The Pursuit Of Consistency In Trading | At the Table by Urban Forex Ep.006

The Pursuit Of Consistency In Trading | At the Table by Urban Forex Ep.006

Show Video

[Navin] All right good morning everybody good evening  good afternoon. Welcome to another episode of   At The Table with Urban Forex and today  we have a very special episode where we're   going to be talking about consistency. What is  consistency? What does it mean to you? Why is it   important? How do we accomplish it? Now following  this podcast regarding consistency, we also have   a webinar that we're going to be doing  right after this podcast. We're going to be  

all the people who are listening in live will  be able to attend the webinar as well. We're   going to be going over some tips and tricks  on how to achieve that consistency based on   all of our years of experience combined on  trying to conquer that word. So hi, for those of you guys who do not know me my  name is Navin Prithyani, I am the senior trader   at and mentor and head coach here.  Along with me I have here Ian, Lucas and Armand.   [Ian] Hello everybody. [N] Hello hello. [Lucas] yeah. [Armand]  yeah yeah. [Ian] I'm saying hello to everyone.

[N] All right let's start off this  conversation with what does consistency   mean to you and what are some of the things in  the years you have been trading and been around   traders what have you noticed  as a pitfalls of trading and   what are the some of the ways you've seen  them overcome it if they've overcome it ? [A] That's like four questions at once right? [N] yeah  yeah so you can attack whichever one you want. [A] So I'll start with the first one 'what  is consistency to me'. It's it's the ability to   repeat something in the same in a systematic  way and get similar results. Basically   knowing what you're doing, how you're  doing it and be being able to do it again.   I think that's the best summary I can give to  it. The other question was is 'what  

are some of the pitfalls I've seen other people  make in terms of consistency?' I think what is very   common is that people not everyone does this but  many people do this they ask for 'Hey   just show me how you enter a trade show me your  entries and you know I've done the education   if you just show me your entries I know what to  do. But then the pitfall is that they focus only on   the entry and they don't really focus so much on  everything that comes before that or prior to that   and then they build their whole system, because  they're still looking for consistency, they build   the whole system just around the entry but  not around everything that comes before that. And you know every trade is unique and  if you only focus on the entry you forget   all the uniqueness about the trade you're just  trying to you know look for a pattern almost.

[N] Absolutely. [A] I don't want to curse anywhere but it's impossible to find   consistency because you know what is a  good entry on one trade is a shitty entry   on another one, sorry for cursing but um yeah  it's impossible to find consistency like that.   That's I think the most common one. [L] I think  to go back to your your initial answer about   what consistency means to you. Correct me if I'm  wrong you were saying, having a system where   they are doing like consistent stuff basically knowing what they're doing consistently. I  

think that's something you were saying. I think a  lot, I think one of the other pitfalls that most, I wouldn't say just newer traders even like  intermediate traders, it's the fact that you   know they are not too sure what they are trying  to accomplish they're not too sure what their   their ideal trade should look like so that kind  of blur things out for them that's why you know   some trades are not consistent because of the  blur lines. I think. [A] Yeah it's like not having a   proper edge or not being aware of what is  your edge, I guess. [N] Like so many times   we see that right where a lot of people  are coming into the market and their mentality   is, at least my mentality right, I'll tell you  how when I was starting my whole mentality was   consistently getting an income I wasn't  even aware of consistently trading that was   a myth to me. For me it  was like well can i just make money   like whichever way and shape or form that  was fine can I just make it regularly because   I was leaving a pay-check that was coming  in regularly. So I am used to that mindset   of something coming in regularly no matter what. So when I went to the market, ([Ian] I agree with that.)

[N] expecting the same thing, that caused a  little bit of problem and i didn't know   that it was such a big thing at that time  and i could never achieve consistency   for a very very long time. I'm going from system  one strategy, one signal service one, coach number   one. You know and then down to number two  number three number four and number five   [L] Yeah I think I have like a similar  story behind my story of consistency and how I approached it incorrectly. In the beginning  when I was looking into trading, consistency   is always the word that's always showing up  you've got to be consistent with your trades. So in my mind I was interpreting it incorrectly, in my mind I was thinking 'All right so I have to   look for consistent trades which means all my  trades should be more or less looking the same'.  Which also means i'm basically looking for  patterns on the market. And yeah for the  

longest time I was just doing that and wow I can't  tell you how many headaches I had with that. I think Ian has it. [Ian] Yeah actually it's  funny you brought up like patterns and stuff like   honestly when I first started well I think this is  actually true for a lot of traders starting out is   we're always looking for that easy the easiest  road to success and I think especially when in   the trading world I think the two most common  words that most people use are 'indicators' and 'patterns' like you just said. And I know  from my experience that's where I started. I   researched any kind of indicator 'okay this one for  sure will tell me where to get in and where to get   out and and I'm going to get consistent with that '. And honestly there were maybe even days   and weeks in a row that it did work and I was like  'Oh man i got it all figured out now like. [L] yeah it's  

like a full proof pen. [Ian] yeah exactly i'm like  this is super easy why isn't everybody doing this   and leaving their job and doing this but then all  of a sudden the next week i'd be doing the same   thing and all of a sudden my consistency just took  a nosedive. Almost then my consistency was I was consistently wrong so i guess if you can kind  of look at it that way i was consistently right   and consistently wrong and then but overall  i didn't have any kind of consistency. And  

yeah over time I kind of realized that these  patterns stuff may work but you also have to   know the story behind the chart and then and how  to read it properly so that those indicators and   patterns will actually work on a consistent  basis. [N] So well actually get this if it helps, I'm 19   okay I'm 19 working for BB&T bank, living in  the USA, I'm getting paid a salary of 50 000 plus   commissions and everything like that and your  cell phone paid car mileage paid. So I'm working   for a bank at the age of 19 earning 50 plus k a  year. My trading starts to kick off, I quit my job. This is the road, I quit my job, within the first week I'm like  'Whoa this look at this i'm doing great i can do   this all day! You know what where's the boss's  office let me talk to him get bring him to me'. That was my journey I personally took and you  know later to find out the hard way that 'uh oh I shouldn't have quit my job, like I should have kept  that job'. And I was forced into 'okay you better   make this work now you better trade well'. And that  answer didn't come for years and years and years  

and I didn't even know consistency was a thing I  just kept thinking I must have the wrong strategy,   I must have the wrong strategy, I must have the  wrong strategy, oh the market has different cycles?   Oh I must be in the wrong market cycle, I must be  in the wrong market cycle, oh it's my psychology?   apparently I need to be an expert in phd and in  psychology and i need to be one with the world and   the universe, okay so it's the psychology, it's the  psychology, oh I have access to information that   the big boys do not share? Oh so I'm in a market  that is that is rigged. So I'm going through that   phase now so i've gone through multiple phases  of 'I don't know how to answer this problem of   how to become a trader' because everything  that's coming at me with my own experience   and plus people screaming at me saying you know  trading is gambling you have to be careful. You   know I don't know why you quit your job you had a  once-in-a-lifetime opportunity working for a bank   anyone would have killed for that position  but you had it. And i'm sitting there i'm like   yeah no now that you said I understand  now, but at that time when I had one week   were you oh man there's no way I would  listen to him. [Ian] Where were you back then?

So at that time when I made those  profits for that one week or   week and a half of like I got this, I got this I'm  ready to rock and roll you know um but yeah so   consistency definitely creeps up on you very  very quickly. [Ian] Yeah yeah you actually brought up   something else while you're talking there  that actually hit home for me as well. Just the   psychology m with being a trader in general.  Because even when i found maybe when you actually   get that solid trading plan down and you're  there's going to be ups and downs of that as well   sometimes you'll have weeks where you lose  a few trades like, I know I've had days where   every single trade I seem to get in that day was  just just a loss and your psychology behind that   can even get you second guessing yourself and  maybe going against the plan that that was   providing consistent strategies. So i think getting  a good handle on your mindset is important  

not only for losses but also for wins. Not  getting necessarily too over confident and 'oh   I'm gonna grab those few extra pips this  time and try and milk this' when you normally would   exit and then you lose and then so i don't know if  you agree Armand or not but psychology played   like a part in your training as well like kind  of like for myself. [Armand] Yeah for me too and I actually   I also see this in the elite community with  with some guys that have like three four five   green months in a row and then suddenly they have  like two losing weeks and they start to question   whether they know how to trade. And then you  know one of us has to remind them like 'hey listen  

you just had like three four five months in a row  that were green that's not a coincidence'. Like   you cannot go to a casino and get you know  you know and be in that casino every business day   and gamble in the casino and then walk away  with more money than you came in with. In   trading that is possible in the casino that is  not possible and that just proves to me that   you are not gambling, you know what you're doing  you can trade so you know focus on your system   focus on what you're doing differently than you  were doing before or maybe the market is slightly   different and slightly adjust and i think that  that is really a big part of psychology to you   know not stress or freak out when you just have  a few losses over after having such a decent long   and profitable run. [Ian] Look at the big picture keep  looking at the big picture. [Navin] You know I like how  

you bring that up actually because you know  what is the difference between a person who   who might have a bad patch in his trading versus  someone who's let's say not trading he's in a job   he does a great job all the time but once in a  while he doesn't submit his sales report or his   excel file that he's supposed to do what  is he not scared then? It's the same thing   why is it any different in forex like you should  always be on your toes that's a good thing   but you shouldn't doubt that you're a bad  trader overall if you had a bad patch every   once in a while, that's okay you know yeah and it's  funny how, um it's surprising not funny, that   how people can come up to that psychological  conclusion of 'am I doing this right?' And i think   that's because the the media around us constantly  bombards us with you're not a trader, you're not a   trader, you can't be a trader, you can't be a trader. People surrounding you also toot the same horn   right? You're not a trader, you can't be a  trader over and over. [Lucas] If you don't have a Ferrari   in your in your garage and you're definitely  not a trader. [N] Yeah I don't get that, I really   don't think that because many times I get emails  sometimes from people saying so Navin, you're this   big trader how many Ferraris do you have? Like  what do you mean 'how many'? I don't even have one! I'm not allowed to like the car  first and then decide if i want it?   yeah but i don't even have this lamborghini you  know like but it's so confusing that it's this   image of trading = fast car. Who  came up with that rule? It's instagram   it was a new breed of traders that came up  with that rule there is no such thing as   good traders equals liabilities, that is the  dumbest traders on the planet. If all you're   making money and buying liabilities after  liabilities after liabilities. Now if the word  

liability is a confusion, what does Navin mean  when he says liability that guy is not a trader. It's not a matter of well when I generate the  cash, I dump it, when I generate the cash, I dump it. Then that person is not good with money to  begin with. Therefore if he's not good with  

money after he makes a successful trade  he's not going to be good with money ever. [Lucas] Actually I agree with that.Like tying  this with like the psychology and even Armand   was talking about. I believe, like I believe  trading consistently doesn't just comes from   the trade itself it doesn't just reflects like  what you're trading i think consistent trading   in a good way you know you have to develop that  through your lifestyle your daily habits stuff   that's outside the charts. I've read  this somewhere before and i agree with this   very much, and it was saying it's from this  book I can't really remember, but basically it   was saying 'We tend to take our personality and we  project it on the markets itself on our own trades'.  

So someone who's you know inconsistent with  their daily habits their daily rituals for the   most part you see the same thing on their trades  so before looking at the trade or you know the   trading itself maybe we got to reflect on how we  are as a person outside you know the markets and   fix that first then maybe there's higher odds  of being consistent at trading i think that's   pretty important. [N] absolutely I agree with that  absolutely absolutely. [A] Yeah particularly in the   in the pre-trade routines that you have maybe not  so much after you're done with your trading and   you've done your post analysis and everything  but the routines and the habits you have prior   to trading and you know getting ready to do in  your analysis and doing the actual trading itself   i think it's really important to you know make  your mind and your body switch to to focus mode   or it goes beyond trading anything that  requires focus you need some sort of   small ritual or for some people a bigger ritual  to to get ready to get into that zone if you will   [Lucas] Yeah I agree with that. [Ian] For myself yeah I try and  always do a bit of meditating every day especially   like right before i'm gonna look at the charts or  just to try and kind of um calm my mind i don't   know if you guys do the same thing as far as like  try and meditate every day but ([N] Yeah, every day) [Ian] I know it   really helps me focus right like just to kind of  forget forget the stresses or whatever's going on   and just get that clear mind to look at the  charts so. [Armand] Yeah i just like to have breakfast. After trading I like to do some  some sports but uh yeah before just you know   breakfast i but not too much like not feel all  drowsy and sleepy again because i ate too much   so just uh just a light one. [Navin] Yeah I generally go  through a, for myself personally I use a routine   in the morning as soon as i wake up because i  wake up just uh very close to London opening   opening hours so a lot of the times when i wake  up i tend to take a moment and reflect on if i   had any losing trades that my previous day or  that week and just reflect on what did you go   in your post analysis what did you say in your  post analysis remember that don't forget it you're   trying to get better not worse by saying oh let  me try it again today you know that's the single   greatest flaw a trader can have is he takes a  trade he does whatever he sees he thinks he knows   he makes a loss he quickly says i made a okay i  know why i made a loss and then he brushes it off   and he's on to the next opportunity on to the next  opportunity wait a minute did you learn anything   or are you just saying the next one i might flip  the coin the right way the next one i might flip   the coin the right way and hopefully i flip the  coin enough times that i become a millionaire   that's never going to happen. [A] Yeah most most  people trade flip that coin so many times their   account is gone. [Navin] Because of the fees right  they don't even take in the account there's fees  

that you have to pay right everyone's like if i  make any profits then who cares about the fees   that's how banks are made it's it's fees  you know you're just keeping the money in   the bank and then you withdraw that money so  think about it where does the money come from   for the bank it's fees it's that little  i'm gonna charge you two dollars a month   nagging little two dollars a month coming at  you all day every day and as a person we're   like two dollars is fine as long as i make a  million outside somewhere what is two dollars   that mentality is what makes uh all these  brokerages and big institutions just keep   raking in that money slowly and quietly piece by  piece because the average person says oh that's   not a big deal it's okay and it really racks up  really quickly until you know that it's become   this giant that's eating away at your account  because you have 10 000 trades you know but   but to put it all into perspective now if  you think consistency what are the some of   the breakthroughs you have seen with people that  achieve consistency? So Armand, when you when you've   dealt with all these students when you dealt with  all the people in the Elite Community, you've seen   people who are not consistent you've seen people  who are consistent and you've seen people who   go from not consistent to consistent. What would  you say is a common trait of a consistent person? [Armand] Well I think there's  a few things that are important.   When people are really inconsistent where they  just have loss after loss and they have no idea   you know why it's happening i think it's it's good  to start with some sort of program or lessons that   will give you some structure then with that  structure the second most important thing   is to to do post analysis because then  you refine to make that structure work   uh or turn it into a system that works for you and  another thing that i've seen quite a few people in   the Elite Community do is that they become more  picky and in which trades they actually take so   they go from like sort of a quantity trader to  a quality trader or taking quality trades um   and then but they're reluctant to do it because  it's like if i trade less i i will grow slower   but the flip side is if you're more picky in  your trades sure you have less trades um but   you'll have a higher win percentage and you can do  so much more research you know prior to that trade   to before you get in and also afterwards you can  do so much more post analysis on that and learn so   so much more from that trade extract so much more  knowledge that you can use on the next one and   another positive thing about that is that  the moment the win percentage goes up   confidence goes up and it becomes a lot easier  to you know go with that same system and say   okay i i trade less i trade higher quality trades  but i'm more confident when i pull the trigger   i'm more at peace and then you know they will  still go back into a phase where it's sometimes   some more losses sometimes some more wins against  like basically a range but because they already   have a base now that they can build on and  if they do their post analysis consistently   then they can take that next uh uptrend again it  it'll be much easier to build that up trend to   you know to build it from that base. [Navin] Right  absolutely I want to ask all of you guys this one   huh sorry? [A] Was that a good answer? [N] yeah that's  good I was looking for what is the commonality and   seems like you said uh then doing their post  analysis and working on themselves to get to   the next level and giving giving themselves a  win percentage and confidence right? So that's   good and I do see that is a common trait amongst a lot of the traders who are consistent but   we've been talking about consistency for the  past half an hour. Why consistency? Why is that so   important and especially at Urban Forex, why do  we take this to heart why is consistency so so   important? What does it do? What's the single most  important thing that consistency can do for you? [Armand] It enables everyone to you know live the life  that they dreamt of to to reach their goals.   [Navin] That's that's always there but what is the  most important piece? [Armand] Not the correct answer.

but i'm saying what's the most important one? [Ian] I think the consistency i mean without a doubt   builds the confidence but that confidence  as a trader helps you trade bigger and more   that's as you get more experience because that's  what like you can that's the goal is to grow   the amount you trade all the time because  you have the confidence and you have the   consistency to back it up and that's what  will really grow your account in the long run.   [Armand] You have the data. [Navin] Yeah so if  you're if you know you're consistent right you're   you're at a job for example if you're at a job  and you're like okay what's the highest position   i can get well CEO well i don't know where i can  go from here well that's it end of story i'm done   but you've entered the market with this idea  of hey but i open my ceiling i open my ceiling   i can make as much money as i want why don't you  why don't you plan for that why don't we plan for   that why don't we work on our consistency so we  can trade bigger you see if there are traders out   there who just have a win percentage but they're  not sizing up there's something wrong with that   trader there's something wrong with that mentor. [Ian ] Confidence, it's your confidence if you don't size   up that's your confidence. [Ian] There you go. [Ian] In  a nutshell because anyone who's if you're 100   confident in what you're doing you will size up  because why wouldn't you?[N] Why wouldn't you, exactly! If   you know what you're doing why trade small why  trade a micro lot that doesn't make any sense   why are you wasting your time? If you know by doing  it over and over again you size up you size up now   it brings us to the next part right which is  like okay but what if i don't know what to do? And this is where a lot of traders are in i don't  know how to gain that consistency because whatever   i'm doing it goes up and down and i don't know if  i'm supposed to fix that to make it consistent or   i'm supposed to do something else to make that  consistent i don't know what journey to take   and that's where a lot of traders coming into this  market unfortunately are like i don't know what to   do and what's happening is they're learning from  someone else who also doesn't know what to do   so it's like a blind mouse helping another  blind mouse saying just follow me i know the way   i was like well good luck. [Ian] Yeah you got to surround  yourself with people who are better than you to grow

[Navin] Way better than you yeah like  you gotta you gotta see numbers you you're like   when you see those numbers you're like holy crap  i'd like to trade that size i'd like to trade that   size how do you get to that confidence level to  trade that size and when you look at the chart   and you see how the person entered and exit you're  like that's it that's all you did like but i can   do that again and again and again and with size  and this is just today watch me in a month from   now it'll be bigger watch me in three months  run it'll be bigger that's the name of the game   that's what wall street does if you go into  any office in wall street what is their   main thing? How do you become the top  dog in wall street? Who's got the biggest size. Okay I don't mean literally i meant i didn't  know. [Ian] i wasn't sure why you're going there   [Lucas] Well to be fair you still need big size to treat  big size. [Navin] Well there you go you need kahuna to do   that right so it's it's it's all about that it's  it's all about can you get big can you get huge   right now it just sounds wrong now  we would that. [Ian] Are we doing  

a training podcast or what are we doing here? [Navin] This is turning into some porn podcast now   We should we should switch this over to  the webinar. [Armand] I thought you guys were talking   about food where people just eat so much they  become bigger and bigger. [Navin] oh yeah yeah exactly   [Ian] Yeah that's what i was  talking about yeah. [Navin] That's it

But yeah well that took a turn All right so we got like 500 plus people coming  into the room right now and more stepping in by   by the second so what we're gonna what we're  gonna do now is we're gonna open up this   question even more and we're gonna bring it on  to our charts okay we're gonna really talk about   how can consistency be done if we don't understand  some of the foundational pieces of what is trading.   How is trading supposed to be done and then i can  build consistency without that it's just another   arrow you can get as many arrows as you want  but you don't know where you're shooting then   how are you gonna say this time the shot is gonna  hit bullseye you need that same target over and   over again to make sure you get better and better  hitting at that bullseye but if you have no target   and you're just getting another arrow another  arrow another arrow well you can be the   hardest worker on the planet by getting another  arrow another arrow you're never going to hit   consistency because you don't know where you're  going you don't know where you're going right   so having that said so thank you for tuning in to  this week's episode of At The Table talking   about consistency what we're gonna do is we're  gonna take this discussion now into a webinar   where i'm gonna share my screen all the links  uh regarding this webinar will be shared with   this podcast as well if you're if you're tuning in  whether it's from Spotify, Apple itunes, am i saying   right? Apple podcast oh they're going to definitely  take us off if I don't know how to say this on the podcast whichever podcast you're  tuning in from um until until the next   episode guys thanks thanks you guys here on  the panel i'll see you guys on the next one

2021-07-12 14:16

Show Video

Other news