Starting a Trading Career F&Q | At the Table by Urban Forex Ep.005

Starting a Trading Career F&Q | At the Table by Urban Forex Ep.005

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[Armand]Hey Navin how's it going? [Navin] Good  good. [A] How are you? How's Dubai? [N] It's   getting super hot now it's very humid it's getting  hot, how's it there in Bangkok? [A] It's always   hot in Bangkok as well, sometimes I wonder  who's living in the in the hot desert you or   me. As you can see the snow is melting like  crazy. [N] So what's the plans for today?  What are we doing? [A] Well we are going to, well  no, you are going to answer some questions that   we've been getting from from students, people who  have been following us on youtube or facebook or   instagram and we'll try to make it like  fast paced, so fire the questions at you   fast and then hopefully you'll answer them  fast. [N] okay um I can't promise you fast,   I mean depends what these questions are is it  like you know 'what do I eat' or something like   that then maybe I can do it fast, but anything  else well we'll see we'll see. Okay so it's fast  

fast fire round I guess it's called  or whatever? [A] Something like that First one by Mohammed [N] I think that's a very good question because  i think many people are in that situation   you see this is the problem you said fast fire  round and you ask me questions like that like   how do you do this in one sentence like? [A] I was  already going to say 'too slow next'. [N] hold on Okay so for Mohammed's question I think it's  a very good question it's a very important   one it shouldn't be taken lightly um this can  cause a big major issue for many many people   because what they're doing um from the sounds  of it is muhammad's information is scattered   is scattered like he'll be studying online  he'll take in a little piece here support   resistance taking a little piece here trend lines  taking a little piece here of the foundational   pieces of trading people taking a little piece  there crypto trading and then it's all scattered   there and then when he looks back like i have a  lot of knowledge but i don't know where to begin   that's because it's all disorganised. I think the fastest way for your quick fire round, the fast   thing I can say is a word that many people will  familiarize with is 'format and reboot' okay which   means get rid of all that knowledge restart it  start from a structured organized format where   it's like do your basics again even though it's  easy you know it do it again make sure nothing is   missed do the next piece after that where you're  finding yourself an edge okay whether that be a   strategy or whatever it is then the next piece  on how you're going to do your post analysis for   that edge and then the next piece on how you're  going to improve on anything that you notice   in your post analysis now if you don't  know what post analysis is is you're   trying to fix any mistakes that you've noticed  yourself doing that is very very key yeah so   keep that structure in that format and put  that on the loop and you'll be fine. [A] So to summarise Mohammed has to get out his man in  black pen like flash it without sunglasses   erasers yeah [N] There you go there you  go. [A] Next, this question is by James

Because you know there's a lot of people  who they want to get out of the 9 to 5   you know story of their life and instead of  going to the office they want to just trade   from different places whether it's the beach the  swimming pool a coffee shop or sometimes at home   you know many of these places are remote you  know everything apart from home basically so   how do you make that work for you? [N] okay  well what I personally do is I generally go   to different types of coffee shops throughout  the day and and in fact if you go to Dubai Mall   I think all the staff in all the coffee shops  if you show them my picture like i know that guy   like he comes here all the time like I feel like I  work there so if I go through the malls they'll be   like they know me a lot of them are actually  even urban forex students surprisingly so   but one of the main things i look for personally  is internet stability you want to make sure   wherever you go there's internet stability  if not you need to have a backup your 4g card   on your phone or 5g these days make  sure everyone can get cancer around you   that's controversy i'm not going to get into  that but um you can do that if that's your thing   um and then plugs in case whatever equipment  you're using drains out of battery within   hours then you want to make sure you have either a  power plug or a power bank to give you backup life   one thing i personally like to do i use a  privacy screen on my laptop as well because   the world of trading is becoming so popular  now that everyone walking by is like   huh i wonder what that guy's doing so it just  becomes irritating when people are staring a   little bit too long and you get conscious you're  like can i help you like so people start looking   at you there is one thing i want to point out  though there's one thing i want to point out this   this situation happened to me sorry that's the end  of that question but i wanna put it in there to to   match up with the quick fire on that's the end of  that question but then i wanna put in my possible   experience i'm gonna share with you all actually  what happened um i'm in Dubai Mall and so i'm   using my airpods pro from apple right the noise  canceling stuff that so i have noise cancelling on   i'm on a call with my prop traders and i'm trying  to explain to them certain methods and techniques   and one of the techniques i was teaching them that  day is drawing a pullback they want to buy yeah so   i'm at the coffee shop you know earphones in  my ear noise canceling i'm so in the zone i'm   unaware i'm outside my house yeah you're in  it i'm speaking huh you're in a cave i'm in   a cave like i i just totally forget that i'm in  a public place and i'm zoned in and i'm speaking   and i'm saying all right guys one of the one  major things you want to remember is when you   see two legs okay i'm referring to the pullback  when you see two legs and it slows down you attack   and only afterwards i realized when people were  turning around and looking at me and they're like   what the hell is this guy  talking about is he a kidnapper i was like what why is everyone  looking at what did they say   but you have to understand what when you're  speaking in a public place just understand   they don't hear both sides of the conversation  they just hear you so please be careful of what   you say it can come out the wrong way context so  i was using words like 'when you see two two leg   pull back you attacked' that time I said 'when  you see two legs attack especially if it slows   down because that's where you're gonna make the  most money' and it was just coming out the wrong   way and they were looking at me and one girl had  their eyebrows slightly down as well i was like   oh man and they're gonna arrest me here  they're gonna think i'm some kidnappers   and at that moment all the women started to  run away slow down so yeah just be careful on   those type of situations. [A] yeah duly noted. [N] yeah or don't use noise canceling you know [A] Let's have a look at the next  question this is from Tsumbedzo. [N] Okay so there's a fine line between  becoming a pro and the unprofitable trader   one of the main things between  these two is obviously the daily   habits that might be completely different now  it does not mean an unprofitable trader is lazy   an unprofitable trader can be the most disciplined  person you've ever seen in your life and he can   still be doing things wrong because of not his  knowledge of what he has about the market is all   wrong okay many people they come into the market  they study something from the internet and they   put in hardcore hours but what if that knowledge  that you are putting hardcore hours behind   is incorrect you see it's not like what you  know like the typical school you get a high   school degree you can go get a job make a little  bit of money you get a master's degree you get   a better job you make a little bit more money and  then when you do your phd you make the most money   right in forex that line it's either you  make money and then you make more money   or you don't make money yeah there is no but i've  studied for two years i should make some money   there's no such thing there's a line there that  says profitable now or not profitable. [A] Yeah   exactly. [N] So that has a lot to do with the  routine and what is the edge you're working   with maybe you're working with an edge that  simply just does not work or is explained wrong.

[A] Or it doesn't suit this particular  person. [N] Yes that's also true sometimes   the personality doesn't match with the edge  where someone might be aggressive but the   edge is very conservative so that's another  thing to watch out for a good question though   good question. [A] Well that one was pretty  fast, but we can do better! Next one, Greg.  [N] What am I doing what  is that 60 seconds a piece?  [N] okay so this is again a very common thing  and the reason why a lot of these questions are actually quite common questions, and the  reason why this is also another one that's common and the reason why i'm saying it's common  is, I don't want you to feel bad that you're the   only one having this issue everyone goes to  this issue. So Greg if you look at anyone   in in the trading market when they just  enter the markets or they've been in the   market for some time the whole focus goes  on to what do i do to get in what do i do   to enter what do i do to enter and once the trade  performs whether it goes positive or negative   they don't know what to do next yeah because they  didn't train for that part and they didn't prepare   for that part of if it goes for me where  am i going to get out what's my exit plan   if it goes against me well what am i going to do  with that am i going to cut my losses or stuff so   not only is there no plan but because there's no  plan no one's visualized it enough times where   they repeat it in their mind and they see it over  and over again they haven't done that enough to   be like if that happens i know how i'm going to  respond so one of the things to do with that is   make sure your plan is done before you get in you  do not make that plan after you get in because if   you do it after you get in your subconscious mind  and your conscious mind will be so focused on   trying to make money that you cannot think calmly  and be like this is a danger area be careful of   this your brain's only going to be this should be  a buy this should be a bite if you're in a bike   it should be a bite so it will hijack your brain  yeah so be very very careful with that make sure   your plan to exit is done before you even do your  entry. [A] okay so i think i can summarise this  

in two or with two things it's one and most  importantly is to not have a plan so you need to   have a plan basically before you you get into your  trade and it needs to be before the trade because   you know your brain gets hijacked a bit when  you're in the trade and secondly is it's also a   bit of experience that you need you know of being  in a trade being in a profitable trade or being in   a trade that goes against you and knowing how to  manage that but it goes hand in hand with having a   plan without the plan there's no way to go and to  make this um you know end well basically. [N] Yeah   training training after entering to train the  mind to do better after the trade is is activated   that's the hardest part, but training ahead of  time before you enter for the exit plan you'll do   it'll be a lot faster it's the fastest hack around  it. [A] okay great next one this one is by Natália so this one lines up a little bit  with the previous question and I think let's focus a bit more on the how to  stay motivated after having a losing trade [N] okay so Natália um maybe open the question in  this way it has nothing to do with trading if i   remove the word trading and i put in anything  else whether you're in a job or in a business   or anything like that it all comes down to how  much do you want to succeed in that industry or   that particular thing that you're trying to do  you can remove the word trading and put anything   any other word in there so what will motivate  you is your love for that particular thing   project industry whatever it may be if the  love is there you'll be able to sustain   the difficult times because the difficult times  will always be there no matter what you do   there's no such thing as oh it's beautiful from  day one it's always gonna come at you but for   you to survive those times you must have some  kind of an internal passion for it so constantly   reminding yourself of all right today was a loss  um or this trade was a loss okay what do i learn   from it what do i understand from it how can i  do this better so you are going to feel at times   when you have two losses in a row three losses in  a row you are going to feel emotional about it and   be like what is wrong with me is there something  that i'm doing incorrectly is it my psychology   do i have bad luck is the broker against me  all these factors will start coming into you   but the reality is that trade failed what do you  learn from it all the feeling that you're getting   it is something you are creating on your  own but the reality is trade was wrong and   the only thing you can do is understand  what was wrong with that trade and solve   that problem but by thinking of all the external  factors of do i have bad luck what's going on   with me i don't think i can do this or blah blah  blah all of these things are created in the mind   as a fear tactic try to avoid it like that like i  said if your love for the the project or industry   that you're in in this case trading if it's strong  enough you will be able to sustain this down move   and come out winning on to the other side okay? I hope that helps hope that helps. [A] I think   summary here is again sort of two things so one  having law for what you're doing and two being   able to rationalize the results basically  especially if they're if they're negative   and maybe this ties in with another question  we got and that is from Dulaj and okay he asked Why trading, why try to make money from from  trading? [N] Okay so yeah they're connected   with Natália's question, so how do i find my why?  If you weren't trading what would you be doing   you'd probably be working somewhere right having  a job or you'd be on youtube or you'd be on   instagram you know these are the different options  in today's world right either you're on social   media creating content content content content  like day and night and that's your job and you're   just living this illusion of a life or you are  at a job trying to do something that's fulfilling   enough for you to um be good at it but your why  comes from whether you do that job and it's nine   to five it gives you a salary for example but if  you're just working to get the salary working to   get the salary working to get the salary you're  always going to think what am i doing here   yeah yes it's paying the bills but what am  i doing here the older you get the stronger   that question is going to become which means  like i'm getting older i'm getting weaker on   the body i'm getting mentally tired what am  i doing here apart from just paying the bills   so is the answer reduce the bills no the answer  is you're doing something that is not fulfilling   okay so if you if you now come to trading  and you're saying what is my why in trading   well it's the same thing why are you here does  are you in trading because you want to learn   how to trade and become really good at it because  you're fascinated by it or are you here to replace   a nine to five so you can make an income from  this thing to do something you need to answer what   that something is if that's the case and if that  something is let's say buying a yacht for example   but then the trading is not giving you that  then any losses that you make in trading   is going to make you feel what am i doing  here at least in a job i was earning i was   getting closer to the yacht but in trading i'm  making some losses it's taking longer to learn   why am i here that's the deterioration right  there that's why the question will come up   what am i doing, so you need to understand are  you trading to trade or are you trading because   you're trying to fulfill a means of something  else because then trading has less value   has less value you can change it to something  else and be in a different industry altogether   which is a lot easier trading is like going to  med school okay it's like going to med school   and i'm sorry many people tell you trading is  easy bring them to me i'll slap them for you   like trading is hard trading is hard um we  have mantras in our company that says you know   trading is actually easy but the mantra is  to tell yourself it's easy pass the hurdle   it's easy pass the hurdle but it takes time  it takes time it's like going to med school   it's like going to med school okay um  so that's my quick answer for that one giving people an existential crisis yeah i'm sure  after after listening to this everyone's like   what is my why am i in the wrong thing like I  don't mean to get into that where it confuses   many people but it's a question that should  be answered for everyone for everyone it   needs to be answered. [A] and actually I think we've also done a webinar where you've   also hosted a webinar on this where you go really  deep into into finding the why and the purpose of   everyone's trading so um we'll find it  we'll link it up. Next question Hamilton

[N] okay so that's an interesting question and i  don't think another industry will take over per   se could be wrong on that and the reason why i say  that is because when the stock market was around   forex came along forex came along it is much much  bigger in terms of volume than the stock market   ever will be but yet stock market's still  around stock market is still a preferred   way to trade for many many people because  it's an asset that can go one directional   in forex you can't go one directional it  doesn't work like that it's a currency pair   you can only trade for a limited portion of  time right you can't just hold it and expect   outlandish returns crypto is another stock market  style you can hold it for outlandish returns   and it goes one directional now will cryptos  replace forex that is a question i cannot answer   um but i don't think forex is gonna disappear  anytime soon because it's fiat trading and fiat   trading as long as there's someone in the office  with power fiat trading will always be around   now unless you can guarantee me someone in  the office with power is not going to be there   tomorrow then i would be scared of that world  i don't know what that world would look like i   hopefully i'm dead before then but that would  be one scary world to live in because then it   would be everyone saying i know better for myself  because the average person honestly does not know   better for themselves it would be just headless  chicken running around so that would be a scary   world to be in. [A] Too much for my taste as well.  [N] Yeah it'll be way too much mafias who have a   little bit of muscle power and force they would  come after everybody. [A] I think we're on the   same page here all right before going into total  anarchy let's go to the next question by Samad [N] That has a lot to do with your edge i think  you're dealing with an edge that is losing   so frequently that you're starting to worry  about am i what if what you're doing is wrong   okay so to trust your analysis means you need  to replay that scenario with your analysis   back testing it forward testing it enough times  that you know this thing works if you know this   thing works and then when you trade it live  you will trust your analysis because you've   seen it work yeah here's an example here's an  example we've all seen prejudice people right   prejudice people how do they become prejudice  they use a certain amount of data from the past   and if and they're projected into the future  that's how it works right that's how our brains   are wired to work they use a x amount of data  from the past and they projected into the future   and saying that's what's what's going to happen  so to trust what you're doing is right you need   that data you need that data so you can say okay  what i'm this analysis that i'm doing i think it's   right that trust will only come if you have data  from the from before yeah does that make sense   yeah yeah that makes sense to get that data is to  trade on a demo account trade on a demo account   back test it forward test it just do it enough  times where you know this edge works. [A]  

I think that's a very clear answer and pretty  fast. [N] Yeah I think I'm beating my own record [A] The bar was not very high but {N] I'm  doing my best here. [A] We can see how   high we can set it by the end of the of this  meeting. All right next question is by Marián Ok, well the answer is 'be patient' but at the same time you said if it's not being  patient what would it be? So Marián, trigger happy   shows me two signs one is compared  to the last question that we just had   by samad there is more trust in your analysis than  he or she had okay um you have more trust in your   analysis which means it's getting you more fomo  that i gotta get in before it leaves you are using   data that you know that this is supposed to launch  and you're getting in a little bit too early   you got to get that balance in and  that balance is only going to come in   is if you use your post analysis  and rewire yourself to calm down   okay now what does what does that mean you need  to look back into if you take in a trade for a buy   you do the buy it comes down a little bit more  stops you out and then the buy happens okay second   trade it does that again and it goes third trade  it does that again and then it goes and then here   we are we're like i have this problem Navin how do  i make sure i don't do this that means you haven't   put enough thought into why this is happening over  and over again and you haven't meditated on it   enough that you will solve this problem next time  you're there your emotions of trying to get into   the trade are far superior than the knowledge of i  know i normally get into early you see you need to   get that knowledge higher where it overtakes your  emotion where when that trade is getting ready   you're like whoa whoa whoa i know by my past data  i get into early hold on hold on not yet not yet   and force yourself to overcome that emotion like  literally force yourself yeah and that's and if   that means you missed the trade you missed a trade  but at least get that data that you missed the   trade once you missed the trade twice you missed  it trade three times then you're like okay so i   gotta get in a little bit sooner you'll find that  sweet spot by doing that but you need to reflect   back on it as much as you can and be like this  is a problem i need to fix it. So post   analysis will help you dive into that hardcore.  [A] So just like the previous question basically it   comes down to gathering statistics and looking  back at what you've done and then based on that   those statistics you see okay i'm looking at  the right setups i'm just getting into early   and those two things are essential. [N] yeah so  emotions have no role in this world of trading  

have no role in this world of freddie having that  said the answer is not turn to a robot and saying   listen mr EA i want you to take over my training  for me and then you know no no that that's not the   answer either unless it's artificial intelligence  that's different but a normal robot or an ea   or any EA labeled as an A.I and now i'm just using  letters right and EA is an expert advisor sold   by people for metatrader which will trade on your  behalf garbage okay i don't want to use bad words   but garbage okay then there's a i do not mix those  two an ea can be called an ai which is artificial   intelligence that is just a word they're labeling  on it that is false marketing it is not artificial   intelligence artificial intelligence learns from  the mistakes gets better no human interaction   necessary yes okay you need to know the difference  so anyone labeling their EA the it's an AI run   okay. [A] It's just a script that's written by humans  like if then and it's nothing else but if that   script can learn from its own mistakes then we're  talking about artists then it's an artificial   intelligence. [N] Correct correct if then situations  which means if this happens then do this you're   not going to make it in trading because that's how  the normal brain is trying to process a strategy   a strategy on its own never works in trading you  need to filter multiple scenarios coming at you   which you cannot program over and over and over  again because each trade is like a snowflake   so what conditions will you use now what  conditions will you use now what condition   will you use now so having that set it's unique  like a fingerprint or a snowflake the human brain   has a better adaptability still as of right now  even in the world of ai's make your brain a lot   more powerful that would be my advice just get  better look at situations you'll be surprised your   brain will automatically do the work for you yeah  automatically just give it enough exposure to it   yeah i'm sorry i went a little  bit too long in that one but   [A] Sorry i said it's underestimated how smart our  brain is actually. [N] It's it is it is people just  

look to robots and like oh robot is better than  me he doesn't make mistakes man you know you don't   know how powerful your brain is it is incredibly  powerful so it's just we're trained by media that   we're all small dumb creatures until we get a  bachelor's degree in our hand and then we get   the bachelor's degree i'm like why don't i have a  job i don't get it yeah like it's it's just a big   circle of a mess you know. [A] So we are smarter  than machines so far. [N] So far. [A] Next question is by John. [N] No. okay so that's a good question and I think they're  all like did you did you organise these questions   in such a way or they all seem to be lined up in a  very systematic format. [A] The machine did that for me.

[N] So okay, John so that's a very good question.  Trading should never end the learning process   you know why because the trading keeps evolving  as well as you've seen cryptos have come into   the space options come in futures come in so  it keeps evolving and as it keeps evolving you   need to understand what is there more to learn  so if you're a forex trader and you're like   currency currency currency charts charts charts  calendar calendar calendar based on economic   news and then this new coin  stuff comes out and they're like   we use computer to computer ledgers and  technology to do all this stuff in your life you you need to keep up to date and try to study  more things to understand where is the industry   turning to doesn't mean it's going to take over  but i want to know you have to learn these things   get your feet what throw in a couple hundred  dollars and be like let me buy this bitcoin   and stuff and let me see how it operates let me  see what the spreads are let me see if there's   slippage let me see all these firms how they're  handling it is it just a fee based system just   to take money off of fees when there's actually  no value anywhere you cannot judge it unless you   try it yeah okay so learning it constantly is a  must never stop learning and never go to anyone   who says i know how to trade i know how to do this  and i'm good there's no such thing there's no such   thing constantly develop it is like studying  a computer there's so much to learn you can   it's endless. [A] Yeah and I think you can even take  that one step further in your life in general you   always have to keep on learning otherwise you'll  be that grumpy old man like 'oh computers i don't   like it, like i don't know, that's why  i don't like it'. [N] Yeah what is this tick-tock? You see and and it's true right it's true like  because see I'm not on tick tock but then i'm   getting into tick tock because the whole  thing is like what is this tick tock thing   same thing happened with instagram with me  all my friends like hey you on instagram like   what is instagram like i felt like a monkey you  know from the primitive times like instagram   what so i picked up instagram i got used to it  i'm like oh cool it makes sense it's it's quite   nice actually and i started to like it there's so  many things that you should always step up your   box that you have and always try to expand that  box as you get old that box goes from cardboard   to cement and you will not live outside that box  because you feel you know how the world works   and how the world should operate never live like  that because the world works on evolution if you   do this there's no evolution you will pass away  horribly okay always adapt or just grumpy or   just grumpy yeah no one likes a grumpy person. [A] It doesn't mean you have to like that's new but you  

know at least give it a shot try it see if it's  for you and then at least you know how it works   and then you know at least then you're you're  more open to try the next thing and maybe you'll   fall in love with that so. [N] Maybe maybe you know  if you're an older person you're a grandfather   hang out with your grandkids and like open me  that tick tock account or that instagram account   let's see what we can do let's dance together  put me on that thing we will be there to thumbs   up for you you got to get in there you got to get  involved you'll be surprised that how fun some of   these things are. [A] And you will probably get more thumbs up  than the rest of the people because you stand out. [N] Also also yeah don't be afraid don't be  shy just do it. [A] I'm doing a   horrible job of keeping this fast let's  go to the next one is by Maridee Mendoza Okay so I don't think that has to do with  a trading plan if this is a problem that   you've encountered multiple times and now you're  asking how do i have that trading discipline   i think let's remove the word trading and let's  talk about discipline itself i think discipline is   a big problem there and if discipline is a problem  which means you're unable to do that routine thing   that is required for you to get better chances  are if you're asking this question you already   know what needs to be done to get better but then  the discipline is not there then the way around   it is not to force yourself to do that trading  discipline the way around it is to hack your brain   into understanding what a discipline is okay what  that what i mean by that is um start off the day   with doing small small things like if you  wake up fold your blanket in a certain way   it's so simple so small so easy but you're  training your mind that i'm gonna do this every   single day oh super easy i can do that you add in  another discipline i'm gonna brush my teeth in the   morning or as soon as i wake up and also in the  night before i go to bed okay i can do that super   easy takes one one minute or less okay okay you  should burst brush a little bit longer please but   but i knew that was coming from somewhere  like did you say one minute like oh my god   dude go to the dentist just like any minute you  get what i mean. [A] then you know with listerine  

also flush. [N] Hey we want to give them easy  discipline not difficult discipline baby   steps baby steps just covering all right so so  little little pieces of discipline like this   is gonna turn you more hardcore into saying give  me bigger projects that i can be disciplined with   you'll be able to tackle them because you  have confidence now of yeah if you need me   to do this for 90 days i can do it for 90 days  otherwise the discipline lasts only an hour for   the average person if you want to like you watch  a video on youtube and you're like yeah you get so   pumped up and you want to do something that  adrenaline rush one hour after that's gone   and you're like i'm gonna get into that  new workout routine that i just watched   a good third an hour later you're like cool cool  starting tomorrow i do this tomorrow comes along   you know what tomorrow again tomorrow man tomorrow  tomorrow today i got kids man kids come first   priorities prior to this like i got you know i got  to pay the bills i got to go to work like there's   so many excuses that will come along the way to  put the discipline aside so um you're like partial   military guy right here right you're like hardcore  at urban forex when there's one person who is like   ultra strict it's you, what do you do? What do  you do on stuff like this? [A] Well there's some hacks   but you know not all hacks work for everyone  and I wouldn't call myself you know an expert   on this at all but i think you just have to make  sure that whatever rules you're trying to follow   make sure you you can make them work for  you so for instance what what i like to do   is um when i know i have to do something so  let's say i'm training for some running race and   um i know i have to train for it but it's raining  outside i don't really feel like going but then i   think about how you know good i will feel about  myself once i'm done with it and it's just that   little motivation that i need to to just get out  there do that run in the rain come back and or i   think about how nice the hot shower will be  after that so that's a little hack you know   other hacks that can work and taking a little  bit back to trading could be to just write down   when you're about to diverge from your rule so  you've set a rule like i'm only going to you know   add a position size when and then you're about  to add a position size and you're writing down y   but it doesn't actually match your rule  then it's much harder to [ __ ] yourself   when you're writing it down so that is a hack  it works for most people maybe not for everyone   and another thing that just today in  the elite community i saw somebody that   was saying that before doing a recording  of my pre-market analysis seemed like a chore   but now i cannot do without so there  you see a discipline based habit   created and this person cannot even trade without  doing a self-recorded pre-market analysis anymore   because it doesn't feel like it's reliable if  it's not done in a serious way like that so   I think the bottom line is what i already  said is you have to make sure you can   you can find a way to make the discipline work  for you to turn into a habit and it starts with   what you say with small things like putting  your blanket in a certain way in the morning   brushing your teeth at the same time every day  in the morning in the evening yeah it's it's it's those those small things and  then you know these thoughts about how good you'll   feel about yourself after you do it the proper  way or after you do it at all that can help   but you have to find it what works for you. [N] Oh  I absolutely agree um i like the one that we   said about the writing it down part um i was just  thinking but you need discipline to write it down. [A] It's a lot easier to force  yourself to write down you know   whenever you do something so or you know you  can train that by saying every morning when i   wake up i write two sentences about the dream  i had or every night before i go to bed i write   two sentences about my day what i'm grateful for  or something like that you know a lot of people   say that it's great for your feeling of happiness  to write down what you're grateful for at the end   of the day so you know start with something simple  like that. [N] One I think I'd like to add to that   because there's a routine I follow but one of the  things i like to add to that is if you are able to   conquer that small steps you know the little  stuff that will start your discipline to get   going if you are able to conquer it then i would  say if you can build a morning routine yeah   that could be a huge project the morning  routine of life when i wake up in the   morning i look myself in the mirror and i  tell myself who i am what i'm gonna do today   and how i'm going to kick butt you know little  things like that i i do stuff like that where   the average person like this guy is creepy man but  it works for me it's what i do for myself to get   going get in the shower i think of ideas um  i'm making sure i wash every part of my body   but i'm also thinking i'm meditating i'm work  i'm thinking about what am i gonna do in terms of   this day how i'm gonna make sure this day is the  best that i can perform and while i'm doing that   once i'm done thinking i play with the hot water  cold water hot water cold water to make sure my   my entire body wakes up and and feels every piece  of the temperature change yeah so little things   like that that make me focus at all times and this  is all part of my morning there's a whole bunch of   things that i do also but the morning routine  is is that portion where i have to have to have   to do that then there's some parts where i do get  lazy sometimes and i don't finish it so what i did   was i replaced certain things where i'm getting  lazy with and i put in a team call okay with my   prop creators i'm like now they're all waiting  on you you got to be there yeah so now i force   myself to be disciplined indirectly so if you  find something like that to do where you're like   i don't want to be responsible you're responsible  then do it you'll do it enough times it'll become   a habit. [A] External pressure is strong as well  because in your mind that's why the writing is   powerful because in your mind you can tell  yourself any lie you want but as soon as you   put pen to paper then it's it's physically there  you can't really put a lie on paper or it's much   harder and the same goes and it's probably even  more powerful is when you tell somebody else   because then you know there's that external  pressure what will that person think of you   if you're just telling random stuff or exactly  if they're waiting for you yeah okay all right   let's let's see that was the fastest one  i think amongst all of them by far faster   so i have a good feeling about it we can do  it this this is a question asked by Tim   One standard lot is a hundred thousand units as a   beginner you want to trade at least 2 000 standard  lots no i'm just kidding please don't do that   okay all right so this is a common question to  ask and it has a lot to do with money management   um i don't know how big the account size is i  don't care if there's a hundred two hundred three   hundred thousand dollars in the account i want you  to trade small very very very very small because   you use the word in there as a beginner that means  you know yourself that the skills are not present   if the skills are not present even one dollar  will go to waste why waste that one dollar   if you can go demo please go demo yeah  okay many people will will garbage   nonsense out of this thing saying yeah but if  i don't trade real money i don't feel it below shut up with that nonsense like the reality is  why waste money for you to feel something i mean   what are you you know billionaire or something  like that like you don't stop listening to that   type of advice you're not a billionaire where  it's like cut me so i can feel life like no   you're like please don't be crazy like that  so be real with yourself if you're a beginner   that means initial stages you're going to lose  money where why i am so hot about this topic   is because i lost close to 55 000 60 000  when i started off within the first few years   because i thought i knew it all let me explain  to you this is not fifty 50 thousand dollars of   my money this is fifty fifty five thousand dollars  on a credit card okay so that's not even my money   i i had to pay it for for years on end to come  with interest and all that stuff and i was like   but i was so close i was so close there's no  such thing you're so close in the beginning   if you're starting off just  know in the back of your mind   it will take time if anyone tells you  that you're going to do it very quickly   very fast and you see that red ferrari  that i have you can have it overnight sorry is this going to be the new thing is  am i going to turn into a meme or something   [A] Unless that person is giving  the ferrari to you, start   start to run and also if you see  Navin with finger gun start to run when he starts to talk about two legs slowing down   [N] But yeah um i think the key word there is not how  many losses you trade the key word there is as a   beginner that's the word that i'm more focused on  if that's the word that means you know and i know   that there is risk involved if there is risk  involved why use any amount of money when you   can do the exact same trading on a demo account  identical identical. [A] Yeah i think trading, you  

know it comes down to a lot of things tying in  together and yes the skills and knowing how to   read the market trading on a demo account is one  part and then another part is also knowing how to   do it with a live account but why not first build  that first part on a demo account without the risk.   [N] You know why this is feasible you guys  have all seen webinars where i talk   about what we do in real life we do not  do in trading yeah right here's the thing   many people who are under nine to five job aren't  there aren't they thinking all right i'm gonna   try trading if all goes good i'll quit my job  right that's normal thinking right exactly why   is there is that not same precautionary thinking  in one getting ready to trade and saying let me   go demo it's all good i'll put in money why not  why not that thinking why doesn't it apply there   why does that get skewed and be like but if i  do it faster maybe i'll make money faster no it doesn't work like that you got to use the same  logic you would use everywhere else in your life   and do it here as well it'll keep  you safe it's what you've trained   growing up and it's the right dream that  you have yeah passed down from generation   a little bit wet before start to swim and start to  cross an ocean yes before you go i think i think   um because that topic is so hot about how fast to  trade what I'll do i think in the next podcast the   if you can i'll give you some of the  prop traders on training right now maybe have   a talk with them and let them share their  experiences now these are senior level people   you know going in hardcore day  and night studying all this stuff   see what their experiences let them tell you  firsthand these guys have capital through me   they're trading my money on the line let them  tell you what they've gone through to get to that   position i think that might be a good interview  to to do and have them share their experiences   that sounds good maybe they will  use a lot of a lot less finger guns no no they know the finger gun   next question is by Samuel Cayo it actually ties  in with the previous question. when you have at least three months of consistent   results i'd say then do it that's being safe yeah  okay all right so three months of consistent   results if you want my advice six months to  a year of consistent results then go live   but if you're in a hurry like you can't wait three  months minimum if you do that any sooner than that just Armand you can just add in your bank  account number below and let's just have   people transfer you money instead it's like  at least you can donate it to the right cause   yeah so that would be me indeed yeah so  it's you know don't just waste it like that   you worked hard like i think if i were  to take five minutes um in this quick fire round   if i were to take five minutes and have  everyone take a moment and understand one thing   the money that's in your bank that  you're about to risk in a trade   or in the market i want you to really understand  how that money got there into your account   did it just be like did it get there with you  working hard your intellect you're waking up   early when the alarm's ringing and you don't want  to wake up and you go into the office or wherever   you're working and you do your job whatever  it may be and then two weeks later or a month   later you get that salary coming in you're like  you're going to risk that money just like that   yeah if you're gonna risk it just like  that that means you're in a bad job that   means your job you're not working in your  job because you don't care for that money   that means you're a bad employee that's not good  either but if you've worked for that money then i   will assure you you will not spend that money just  like that in hopes that it can make more money   okay be real with yourself you worked  hard for it don't waste it don't waste it.  

[A] Yeah and if i can add to that so once you know  after those three months six months or one year   if you know okay now i have my statistics on my  demo account i'm going live and then still go live   with small amount like risk small percentage  of your account. [N] Yes yes still go very very small   make sure there's nothing that was missing that  you didn't experience. [A] Yeah because it does   it does make a change or it does make a difference  if you're trading with with live money compared to   a democrat and even if it's a small amount and  then gradually build it as you get good results   only if you get good results don't think oh  yeah i did like a bunch of a bunch of like   small money trades and they weren't great but you  know it doesn't matter it was only small money now   i'm gonna do it seriously with bigger money  no get it done with small money first.   [N] It's surprising how many people go straight in go  straight in and these are the people who get taken   advantage of in our industry unfortunately  especially in the education space right   yeah it's ridiculous you know there's a reason why  we don't have a have a target audience of newbies   right it's because a newbie will  generally take his education from anywhere   because a newbie is so bent on making money right  now i i can't take that person's money and feel   comfortable and sleep at night it's just really  uncomfortable so what where we are as urban forex   instead of being a 200 million dollar company  where we are is i know you're gonna struggle   i know you're gonna burn yourself and i know  at that point you want some good education   and then you're gonna come to me with very  limited funding available to purchase anything   and i'm gonna be like fine let me help you yeah  like that's where we are that's where we stand   Urban Forex within the industry so because if we  stand in the beginning right where the newbies   begin you'll be surprised that we we won't be  able to get in the newbies into our program   if we're upfront and honest like we are with  everything else yeah they're not going to   listen to us if we say this is this is going to  take some time to get away screw this guy man   that guy's saying i'm going to be ready in 48  hours i just have to follow some telegram group   and buy when he buys and sell when he sells  here's 5 000 of all of my savings yeah   well unfortunately that's the world we live  in but yeah we've never got into that space   [A] Indeed all right let's go to the next question  which is by Alex and this is a very common one   [N] Okay that's very nice, so Alex um you know   one one thing i would like to  say is first of all kudos to you   that even with a job a family kids and the  time that you need to spend you are still   looking to grow thumbs up there already most  people at that point start their box right   and they just start stop living at that moment  they begin their box and they start saying okay   let's begin the concrete you know let's let's  start living like this for the rest of our lives   so kudos to you for trying to be better um whether  even if it's in trading or whatever it is so   i just wanted to start off by saying that so when  it comes to trading um if you want a quick answer   stick with the higher time frames for you being  an eight to five thing you want something that   doesn't require too much of an intention you want  to be able to analyze your charts little by little   on a daily basis bite size so that way you can  look at it throughout the day maybe you're out   launching just open up your laptop and you're like  let me see what where the charts have progressed   let's say you're on the daily chart you're like  cool you do your analysis you're like i'm looking   for an entry there you get home you spend time you  have your dinner you're doing whatever you have to   do you're looking back at the church and like you  know what i think the entry should be around here   because i'm afraid of this area you have more  time to fine print that analysis rather than   that hurry of i only have one hour today so let me  see what i can do don't don't do that don't trade   a smaller time frame because it's going to end  up taking your money trade a higher time frame   and take your time to do the analysis the  trade setups will take its time trade small   go for multiple hours you know one to two hours  on average and then whenever the trade is done   try to make sure on the weekends you spend so  much time as much time as you you you can spare   into doing your post analysis and making  sure is all the pieces in here um whatever   i did right or wrong did i really take in all  that information because you're not doing 100   trades per week like everybody else is so you're  limit to limited to studying that one trade and   if you have other people doing trades like that  you need to study those trades as well and be   like what do they do wrong what do they do right  it's very similar to my style of trading do i   can i learn from that as well so you want to  really reel in the post analysis so your main   job in the beginning is not to trade from the  daily but once the trade is done your main job is   what was right and wrong with this that's where  the work is not the trade itself the trade i can   care less put one dollar on that thing find  out what was right and wrong with this trade   understand that get the next  trade try to do it better   and that will slowly take you in an incline and  when the time is right you can look about that   should i transition maybe you like your job stay  in your job it's okay you know everyone needs a   fulfillment somewhere right stay in that job if  you like it and you can decide that if you want   to go full time or even part time so you can keep  your job and increased trading side a little bit   [A] Yeah I think it's really important to when  you trade a higher time frame in general to   take so much more away from the from the post  analysis because yeah there's so much to learn   from each trade and if you have more just time to  spend on one trade then do that and get all of it   out and one thing i i'd also like to add here  is that on weekends or whenever you have time   try to practice simulations so there's different  simulation softwares and you can you can practice   trade setups on that and then you can get  a whole bunch of trades in and maybe even   there you you take a little bit slower you even  though do post analysis on those and you know   learn as much as you can from those. [N] Correct so  in a very quick repetition on that do not forget   the main importance is not the trade itself is  the post analysis of that trade that is key for   you at this stage do not forget that part if you  don't do that part and look for the next trade this this trading world will not open up for you  you need to make sure you do the post analysis   as that's the most important because you're  only getting one trade every couple of days   maybe once a week even so you've got to do  that post analysis as hardcore as possible   [A] Yeah cool and that will take us to  the last question asked by Sashi   [N] I love  that question it's it's it's so zens like ah nice   it's an important question um to ask and  i'll tell you why this is so important   because what you're going through right now every  single one of my prop traders are going through   you're not in this alone every single  one of them is going through because   once you start getting a little feel of i know  how to trade i know how to do this well there's   so much opportunity out there that you're  like when you're going to bed you're like   am i going to miss something when you're waking  up in the morning let me just quickly check the   charts in case there's something there there's  so much of that that you constantly feel this   pressure of i know more than 95 of the world knows  so why don't i use my talent right that's that's a   a even though it's a good thing most people will  die for to be in that position it is also its own   problem so just because i know better does  that mean i need to trade all the time so it's   it's something you should you know definitely  sit and think about um i used to be like that   i was down on the 10 second chart trading with my  mentor back in the day on the futures market and   it's tough it's tough there's always a time when  you're like oh it's busy i should i should trade   there was no cut off time i started to realize  i'm spending less time with my girlfriend spending   less time doing fun things like going out and  doing stuff like that even though fun for me   is quite questionable fun always to me means work  work and trading is fun for me i enjoy it like i i   love it you know so that's fun for me but i was  missing out on the social aspects of life and   i think if you really real with yourself the word  you said balance is so important it's so important   you want to be a better trader you need to do  things that are not trading it's weird it's like   a oxymoron you want to be a better person at a  relationship you want to make sure you're not   always working on that relationship all day long  you need to step away from whatever you're doing   or whatever you're trying to accomplish every  now and then so you can come back with a fresh   mind again yes so i think what you raise  is a very important question sashi and   spend some time thinking about it is bring up  something that's in your mind thinking what   is important to you what is maybe answer  this question who are you training for if that's a person or if that's a person then  that person might be neglected now while you're on   this journey you don't want to do that you want  to make sure you don't neglect that person now   because you're trying to take care  of that person in the long run   but maybe the time now is being neglected and  that's not good either if you're doing it for   a material position you know to pay for certain  means then i can understand but maybe it's time to   step away a little bit so you're not always  looking at the markets because if you're always   looking at looking for opportunities it will take  from you so it actually works that way too if you   get burned out it will take money from you and  you don't want to do that either. [A] Yeah i think   it's just like an investment portfolio you  need to diversify what you invest in and it's   the same thing in life just diversify what  you spend your time on because time is your   most valuable commodity so yeah spend it wisely. [N] Correct if you were to ask a person  

like me or some of my prop traders about the same  thing this wouldn't come up at all because we   generally live breathe eat trading that's all we  do that's all we do this is what we specialize in   i don't have time to take a picture of me and go  on instagram and then it's like my life is good   well i don't have time for that i really don't  have time for that i i'd rather be in front of my   charts discussing charts and saying what was right  with the straight what was wrong with the straight   really getting into the nitty gritty of all this  stuff with my peers so that's who i am but if the   question ever comes up as how do i balance  something that means you yourself something   inside you is saying you're spending too much time  in this you need to break away you need to listen   to that there's nothing i can tell you you need  to listen to that inner voice that's telling you   you need to balance this stuff out that means  you're not all about trading you're using trading   as a means which is fine but do not neglect what  requires your attention um and so listen to that   inner voice that's telling you you need a balance  do that balance find a way to take a break and say   maybe trade a higher time frame for a while see  if that helps. [A] Yeah that's that's a good practical   tip and another practical tip i was thinking about  is just to set certain hours for for trading and   you don't look at the charts outside of those  hours. [N] Yeah that's important that's important so   if you're on the hourly chart and you're going to  trade london two hours before london you get ready   and then once london lunch happens you're  done you're done no more yeah okay you give   yourself that two hour prior to london to  do your analysis to do your preparations   and you have a cutoff time and if you're trading  the one hour charts do not sit there on your   screen come back every hour and see how the  candle closes and be like what do i do now   if you're trading the four hour charts come  back every four hours no need to stare at it   so there's many things that can be done but i  think the key piece is something inside you is   telling you you need a balance you need to listen  to that voice and you got to get at that balance   i think that's a a nice way to wrap it  up find the balance i mean should i go to   the movies immediately after this you want  to go watch fast and furious or something As we wrap it up what do you do for balance  what about you Armand like you're in Urban Forex literally as as much as i know if i'm  online you're online so i'm like what is i i'm   crazy but how is he crazy what do you do for  having that balance? [A] Well i'm i'm pretty strict on   my hours but that also comes with a fairly  strict morning routine so i there's not   more than 10 minutes difference between each day  that i wake up and when i start to do trading or   Urban Forex things and i also try to keep that  a cut of time later in the day now this is a bit   more difficult because the end of the day there's  less discipline it's like at the beginning of the   day it's easy to not get that chocolate or  whatever sweet stuff you have but at the end   of the day it's it's harder to not touch that  right so it's it's the same thing here for me   because i i've been involved with Urban Forex  for so long it's, I know it's your baby more than   anything else but it's also a little bit my baby  like i'm i'm [N] You're the uncle man you're the uncle   [A] so yeah you know and this is just we're all  humans at the end of the day and we can talk   about discipline and however some people are more  disciplined than others but no one's perfect no   one's doing everything to the letter every day and  that's that's also the beauty of being human that   you know there's there's flexibility and agility  to that and there's always room to improve and   to grow and yeah i just try to keep a a strict  schedule and some days that works better than   others but overall i always try to to improve that. [N] It's good it's good so that's the way you balance  

it out make sure you're not always work work work  [A] Yeah and of course you need to know what you know   what other stuff you enjoy you know i i like i  like to stay fit and do outdoor things as much as   i can as the heat allows i just enjoy especially  on the weekends and in the evenings i just enjoy   cycling outdoors as much as i can that physical  part of it that really balances out the you know   the sitting down that trading really is even if  you have a stand up desk it's you know you're in   one position looking at the screen most of  the time so i enjoy doing something that'

2021-07-09 02:00

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