Real Money Real Results - First Year Trading Expectations Part 2 of 3

Introduction and Risk Disclosures

The speaker emphasizes the importance of reading the description and risk disclosures. They express their opinion that students can achieve success by applying what they have been taught, but acknowledge that not everyone will achieve the same results.

Reading Description and Risk Disclosures

• It is important to read the description and risk disclosures before proceeding.

• The speaker believes that students can succeed by applying what they have been taught.

Reviewing January Results and Introducing February 2022 Results

The speaker discusses reviewing the January results and introduces the February 2022 results.

Reviewing January Results

• Not everyone will achieve the same results.

• The speaker mentions reviewing the January results.

Introducing February 2022 Results

• Setting the date range for February 1st to February 28th.

• Printing a PDF file for the February results.

• Changing the name of the file to "February".

Printing PDF File for February Results

The speaker demonstrates printing a PDF file for the February results.

Printing PDF File

• Double-checking margins before printing.

• Changing file name to "February".

• Checking timestamps on broker platform and laptop to ensure accuracy.

• Waiting for printing process to complete.

Completing Printing Process

The speaker waits for the printing process to complete.

Waiting for Completion

• Allowing time for printing process to finish.

Showing Printed Statement

The speaker shows the printed statement and compares timestamps with those displayed on screen.

Displaying Printed Statement

• Confirming timestamps match between creating PDF file and displayed statement.

Scrolling Through the Statement

The speaker scrolls through the printed statement to demonstrate transparency and authenticity.

Demonstrating Transparency

• Scrolling through the entire statement without any edits or cuts.

• Emphasizing the importance of showing accurate results.

Addressing Doubts and Misinformation

The speaker addresses doubts and misinformation spread by others on the internet.

Addressing Doubts

• Showing accurate trade results to counter false claims made by others.

• Encouraging viewers to download the PDF file for verification.

• Commitment to not editing videos or presentations after they are published.

Embracing Losses as Part of Trading Journey

The speaker emphasizes the importance of accepting losses as part of a trading career.

Embracing Losses

• Encouraging viewers to become comfortable with seeing non-profitable transactions.

• Viewing losses as learning opportunities rather than failures.

Demonstrating a Losing Trade on Valentine's Day

The speaker showcases a losing trade on Valentine's Day as an example.

Valentine's Day Massacre

• Introducing a losing trade that occurred on Valentine's Day.

Analyzing February Trading Days

The speaker analyzes the trading days in February using the printed statement.

Analyzing Trading Days

• Observing changes in balance each day.

Overcoming Anxiety and Finding Your Own Groove

The speaker provides advice on overcoming anxiety and finding one's own trading style.

Overcoming Anxiety

• Recommending caution in overtrading during initial stages.

• Taking transactions to overcome anxiety, but not risking account blowouts.

• Encouraging traders to find their own groove through execution and experience.

The transcript provided does not cover the entire video.

Importance of Controlled Trading

The speaker emphasizes the importance of avoiding overtrading and maintaining a controlled number of trades. They mention that fear of taking trades is common among students, but it is crucial to desensitize oneself to execution by taking lots of trades.

• Overtrading should be avoided, and a controlled number of trades is recommended.

• Fear of taking trades is common among students.

• Desensitizing oneself to execution can be achieved by taking lots of trades.

Pushing the Button and Executing Trades

The speaker discusses the fear some traders have when it comes to executing trades. They emphasize the importance of pushing the button and executing trades, even if there is uncertainty about the outcome. By systematically desensitizing oneself through practice, confidence in execution can be developed.

• Fearful traders should push the button and execute trades.

• Desensitization can be achieved by putting on trades, regardless of profitability.

• Studying trade outcomes helps build confidence in one's execution model.

Taking Trades to Overcome Fear

The speaker shares their own experience and mentions Larry Williams' approach to overcoming fear in trading. Taking numerous trades repeatedly helps desensitize oneself to fear and builds confidence in execution. However, caution must be exercised not to blow up an account or overstay one's welcome in the markets.

• Taking multiple trades repeatedly helps overcome fear.

• Larry Williams used this approach successfully.

• Caution must be exercised not to blow up an account or overstay one's welcome in the markets.

Changing Gears for Different Market Conditions

The speaker advises changing trading strategies based on market conditions. They mention a day with significant drawdown and recommend following the rules and being content with one good setup when faced with challenging market conditions.

• Adjusting trading strategies based on market conditions is important.

• Following the rules and taking one good setup is recommended during challenging market conditions.

Finding Groove and Model Confidence

The speaker mentions that as traders gain experience, they find it easier to get into their groove and develop confidence in their trading model. They caution against getting too aggressive with trade frequency.

• Traders start finding it easier to get into their groove as they gain experience.

• Developing confidence in one's trading model is crucial.

• Avoid getting too aggressive with trade frequency.

Overtrading Due to Missed Opportunities

The speaker discusses the tendency to overtrade out of frustration after missing a move in the markets. They suggest lowering trade frequency as a solution to avoid overtrading.

• Overtrading can occur due to missed opportunities.

• Lowering trade frequency helps prevent overtrading.

Observing Without Trading

The speaker mentions that sometimes it may be necessary to stop trading temporarily if there is a lack of trust in oneself. Instead, observing the markets and focusing on tape reading can be beneficial.

• Temporarily stopping trades and observing the markets can be helpful.

• Tape reading can provide valuable insights during this period.

Personal Experience of Not Taking Trades

The speaker shares their personal decision not to take any more trades for the rest of January, emphasizing the importance of discipline in adhering to such decisions.

• Personal decision not to take any more trades for the rest of January.

• Discipline is crucial in adhering to trading decisions.

The transcript provided does not include timestamps beyond 0:13:38.