Why some traders succeed | At the Table by Urban Forex Ep.007

Why some traders succeed | At the Table by Urban Forex Ep.007

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All right, all right, all right, good morning, good  evening, good afternoon. The next episode of   At The Table with Urban Forex and today we have  a very interesting topic today where we're going   to be talking about some of the qualities  that top traders have. What are the qualities   what they use and do on a day-to-day basis,  what are their rituals what are their routines   and what makes them so special that gets  them away from the traditional sake of   wannabe traders or retail traders or  traders who are just going up and down   in their P&L whether it's sometimes profitable  sometimes losses so what makes a consistently   profitable trader and what does he do? So today  on the panel with me I have here with me Armand  hello, Lucas, hey, and Ian hey everybody. All right  hopefully with these sounds you probably recognise   their names whenever they're speaking in this in  this podcast. So you'll have them here in the   panel you're here with me so. To start off guys  as you're listening in whether it's from   spotify apple itunes or wherever you're  tuning in from even if it's on youtube   there I want you guys to know that there is also  people tuning in Live to hear this podcast so   I'm going to start off with you Armand and ask you  some questions of what do you think are some of   the traits that you as a trader yourself or you  have seen other traders that they do that keeps   them at the top of the top what what makes them  different um i think to start off slow a good   quality to have is humbleness uh the ability to  accept that sometimes you're going to be wrong   sometimes you need to listen to or not sometimes  very often you need to listen to their to your   mentor and hear what he or she has to say and  and you know follow their advice be open to that   advice even after you just had a winning trade  and you think ah now I got it now I can do it   just be open and humble to that be humble  that you don't know everything yeah I   even just to go off of that point a little bit too  even just other traders that you meet because you   end up in this industry you talk to a lot of other  professionals and maybe they just seen something a   little bit different than you that day or like you  maybe missed something so to be open-minded enough   just to like say hey oh maybe oh I missed that  you know thanks you know you can always learn from   from someone else in this industry right yeah I think I think I think thanks it's not something   really common set amongst traders I think there's  something that comes along with trading and   that's ego and it's a huge load of ego that comes  along with being a trader so I think some traders   really have to you know humble themselves down you  know otherwise the market is going to do its job   yeah it'll bring them back to normal right but  that that's it's really interesting and strange at   the same time isn't it it's just that I understand  that if you want to become an engineer you want to   learn from the best you want to become a doctor  you want to learn from the best you always are   looking to learn and improve but this is this one  industry where as you're learning the ego flares   up so high that you can't accept you want to learn  more you just have to say no I know everything   why is that why is it in this industry that is  it instagram that's causing this that you know I  need to make sure everyone knows that I know what  to do and then therefore this rental Ferrari that   I'm showing behind me people can really believe  that I actually bought it you know like is it is   it that is that where do you guys think the ego is  coming from for a lot of these traders who are   trying to live up to that hype without getting  too philosophical but maybe it's also just okay   maybe it's getting a little bit philosophical with  society telling us to be confident you know you   can do it and you know be sure that you can do it  and then at the same time you can be confident but   you can also confidently say i'm okay at what I  do at trading but I still have a lot more to learn   that that's still a confident person but it's  also a humble person a person who is open   to grow yeah there's a fine line between  being confident and being ignorant you know   yeah I think confidence is yeah confidence is key  for sure like you don't get me wrong like to be   a good trader you have to have the confidence in  yourself and your trades um but it's just keeping   that little piece in the back of your mind that  you know I'm not gonna be right all the time um   and to maybe not carry that over to every trade  too like this one happened to go to the moon maybe   tomorrow temper your expectations a little bit  so you know and then you know just in your shot   so okay so that's a good point you  bring up there like this one you know   today a trade one to the moon and  then maybe tomorrow it doesn't but   as traders as you know from all of your own  personal experiences when you guys started um how did you guys get through this feeling of  hey I took a trade it went fantastically and   then the next trade I took I was expecting it  to go fantastically but it didn't how do you   cope with that and what do you think is different  from a professional trader when he looks at that   is he already pre-prepared for it or do you say he  just handles it better through money management or   is he is he saying I'm just  gonna trail it with my stop-loss   and then I'll take whatever I can what do you  think is the professional mindset towards that   well I think if a lot of it's just coming down  to real world experience I don't know if like   as a beginner you can get away from making those  few mistakes to begin with like I know for myself   when I like I've got trades and [ __ ] right  where like I say it went to the moon and then   the next day I was surprised that it didn't so you  I think the key from a professional is to learn   to self-reflect on on whether it was a bad trade  or a good trade don't take bad trades with you as   well learn from whatever it is and try and  grow the next day because whatever you do   or or you can just lock yourself up in a room and  cry that works too sometimes I've tried that   that doesn't work apparently it doesn't need  to do that a lot like that that doesn't work I need to give my account a boost so i'm  i'm gonna spend like three days in a closet   crying and then my account started to grow  after that yeah that's the that's the golden   key that no one's ever talking about on  the internet like cry over your losses   no Ferrari you don't need  Ferraris just need a good cry   or you can just cry in your Ferrari and look  stupid sure yeah can i pay for this guess now   all right okay so would you would you guys say  that's another trait of a professional which is   that ability to self-reflect to the most core and  honest ability it goes hand in hand with that ego   part that Armand you were bringing up at the  early uh uh Lucas i think who brought   a beagle uh Lucas I think you brought it up  you brought it up with humbleness right so um   yeah so so if the ego is there and then a  professional trader is putting himself in   check after every self-reflection it's almost  contradictory than what a retail trader is   probably doing right so it's like the humbleness  is super high therefore one can self-reflect but   if the humbleness is not there which an average  retail person has okay it's he he lacks sorry   doesn't have he lacks then it's this ability  of no i know it all but I'm still gonna google   on the internet I'm still gonna search for  something because honestly I know internally   I don't know at all but the world must know I  know it all what is with this what is with this   I think what it is like I think you kind of hit  it there that like when you have something that   doesn't go your way on a trade a lot of retail  traders will just like you say they'll hit google   they'll search for a new strategy something  else to try or this and that whereas   I think a professional will actually be humble  enough to reflect how what went wrong with what I did today how like what about the technique I use  today can I improve going forward can I fix so   I don't make that mistake again not just finding  necessarily something else or completely switching   it's it's the ability to work on and realise hey  I need to improve or I made a mistake this time   actually that's actually a very good point you  bring up there so so a professional is adding upon   that same technique and system and trying to  improve upon it versus a normal trader who's   saying this doesn't work let's find something  else whether it's a new system strategy technique   um market uh brokerage mentor signal service  it doesn't work move on there is no ability to how do   I fine tune right yeah I think a lot of this  this thing especially with like retail traders   they lack a lot of um self-awareness and they  tend to lie to themselves like quite a lot so   like what you just said just now in everything you  were saying um they were switching strategy from   strategy you know thinking one strategy doesn't  work so let's go to the next one but they are   internally lying to themselves and you know they  should have been putting more work to one strategy   and trying to master that but one two losses  comes along three four losses come along and   like ah no this doesn't work for me so i'll switch  on to another strategy and same loop happens over   and over and over but they're just not working  hard but but that okay i get that though because   a lot of most people all right most people they  don't just you know wake up one day and become   traitors you know they they come from a job and  then they're becoming traders because they want   to leave the job that's generally the leap that  they want to do but then here's the thing though   in in the job they have that sense of security  of money will come and money will come in that   once the money doesn't come in they go on tilt in  fact the money is going out instead of coming in   that causes a mental mental shift so what is  it about that that maybe a professional is   better at handling why is a professional  not have these issues is he not human   what what do you think is the key key component  there there's a systematic approach to it   so we mentioned jumping strategies  we mentioned self-reflection   and all those things tie in with each other so if  you have one strategy that you're working with and   then you want to add another one so you have  a systematic approach to that you don't just   add it to it you just you first test it on a  demo account and then you slowly start to add   it and then you reflect on that so you reflect  on how your performance so self-reflection   is with that new strategy before you bring it in  with big numbers and that's the difference between   well we're all the time we're talking about retail  traders but this is you know pretty much all of   us at some point we were those those guys who  were just jumping strategy no self-reflection   bloated ego after a winning trade no humbleness  because you think you understand the concept and   you actually don't when you put it into practice  so yeah it's speaking from experience yeah   yeah just so we're speaking from experience it's  not just like I mean I think we've all on   this panel gone through all of the things at one  point in time in our lives it's not just like   it's not just um an overnight thing  where we just also don't we're just   a trader today i mean it took us a  lot of time and patience and stuff to   to get going yeah and all this stuff and tons  of crying in the bathroom as Lucas pointed out   just came out of the bathroom not long ago   reminiscing remember those days when we used  to cry and airplanes are small too right   that's why we don't tell everybody watching  here is we every friday we all get together   on this little zoom call and have a little  this is just a humble zoom crying caller   all right well okay let let me ask you guys a yes  and no question how about this okay so we talked   about the average traders right the average  trader who is when things don't go right there   their way they tend to hop okay which is fine  which is fine and it's not it's you know no   fault of their own it's just that's what they  would do in a job too right if they're in a job   they don't like the job things don't look right  they'll switch a job right it's only normal to   do that so when they're going into a trading  system or strategy which they had hopes for   and it turns out to be not good after a few  attempts it's almost normal that they want   to move it's almost normal that they want to  move very few people especially in today's day   and age right are we we're in the era of if  it doesn't work throw it away get a new one   we're no longer in our parents or grandparents  generation where if things don't work fix it   you know yeah if you rip your jeans sew it  you know you don't throw away by a new one   you know so we're in this generation where  we're mentally subconsciously trained   to if something doesn't work throw  it away just get a new one yeah   okay that must be garbage just throw it away  try something else try something else yeah so   that's why there there is this inability in the  average person to fix things that don't work okay   to fix things that don't work so i think um a  professional definitely has a lot of this under   his belt he's willing to fix thing that has holes  in them and okay so going with uh the yes and no   notion let's say there is a trade okay a trade  works fantastically well for the retail trader   and for the professional trader what does the  retail let's just say the average trader and a   pro trader okay let's remove the words  retailer institutional doesn't matter   so the average trader takes a winning trade  and a professional trader takes a winning trade   what is the professional trader doing let's talk  about that PA I think dude yeah Post Analysis he's still reflecting I think even though it's  a good trade he can take the the little win   inside us but he's still reflecting he she  I should say sorry uh on reflecting on what   he could have done better or like what always  looking to improve even not just taking that win   for granted like oops just gonna do the same thing  tomorrow still looking to grow even with that okay   all right so he he's looking to self-reflect on  it and still be like what what was the qualities   of this trade how do i make it better right now  even after a winning trade so that's interesting   there right all right what about the average  trader what is he doing after a winning trade   oh he's not even at his desk anymore  he's pretty much driving to the club   so is that would you say that is a  starting fundamental flaw right there   yeah and I think Ian already touched a bit on  it he mentioned the word growth a few times   just now and I think it's growth mindset which is  the big difference maybe that's the big defining   quality that's a difference between somebody  who's just starting out and somebody who's a pro   okay okay so so let me ask you this  thing next thing okay a professional   any walk of life and an average person any walk  of life you tell a professional all right I'm   gonna take you to the next level it's gonna  take you four years what's a professional do   oh yeah let's do it let's do it four years put  into perspective why not if I'm gonna be better   than today you take an average person you tell him  four years oh my goodness four years yeah he only   has no hands and only two middle fingers he can  give me but I'm sure if he had more hands I get   a lot more middle fingers pointing at me it's like  four years are you are you nuts like no way no way   you're telling me I'm gonna make more money than  doctors lawyers engineers pilots but four years   come on no way how much part I can  do lots of partying in four years   of my time I'm gonna mess with my friends in  those four years I'm not gonna waste it doing that   yeah so what what is it but when you look back  you're like oh man if I started learning this four   years ago I would have saved so much time when you  look back it's like four years is not a big deal   but why is it so daunting when you look forward  and saying whoa four years is a long time what   what is this weird mentality why does that happen  in the mind why while a professional is like   not a big deal I'll do that long term here we go  while a average person is looking for short short   short short-term gain short-term probability  short-term goals i need to be rich right now I need to make all the money in the world right  now I Bill Gates needs to come to me and kiss   me on the cheek and says here's my all my money  take it it's yours now why what is this dream of   I want it all now what what is the difference  between a professional and the average person   I think the simplest answer to that is  being able to you know try and delay   instant gratification I think that's what pro  does a little bit better than average traders um yeah good I'm gonna touch  one more piece on that and saying   if you take if you take a  check one million dollars   and you go to a professional and you say I'm  gonna give this to you for doing nothing and   you take it to the average person and say I'm  going to give this to you for doing nothing   would you mess with one of them also would you  interfere in someone's way of life if you do that   and the problem with the pro or the novice the  novice person it's guaranteed he's going to   take it will the pro take it I feel like I know  this now because in my head i'm taking the check give it to me it's like this is my bank account transfer to me   if you can't do it I'll give  you my bitcoin address like all right that's it I'm going to leave the room  now all right no but here's a common thing I've   seen a lot I've seen a lot in the market is the  the professional trader is constantly saying   if I want if I get this now I want to be able to  do it again yeah I don't want that one off thing   while a average person is happy with the lottery  mindset I don't mind a one-off thing I don't   mind being suddenly rich but you know what happens  when you're suddenly rich you become suddenly poor because rich is not the same as being wealthy  richness can be taken away from you overnight   wealthy cannot I was going to say like the  I think the uh the successful person they   may take the money but that's not necessarily  their mindset to take the money just to like   oh I'm done it's like they still have their goals  and their dreams and and things to work I mean   they may use the money now for invest it to  to help maybe increase the speed of their goals   but I still think they have a plan on a solid  base and that won't change despite if they get   the check or not whereas maybe you know a novice  person or someone who doesn't think that way   uh would just take it i'm done i don't have to do  anything anymore absolutely yeah yeah well what do   you say just know about the pro trader yeah it's  basically what was going on in my head as well sure you cashed the check right I was thinking about it on the  way to the Ferrari dealership while filling gas on the car like yeah sure  no but but here's the thing there is this   thing there is this burning thing inside a  pro trailer that says i need to deserve this   while the average trader or the average person  does not care about do I deserve this or not   they simply think it just needs to come to me  so there is no sense of I worked hard for it   this needs to come to me regularly  because i build my skills for this   right it's not just why does all the good things  happen to all these other people why doesn't it   ever happen to me so hopefully one day when I  wake up i'll have a winning trade on EUR/USD   and suddenly I'll realize I'm a million dollars  more richer that can't happen but it won't stay   because there was probably the deals involved  try doing it again the next day try doing it   again exactly exactly yeah i think it's like  the classical story of teaching someone to fish   or giving them the fish yeah yeah  and if they're vegetarian you're in trouble they won't even think  about fishes at that point I don't know what you teach someone to catch  that's a vegetarian I don't know what plant   you're catching but all right all right so we  can clearly see there's some there's some key   difference between them now let me ask you guys  this thing now let's take it a step further let's   take a step further so is the key differences in  how they're trading is that the key difference   or is the key difference in how they're  thinking yeah the approach to trading is   completely different completely different  completely different one is looking to   you know go forward with the shovel  if that means that shelf is going to   dig a hole first before it paves the way so be  it they'll they're willing to figure it out while   the other one says hey this thing made a hole  i'm out of here here's your trouble back thanks   yeah they know it's a grind and that that like a  professional is like willing to go through that   grind day in day out no matter what it takes  have a solid plan and i'm going to stick to   that plan until I reach my goals it's not just a  one-off thing that I worked hard today and then   tomorrow I'm done you know or anything like that  kind of mindset absolutely much more fun to learn   learn a skill like you get a million dollars and  then what are you going to do like it'll turn very   boring very fast very very fast I can't tell you  like many of these uh trips and stuff I go to and   when I when I started having new money back  in the day right it was like brand new money I'm   coming from a background where I didn't have much  money I was renting basements and all that stuff   growing up and when I had new money and  I'm trying to travel to all these places   I'm surrounded by people on the same island  like Gordon Ramsay and all these you know   you know hi-fi people and I'm seeing the  way they live they have their own sense   of problems but their problems are so minute  their problems are like I'm trying to be better   than this problem right now okay when you're  surrounded by that you you tend to see there's   a whole different mindset that is never taught  it's never taught to the average person it's like   why aren't you better than the next person  what's holding you back except yourself   and it's very interesting to have a conversation  with all these different random people and you're   like hey they just think differently they don't  do anything different they just think different   you bring that to a professional  trader into the trading world   he's just bringing that mindset  here and saying all right   what did I learn how do I improve what did I  learn how do I improve and that logic is on loop   they're just always trying to make themselves  better regardless like they don't care what other   people do they don't care yeah that's the thing  that's the thing there is no strings attached to   what will people say what what do they think you  know what is my image now in front of their image   you know that's less less likely for the  problem for them yeah it's all tunnel vision   it's very tunnel vision so um if if you take it a  step further and uh you're trying to say okay I'm   trying I'm an average trader now okay humbleness  has kicked in saw this wonderful webinar of   four people on a podcast and I'm listening  to them and I've suddenly become humble   I want to become pro I've heard of certain  sages as well um enlightened people if you want   like the Dalai Lama and and and so forth  what they generally say is if you align everything   in your body mind and actions into a singular  purpose then it just happens then it just happens   but simply sitting there hoping  and dreaming that it's gonna happen   it won't happen because that is just one  portion of your energy saying I want this   to happen for me while one portion of your mind  says you're never gonna do that there's no way   remember uncle auntie mom dad cousin brother  they're all saying stop wasting your time   you're gambling and I somehow believe that  your energy is split and then your actions   you work a little bit I did good work I did two  hours of decent work let me watch some netflix   your actions don't reflect that energy as well if  you're all three or four portions of your energies   do not line up towards that one goal it'll take  you much longer and your skill set will be much   lower than the average person I think you need  to get those energies aligned yeah you actually   brought up just even the word action honestly  um if they take action because I a lot of times   it's just a dream or they just think about it so  i think the first step is taking action along with   those thoughts with a well laid out plan and to  keep going with that so yeah I've seen people   and know a lot of stories they have big dreams but  if you don't at least take that small little step   and start you can't really get going if you  know what I mean so yeah absolutely absolutely   and it's very fascinating to hear all these  success stories from a lot of the pro traders   out there and seeing what did they go through to  reach that stage where they're at and you know   the sizes they trade now but that's what we all  see right is the sizes they trade now but we don't   ever get a chance to imagine but what happened  until he get until he or she got to that point   that story is extremely painful if you ever ever  focus on it it's extremely painful so the question   now comes is if you want to be successful  and you want to drive that ferrari that's   multi-colored rainbow you know you want to do all  that stuff that instagram is telling you to do   which is fine are you willing  to put in the work if not   then this is going to be the hardest industry you  have ever stepped foot in the hardest industry you   have ever stepped foot in because it's you  against yourself against the world it's not   against an opponent it's against the whole world  if you have a tough time believing in yourself   try having the whole world against you I think a  lot of people don't understand that when they are   they're trading they're it's not the market taking  money away from them necessarily you know because   when you're putting on a trade and when you lose  money someone else is making that that same amount   of money and that someone else is actually taking  money from your pocket you don't see that but   it's actually what's happening behind the scenes  so it's a very very very competitive game and   yeah try I'm trying not to make it too dark  but you gotta really work hard when you say   dark I just it's just that bathroom  and crying keeps coming up in my mind that's all everyone's gonna  take away from this webinar   remember that podcast about those four  guys talking about crying in the bathroom but yeah I'm gonna go right after this podcast   but but it is a sad reality but you know  if if there's one thing to take away from   any of the things that we do in any of the  podcasts or any of our webinars is to give   you that notion of look you can do it you can do  it I never say no one can do it can you know you   know the amount of mentors I've met the moment the  camera goes off you should see the way they speak   there is no love for the student whatsoever  they're using the students just to get ahead   there's absolutely no love so mentors i don't like  to talk to them they're they're a waste of my time   there are ways of their own time their ways of  life i would say a lot of them are just you know   garbage a lot of them are garbage but when you  do meet a few people who are willing to teach   they're they can't sleep until they know what  happened to that guy is he is he doing okay did   he do did he understand what he what I taught him  when you see stuff like that and then you see the   traders putting the work and efforts to become  pro you start to see all right he is on his path   he'll be all right he'll be all right he's  on his path it's going to take some time but   he'll be all right but the question comes  in is are you willing to put in the work   are you willing to go pro or do you want to stay  average because if you want more money than the   average then you have to be more than the average  it's that simple it's that simple has to be better   than average correct now what does that even mean  like if you think about it if you think about it   in today's world a million dollars is nothing  anymore okay it used to be a lot of money where   everyone's like I wish I could be a millionaire  people people are talking hundred billions now   okay those are the numbers that are being played  around with right now compared to millions   okay now take it a step further and think if  everyone in your neighborhood is earning millions   lives in a nice house that has a pool and everyone  drives a mercedes what is your desire going to be   to be a little better than them isn't that what  the human mind generally wants it's like I don't   want a Mercedes I want a Bentley I don't want a  house with a pool i want a five-floor house with   a helipad or something I don't know like there  is this desire to be better than your surrounding   okay it's because how that's how we're trained  growing up in school your parents enforce it you   better be better than the rest of the guys in  your school I'm paying a lot of money for you   to to compete and with competition comes this  desire to be better by comparing to the rest   this is also an evolution survival  of the fittest make sure you make it   so your genes move on they live on they  adapt they evolve so this is inbred into us   however to be at that next stage  above the average person are you   in a skill set above the average person or are you  just like everybody else flipping through netflix   and dreaming and saying one day watch I'm gonna  make it but no actions no energy no mindset   actually says you're gonna make it there's nothing  reflecting you're gonna make it except a simple   desire that's locked away in the brain somewhere  in the corner that says I wish I can make it   yeah and and then to make  things sound darker so again   I'm gonna call you a black cat man you're  gonna be the black of our episodes like   no but this this is something I've always  been thinking about to use as my own personal   motivation yeah so if you think about it like we all know the uh the famous 90 of traders lose   in the market so 90 of traders lose and if you're  an average so let's say like if you're better than   the average you still most likely within that 90  you've got to be extremely good to be on the top   5 or 10 so just being a little bit better  than average as a trader still doesn't cut it   it doesn't it doesn't I agree I agree it doesn't  cut it yeah so let me ask all of you guys this   so all of you guys this on the panel plus all of  you guys who are watching this live and all of you   guys tuning in and listening in I want I'm gonna  ask a question I want you guys to all answer it   those of you guys who are listening in i can't see  your answers just say it out loud say it out loud   hopefully no one's near you they might think  you're crazy but say it out loud are you willing   to be better than right now and if that comes  with a bit of conflict and struggle is that okay absolutely yeah without struggle or friction  there's no progress and there's no fun either   okay I really like how you said  that Armand if there is no struggle   and you make it you're not going to really enjoy  it no there's no gratification or no satisfaction   there's no satisfaction because you got it just  like that it's like when you when you play a video   game that's too easy and after that you feel like  well i won but anyone could have won yeah that's   why I don't that's why I don't understand when  I play with hackers they just you know they hack   the game they kill everyone off what's the fun in  it right yeah absolutely absolutely it's a it's   it's a shortcut way of trying to be better than  the rest those shortcut ways genuinely get you   into trouble those hackers get banned people with  inside trading go to jail like generally those   shortcuts get you in trouble you know or taking  steroids and going to the olympics yeah you're   going to be bored cheat codes are no go yeah yeah  so there's this always this everyone's trying to   skim and saying i'll take a shortcut i'll take  a shortcut why just do it properly why not   feel proud that you're in the 95 or in the five  i guess i should say um it's a it's a feeling   of pride you know like when you like accomplish  something like that in my opinion it is it is and   as as a traitor that's uh i think the most  wonderful feeling is you don't really know   the day you get profitable because there's no  such thing um when you're trading you're just   trying to do your best in trying to survive keep  your head above the water and then when you when   you're making the money okay um so what we call  in in urban forex what we generally like to refer   to as the R bucket okay as you're collecting ours  from the market from your edge you're taking ours   put it in your bucket taking Rs put in your bucket  when you have a losing trade you take one R and   you give it back saying sorry about that my bad so  your your job is when you're collecting those R's   you're never satisfied because you don't know if  you have to give it back at one point or the other   until you get better and better and better but  when you're holding on to your like I know these   are my wins but I don't know if it's mine yet but  time goes on time goes on you improve on your edge   you're getting better and you realise hey it's  been a long time I didn't touch all those Rs   in those bucket I guess they're here to stay  so you never know what is that one day you   became profitable it just you just don't know it  just happens and you're just like hey I'm doing   better and better and better last year I did 20  growth this year I did 30 growth now I'm doing   2 a month now I'm doing 4 a week you start  to see these improvements and you're like wow   I guess it's staying I guess it's stain you need a  when you need a cart to carry your bucket of ours   then you know you're going somewhere at that point  so yeah yeah there you go there you go that will   come in handy once you catch that million dollar  check for doing nothing you can buy those cards all right so I think this was a very  interesting topic I really like how you   guys gave your feedbacks around this as well  is there anything else you guys want to add to   qualities of pro traders versus average  traders what makes them different   is there anything else you want to add to it I  think there's there's a whole list that we it's   impossible to go over but I think the easiest  answer to that is average traders is clicking a   buy button sell button pro traders doing the same  I think the only difference there is the mindset   and how they what they do prior to the trade and  after the trade like what we discussed earlier yes   yes I agree I agree the prior and  after is missing for many many traders determines what they do during the trade that  that's the difference what they do during the   trade compared to beginning traders yeah  so that's the key key difference if there's   one one very specialized key difference it's that  and i agree with you guys it is that peace is   a normal person he's looking for what does his  action do when he's in the trade and what happened   to the P&L is very reactive okay I entered the  market did this to me or yay it's very reactive   you know versus a guy who's coming in as a  professional he's like I've trained for this   I know what what I'm gonna do it might do this or  it might do that way but I'm gonna be prepared for   both ways and then the market plays out it's  like oh I was expecting that welcome and then   afterwards he's doing the preparation for it so  his focus is not on what am I going to do in the   execution his focus is on what's going to happen  how i'm going to trade it and once the trade is   done how did I do how can I make this better  it has very less to do with the trade itself   the plan is so weird isn't  it what were you saying sorry   sorry I said the plan so prior and the  review after that absolutely absolutely   Ian you were saying you wanted to add to that  oh just saying preparation I guess in a nutshell   preparation before and after you know keeps you  on your toes for anything and then the correct   mindset so because of the two key words I would  preparation and mindset or correct very important   absolutely absolutely and and and that's what  that's what that's the key difference between   a professional and the average person so  if you're tuning in you're listening in   or you're watching this Live I want you to   you know take a moment and reflect back on your  journey as a trader or as a developing trader   if you're just starting off and really think to  yourself of am I better than the average person   not not to flare up your ego or anything but  are you actually better than the average person   if the answer in your mind is not a resounding yes  then there is more work to do and that more work   can only be done if you calm yourself down and  have some humility and saying i need to learn more   that attitude will get you propelling  forward faster than ever but the moment   you say I know everything it's game over  from this day forward it's game over   yeah you might as well save your money and keep  it in your wallet because you're not gonna make it   now I can imagine the bathroom where everyone's  crying is gonna be extremely crowded after this   because like everyone's in that bathroom crying  like that is not the intention of this podcast   the intention is to make sure you you come into  this industry real you don't come in with false   hopes and pretences of I'm gonna be rich by  simply learning a few things here and there   and then I'm gonna drive around a Ferrari  and then my life is good I never need a boss   ever again yeah it all sounds great but why  do you not need a boss because you can make   better decisions for yourself that's the key  you got to get that skill set that's the key   not only comes with the ambition or the fire or  the hunger to be better tomorrow than you are   today that's it that's it so I do this a lot  with my prop traders as well and i always ask   this question is if you're done with your trading  day and 24 hours has passed by ask yourself this   question yeah you're learning you're trying  to get better but that 24 hours is now gone   you are one day older closer to death you're never  gonna get that day back what did you do in that   day that was worth living for and sacrificing  24 hours for if that's not hard enough for   you to really realize that you're spending time  into this you better make it worthwhile and not   mess around i was going to use other words but I  shouldn't do that but if you're not messing around   then then it was worth it those 24 hours were well  spent you you killed yourself for 24 hours more   to do what you're trying to do that's a whole  different mindset you're coming and you're saying   I died 24 hours more I died literally  expired 24 hours more for my goal make sure   it's worth it make sure it's worth it it is not  for some instagram post make sure it is worth it   toilet is pretty much full now the toilet  they're crying on the toilets too now come on all right but so i hope this podcast was  useful for for for many um and the intention is   stay real stay honest with yourself because  there's nothing to prove to anybody else   except yourself yeah okay the better you  treat yourself the better you're gonna be   just love yourself do well  take care of yourself yeah okay   what are yours I want so you can  grow yes yes absolutely absolutely so   all right so what we're gonna do after this  podcast as this podcast is ending we're gonna   move this straight into a webinar where we're  gonna take this into a more visual approach   of the top 3 qualities of traders we're gonna  talk about it on charts and some drawings that I'm   gonna do where i'm gonna talk about what are the  key differences that sets an average trader apart   from a professional trader so if you want to watch  that webinar those of you guys who are here live   just stay online with us we're going to go into  that webinar right now and those of you guys who   are listening to this podcast if you want to watch  that webinar it will be a link surrounding this   video or audio file wherever you're  tuning in from whether it be on apple or   spotify or youtube or wherever  you might be tuning in from   alright so until next time guys until  the next episode thank you guys here in   the panel Armand, Lucas and Ian as always it's  been a pleasure same thing thank you cheers

2021-07-27 17:35

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