"5 Ways Traders Screw Up!" - Mandi Pour Rafsendjani | Trader Interview
The Lamborghini will, come but, don't put that into your goals. The amazing house will come, don't put it into your trading goals make. Your training called subtly, I want, to be the best kick-ass, trader that I can be. Going, everyone will come back I'm sitting down today in Melbourne, with Mindy for the first time you glad to meet you in Melbourne's, awesome, it's a little bit cool but we'll make it happen and today, Simon you see we talk a lot about what, you want to talk about today five, ways that I noticed, in my trading. Clients. How we, stuff, up our trading, and. It's. Something that is, coming out of experimenting. With, my traders and it's, a real attic fan but it's not just theory for you guys so. Stay. Tuned that seems pretty good so my guys already we all want to talk about this right now for, people nothing new at all like watching this for the first time tell people you are a bit about garbage is yes yeah so I, obviously live in beautiful Melbourne, that's uncured of each year and shout. Out to Mike from encore. And some kata Beach who allowed us to use this facility here, to do our recording, sorry. My name is Mandy, I have, been trading since early, two-thousands, and have, been coaching, since, 2007. And my, my, specialty, is really my expertise is really in, helping. Traders, find, out why. They can't perform and. Also, having. Trade us on breaking, through their self-imposed limits, so, was working with the trade of example, who couldn't breach the million, dollar mark, its. See the same behavior pattern, s a trader who can't reach the break-even. Market and that's, next Patty's I am. German. Though that's what you must really wonder about my accent but I live in Austria for a very long time and finally. Get to me again, and, even here himself for so many times I can't count how many times but we've. Done a lot of YouTube live in the past which, we're gonna link be those question 1 guess well she's, just want to watch all of them at once, I recommend, like a good series to watch to keep yourself accountable to, it so, well like it's on right now so wasn't it what is the first way traders.
Tend To mess up yeah, so it Yin you know I found it really interesting because what. Happens from you have trading, mistakes when we let, a trade run into a really big loss or we. Enter too early we enter too late, the very first, reaction that we have is that we beat ourselves up, right that we get really angry and and annoyed. With ourselves and, that. Kind of, goes. Out into we, we slip, into the. Despot. Of emotions, really, that's. Not the problem the promise that it cuts us off from logical, thinking, so. The very first challenge. I see with traders is that they don't know how to think method, or do you know how to say that logically, methodologically. So. Strategic, thinking really the, more emotional. You are the. More you need to add strategic. Thinking to. Your, behavioural patterns and that will help you to kind of get out of it but. What I what the main. Mistakes, that I see is the traders. They. Don't. Go, beyond, the I'm, feeling, upset I'm, such a loser I don't have discipline, I will, never make it they. Don't dive deep into what is the causation, of this behavior so, give, you an example a trader, he, his, system is very short-term so his, system is to just go for one quarter. Ton des and that, consistently, and we, backed us at his system it works so he, should, easily be able to make at least two or three hundred US. Dollars a day based. On the amount of money as nez account and based on the strategy when. He couldn't pull it off in real life and he. Got so upset and, annoyed with himself in order to throw it all in Nazarites. Let's have a look let's dig deep and after a few hours of digging deep what. Came out was he. Used to go fishing with his father and. When. He was when. He caught a little fish his. Father was a cow put it in the bucket to the other little fishes when. He caught a big fish his. Father was like wow. Look. You caught us really, big fish and also. If you look in for example one of them our friends, your twitter is the Chartists Nick was, an amazing. Trader and Nick, also loves fishing and Nick has those photos of the salmon amazing, big fish that he holds and then, he gets a lot of likes for that do, you think Nick, would get a lot of likes when he would hold up a little freshness a hey look I gained. Like I am. Caught 100, of those little fishes what, do you. Think. That the, small efforts are not like notice. Pretty much by most yeah and when, you have a big win then what people a while amazing. And I like to mention this example, it's really good yeah we show us that people like the big wins and I, go through really easily hard this could hurt you as a trainer, very simply completes, it is derails you now, my. Trader was not aware of that and he knew that he, his, system was taking, those other prophets get, the little fish they feed you just the same as the big fish and, he. Was not able to take those little profits he always was looking for the big big. Profits. And when, we've uncovered this, that this behavior pattern started, in childhood so. When I go back with my traders look at their childhood, I don't, look at a mummy and daddy problems, as someone called it very unkindly, I. Look, at what, behavior, pattern, did you start, in their time, that. You now play out as an adult that is unconscious. And so. Just. Identifying. It freed, him completely. And so, just having even yesterday that, he had a really good week getting, a whole, bucket of little fish I mean how amazing is that so. He chief just outcome in his trading he wants to make money who cares if he makes money by making. $10. Profits, each time or making $1,000. Profit. Every, side to stir there are you like that that's a good lesson so, that's the first things that people wanted to go for big wins versus, short wins and going against whatever you kind of used to perhaps yeah what, will be the second way people, screw up their trading.
So. The. Second. Part is in my experience the, lack of preparation, and. Yeah. And it's. They, know what to do and you don't know how many times, traders, contact, me and my standard question, is, do. You have your trading strategy, written down in a step-by-step system and do. You keep your statistics, and you know I get trade off contacting, me NSA I know you're, going to ask me if I have and, I have to say no I haven't and then, I say what is it what is the blockage what's a resistance, within. You that, causes, you not to do that and so. What they do is the same thing again each end they're beating themselves up, for not doing it but. They don't look into what is the blockage about and they, don't give themself, enough credit, that there might be a reason why they, have this strong. Resistance of keeping their statistics, or, writing. Their strategy, down or, simply. Sitting down at the beginning of the day and preparing. Before they're getting to a trade what, is the resistance there, and let me when. We when we believe that. Resistance, that blockage. Then. Naturally, all the cells of a charging behavior, will dissolve, you don't need willpower anymore, to do what needs to be done you just naturally do what you know you must yeah. The preparation is gonna depend for most people they're gonna do it a little bit different but what are some things that you do to prepare yourself properly that's. Not the weekend or every, day yeah. I. Prepare. Not much as my trading my whole life, is trading, and I. Know that, whatever I do in other areas of my life I will, do in my trading. Naturally, it will just be a domino. Effect like a follow-on effect and it makes it so much easier in my trading so, number one every beginning of the month I map, out my month I know what, I want to achieve and, you. Know I put on the big pebbles first into my into, my. Month. So. For. Example, decks opening, is a non-negotiable, for, me text. Opens at the moment at six o'clock in the evening I'm not doing any coaching sessions during that time I don't take phone calls there's, nothing. It's just me and the decks and I. Needed, to learn to be a really, strong and, follow through because, at. The beginning when I when I started doing that I did a lot of guilt and I don't know where this kid even came from there was no, reason to feel guilty and there. Was its reason for it in again, in my unconscious, and, caused. In in my early development, and I, simply resolved, it there's no more guilt I can tell you that is cystic. I don't, answer any phone calls no emails I don't care. So. That's. Where it starts, beginning, of the month I, map. Out all the times that are scheduled, out for my trading and no. One else can. Interfere. Unless there's of course a family member that needs my attention very, different story or a friend in distress like that never goes to pass my trading so. I. I. Was. Doing some work with the trader was really interesting, so we do the. Wildly. Important, goal and for, him it was to make. 1. Million dollars in two years because, in two years he's going to turn 55, and, so. He wanted to achieve that by, that age and. Then. We looked at how much money do, you want to make 1. Million dollars and then what are the categories underneath. That that. Support, you into. Making those million dollars so it, was three, different areas of income, that he derives and part. Of that was forex, trading as well. So. This. Mistake, that he did was he did not interrelate. Everything, with each other, for. Example for him going to the gym is really really important, and he did not see how going to the gym helps. Us to other areas of business as well and so. Look at how can you do one thing that, really, helps, all areas, of your life rather, than just wanting to do your. Trading and. Blocking. Out everything, else, one. Example is if, you take. Too much time out trading and don't take care of your family, you, will have feelings of guilt and you, know my mom will see over Christmas and as. You know I don't have kids but I have worked with parents who have kids and they have a lot of guilt because, I want to spend time in front of the market but I also know that they want to be there for their children there they feel like the neglect of children or, even their spouse and I.
Experienced. What that guilt felt like because I've had the same good with my mom I mean, it's crazy you know how the roles reverse in life and. I. Needed, to have a really good conversation with, my mom and say look these are the times that I need to take care of my business. And you know I love you but you need to entertain yourself and, she's like yeah of course cool so, in. The past I avoided, having this conversation that, I needed to have for the people in my life so. That I didn't need to feel guilty because, I can tell you one thing guilt. Shows. Up in your trading you will sabotage, your trading love you feel guilty so. It's about having conversations and, setting boundaries, and taking, the space for yourself, that I believe, derailed. You in your trading that's. The second part yeah so, we talked about so Singapore's preparation, I, see. A big effect with that for most people what is the third thing the. Third thing is something that. Female. Trader which, is Anna and, I sorry I forgot your surname look, it up it's at a I mask off him a trader on Twitter she's, amazing, she's really good and she. Had a street, art that said if, you want to succeed in trading, and I thought he or she really, understands. The psychology behind the. Real psychology, behind, true. Performance, and no, surprise she used to work trade, for one of the big big. Banks big institutions she's, really cool and one. Of the things that I see with traders is they. Create, the big goals right I said to them why. Do you want to trade and I say I want to. Take. My wife on a first-class, trip around the world I want, to give my kids the best education. I want, to go. Travel around the world and style and they have all these goals that are external, to them, it's. Often, for other people, and not for themselves, and say hey, this is great right I love how much you love your family how. About you why do you trade for yourself, and they. Have no, clue, they. Have been brought up and, conditioned. To, take care of everyone at first and. Not take care of themselves first because. We know that analogy, from being. In the pray in the plane where you have, to put on the oxygen mask first and then, for. Other people because if you run out of oxygen there's. Nothing that you can give to other people yeah, it's something I see coming up all the time with different people so honest, I want to know why is that wrong to kind of have.
Goals For people instead of yourself. Well in a nutshell and, for everyone it might be a little bit different is that guilt. And shame was, induced, in a child when. They were being selfish. I mean, look at this crazy thing where. Parents. Say you, have to share your toys be a good boy and share your toys and, then. If the, little boy would say to the parents, well be a good person, and invite. Everyone to your kitchen, and share. Everything, in your fridge and share, your cutlery and share, your car like. We adults. We, take you, know we say no you can't, take my car what if you scratch it what if you have an accident but. We expect our kids to share everything and, make them feel as lesser people, if they don't want to share, so. We actually, teach. People not to have boundaries, that. Is one thing for example where, I know I was always. Being. Being. Rewarded. For, being a little good girl and be nice to people and share with people and, let people use me like a toy you. Know and that's maybe why I'm so strong on how, important, it is to set boundaries, because. If you don't know how to set boundaries in your life you don't know how to set boundaries and your trading aka. Taking. Or losing taking, a loss in your trading is setting, up boundaries with your trade, yeah. So that's that's in a nutshell of, course there's so much more than we can talk about in in a few minutes but that's the reason why so. The. Solution. To. Succeeding. And trading, is, number, one to look, for why do you want to trade just for yourself, and I. Remember, when I discovered. This nas shifted, it was I loved. Trading because I have to grow as a person and I want to be the best trader I ever can be and, it. Was also, about. It's. A something, for me where. No. One else is involved. And then I just thought it Jen did you ever think about it, when. You make let's, say. Five. Hundred dollars an hour for. Selling. Something. Or getting. A new client for your caddy me which I know is not $1,000. Which is, super cheap for your for your Academy for, all the, service, and all the support. And all the content, that you that you deliver, if. You get $1,000, sale do you feel as good then, if you make $100 profit in your trading I. Think. You have two different things I'll, see the same one yeah, so for me I feel, so, much better making a $20 profit in trading, then, making I, don't know at $10,000. Sale right. I've. Never been this is. Something at tutoring myself on is that I don't forget sales or profit. And training it's got the overall at the end of the month yeah, and then and then I think then, I might feel something but it's not a big deal I would. Look. At the the end result that is really. Cool that, shows that you're a true entrepreneur and. And, I also see how, you run your business how, easily you delegate, that. Shows your true entrepreneurs, I'm not I'm a technician I liked her I hold it on circuit you're not afraid, to give something up and. So, that. Shows in your trading is worth right, yeah, and. The. Thing is you.
Being A true entrepreneur and, we spoke about it at the beginning when we met so it's Yin he, has like the perfect dis profile, it's like a million etic, so his behavioral, patterns is something to model on and. But. The majority of traders don't have this this disc profile, and the, thing is you're not a lost cause you. Can learn exactly what. A Chen has naturally, or what a chain has taught himself I'm not quite sure it doesn't really matter and so. I, then. Looked into why, is it that I valued, a $20, profit in my trading more then. Being. Paid. Somewhere, from the external source and the. Same in the opposite why, does a $20, loss hurt, so much whereas. I'm ready to spend a thousand dollars on a pair of shoes that I never wear and, I don't even blink twice and. So. It. Is, because, trading. Is my thing like. It's, something that I. That that, eyes. What's. The name it, is something that I conquered, it is, something. That is just me, and I feel good about it because I was not dependent on anyone else does it make sense yeah. The. Third thing is about kind of making go. For yourself and. Like. Achieving those goals alright I'm alright yes. Exactly so the. Step one is why it's you but, it's adorable. That, you want to take care of your family. Start. With being selfish, and look at something that is just for yourself, and I explained to you why, every. Time you will. Have a losing trade and, in your unconscious, SD but I want to take my wife for a first-class trip around the world or my husband, or the kids, you. Will feel like you disappoint, them you let them down yeah. And that's, where the self sabotaging patterns, can happen and, it's also easy to kind of push things too hard like try the dictum in church because we want actually. That's. Where traders start over trading and pushing too hard because. It's this concern. About I, promised. It to them and now I have failed them and then they try even harder and, you know what happens right the, harder we try the. More we stuff up and, Templeton.
Was The guy who said many, many decades. Ago. Traders. Lose money in, the attempt, not to lose money and I, say traders, lose a sorry people humans, lose, friendships. And the attempt not to lose friendships. People. Lose their health in the attempt not to lose their health like the. Thing that we are so afraid to lose, we, will unconsciously, actually. Sabotage, and lose. And that's. Why it's so important, to shift. The focus to something else and to. Really, let go to, wanting. To have this Lamborghini. Nothing. Wrong with it right but I tell you it, will interfere with your trading success, the. Lamborghini will, come but, don't put that into your goals, the, amazing house will come don't, put into your trading goals make. Your trading called subtly, I want, to be the best kick-ass, trader that I can be. And. It's where I see also the fact that like you mentioned earlier like you have to be accepting. Your small wins and the progress will be done not like the big jumps, the big income. Terrains. The big profits but the small wins you get overtime to get some your goals be ok with a little fish yeah and you, know from time to time you get a big fish because the big fish is trying to catch you a little fish and. So. It's really really important, go for the little fish first and then. The, big fish will come if, that is your system now if you're a momentum, trader light like Nick, for example. Very. Different, story if you're a long-term trader. So, what, I'm talking about with a little fish was because, that guy the trader his, system, was short-term scalping, he. Wanted. To do short-term, scalping, but. Behaved. Like, a momentum, long-term trader and I. See that with a lot of, traders. Who have. A long, term view, as well so let's, say when. The market. Reversed in December, to take, its leg up quite. A few traders I spoke with they said, oh the, market had put in an intermediate, low I'm going to write the low the the leg. Up but. Then they took little profits they started they. Started micromanaging. That. Yeah. And so, I don't. Know if it was doubting so much it was really the micromanaging. And, that. Interferes, as well so either you have a big, picture long, term. View. On the market, but, you start micromanaging. Every trade yeah, mate even be that you say oh here, we have a little reversal, I take, my profits now and then I take the. Next move up you, know by the tip kind, of thing but, then there was no dip it just continued to the upside Manuel caught in your short, did. That make sense yes. So a submission the fact that like, this was negative someone, that was. Like needs, a small profit but think of big games and I would see the same as the opposite someone that used to camp is a diversification and since, like small wins and it, looks little small wins but they have to go for the bigger ones Indo strategy their styles and they, would have the same hard work to do it, be covered up secondly. Yeah nice try, Jessie yes awesome so, and, and, I see, that as one of the main main mistakes, and then it's going back into where, did you learn that behavior like, the guy with the fishing. So. His system, funny right, the system was short term but. He wanted to catch the big fish and then.
I Like, people. Traders. Who trade longer, term they look for the big fish but. Then they go for the little fish yeah. So. That, is the third point, we have two more where, you are going this whatever is it for it wait people mess. Up their trainings and look a lot like a hundred for sure yes Father. Yeah you know what I don't want to over band trade us because that is actually the, next mistake that traders do, rather. Than taking one piece of information and. Applying. It, in their trading in their life, they. Say oh great, another insight. That I can put into my shelves another. Piece of knowledge, that I can add to my wisdom and, then, they say Fundy. I read, all the books I watched all the videos and, nothing changes in my trading but, yeah because you haven't applied it clown. Right, so. Take. Those three examples. And apply. Them in your life look at where it plays out in your life and I guarantee you it, will it will shift your trading tremendously, yeah. It's. What we call being an exit information, drag people's. Like to read books it's a book after book after training, videos and, they, get to a point where they know everything but they can't really practice is they wanna know more yeah so, and there's an avoidance, strategy, it here they're, avoiding to, look really, how, does the play out in my life because. It is painful. Same. Thing goes with executing, that if people know that they have to stick to it and, like. Go through the drink all the time but. They don't and we're working on something with two students, communities. Yet so check the link below about. How to sit. Your training plan like seven ways to do this I mean, it's gonna share advice and this can be linked video or training that many does for the academy and if you wanna check it out it's gonna be thinkin supposed to be as I said and it's. Gonna be back to fighting I'm sure that's gonna be pretty cool pretty. Good training yeah, yeah. So, we do my best yeah so what is the assist way to posture of their training using, the. Fifth way is the. Believing. Everything. That other traders say so. We, are all. Diverse, people, we, all have different behavioral patterns, different personalities, did, you know each end that 40%. Of, our, life, is driven by, genetics. And that, is personality, and. 60%. Of our life is driven by behavior. And, this is what our coding, and programming for, our childhood, right so. This is really exciting because we. Can't change genetics, and unless they find out how to do genetic, modification. In humans, which I'm sure will be coming soon, but. We can change the 60%, the behavioral, patterns and. So, if you read, something, on Twitter don't. Just blindly. Adapt. It and believe it is it. Suitable for your style for your behavior better for your personality, and, that's, why I say listen to different people, and take from everyone what serves you because. Again. Everyone, is different and, everyone has their own strengths.
Yeah, And, I guess where you have it's kind of just things like most of all there's, only advice and use it and then I want to do this and like, make it work when they forget that there's a like a test part that they don't, go through you, know what to test everything this year there, was maybe like maybe half a dozen I gotta work for them and that's normal, but maybe the other halfs gonna work and they can use it and you compare exactly. And, you know what. I call it this magical, thinking that they believe others, have the magic, but they don't have the magic and. It's really about finding the magic in you and, you know start trusting yourself that, you, actually know what to do and yes, there's always things that you can learn from other people, but you're the one who has to do it and, that's. Where the magic lies. Like. Our magical, weather right now the Sun came out yeah. All. The beasts out I was joking a few minutes ago that no one was swimming but not as people were like bikini on the beach quite. Surprising. It's, the four seasons, in one day I. Like. It those good to visit so many things so much I appreciate your time for thank. You and you guys check out the link below so you could be in training with Mandy on how to stick, your training plan we've, got seven ways and that's gonna be pretty good free showing follow, this if you need carry me then just put the Academy blog, in your attorney if not just to you link below you can find it out and I will. Catch you back here pretty, soon many any word of advice do you wanna be people with and you've not find. You or something please never ever ever give up there is a way find, the way there's always a way. Just. Trust yourself that you find it it's, the best profession in the world and I, mean look at it yeah and traveling the world I've so much respect for you, awesome. Thank, you thank you.