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2022 ICT Mentorship - Ends Series Vol. 1
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2022 ICT Mentorship - Ends Series Vol. 1

# Introduction

The speaker introduces a new four-part teaching series that aims to provide a practical approach to using the information provided in the mentorship. The first episode will tackle the problem of making ends meet.

Overview

  • The new teaching series is a four-part series.
  • The speaker aims to provide a practical approach to using the information provided in the mentorship.
  • Episode 1 will tackle the problem of making ends meet.

# Episode 1: Tackling the Problem

In this episode, the speaker discusses how to look past image lifestyle and enticements and focus on meeting financial ends. He also emphasizes that making ends meet is not an impossible task.

Key Points

  • Making ends meet is a common problem for everyone, including the speaker.
  • Many people in the industry entice others with images of affluence, luxury lifestyles, and fast cars.
  • The speaker's approach as a mentor is to look past these enticements and focus on meeting financial ends.
  • Making ends meet is not an impossible task.

# Episode 2: Securing Additional Income Source

In this episode, the speaker provides solutions for securing an additional income source. He emphasizes that students need to change their state of mind from thinking that making ends meet is impossible to believing it's possible.

Key Points

  • Students need to change their state of mind from thinking that making ends meet is impossible to believing it's possible.
  • Students need to run their lives like businesses and understand that they are operators with information at hand.
  • The solution provided by the speaker is possible for students who believe it's possible.

# Episode 3: Determining Starting Point

In this episode, the speaker teaches students how to determine their starting point and attack one financial end that needs to be overcome each month.

Key Points

  • Students need to determine their starting point and attack one financial end that needs to be overcome each month.
  • The speaker will teach students how to specifically attack one financial end unique to them.
  • Students need to have a vision of where they're going and what their goals are.

# Episode 4: The Process

In this episode, the speaker will close out the series by discussing the process.

Key Points

  • No key points were provided in the transcript for this episode.

# Understanding the Catalyst of Your Decisions

In this section, the speaker discusses how to identify what causes you to make decisions and feel pressured. He emphasizes that income is the only working resource for most people and that it's important to understand your expenses and lifestyle in order to make ends meet.

Income as a Working Resource

  • Bills are a catalyst for getting out of bed and going to work.
  • Income is the only source of money for most people, so it's important to increase it.
  • Many times, living expenses are not well thought out, leading to financial stress.
  • Lifestyle often takes priority over living expenses, which can hinder financial success.

The Problem with Trading Industry Mentors

  • Educators and mentors in the trading industry often push an image of wealth right away, which can be intoxicating for those struggling financially.
  • It's more practical to focus on increasing income through business opportunities rather than trying to achieve immediate wealth through trading.

Identifying Your Ends

  • It's important to sit down and figure out what your life costs each month by creating a budget.
  • Excess expenses can cause stress and pressure, leading individuals to make impulsive decisions.

# Income to Monthly Expenses

In this section, the speaker discusses the different expenses that people have to meet every month.

Types of Expenses

  • The top three expenses are mortgage payments or rent, transportation (including insurance and gas), and utilities.
  • Property taxes are also an expense that has to be met every year.
  • Healthcare is becoming increasingly expensive and is a major expense for many people.
  • Childcare expenses, including diapers, formula, doctor visits, and clothing for growing children can be emotionally driven and stressful.
  • Clothing and entertainment are two categories where people tend to overspend. Younger individuals often waste money on entertainment and clothing in an attempt to maintain a certain image.

Insights

  • Women may be better at managing money because they are better at discerning risk due to their nesting trait.

# Understanding Your Expenses

In this section, the speaker emphasizes the importance of understanding your expenses and trimming off unnecessary expenses. He explains that everyone has to meet certain financial needs, such as rent or transportation costs, but it's important to identify and eliminate unnecessary expenses.

Identifying Necessary Expenses

  • The speaker notes that there is something in the list of necessary expenses that is causing you to stumble in your learning and trading.
  • Transportation costs are a necessary expense for everyone, whether it's owning a car or using public transportation.
  • Everyone has financial obligations and problems they need to meet every month.

Trimming Unnecessary Expenses

  • Identify unnecessary expenses and trim off the fat.
  • Impulsive spending on image and entertainment can delay success.
  • Personal reflection can help identify where money is being wasted.

# Mastering Your Trading Psychology

In this section, the speaker discusses how mastering your trading psychology can lead to success in trading. He emphasizes the importance of avoiding impulsive or reckless behavior when making trades.

Avoiding Impulsive Behavior

  • Impulsiveness often leads to irrational decisions when trading.
  • Successful traders have likely mastered their finances by not being impulsive or reckless with their spending habits.
  • Financial obligations should not plague decision-making when it comes to trading.

Focusing on Long-Term Goals

  • The speaker stresses that focusing on long-term goals rather than short-term windfalls is key to success in trading.
  • Avoiding impulsive behavior and focusing on making ends meet can lead to long-term success.

# Trading for a Living

In this section, the speaker discusses how to transition from learning a trading model to trading with real funds. He emphasizes the importance of setting realistic goals and targets based on one's monthly expenses.

Setting Realistic Goals

  • Feeling significant and escaping the rut of just making bills is important.
  • The American Dream is an American lie because mortgages are essentially death notes.
  • Jobs are not the answer, but ends must meet.
  • Disconnect from fear and uncertainty when putting trades on.
  • Make a list of expenses and determine which ones are necessary to meet every month.
  • Start by targeting the least expensive expense each month as your goal for trading.

Conditioning Yourself for Trading

  • You cannot simply learn a pattern or approach to trading and expect to be successful monetarily.
  • Condition yourself over time by doing very little trade, margin, and leverage.
  • Making money through heavily leveraged trades can be exciting but also scary due to impulsive nature.
  • Do not bring stress about making ends meet into trading.

Gradually Increasing Targets

  • Aim for covering 50% of top three or four monthly expenses initially.
  • Eventually aim to replace costs of top four things in that list and cover every single month's ends consistently.
  • Once you can consistently double your target, consider trading for a living if properly funded (around $100k or more).

# The Negative Impact of Personal Life on Trading

In this section, the speaker discusses how personal life can negatively impact trading decisions and cause traders to act irrationally in the markets.

Self-Medicating Rituals

  • The speaker explains that people often turn to self-medicating rituals like alcohol and drugs as an escape mechanism from the stress and pain of their real life.
  • The speaker notes that there is no difference between these self-medicating rituals and impulsive trading decisions made by new traders who have a desire to escape the stress of their real life.
  • Winning trades can give traders a hit of dopamine that makes them feel good and reinforces their belief that they can escape the rat race faster than anyone else. However, this is a trap that can lead to impulsive chasing and pursuing characteristics.

Emotional and Psychological Impact

  • The emotional and psychological impact of having pressure from real-life financial struggles can force traders to make irrational decisions in the markets.
  • Even if someone has poured everything into trading, they may still struggle with making rational decisions due to personal financial pressures.
  • Traders may abandon rules, over-leverage, enter trades too early or not stick with their model because they are trying to make ends meet.

Practical Ideas for Applying Trading Knowledge

  • Traders should guard their minds against impulsive decision-making by watching what they are taught in trading courses or workshops.
  • Traders need to understand how much money they need each month for expenses before thinking about taking profits from trading as progress.
  • The speaker emphasizes that he is trying to be a voice of reason and provide practical ideas for applying trading knowledge.

Avoiding the Lottery Mentality

  • Traders should avoid playing the lottery mentality by not looking at funded account companies as a way to make quick money.
  • The speaker notes that people who pour their money into lotteries are no different than traders who play the lottery with their trades.

Overall, this section emphasizes how personal life can negatively impact trading decisions and cause traders to act irrationally in the markets. The speaker provides practical ideas for applying trading knowledge and avoiding impulsive decision-making.

# Protecting Your Funded Account

In this section, the speaker emphasizes the importance of protecting your access to a funded account and sticking to the rules set by prop firms.

Stick to the Rules

  • Prop firms have rules that must be followed.
  • Failure to follow these rules can result in losing access to the funded account.

Personal Finances

  • Keep track of personal finances diligently.
  • Record all income and expenses, even if they are variable.
  • Remove unnecessary expenses such as Netflix subscriptions.

Time Management

  • Prioritize trading education after family.
  • Trading requires time, energy, and effort.

# Making Ends Meet

In this section, the speaker encourages viewers to think about their financial situation and how they can make ends meet while pursuing trading.

Assess Your Situation

  • Evaluate your current financial situation.
  • Determine what you need to do in order to make ends meet while pursuing trading.

Take Action

  • Consider taking on a part-time job or reducing expenses.
  • Be willing to make sacrifices in order to achieve your goals.
Playlists: "Ends..." Series
Video description

CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN Trading performance displayed herein is hypothetical. Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance trading results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results. U.S. Government Required Disclaimer – Commodity Futures Trading Commission Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results. Trade at your own risk. The information provided here is of the nature of a general comment only and neither purports nor intends to be, specific trading advice. It has been prepared without regard to any particular person’s investment objectives, financial situation and particular needs. Information should not be considered as an offer or enticement to buy, sell or trade. You should seek appropriate advice from your broker, or licensed investment advisor, before taking any action. Past performance does not guarantee future results. Simulated performance results contain inherent limitations. Unlike actual performance records the results may under or over compensate for such factors such as lack of liquidity. No representation is being made that any account will or is likely to achieve profits or losses to those shown. The risk of loss in trading can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. If you purchase or sell Equities, Futures, Currencies or Options you may sustain a total loss of the initial margin funds and any additional funds that you deposit with your broker to establish or maintain your position. If the market moves against your position, you may be called upon by your broker to deposit a substantial amount of additional margin funds, on short notice in order to maintain your position. If you do not provide the required funds within the prescribed time, your position may be liquidated at a loss, and you may be liable for any resulting deficit in your account. Under certain market conditions, you may find it difficult or impossible to liquidate a position. This can occur, for example, when the market makes a “limit move.” The placement of contingent orders by you, such as a “stop-loss” or “stop-limit” order, will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.