uh well basically why coaching that's something that people have trouble with sometimes yeah what uh what i've found is that um so many traders they'd rather lose 500 in a trade then spend 300 for coaching session um and get some insights and change that and change their lives you know get some better behavioral strategies and i found it really really curious so yes you could see 100 return on your investment um just by not continuing to lose so so big and so um crazy amounts giving the money to an investment in yourself rather than giving it to the to the broker and of course you know i've been trading for 15 years that yen hasn't been trading as many years but how many people did you interview with how many years of experience they had so i think that thing but yeah yeah you you um recently um interviewed two friends of mine one goldman sachs guy with 20 years of trading and another institutional guy it's like all over the place deutsche bank um hong kong bank he's been everywhere because he was headhunted all the time with 20 years so you immediately inhaled almost 40 years of institutional training experience right plus all the other interviews that you did so clever so we will share with you everything that we do everything that we know the mistakes that we made because you will learn a lot from our mistakes as well so that saves you from making you know these arrows or you can catch yourself even faster when you make these mistakes and it saves you from trial and error of finding out what works for you and um we are also as coaches and advocate for change you know we don't let you off the hook and we will be um keeping you to your highest standards and reminding you that you can be the best you want to be and encourage you and champion you because you believe in that and this is what um star performers do star performers encourage others as well and this is what the group that we want to create we want everyone to champion each other and help each other through tough times because we all have tough times it's just normal and sometimes it's just good to have someone who says i totally get what you're going through and who doesn't try to make it look better and you know it will all be fine and um and come on you can do it no sometimes things are just crap and to just say just to hear i get you that you know that helps enormously and um so because i have studied what star performers do i also can and so has again with his interviews we can impart that to you because i don't know how many of you guys have access to institutional traders and and people who have made 20 million in a month you know so as training coaches we help you break bad habits that is the hardest part part and we need you to work with you with us on that and to be proactive and say man i'm just about to do this stupid thing again can you just tell me to stop and then we go and say stop um and help you to change your habits to do a pattern interrupt and to create a new habit and you will have so much more positivity in your life because i hope you realize um etienne and i we are loving to have some fun and to you know be light-hearted about life um and yeah to to contribute as much as we can and so our usually our our tribe our people that we hang out with they are fun so yeah i like it and one thing i like to say is you guys become part of the family whenever you join whatever my program i i believe in a student and i believe that they need to have the best like service they could get so they become part of my family and we chat every day we like exchange ideas and whatever so for me it's like it's like family basically and the other thing i add to this is that you guys get a 30d money back guarantee so i don't want you guys to have any risk with that if you feel like it's not for you or you try it it's not it doesn't make sense for you i want to get you to pay for something you don't get value of so if you don't if you don't get more out of the program than what you paid for you shouldn't have to pay that's that's my my basic premise that i operate with every single day and the question i get like really often is does this require a lot of time like that's the question i get everything and the thing is by spreading the program over 12 weeks we ensure that you you're really going to transform it's not like a two-day thing or like a three-day like weekend where you learn you get all this information and then like good luck on your side no like that's not what we want so we get on a 12-week program which means you really have time to change you have time to get back to us get some feedback work out things that don't work out as you expected and you really get to do the other thing is that by taking you along every single step of the way and every mistakes we've made and everything that we tell people to do in every lesson we've learned you get to don't waste any time it's like you get the clear path and that's gonna save you a lot of time just to remind you you guys all as always we do this every time that is not for everyone but you will get to learn from a certified coach and that is that is something that most people don't even get to do in their lifetime because either they don't get they don't have the money or they don't have the time when they don't want to have a coach but a certified coach can make all the difference and you also need to commit to become a successful trader so i continuously train myself in new coaching methodologies and refining my skills and i pay 25 dollars a year to be in that mastermind group but you know i had paid happily because we proud ours pride ourselves in being the best coaches in the world so um yeah that's what you also get oh awesome and you also need to commit of course to becoming a successful trader so if you're not sold on the idea and i know some of you guys were pretty keen on becoming a trader like you had these nine and tens if when you asked in the beginning about the check-in how how committed you were so that's good but you need to be committed that's for fact otherwise you'll follow the one that's not gonna be good the other thing people say often is that they cannot afford it but what it really comes down to is how much is your time worth like how much is it worth for you to spend two hours on an evening or during your day to find out about the strategy or find out about the tool or learn about this and that on youtube of time so if your time is not worth a lot then do something to increase your value but do something so that you get the most out of your time right you could spend this time with your family with other people and that would be probably a much better use of your time what it really comes down to is this is an investment of dollar per session seen in the course in the program at this low and i've never seen any coaching program at this level even most people charge thousands of dollars for training and they are not even gonna do any support any contact with you guys and that's something that i wanted to break and that's why we have to do this training tonight for a mix of course a mix of lessons where you get to learn but you also get to apply and to be coached along every single step of the way it will be so much more interesting one if you get one tool and you implement it then if you get 10 tools and they stay in your shelf in your knowledge of you know in your mind never been applied yeah and that works for everything now the question is do you really want to make this shift and i'll let you any talk about that one so um the [Music] the what i found is that we all grow up with a certain type of thinking and what training requires is a different type of thinking what succeeding in life requires is a different kind of thinking what um there's a distinction between risky problems and safe problems so risky problems are the problems that we create that actually keep us small so risky problem is a problem where i say i need to i have no money so sorry that's a safe problem the safe problem is the ex the thing to say i have no money a risky problem would be to say how can i go and find that money so i can um participate and become the person i want to be um i have traders who blew up their accounts and then they were like i can never ever trade in my life again and then i encourage them and say this is a safe problem to say i give up because i don't have the money go out and find a way how can i make money so i can start trading again and refine my um skill and and eventually live the life of my dreams otherwise what's the alternative keep living like that forever so if you can go outside the box of your thinking and i think it was um einstein who said um it's we can't solve the problems on the same level of thinking that created the problem meaning that if you want to if you have a problem in your life and you want to solve the problem you need to look outside the boundaries of your thinking and learn new ways of thinking so if you have been struggling with your trading for quite a while then the question is what is your thinking strategies that keeps you in that box if you want to break through your own glass ceiling and you know what i mean by that like you know if you be if you're frustrated because you keep going with your profits or because you keep sabotaging your trading results and you feel you're stuck in a rut right now um you have messed up financially i see that as well a lot and this is why we um also decided to keep this problem program affordable because you want to help as many people as possible and um so because a lot of people have messed up and they need to get out of their mess maybe you're feeling a bit hopeless lost unsure of your next step so we want to create this nice safe environment for you to begin to explore what it is why you might have found yourself in this situation again and again and again and what it takes to get out of there and we found that i certainly found that compared so private coaching has its place right so there's things in life that you just want to talk to your coach about no one else and certain things you need to do a deep secret patterning deep work that you can only do on your own but we found that in a group environment everybody learns from everyone so much because guess what it is so much easier to see the mistakes in other people than to see them in ourselves we have that blind spot so um that's why the this training can definitely give you the clarity you're looking for and we can show you how you can start to capture those opportunities and we want to make it a transformational program with thinking outside the box expanding the boundary conditions of your thinking not gaining more and more knowledge and wisdom but to really know how to think about your problems how to understand the codes and the patterns that create those problems in the first place that is the level that we want to train you at and that's where the shift will happen and i don't know anyone who actually teaches on that level to be honest awesome yeah and guys let's just recap all of this everything you see all the information you need so we have three basic three offers tonight three things we offer with the program for a value of five thousand fifty four dollar you get this for three payment of one dollar totally worth it and the link is right here below now what we'll do is we'll do the questions the question and answer there's a like a couple of things i've noted in during the webinar that i want to go back to and we can answer like both many united questions if you have any questions about the program or what we talk about tonight comment below and let us know comment in the chat and we'll make sure to answer all of them right now and there's gonna be a lot it's gonna be really interesting uh let's see so we've got another one really really cool let's find it back right here thank you guys yeah it's been over two hours that's that i totally agree and i know some of you guys left but if you watch a replay thank you also for watching the replay and getting this far much appreciated and i know you're gonna get results so it's totally worth it uh we have othman who ask how to overcome the fear of losing when i try to trade live my internal voice starts to say that i'm going to lose and finally paralyze me many maybe want to go with that one so fear of losing if we remember our two circles the fear of losing is the story that you have right it's the result it's the outcome so what we want to look at is what is the context of your fear of losing what is the behavioral patterns um the coding that you have in your life and also what is the strategy that helps you to be fearful so the question that i would have is are you always fearful about losing or are there times when you're not fearful and if there are times when you're not fearful what is the difference what i found often because i don't know you i can just talk to you about my experiences with other traders and myself as well is that the fear of losing um has several elements to it one element is that there's not enough clarity in the trading methodology there is not enough structure in someone's life so someone who has fear of losing they often don't have a trading strategy written down step by step next to them on the on the trading desk so they're operating pretty much by the seat of their pants which is really funny because the term seat of um and trading and behaving by the seat of your pants comes actually from flying because um in the dark often people didn't know if they were upside down or where they were in their plane so they would would check the seats of their pants at the the their pants um [Music] in getting a direction of where there are at in their plane when the pilot fighters also something along those lines sorry um i don't think i got it exactly right but you got you got the gist of it um so that is something a lack of structure in your life um a second reason might be what caused your fearful behavior is that something that you have learned in childhood to be afraid to be fearful because you grew up in an environment that was either threatening or that was full of uncertainty so children who grow up with a lot of freedom they have a lot of uncertainty they tend to be fearful either by um being very risky or by being very withdrawn so if you grew up without structure you would have created a behavioral pattern to protect yourself from danger and so being very fearful so you can see there's no clear answer to it it depends on your individual situation and this is the moment when a little bit of um context would be helpful and this is what we're going to do with you guys we're going to ask you to fill in a questionnaire that will help us to understand you in your situation and so if you were to ask a question like that i would have a little bit of context and i would be able to give you a better um response now how do you know to be fearful as well what is the moment when you feel the feeling of fear creeping up because i can tell you the moment when you are fully aware of your fear that is too late already you want to know exactly what happened before what happened before what happened before you were focused and determined and confident and suddenly feel creeped up what was it that you were saying to yourself what were the mental images that you had in your mind what is it that you're really afraid of is it an existential fear of losing everything being homeless or is it a fear of being of your peers of being judged of being hurt being abandoned so you can see there's many many different facets to it awesome and another question from uh uh geck here who says how does one encourage oneself as i feel i cannot seem to recognize a technical setup happens but only after it happens and this one i think it's a big matter of like understanding your rules and writing your rules down here or if your rules are too subjective then i think your emotions are gonna come in to trading and like make you do things different make you see things different and that's where we talk about the biases like they they play a big role here or if you see we like when you have subjective rules it's easier for you to let fear let doubt let like uh uncertainty influence yourself whenever you trade but if your girls are clear they're defined then like you have no choice to see the setup it's going to be there on your face and if you don't see it then it's another problem maybe it's like a lack of time you didn't like you look at the chart too fast time to like write down your observation or you just like skip a chart and that's possible that happens that's a risk but the biggest reason why people don't see the setup before and only after is because they didn't get clear on their rules if you had on that topic i'm also wondering um are you very visual so i've got a guy in my in my skype group um amazing trader but he can't look at the chart for his life he just can't recharge um he is really good he's a fundamental trader he knows mathematics he knows programming he knows python and all this stuff which i have no clue about so you give him a mathematical explanation of what's going to happen he can read it straight away you show him a chart he's not very visual he doesn't get it so he's an extremely good options trader because options is very mathematical and um he sucks at charts so it could be something around that as well for you i like it and i'm in was saying as a professional athlete losses are good for me in sport because i go back to the drawing board and focus on why i lost i think this this it does my training life too and i think that's wonderful and mandy you probably noticed that all the the support athletes the best athletes in the world all have coaches because they need someone to get to get feedback to go back to to test their ideas to see how they do things and to get some reflection on how they can become better exactly and also you know when you when you have a trading situation and let's say you had a big stupid loss just dumb right we all do dumb things i certainly do i don't know about you guys but i do so when you have those thoughts running around in your head they get rotten in your mind but if you have someone a third party or you know second i say third party it's you your mind and your coach if you have someone else to articulate um what is going on in your mind your thoughts too and you have to write it down and you know someone else will receive what you're talking about you will process the information and and your trade already on a very substantial level rather than if you don't talk to someone and it stays all stuck in your mind so your internal chat or your monkey mind is very different than having to articulate it to another person and this is why i do a lot of email coaching as well because again um it's it's different if someone has to sit down and to think through um what happened in a manner that in a coherent manner so i understand it rather than having all this stuff going on in their mind how stupid they are how useless they are how could they do that stupid mistake again they will never make it blah blah blah to um i saw a trade setting up i entered the trade um i i got too excited i entered too early got stopped out re-entered and then you know they gave me a sequence of what actually happened so that's and also with the email coaching they then have a sequence of events so they give me their story i go back and ask questions and then they have to think about on a very different level so they get out of the story and out of the emotional soup and they go into logic and reasoning and the big picture and with the big picture you get clarity and you get insights and you feel you can manage yourself so much better than if you're in the emotional suit totally and guys last chance to ask you a question if you have any questions comment below and let us know uh next time after you sign up i'm sure some of you guys will sign up tonight or tomorrow and that's totally fun you'll you're gonna receive an email within the next five hours that's for sure you're gonna get all the information to go to the academy and how to log in and everything your password all of this and i strongly recommend you start to go through the course power trader this is the course there's 10 modules that i've built and you can start to go through it there's going to be important steps important things to start with and that's going to basically start your journeys from from today or tomorrow or or any day you sign up try to complete the online trader assessment you're going to get the link for that that i'll share with you guys soon and also stay in touch with us if you have any questions any topic any like sold you have just send us an email and we'll do our best to reply so whenever you log into the academy there's going to be a link to contact us and you can contact us right away send us any doubt you have any question and we'll do our best to answer shortly we are also on social media twitter on facebook right so many ways yeah of course of course of course so thing if you have any questions comment below this video after it's done and we'll do our best to answer the question get back to you and also this is a big opportunity for you guys to move forward and i think the next step for a lot of you guys so if you want to join but we look forward to you inside and look forward to coach you guys in the next following weeks so thanks for being here tonight we really appreciate it thank you everyone three hours you're all superstars fantastic awesome thanks guys and we'll catch you guys pretty soon ciao let me just close that thing

Channel: Etienne Crete - Desire To TRADE

Views: 57,450

Keywords: desire to trade, forex trader canada, forex trader, full-time forex trading, full-time forex trading success, forex trading success, full-time forex success, full-time trading success, Mandi Pour Rafsendjani, pillars success forex trading, pillars success trading, 3 pillars success trading, 3 pillars full-time success trading, 3 pillars full-time trading success, Pillars To Full-Time Forex Trading, pillars full-time forex trading, forex trading success workshop, forex

Id: ZKJ6HFWUWeA

Length: 171min 39sec (10299 seconds)

Published: Wed Oct 18 2017