Right guys I think it is time for a bit of a heart to heart.
I know some of you like to click away from some of the videos that don’t interest you
but please bear with me for this one because I think it is something that is really important
that if you are learning how to trade, that is it is going to leave an impression with
you that could actually help you out in the times that you need it the most, and bear
with me because there is a lot of background noise because there is road works, its London
what do you expect?
Guys today we are going to talk about some Trader Things.
Don’t you just love our dramatic intros?
First things first, I want to hold my hand up and apologise for something because I was
wrong.
About a year ago or so in all of our videos I used to say something which actually I realised
that I was wrong about and I stopped saying after a while and I regret saying it now because
basically I used to tell you that trading was easy but actually that is probably not
true.
And actually at our Christmas party recently, I got told off for saying it in those videos,
so hands up I admit that I was wrong I am sorry, okay I’m sorry, guys I’m sorry.
But for me before we started with Duomo and I started teaching you how to trade, when
I had PuriCassar and even before that, then trading did seem easy to me but when I really
think about it and when I was learning to trade it was pretty difficult and even after
that with trading when I knew what I was doing and I was profitable consistently.
Even then there were still moments where it was really bloody difficult.
But here is the thing right if you think about your own job, your own nine to five or just
something in general that you are really good at of course you had to go through that stage
where it was difficult.
But that moment where you are doing it like second nature where you’re unconsciously
competent it seems like it is easy to you so you tell other people “yeah, it’s easy”
but in reality it’s probably not because you have to go through the struggles to get
there.
It’s like when we were developing our algo’ trading system at PuriCassar we were working
together with this physicist to build the system and he would sit there explaining all
of these complex theories of quantum mechanics like it was so straightforward and I’m there
blankly staring at him confused as hell.
“You had you’re what you could do you would you want…”
Like actually questioning my life choices at that point.
So I totally get it and I apologise for making it sound easy-peasy all the time because the
truth is it’s not because even if you’ve got a good method you have to be dedicated,
disciplined, you’ve got to be willing to put in that hard work, you’ve got to stay
committed to it and there are going to be times when its particularly difficult and
there are going to be times where it is going to be so confusing that you’re going to
be like “What the **** have I just learnt about?”
So I am sorry, I get it and I am not going to make that same mistake again.
Which brings me onto today’s subject.
In amongst all of the road works going on outside today I really want to discuss giving
up trading forever.
But let me clarify right off the bat, I am definitely not giving up trading not now and
probably not ever.
I love what I do, I first and foremost describe myself as a trader.
But when it comes to teaching people how to trade there are certain things that I’ve
really picked up on once I started doing this and I think actually there aren’t many things
in life that are so easy come easy go.
“Will you let me go” As trading is.
What I mean by that is that there are certain names that pop up in my inbox from people
learning to trade and they will be in there more regularly than anyone else for a few
months at a time.
Really enthusiastic, dedicated, really passionate about learning because trading is so accessible
they just throw themselves into it and they are always there in my inbox.
And then suddenly just like that they’re gone forever and I never see their name or
hear from them ever again.
Was it something that I said?
Of course the truth is the probably just eventually lost some money or maybe in that short period
of time of three months not made as much money as they somehow expected to and starting thinking
to themselves, what is the point of carrying on then.
I’m not making money so I might as well give up.
Now let me give you my impression of why I think this happens based on the thousands
of traders that I’ve interacted with and I really think that this insight may end up
helping you one day.
Because you know we all go through those dark lonely moments sometimes when things are tough
and we think to ourselves, you know what I’ve invested all of this time and all of this
money and what for?
Do you know what?- **** it!
But that is exactly why there is a reason that I teach you in a certain way.
I am trying to steer you in a certain direction with your trading, everything is for a reason.
So based on that firstly let’s have a look at how I am actually trying to teach you.
I’m really passionate about trading and I hope that you can see that and therefore
I’m hoping that it rubs off onto you.
I’m trying to make this all a bit more fun for you I don’t want to make this to be
a boring dry subject because you know if something’s boring as soon as the going gets tough you’re
going to wander off eventually you are not going to stay and carry on learning so I want
to make things fun and passionate enough so you keep on coming back for more, so you don’t
go in that cycle that I see so many people going through but instead you have that constant
progression going on, because you are coming back, you’re learning and you are committed
to staying on this journey.
So that is the first point and it is just a really small one, but the second point is
massive this is the biggest point and that is all about why I try and help you focus
on achieving consistency and sustainability and on tracking every single thing that you
do with your trading.
I know that a lot of people that have come into trading, in fact I’d go as far as saying
most people that come into trading do so because they have been sold the dream and they have
this perception that trading is this get rich quick type of thing.
So when they don’t get rich quick and have a Lambo after three or four months then they
end up leaving trading with a bad taste in their mouth especially if they’ve lost money
in that period of time as well.
Which for most people is inevitable in that short space of time.
And you even see so called mentors and trainers who prey on this mind-set.
I’ve even seen one trainer that I saw in a video and quite a popular channel who has
a picture of the Wolf of Wall Street as their motivation.
I mean sure if you want to scam people and lie to them and pretend that you know about
trading to pry on their greed to line your own pockets then by all means use someone
like Jordan Belfort who went to prison for it as the role model for your company.
You complete ****hole.
But you see guys if I can then I want to help you avoid that nonsense.
I tell you to avoid trading Binary Options yeah I know a lot of you still trade them.
I mean can you make money out of Binary Options?
Yes of course you can, you can make money out of Roulette as well and that is complete
gambling but there are people that will come out on top there.
With Binary Options if you work hard and you have a lot of luck on your side, then maybe,
just maybe you might be one of the Unicorns that do actually make a profit from it.
So if that is the case then why do I tell you to avoid them?
Well because the odds are stacked against you and yes you might have a flash in the
pan success but the odds are that you are going to lose big afterwards.
And I know that when people go from massive success to massive losses or even directly
to massive losses you end up having a bad experience, you have bad physiological and
psychological effects from that and you are likely to give up trading completely rather
than learning little mistakes along the way, which keep you progressing and learn the lessons
that most people do to keep your trading conservative and consistent.
And the same applies to those traders that want to trade those high volatility events
when economic news is released into the market and everything is shaken up massively.
Can you make big money in those moments?
Of course you can but you can lose massively as well and it’s a really high pressure
intense situation that’s not kind to your body.
Trust me on this, if you’re trading in a meaningful way and you trade those high pressure
moments when the trade actually matters to you and you have that loss of control and
you have that stress and panic of what to do in that situation.
It has a lasting effect psychologically and physiologically and when that happens and
especially when you lose money in those moments, you’re not just going to have to pay that
hard price of losing money out of your profit and loss but you also pay the price that in
future you’ll subconsciously be actively avoiding any situation even anything to do
with trading and you’ll really struggle to pull the trigger and enjoy it while you
are doing it.
Trading has to be enjoyable for us to be good at it, because you are hopefully going to
be doing it for the long term.
You see the thing is with the Binary Options or with high volatility news events then what
you are getting there at best is, at very best is like what I call proportional risk
/ rewards or you can call it a symmetric risk / reward where the risk and the rewards are
very much equal.
And I think that is me being very generous because in most of these cases really it is
actually negative against you so it is asymmetric but against you.
What I am trying to help you achieve with your trading with what I am teaching you and
the way I’m teaching you and how I am trying to get you to be more conservative.
Is to start being able to identify opportunities where you are going to get asymmetric risk
/ reward in your favour.
So its lower risk for higher rewards.
The problem is that we have a lot of people that are going with these get-rich quick type
of approach is that if they have early success and they make through say the first three
months and they make a bit of money.
Then they are going to suffer from the Dunning-Kruger effect which a lot of us suffer from a lot
of the time which is basically a cognitive bias when you have low ability in something
that you have this illusion of superiority where you think that you’ve got much more
ability than you actually have.
It’s kind of like you haven’t learned the lesson the hard way yet, but it’s probably
going to come later down the line and believe me we all suffer from this in something in
life.
What you think that you are the expert in trading because you have done three months
of Binary Options?
Of course not we have to be realistic we have to have this reality check and ground ourselves
and say OK, yes I might of made some money, maybe it’s luck maybe it’s not either
way I’m going to keep progressing keep learning I’m not going to pretend that I know everything
I’m going to try my best to avoid that big mistake that will be that big reality check
that might bring me down to earth too hard that I should actually give up trading.
Instead I’m going to take baby steps and keep moving forward.
Think about when you were learning to drive.
A car can be a dangerous weapon in the wrong hands.
So when you are learning you usually go into like a residential area with low amounts of
traffic or maybe a car park where no cars around and you start learning there and you
go slowly going through like the first gear to start with, the second gear and you just
every time that you have a lesson just slowly build yourself up baby steps until you are
feeling more comfortable with it.
On the other hand imagine if you were learning to drive for the first time ever on a destruction
derby race track with other cars around.
I mean if you are lucky enough to go for a little while first of all without having a
collision, you might really enjoy it to start with and be like “wow, this is great!
I’m driving fast around a track all of these cars are whizzing past, really fun and exciting”
but that moment that you have that collision at high speed and you have that negative experience
from it where you weren’t expecting such a high risk moment to take hold, you are not
going to want to go back.
In fact you will probably want to give up learning forever and go around telling people
how driving a car is one of the most unsafe things ever.
Now compare that to the actual way we learn to drive and it is very different.
So it is the same with trading, I want you to learn in a steady way, in a consistent
way that’s going to help you build confidence over time.
Not this early beginners luck confidence where you are being too arrogant but a steady confidence,
where you have faith in your ability and the system that you are using overtime.
And that’s also why I want you to track everything as well so that you can really
see the progress with your own eyes and see that things are getting better and better,
even if you are not at the stage where you are making money yet, even if you are on a
demo account or whatever you can still see good steady progress.
And imagine that someone is making a steady income from trading it doesn’t have to be
a big income it might be a tiny income but a steady income.
It’s steady and consistent and they are not having to go through psychological trauma
or high pressure situations.
Do you think that they will be so eager to walk away from that after a few months?
Probably not, they will probably see light at the end of the tunnel and say look I’m
starting to make some money here, let’s see how I can optimise and maximise their
income.
On the other hand, imagine someone makes ten grand really quickly and loses it like that
along with three of their month’s pay cheques from work the chances are is that they are
going to say well what was the point of that it’s just going to ruin me financially I’m
giving up.
It’s just like gambling.
So you’ve got two cases, one might sound more boring than the other but it is more
consistent and it is more likely to have a better future.
Look guys I’m really aware that there is going to be a lot of people watching this
video who get really annoyed but what I am saying and think that I’m being discouraging
because they want to get rich quick, they want the Lamborghini after six months, a mansion
after a year and millions and millions after two years.
Fine you know if they want that, then maybe they have had a bit of success in their first
three months and therefore they can’t believe what I am saying because they’ve seen through
their own two eyes that it is easy to make money very quickly.
But that won’t last forever.
There’s some of you that are watching this that will find it very encouraging.
And it is you that I’m talking to then because it’s you that is going to make a success
out of this.
You see all of these people that want to get rich quick with trading that’s not how market
works and the markets are very unforgiving if you approach it trying to get rich quick
like that.
See those people are on a timeline and whether that timeline is one week, one year, or whatever
that timeline only ends with them losing money.
Whereas if you do this the right way and if you are encouraged by it being consistent
with your trading and being patient about things then your timeline ends whenever you
want it to end because you can keep on progressing and keep on making a steady income, a steady
return from your trading in a consistent and dependable way.
So if you are not making money right now or if things aren’t going the way that you
want it to with your trading, if it’s taking longer than you expected it to or things are
just really confusing for you at the moment.
Don’t worry, don’t panic about it.
We all have to go through that struggle at some point and you will get through it, the
penny will drop at some point.
You will start seeing that loss turning into a profit and things will start going well
as long as you stick to certain principles that we have discussed and start thinking
of this as a long term career and don’t give up.
So guys, usually at the end of the video I ask you to like and subscribe and as much
as I would like you to do that most importantly I would like you to share this video with
a friend of yours or anyone that you know that is also learning how to trade because
I think that it is an important thing that I need to hammer into certain people’s heads
so that they can really get onto the path for sustainable trading and not be on that
timeline to just losing money and just burning out and leaving trading forever.
So if you have a buddy that is trading that you learn to trade with then you know share
the video with them and it might help them to be by your side for a lot longer.
Guys I’m sorry that it has been a rant and some of you wouldn’t have enjoyed it but
I really had to get this across to you today and I appreciate you watching up until this
point here.
Take care and I will see you in the next video very soon, bye guys.