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

New Section

In this section, the speaker introduces the risk disclaimer and shares their opinion on realistic trading expectations.

Risk Disclaimer and Realistic Trading Expectations

• The speaker emphasizes that the following information is their opinion and what they believe a student trading under them could achieve.

• They mention that their approach is not about living a lavish lifestyle but focuses on realistic goals without going overboard.

New Section

The speaker discusses their break from producing videos in February and their lighter approach for March 2022.

Break from Producing Videos and Lighter Approach for March

• The speaker took a break from producing videos in February and also took a vacation from teaching and mentoring.

• They aim to make around 20 trades in March as part of their objective for the month.

New Section

The speaker mentions that they will be presenting a statement similar to previous videos in the series.

Presenting the Statement

• The speaker shows a statement similar to what was presented in previous videos.

New Section

The speaker explains that they will go through each individual trading day and translate all the information into a PDF file.

Translating Information into PDF File

• All the information presented will be translated into a PDF file, which will be available through a link provided in the video description.

• Viewers are encouraged to go through the PDF file to verify its accuracy, as it is exactly what was shown during the recording with no changes or edits made.

New Section

The speaker points out specific days where they did not engage in any trades.

Days Without Trades

• There are certain days indicated on the PDF file where the speaker did not participate in any trading activities.

New Section

The speaker reiterates that there were days without trades.

Confirmation of Days Without Trades

• The speaker confirms that there were indeed days where they did not engage in any trading.

New Section

The speaker proceeds to show the details of the PDF file and discusses the time it takes to print and process it.

Details of the PDF File

• The speaker scrolls through the PDF file, allowing viewers to verify its content.

• They mention that there is a slight time difference between printing and processing the file before being able to present it on their screen.

New Section

The speaker emphasizes that the public PDF file is exactly what was shown during the recording, with no alterations made.

Authenticity of the Public PDF File

• The speaker assures viewers that when they open the public PDF file, it will be identical to what was produced and shown in the recording.

• They emphasize that nothing has been submitted or changed, providing transparency in their trading approach.

New Section

The speaker addresses an issue they encountered with their broker and explains how they resolved it.

Issue with Broker and Resolution

• There was an incident where the broker had an issue with their line to CME (Chicago Mercantile Exchange).

• The broker acknowledged this problem and apologized for any inconvenience caused.

• If any rejected orders could have been executed at a better price, the speaker would submit a request for honoring that price.

• Since addressing this issue, they haven't encountered further problems but also haven't engaged in many trading days afterward due to vacationing.

New Section

The speaker shares a heads-up with the audience.

Heads-Up

• The speaker provides a general heads-up to the viewers, without specifying further details.

New Section

The speaker reflects on their trading days after resolving the broker issue and mentions their vacationing period.

Trading Days After Broker Issue and Vacationing Period

• The speaker states that they haven't faced any problems since addressing the broker issue.

• However, they haven't engaged in many trading days during this month due to taking time off for vacationing.

• They clarify that vacationing doesn't necessarily mean going to Puerto Rico but rather taking a break to rest their mind after years of continuous trading.

New Section

The speaker explains that they will now provide a day-by-day perspective of their trades in March.

Day-by-Day Perspective of Trades in March

• The speaker proceeds to show the first day of March and presents the equity base and transactions for that day.

• They emphasize following the model, taking calculated shots, and not overextending oneself.

• It is mentioned that small wins can add up over time, treating trading as a business.

• They suggest having two trades in the morning session and two trades in the afternoon session or four trades total as a maximum limit.

• Overtrading should be avoided, and trade frequency should be reduced if necessary.

New Section

The speaker discusses another day with multiple trades and advises on correcting excessive trade frequency.

Multiple Trades and Correcting Trade Frequency

• There is mention of another day with more trades than recommended.

• Excessive trade frequency can lead to increased commission costs.

• New traders tend to overtrade, resulting in approximately 30% of their account being used for commissions during their first year.

• It is important to reduce trade frequency and return to following the trading model.

The transcript provided does not contain enough information for further sections.

Importance of Mindful Trading

The speaker emphasizes the need for traders to be mindful and responsible in their trading activities. They should have a way of referring back to their previous trades without beating themselves up. Limiting the number of trades taken can help achieve this.

Mindful and Responsible Trading

• Traders should be mindful and responsible about their trading activities.

• Referring back to previous trades is important, but without self-criticism.

• Limiting the number of trades taken can help maintain mindfulness and responsibility.

Setting Limits on Number of Trades

The speaker suggests setting a limit on the number of trades taken as a way to practice discipline in trading.

Discipline through Trade Limits

• Setting a limit on the number of trades helps develop discipline.

• It is recommended for new traders to focus on finding one good setup and sticking to it.

• Resisting the urge to take more transactions can be challenging for new traders.

Reviewing Monthly Trading Results

The speaker discusses reviewing monthly trading results, specifically focusing on the ending balance for February.

Monthly Trading Results Analysis

• No trades were taken during certain days in February.

• The ending balance for February was $50,091.

• Comparing this with the ending balance from February 2022, there was a net gain of $10,051.

• The rate of return for March was calculated at 25%+ based on these results.

Summary of Live Trading Results

The speaker summarizes three months of live trading with one contract basis. There were no signs of account blowouts, but there were periods of drawdown that were successfully managed.

Live Trading Results Summary

• Three months of live trading with one contract basis were analyzed.

• The account did not experience blowouts but doubled in value.

• Drawdown periods were successfully managed, demonstrating the ability to recover from losses.

• The speaker addressed inquiries from private students regarding managing drawdowns.

Importance of Money Management

The speaker emphasizes the importance of money management and respecting the equity in one's trading account. Drawdowns can be challenging but are crucial for learning.

Money Management and Drawdowns

• Money management is crucial in trading with live accounts.

• Respecting the equity in the account is essential.

• Drawdowns, whether sudden or gradual, can be painful but provide valuable learning experiences.

Proof of Account Recovery from Drawdown

The speaker provides proof that using their teachings, an account can be recovered from drawdown multiple times without blowing out.

Account Recovery from Drawdown

• The speaker demonstrates that their teachings can pull an account out of drawdown into profitability.

• Proof is shown through recovering the account twice within 90 days without overtrading or leveraging excessively.

• One contract basis was used to maintain a reasonable approach for new traders transitioning from demo to live trading.

Reasonable and Realistic Trading Approach

The speaker discusses what they believe is a reasonable and realistic approach to trading, emphasizing their willingness to help others overcome challenges.

Reasonable and Realistic Trading Approach

• The speaker shares their belief in a reasonable and realistic approach to trading.

• They emphasize their willingness to help others overcome challenges and provide guidance based on their own experiences.

• Demonstrating successful trades does not obligate them but serves as proof of concept for overcoming obstacles.

Introduction and Independence

The speaker emphasizes that they are not trying to sell a program or make money from the audience. They express their interest in seeing what the audience can accomplish with the information provided.

• The speaker appreciates the audience's support and congratulates them.

• No intention of selling a program or requiring payment.

• Focus on providing independence and financial literacy.

• Genuine interest in seeing what the audience can achieve.

2022 Crossroads and Evidence

The speaker discusses how they aim to dispel rumors, myths, and lies with evidence and proof provided by ICT (Information Communication Technology).

• Mention of reaching a crossroads in 2022.

• More evidence and proof supplied by ICT to dispel rumors.

• Reference to using a broker recommended by someone called "Talking Options."

• Emphasis on pushing buttons to take action.

Live Trading Statements

The speaker addresses a promise made regarding live trading statements and mentions upcoming documentation for each month.

• Promise fulfilled: Three months of live trading statements shown.

• Documentation for each month will be provided.

• Mention of visiting someone at Christmas as promised.

• Reference to having something reserved as a special gift.

Humility Regarding Achievements

The speaker expresses humility about their achievements so far and clarifies their focus on showing live results rather than teaching specific strategies.

• Humble attitude towards achievements.

• Acknowledgment that current progress is just the beginning.

• Not focused on showcasing various strategies but committed to showing live results.

Teaching Openly in Demo

The speaker encourages the audience to use the information provided this year as an opportunity to learn openly in demo accounts without any concerns.

• Encouragement to use the information provided for demo trading.

• Assurance that what can be done in a demo account can also be done with the current information.

• No direct financial benefit from sharing live account results.

Dispelling Account Blowout Concerns

The speaker addresses concerns about blowing out accounts and emphasizes that they have dispelled such concerns by showing live results.

• Dismissal of claims about blowing out accounts within 90 days with significant drawdown.

• Confirmation of dispelling those concerns through live account demonstration.

• Use of a reputable broker, despite some issues encountered during specific periods.

Challenges Faced with Broker Rejections

The speaker discusses challenges faced with broker rejections during specific trading situations and highlights their efforts to mitigate potential losses.

• Personal experience with broker rejections during certain trading situations.

• Attempts to log in from multiple devices but faced rejection.

• Execution directly from charts on TD Ameritrade's Thinkorswim platform.

• Difficulties encountered when trying to exit trades or place limit orders.

Market Orders and Limit Exits

The speaker explains the use of market orders and limit exits in their trading approach, highlighting a particular day where orders were rejected.

• Majority of trades executed using market orders.

• Mention of a day where orders were rejected by the broker.

• Difficulties experienced when attempting to close positions near profit levels due to order rejections.

Testing Broker Execution Speed

The speaker mentions conducting tests on broker execution speed by placing numerous one-contract orders and observing any delays or lags in execution.

• Conducting tests on broker execution speed using one-contract orders.

• Observing length of time before being "be booked" by the broker.

• Noting delays or lags in execution when entering or exiting trades.

The transcript ends abruptly, and there is no further content available.

New Section

The speaker discusses a situation where they are unable to execute trades and encounter technical issues with their trading platform.

Technical Difficulties

• The speaker realizes that they are unable to exit their trade at the desired level.

• They attempt to use the "flatten" button, but it is grayed out and unclickable.

• Concerned about potential market events, the speaker contacts support for assistance.

• The representative explains that there was a disconnection between the broker and the CME.

• The speaker questions this explanation, as they know other traders who did not experience similar connection issues.

New Section

The speaker reflects on their experience with TD Ameritrade and acknowledges both positive and negative aspects of their interaction.

Positive Resolution

• Despite encountering technical difficulties, TD Ameritrade made efforts to resolve the issue.

• The support team worked with the speaker to provide a better exit fill for their trade.

• Once the orders were allowed to go through, the speaker achieved a better exit fill when buying back their position.

New Section

The speaker shares their opinion on potential earnings in trading and emphasizes the importance of following proper strategies and practices.

Potential Earnings

• In eight weeks, earning $25,000 is considered good progress towards achieving a six-figure year in trading.

• Following recommended strategies, practicing diligently, journaling trades, and conducting thorough backtesting can increase chances of success.

• However, not everyone will achieve six-figure earnings due to individual factors such as lack of discipline or failure to follow recommended practices.

New Section

The speaker provides advice on avoiding common mistakes in trading related to overtrading and overleveraging.

Avoiding Mistakes

• Overtrading and excessive use of leverage are common pitfalls that can lead to blowing one's trading account.

• Traders should avoid taking numerous trades in a single day and be mindful of the equity in their account.

• Respecting the amount of money available and not overextending oneself is crucial for long-term success.

New Section

In this section, the speaker discusses the potential earnings and living standards in trading.

Earning Potential and Living Standards

• The majority of students can make a good living by earning $1000 per day .

• The speaker acknowledges that some students may earn more, but emphasizes that $1000 per day is a significant achievement .

• The speaker mentions the upcoming hard times and expresses their goal to help students navigate through them .

New Section

In this section, the speaker shares their personal trading experiences and highlights the importance of real money trading.

Real Money Trading

• The speaker emphasizes that they are not using a demo account and demonstrates actual trades made .

• They mention a missed opportunity to make $10,000 in one trade but chose to focus on trading in futures instead .

• The speaker admits to making a trader error when mistakenly entering a trade for stocks instead of what they intended .

New Section

In this section, the speaker addresses expectations regarding live sessions on YouTube and discourages copying or depending on their trades.

Live Sessions and Independence

• The speaker clarifies that during live sessions on YouTube, they will discuss tape reading but will not be executing trades for viewers to copy .

• They express their desire for viewers to become independent thinkers rather than relying on someone else's trades .

• The speaker emphasizes that their lessons aim to make students independent and free thinkers in engaging with price action .

New Section

In this section, the speaker seeks assistance from the community to resolve technical issues with live streaming on YouTube.

Technical Assistance Request

• The speaker requests help from viewers who are experienced in live streaming and using OBS software .

• They explain their struggle to connect their YouTube channel to OBS and express frustration with not knowing what they are doing wrong .

• The speaker asks for pointers or suggestions in the comment section of their videos to resolve the issue .

New Section

In this section, the speaker discusses the importance of understanding tape reading and developing a feel for market movements.

Tape Reading and Market Analysis

• The speaker emphasizes the importance of learning tape reading skills, including recognizing biases and predicting market movements .

• They discourage relying solely on demo trading without putting in the necessary time and work .

• The speaker mentions that many students who skipped steps and went straight into demo trading ended up blowing up their accounts .

Timestamps may vary slightly due to differences in transcription.

New Section

In this section, the speaker emphasizes the importance of learning how to read price action and develop a bias based on it. They explain that understanding price action helps anticipate market movements and engage with price manipulation.

Learning How to Read the Tape

• The speaker highlights the significance of studying price action and getting in sync with it.

• Developing a skill set to understand what price is likely to do is crucial.

• Having a bias towards bullish or bearish movements and being able to adapt when the market goes against that bias is important.

• Reading price action requires observation and study, rather than simply pushing buttons.

• Initially, it may feel aimless, but once everything is set up, consistent observations can be made about where prices are likely to go.

New Section

This section focuses on the importance of understanding tape reading for effective trading. The speaker explains that static images from trading books are not sufficient for learning organic price action.

Importance of Understanding Tape Reading

• Many traders struggle because they omit or overlook the importance of understanding tape reading.

• Tape reading involves deciphering what price action is trying to do in terms of engineering a narrative or collective opinion in the marketplace (sentiment).

• Observing live organic price action on charts helps learn efficient trading techniques.

• Static images from trading books cannot provide real-time insights into how prices move.

New Section

In this section, the speaker discusses their plan to publicly demonstrate tape reading skills and invites viewers to join them in observing bias and general expectations for each trading day.

Public Demonstration of Tape Reading Skills

• The speaker plans to publicly demonstrate tape reading skills in upcoming sessions.

• The focus will be on understanding bias and having a general expectation for the trading day.

• Specific levels that may be responsive or draw attention will be studied.

• Some viewers, especially those new to trading, may find this approach challenging and may choose to unsubscribe.

• Learning from someone who can read price action and decipher market sentiment is essential for successful trading.

New Section

This section emphasizes the misconception that watching videos or examples of price action analysis is enough to understand tape reading. The speaker highlights the importance of learning from someone who can show organic price action in real-time.

Misconception about Understanding Tape Reading

• Watching videos or examples of price action analysis is not sufficient to understand tape reading.

• Simply seeing order blocks, candle patterns, or fair value in static images does not provide a comprehensive understanding of tape reading.

• Omitting the study of organic price action hinders development as a trader.

• Observing live organic price action helps learn how prices move and anticipate manipulation.

New Section

In this section, the speaker discusses their plan to continue working with their account throughout the year. They emphasize that even if traders don't achieve the same results as shown, it doesn't mean failure.

Expectations for Live Trading

• The speaker plans to work with their account throughout the year, demonstrating what a diligent student could expect in their first year of live trading.

• Achieving similar results is not necessary for success; even struggling as a breakeven trader in the beginning is considered positive progress.

• It's normal to experience ups and downs in profitability during initial months of live trading before finding consistency.

The Importance of Self-Control in Trading

In this section, the speaker discusses the importance of self-control in trading and how it can impact a trader's success.

The Value of Experience

• Initially, the speaker believed that students without any retail understanding were the best candidates for mentorship.

• However, over time, the speaker changed their opinion and found that students who had experienced financial ruin due to retail logic were better equipped to understand and overcome common pitfalls.

• Students who have established some measure of self-control and are not prone to overtrading tend to be more successful.

Personality Traits and Trading Style

• Traders with hot-headed personalities may struggle with holding onto equity when they lose control.

• Traders who are even-toned or mild-mannered tend to exhibit more steady behavior and are less likely to blow their accounts.

• It is important for traders to align their trading style with their personality traits. Quick decision-makers may thrive in day trading or scalping, while those who require more time to make decisions may prefer position trading using daily charts.

Transitioning from Demo to Live Trading

• Traders who have consistently found setups with demo accounts should not assume that live trading will be just as easy.

• The feeling of seeing an increase in equity can be both exciting and nerve-wracking for new traders.

• It is crucial not to hold onto losing trades out of fear or hope. Emotional attachment can lead to poor decision-making.

Removing Emotional Attachment

• When confidence in a trade is lost and it becomes a matter of hoping it doesn't hit the stop loss, it is time to exit the trade.

• Emotional attachment to trades can hinder decision-making and waste mental capital.

• Traders should be willing to cut off losing trades and not let small losses accumulate.

Maintaining Perspective

• Traders should view trading losses as part of the journey, similar to encountering obstacles in other aspects of life.

• It is important to develop resilience and not let small setbacks discourage or derail progress.

[t=0:43:35] Finding Your Trading Style

In this section, the speaker discusses the importance of finding a trading style that aligns with one's personality and decision-making preferences.

Understanding Personal Decision-Making

• Traders who are quick decision-makers may thrive in day trading or scalping.

• Traders who require more time to make decisions may prefer position trading using daily charts.

Self-Assessment for Trading Style

• Traders need to ask themselves hardline questions about their personality traits and decision-making tendencies.

• Confidence in one's trading style is crucial for success. If doubt creeps in, it may be necessary to reevaluate the chosen approach.

Avoiding Religious Trading

• Emotional attachment to trades can lead traders into a state of hope and prayer, which hinders objective decision-making.

• It is essential to disconnect emotionally from trades and cut off losing positions when confidence is lost.

Developing Mental Resilience

• Small losses should not be allowed to accumulate and erode mental capital.

• Traders should view trading losses as part of the journey and develop resilience to overcome setbacks.

The transcript provided does not cover the entire video, so the summary is based on the available content.

Should You Quit Your Job?

In this section, the speaker discusses whether quitting your job is a reasonable response to a minor setback like getting a flat tire. They emphasize the importance of not overreacting and blowing up at others due to frustration.

Evaluating Uncomfortable Transactions

• It is important to assess if certain transactions make you feel uncomfortable or worried about your finances.

• Focus on following an established process that has proven effective in gaining equity rather than everyday profitability.

Setting Realistic Goals for Consistent Profitability

• To be consistently profitable, it is crucial to set realistic goals and reach them.

• Avoid risking what you have already achieved by pushing for more when you have already met your monthly goal.

• Aim for consistency in monthly returns rather than trying to quickly accumulate profits.

The Danger of Overconfidence and Pushing Your Luck

• Many traders fall into the trap of feeling invincible during winning streaks and continue taking unnecessary risks.

• Losing control and making impulsive trades without a valid reason can lead to significant losses.

• Take responsibility for your actions, set limits, and know when to stop trading for the day.

The Secret to Consistency and Longevity

In this section, the speaker reveals the secret to achieving consistency and longevity in trading. They emphasize the importance of having realistic goals, stopping once those goals are reached, and avoiding reckless behavior during winning periods.

Stop When You Reach Your Goal

• Once you achieve your goal, whether it's a specific rate of return or any other target, it is essential to stop trading.

• Do not succumb to the temptation of pushing your luck or trying to maximize profits beyond what is reasonable.

Trading Responsibly with Live Accounts

• The speaker highlights that their teaching approach focuses on responsible trading with live accounts.

• It is crucial to approach live trading with the right mindset, understanding potential challenges, and knowing how to navigate emotions and psychological pulls.

The Double-Edged Sword of Live Trading

• Live trading involves real money and can evoke both excitement and fear.

• If anxiety arises during a trade, it is important to assess if the market is still aligning with your initial expectations. If not, consider exiting the trade.

Learning from Mistakes

• Exiting a trade that later reaches your profit objective should be seen as a learning opportunity rather than dwelling on missed opportunities.

• Gradually build experience and knowledge without subjecting yourself to unnecessary pain or suffering.

Navigating Feelings and Emotions in Live Trading

In this section, the speaker discusses the emotional aspects of live trading and provides guidance on managing feelings of excitement, fear, anxiety, and following a system.

Emotional Challenges in Live Trading

• Live trading involves real money flowing in and out of your account, which can intensify emotions compared to demo accounts.

• Winning trades may make you feel superhuman while losing trades can be painful.

Reminding Yourself of Your System

• When feeling anxious during a trade, remind yourself that you are following a system.

• Assess if the market is still aligning with your initial expectations. If not, consider exiting the trade.

Taking Responsibility for Your Actions

• Own your decisions and take responsibility for them.

• Set limits for both losing money and making money. Do not listen to advice suggesting pushing your edge during winning periods.

Conclusion

The speaker concludes by emphasizing responsible trading practices, gaining experience gradually, avoiding reckless behavior during winning periods, setting realistic goals, stopping once those goals are reached, and navigating emotions effectively in live trading.

Analyzing Trade Logic and Anticipated Results

In this section, the speaker discusses the importance of analyzing trade logic and whether the anticipated results align with the actual outcome.

Evaluating Trade Logic

• It is crucial to assess whether a trade follows the expected logic and if it yields the anticipated results.

• Traders must understand that they either succeed or fail in their trades, and gradually learn from their experiences.

Gradual Progression

• Each trader has a unique learning curve, and there is no fixed timeline for acquiring trading skills.

• Some traders may feel ready after watching a single video, while others may require more time and practice.

• It is essential to find a balance between gradual progression and avoiding excessive fear or hesitation.

Engaging with Price Action

• Traders should adopt a mindset of active engagement with price action.

• One can start by gradually entering trades, testing the waters before fully committing.

• Alternatively, some traders may prefer diving into live trading immediately without overreacting to losses or rushing to recover them.

Personalized Approach

• Every trader's personality and preferences play a role in determining their approach to trading.

• There are numerous variables involved, making it impossible to have a one-size-fits-all strategy.

• Live trading reveals aspects of oneself that were not apparent during demo trading, including strengths and weaknesses.

Self-discovery in Live Trading

This section emphasizes how live trading exposes traders to self-discovery by revealing their true characteristics and areas for improvement.

Unveiling Characteristics

• Live trading uncovers traits that traders may have preferred to ignore during demo trading.

• It highlights qualities such as organization, patience, responsibility for one's actions, and adherence to rules.

Development Over Time

• These desirable characteristics are not typically present in new traders.

• They are developed and honed over time through disciplined adherence to rules and experiencing the consequences of rule violations.

Learning About Oneself

• Engaging in live trading provides an opportunity for self-reflection and growth.

• Traders will gain insights into their problem areas, such as entry timing, execution, or fear-based delays.

Overcoming Fear

• Traders who fear executing trades should gradually desensitize themselves by repeatedly pressing the buy/sell button without fixating on outcomes.

• This process helps overcome anxiety and builds confidence in taking action.

Limitations of Comprehensive Coverage

The speaker acknowledges that while the provided information is valuable, it does not cover every aspect of ICT's methodology or the developer himself.

Incomplete Coverage

• The content presented does not aim to address all possible questions about ICT's methodology or the developer behind it.

Empowerment through Imperfection

• Despite its limitations, this information can empower viewers by demonstrating that even with imperfections, significant progress can be made.

• Achieving a doubling of one's account within eight weeks is a commendable objective for a first-year trader.

Setting Realistic Expectations

This section emphasizes setting realistic expectations during the first year of live trading and understanding individual progress.

Realistic Goals

• The speaker believes that doubling one's account within eight weeks is an ambitious yet attainable objective for a first-year trader.

Individual Progression

• Each trader will fall somewhere on a spectrum between break-even results and achieving significant growth.

• It is crucial not to compare oneself to others or let external judgments diminish personal achievements during the initial three months of trading.

Identifying Problem Areas

• The first three months of trading provide a foundation for identifying areas that require improvement.

• Traders should assess their performance in areas such as entries, execution, and overcoming fear.

Overcoming Fear of Execution

This section focuses on addressing the fear associated with executing trades and provides strategies to overcome it.

Deep-rooted Fear

• Traders must identify the underlying fears that hinder them from executing trades promptly.

Gradual Desensitization

• To overcome execution-related fears, traders can start by repeatedly pressing the buy/sell button based on short-term swing lows on a one-minute chart.

• This process helps desensitize traders to outcomes and reduces anxiety surrounding trade execution.

Pursuit of Perfection in Exits

The speaker discusses their personal pursuit of perfect exits and encourages traders to establish their own foundations during the initial three months.

Personal Weaknesses

• The speaker admits that their weak point is achieving perfect exits despite being proficient at other aspects of trading.

Continuous Improvement

• Striving for perfection in exits is an ongoing pursuit that may never be fully achieved.

• Traders should focus on continuous improvement rather than expecting flawless results.

Establishing Foundations

• During the first three months, traders need to build a solid foundation by weathering challenges and gaining experience.

• This period allows individuals to identify problem areas and determine where they need to focus their efforts.

The Psychological Impact of Trading Challenges

The speaker discusses the psychological impact of facing trading challenges and how it can weigh on traders over time. They emphasize the importance of having a personal answer to overcome these challenges.

Coping with Trading Challenges

• Traders may struggle when they are unable to find their footing, experience losing trades, or have trades turn against them before becoming profitable.

• These challenges can have a cumulative effect on traders over time.

• It is crucial for traders to develop their own unique strategies to cope with these challenges.

Starting Small in Trading

The speaker emphasizes the importance of starting with a small trading account and gradually increasing it. They explain that this approach allows traders to gain experience and learn without risking large amounts of money.

Starting with a Small Account

• Traders should avoid starting with a large amount of money in their trading account.

• Instead, they should begin with a small account size.

• This approach allows traders to trade in markets that require less equity.

Unprecedented Market Conditions

The speaker reflects on the current market conditions and highlights how the past 18-19 months have been particularly challenging due to various global events. They acknowledge that these circumstances have had a significant psychological impact on traders.

Unusual Market Situations

• The past 18-19 months have presented unprecedented challenges in the markets.

• Global events such as vaccination campaigns, restrictions, economic impacts, etc., have affected market behavior.

• Traders worldwide are navigating unfamiliar market conditions characterized by reactive or anticipatory responses to news.

Difficulties Faced by Traders

The speaker acknowledges that many traders have faced difficulties in the past two years and assures them that they are not alone. They also express skepticism towards claims of exceptional trading success without evidence.

Shared Trading Struggles

• Traders who have experienced challenges in the past 19 months are not alone.

• The speaker has personally faced difficulties during this period.

• Some individuals claim exceptional trading success, but it is important to question these claims without supporting evidence.

Demonstrating Trading Skills

The speaker discusses their approach to trading and addresses skeptics who doubt their abilities. They emphasize transparency and challenge others to provide evidence of their own successful trading.

Challenging Skepticism

• The speaker believes that actions speak louder than words when it comes to demonstrating trading skills.

• They invite skeptics to show detailed evidence of their own successful trades.

• Transparency is crucial, and the speaker provides live trade results as proof of their abilities.

Transitioning into an Educator Role

The speaker reflects on their journey as a trader-turned-educator. They acknowledge that not everyone will resonate with their teaching style but assert that they can never be accused of being unable to trade.

Becoming an Educator

• In 2016, the speaker transitioned into an educator role while striving for more responsibility.

• They aimed to put aside previous antics and focus on mentorship and education.

• Not everyone will find them suitable as a mentor or solution, but no one can deny their ability to trade successfully.

Providing Trade Results

The speaker emphasizes the importance of providing live trade results as evidence of trading skills. They highlight their transparency by sharing statements from a regulated broker.

Demonstrating Trade Results

• The speaker emphasizes the significance of providing live trade results.

• They share statements from a regulated broker to showcase transparency.

• Negative symbols next to transactions are shown as part of the demonstration.

The transcript provided does not include any specific language, so it is assumed to be in English.