Boot Camp Day 15: Identifying problems — Transcript

Full transcript

1. 0:01what's good welcome to boot camp day who
2. 0:04[ __ ] knows
3. 0:05um again in Miami recording for you guys
4. 0:08right before the the FX Summit actually
5. 0:11um so I'm gonna be you know chilling
6. 0:13here for
7. 0:16you know a little bit getting ready for
8. 0:18my day
9. 0:19um all the other guys are out getting
10. 0:21coffee I already did that you know first
11. 0:23one up first one up first one all right
12. 0:26first one up last one to bed after this
13. 0:29man they ain't waking up as early as me
14. 0:31they ain't staying up as late as me
15. 0:35anyways
16. 0:36um let's get into it today we're talking
17. 0:39about discipline and pretty much most of
18. 0:43today isn't going to be talking it's
19. 0:45going to be me kind of
20. 0:47telling you to do [ __ ] telling you to
21. 0:49write down stuff
22. 0:50um and it shouldn't be today really
23. 0:53shouldn't take long it's really about
24. 0:55identifying the problems that you know
25. 0:57that you have and then you know Finding
26. 0:59solutions for them so with that being
27. 1:02said pull out your [ __ ] notebooks and
28. 1:03if you don't have a notebook already
29. 1:04pull out your notes app and then go
30. 1:07drive to the store and get a notebook
31. 1:09that's part of your homework go grab a
32. 1:10notebook if you you know that means you
33. 1:12already failed [ __ ] day two's
34. 1:14homework which was to go get a notebook
35. 1:16or maybe that was even day one's uh
36. 1:18homework let's get a [ __ ] notebook
37. 1:21um so
38. 1:23we got to get that [ __ ] covered okay
39. 1:26so let's jump right into it okay we need
40. 1:29to know how to identify our issues damn
41. 1:33look at all that frizz we need to know
42. 1:35how to identify our issues and then
43. 1:37solve them because if we can identify
44. 1:39them that's that's one step in the right
45. 1:41direction but if we can't solve them or
46. 1:43if we can't make an attempt to fix them
47. 1:44then we're [ __ ] because we'll always
48. 1:46have that issue for the rest of for the
49. 1:48rest of our life okay so with that being
50. 1:51said you got your notebooks in front of
51. 1:52you write down the three biggest issues
52. 1:56you have with trading and guess what I'm
53. 1:58going to tell you right now it has
54. 1:59nothing to do with strategy so if you
55. 2:01were going to write down I can't find
56. 2:02order blocks well shut the [ __ ] up I'm
57. 2:04going to teach you how to do that
58. 2:05finding order blogs is the easiest [ __ ]
59. 2:07ever let's focus on the hardship the
60. 2:10discipline [ __ ] maybe maybe you have uh
61. 2:12maybe you have trouble with knowing when
62. 2:15to stop trading maybe you have trouble
63. 2:17over leveraging because you know like
64. 2:19you you risk like 10 of trade instead of
65. 2:22one percent because you think that still
66. 2:23sort of risk management and you're
67. 2:25losing a lot of money that's a problem
68. 2:26right do something related to risk
69. 2:29management do something related to
70. 2:30emotions do something related to
71. 2:31psychology not a [ __ ] [ __ ] ass
72. 2:33strategy okay so write down your three
73. 2:36biggest problems okay and now we're
74. 2:39going to talk about how we can come down
75. 2:40to the [ __ ] root of those problems
76. 2:42okay and figure figure it the [ __ ] out
77. 2:45okay so let's do that that first example
78. 2:48that I said
79. 2:50um maybe you know it's hard for you to
80. 2:51put the phone down it's hard for you to
81. 2:52walk away from from trading for the day
82. 2:55especially after you lose for the first
83. 2:57time okay so identify the problem
84. 2:59perfect we're done okay now figure out a
85. 3:02solution this is the hard part because
86. 3:04it's pretty easy to identify okay I have
87. 3:06this problem this problem this problem
88. 3:08but I don't know how to solve it okay so
89. 3:10hopefully we can figure that out all
90. 3:12right so
91. 3:14we need to find the base of the problem
92. 3:16okay why are you why do you place more
93. 3:21trades more trades more why do you why
94. 3:25do you place more trades than you're
95. 3:28supposed to
96. 3:29okay figure out the emotions that play
97. 3:31into that whether it's greed do you want
98. 3:33more money
99. 3:34whether it's you know being
100. 3:37um like
101. 3:38upset that you took a loss so you're
102. 3:41just Revenge trading you have a fear
103. 3:43whether it's you know you have a fear of
104. 3:44missing out on a trade because you think
105. 3:46this is a one-of-one trade that'll hit a
106. 3:48one to ten restore award ratio it won't
107. 3:51you'll probably lose on it especially if
108. 3:53it's a Revenge trade especially if it's
109. 3:54your second trade of the day and you
110. 3:56lost your first one you won't hit take
111. 3:58profit
112. 3:59just being honest
113. 4:01um okay uh find the base of it figure
114. 4:05out why
115. 4:07what emotion is causing you to press
116. 4:10that button again you know you know for
117. 4:12a fact that okay I'm taking too many
118. 4:16trades that I'm supposed to
119. 4:18why that is the question that you need
120. 4:21to be asking why am I doing it you
121. 4:23figure out okay well I'm doing it
122. 4:25because I want to make more money why do
123. 4:27I want to make more money what emotion
124. 4:29is driving that go down that pyramid
125. 4:31okay identify the problem
126. 4:34say why am I doing it what is my
127. 4:37reasoning
128. 4:38for executing or doing you know like
129. 4:41actually engaging with that problem why
130. 4:44do I do that
131. 4:45and then say okay what is causing me to
132. 4:50to feel the need to do that and then
133. 4:53from there boom you've identified it and
134. 4:55and once you've identified it that's
135. 4:58when we start working on it so whether
136. 5:00the emotions that you've outlined for
137. 5:02these three things are
138. 5:04greed whether it's overconfidence you
139. 5:07think every single one of your trades is
140. 5:08going to hit take profit and when it and
141. 5:11when it doesn't
142. 5:12you get really upset or you think that
143. 5:15the mark it was the Market's problem or
144. 5:17you blame it on someone else nope it's
145. 5:19not the Marcus problem the Market's
146. 5:20going to move how it moves the market
147. 5:21does not give no [ __ ] about you you it
148. 5:24is your fault every single mistake every
149. 5:26single issue every single problem that
150. 5:28you have in these markets every time you
151. 5:29lose money in these markets it's your
152. 5:31fault and your fault only and the sooner
153. 5:33you guys can identify that and
154. 5:34understand that the way better off
155. 5:36you'll be
156. 5:37you got me okay so hopefully you have
157. 5:41your three problems written down and
158. 5:43ideally you have it's problem one
159. 5:46why do I why do I do this and then you
160. 5:50have problem two why do I do this
161. 5:51problem three why do I do this and then
162. 5:55we can have stems going out of that you
163. 5:58know so the first problem I trade
164. 6:02um I trade more than I'm supposed to I
165. 6:04take
166. 6:04[ __ ] five trades a day and I'm and I
167. 6:06say I should only take one why am I
168. 6:09doing that because I want to make more
169. 6:10money
170. 6:11what is driving that thought process
171. 6:13what is wanting what is causing me to
172. 6:16want to make more money I have no money
173. 6:18get a job solution I have no money go
174. 6:22get a [ __ ] job working nine to five
175. 6:25no I'm dead ass like get some [ __ ]
176. 6:27money because having money and trading
177. 6:29gives you a sense of security if you are
178. 6:31trading and it's your only source of
179. 6:34income and you're not profitable you are
180. 6:36[ __ ]
181. 6:36you are pretty much relying on
182. 6:38inconsistent income completely
183. 6:40inconsistent income and you're living in
184. 6:42fear you're letting the money control
185. 6:43you
186. 6:44okay so why do you need why do you need
187. 6:47to make more money
188. 6:49because you're greedy because you need
189. 6:50it
190. 6:53that sounds like two [ __ ] two [ __ ]
191. 6:55branches that you need to you know
192. 6:57identify and find a solution to why do
193. 6:59you need why do you need more money you
194. 7:01got no bread perfect what's the solution
195. 7:03work sell [ __ ] make more and and guess
196. 7:07what you're not going to make it through
197. 7:08trading because this is the problem that
198. 7:11we're having we're taking too many
199. 7:13trades because you want to make more
200. 7:15money through trading and that's not the
201. 7:18Avenue you need to be going through
202. 7:19right now you need to be focusing on
203. 7:20learning how to trade
204. 7:22see see okay so
205. 7:26okay why do I want to make more money
206. 7:28I'm broke as [ __ ] cool get a job okay
207. 7:31why am I being greedy because everyone
208. 7:33loves money how do I how do I stop being
209. 7:35greedy
210. 7:36actually have money
211. 7:38what does that lead to get a job perfect
212. 7:40that's our solution okay what else what
213. 7:42else could what else could be something
214. 7:44a problem or an issue that people are
215. 7:46having
216. 7:47um that pertains to psychology people
217. 7:50getting out of Trades oh I get out of
218. 7:52Trades before I hit stop loss or before
219. 7:54it gets take profit because I get two in
220. 7:55my head
221. 7:57what's the problem we get out of Trades
222. 7:59too early why are we doing this we're
223. 8:01not confident in our analysis maybe
224. 8:04we're confused
225. 8:06okay so that shows fear
226. 8:09right what are the emotions that are
227. 8:11playing into that fear under confidence
228. 8:13which is essentially fear
229. 8:16okay maybe confusion lack of bias
230. 8:20and maybe just lack of knowledge all
231. 8:22five of those okay so how can you how
232. 8:24can you fix how can you fix fear
233. 8:27mate why are you scared because you're
234. 8:29probably dealing with real real money
235. 8:30live money that you can't handle you
236. 8:33can't handle that lot size
237. 8:36why are you why are you scared of losing
238. 8:38why are you cutting a trade before it
239. 8:39hits take profit why are you cutting a
240. 8:41trade before I hit stop loss if you
241. 8:42actually know your risk
242. 8:44right if you actually know your risk you
243. 8:46wouldn't be doing that
244. 8:48okay understand your risk solution one
245. 8:51maybe solution two you shouldn't even be
246. 8:54trading online because you don't know
247. 8:55how to trade yet
248. 8:57solution two you shouldn't even be
249. 8:58putting any money at risk maybe you
250. 9:00should go to demo perfect
251. 9:02solve both those problems risk less or
252. 9:05go to demo
253. 9:07or don't even less and just go to demo
254. 9:09it's as easy as that why are you why are
255. 9:12you scared probably because you need the
256. 9:14money for for that trade to hit
257. 9:16why do you need the money you're broke
258. 9:18get a job get a job go to demo
259. 9:22see how easy it is to find solutions to
260. 9:24your problems when you identify what the
261. 9:27problem is identify why we are why we
262. 9:31are you know doing this why we are
263. 9:32executing on these bad habits
264. 9:35and then say okay what emotions are
265. 9:36leading me to what are what emotions are
266. 9:38driving me to these bad habits and it's
267. 9:41it's not us saying this is my problem
268. 9:44how do I fix it it's saying this is my
269. 9:46problem this is the reason why this is
270. 9:49what's causing that reason why how do I
271. 9:51fix this stuff down here so pyramids up
272. 9:54and by fixing this stuff down here you
273. 9:57eliminate the chances of these little
274. 10:00emotions affecting other areas in your
275. 10:04life as well
276. 10:05[ __ ] five Birds one stone
277. 10:08okay by
278. 10:09killing emotions and by identifying
279. 10:12where and when you act on these bad
280. 10:16habits and on these bad emotions you'll
281. 10:18go real [ __ ] far okay so hopefully
282. 10:22you guys have your three problems if not
283. 10:24do this with all your [ __ ] problems
284. 10:26literally like keep this page empty in
285. 10:28your notebook right my biggest problems
286. 10:30with trading and once you fix these
287. 10:32problems never do again there's a great
288. 10:35quote um I don't know if Alex harmosi
289. 10:38said it but um I think he got the quote
290. 10:40from someone else because he loves
291. 10:42quoting people as well but he pretty
292. 10:44much said
293. 10:46if you have the best job in the world
294. 10:49right if you make the most money that
295. 10:52you could ever have you you live the
296. 10:54best life you have the best job that you
297. 10:55have ever had in your entire life and
298. 10:58you make a big mistake and your boss
299. 11:01comes in
300. 11:02and says you know what like I could fire
301. 11:06you right now but I'm not I just have to
302. 11:10make sure you will never make that
303. 11:11mistake again
304. 11:13what are you going to do you're going to
305. 11:15make sure that damn well you are never
306. 11:18going to make that mistake again same
307. 11:20applies for trading you need to
308. 11:21understand that this is a million dollar
309. 11:23job
310. 11:24you're not there yet but you have to
311. 11:27treat it like that
312. 11:28would I if I had [ __ ] 10 mil in my
313. 11:32training account
314. 11:33and I lose one trade and I know the
315. 11:36exact problem for it why wouldn't I want
316. 11:37to solve that problem
317. 11:39that's a couple extra you know hundred
318. 11:41thousand dollars that's like a couple
319. 11:43extra thousand dollars
320. 11:45that it could have made me that you know
321. 11:47solving that problem has made me and in
322. 11:49the future when I don't do those
323. 11:51problems when I don't have those
324. 11:52problems to deal with
325. 11:54guess what I'm winning those trades I'm
326. 11:56not losing
327. 11:58I'm not executing on bad habits I'm not
328. 12:00giving money away to the market for
329. 12:03stupid reasons
330. 12:04those mistakes those problems those
331. 12:07issues are eliminated
332. 12:09because I know
333. 12:12I know where it stems from and once you
334. 12:14can identify where it stems from and cut
335. 12:16it and stop it and find a solution from
336. 12:19the root of the issue
337. 12:21you're like it's literally like a plant
338. 12:23a lot of people say
339. 12:25okay yeah I trade to I trade too much I
340. 12:28over trade right they they try and they
341. 12:30try and solve this one
342. 12:33oh yeah I took five trades today I just
343. 12:35need to stop
344. 12:38it's hard to say yes I'm just going to
345. 12:40stop
346. 12:42it's hard it's because most people can't
347. 12:44do that right it's really hard to say
348. 12:46I'm just gonna stop because you can't
349. 12:49it's really hard to do that but instead
350. 12:52why don't we say I'm not gonna stop I'm
351. 12:55not going to you know not do something
352. 12:57how about we take action and find a
353. 12:59solution to the main issue right we're
354. 13:02we're snipping at leaves up here when we
355. 13:05can just take the base out throw it out
356. 13:08right why wouldn't we want to solve this
357. 13:11root issue
358. 13:12that could potentially stem out right
359. 13:15[ __ ] it's growing down here causing
360. 13:17more issues and more problems it's like
361. 13:20a fungus bro like you're the [ __ ]
362. 13:22lawn and the fungus like has its whole
363. 13:25network underneath and the minute you
364. 13:27start chopping up those nerves chopping
365. 13:28off those networks chopping off those
366. 13:30bad connections those bad habits
367. 13:33your shit's gonna be glowing your shit's
368. 13:35going to be gorgeous okay and that's
369. 13:37what we need to focus on okay so
370. 13:39literally dedicate this entire page to
371. 13:41any problems that you have with trading
372. 13:44and go through that thought process
373. 13:46what's my problem why is it a problem
374. 13:49why am I doing this and then what is
375. 13:51leading me to do that
376. 13:54what emotions are causing me to act
377. 13:57and then when you find those emotions
378. 14:00that's when it's real easy why am I
379. 14:02greedy I have no money why am I greedy I
380. 14:04want more money how can we make more
381. 14:06money how can we get money
382. 14:07get a [ __ ] job sell some [ __ ] maybe
383. 14:10you have designer clothes that you know
384. 14:12and if you're trying to if you if you
385. 14:15have if you have
386. 14:17if you have greed or or fear as an
387. 14:21emotion sell every piece of designer
388. 14:23clothing you have
389. 14:25because you clearly do not have enough
390. 14:27money to be trading which in turn means
391. 14:30you have definitely don't have enough
392. 14:32money to be having that [ __ ]
393. 14:36um and it's best if you sell it and wait
394. 14:38until you can actually reward yourself
395. 14:40and actually go buy 10 pieces instead of
396. 14:43one piece that's going to break your
397. 14:44bank
398. 14:45you know think about it that way reward
399. 14:48yourself when you actually get the work
400. 14:49done so sell that [ __ ] sell valuable
401. 14:52[ __ ] because guess what if you sell it
402. 14:54right now
403. 14:56it's gonna come out all right back it's
404. 14:57going to come back and guess what the
405. 15:00money that you get from selling that
406. 15:01it's putting you one step closer to
407. 15:03being able to buy it right back you need
408. 15:06to understand that okay let's identify
409. 15:09our problems identify the root of it and
410. 15:11kill it all right hopefully you guys
411. 15:14learned something from this I really
412. 15:15think this is a very beneficial video
413. 15:17that every single person should watch
414. 15:20um because this is how I've done problem
415. 15:23solving like my entire life my football
416. 15:25coach taught me this method and
417. 15:28it is yet to fail
418. 15:30um he was a big role model for me
419. 15:33um
420. 15:34he really like sets it straight
421. 15:38um with you know like understanding who
422. 15:39you are as a human because you know he
423. 15:42would always say they're they're very
424. 15:43bad people in this world and they all
425. 15:45act on the same emotions that me and you
426. 15:47have
427. 15:48you know but me and you just have
428. 15:50self-control me and you don't act on
429. 15:53those bad habits don't act on those bad
430. 15:55emotions
431. 15:56and it's true same thing with trading
432. 15:58right me and you are no different we
433. 16:00have the same strategy we we we're human
434. 16:03we have a [ __ ] brain
435. 16:05we're we're a level of playing field
436. 16:07what's the difference you still act on
437. 16:10these bad feelings on these bad habits
438. 16:12bro if you'd be you would be stupid to
439. 16:15say or to think that when I see myself
440. 16:19floating in 20 grand profit I'm not
441. 16:21thinking holy [ __ ] I could just close
442. 16:23this right now and buy my dad a Rolex
443. 16:26that's what I'm thinking I'm thinking
444. 16:28the same [ __ ] that you guys are I'm
445. 16:30thinking the same thing but guess what
446. 16:31the difference between me and you I
447. 16:33don't act
448. 16:34I don't act because I know that's an
449. 16:36emotion that I should not be playing off
450. 16:37of it's identity it's identifying the
451. 16:39emotions when they when they come up
452. 16:42and and actually noticing it and saying
453. 16:45nope not today
454. 16:46not today
455. 16:48right
456. 16:49and by finding solutions to those
457. 16:52emotions by finding Solutions and
458. 16:54problem in solving those problems it's
459. 16:57wraps bro because then those emotions
460. 17:00will feel a lot less
461. 17:01yeah I get greedy I get greedy all the
462. 17:03time in the market I get greedy every
463. 17:04single time I trade but do I act on it
464. 17:06definitely not why because I have money
465. 17:08and I know I can make money in these
466. 17:09markets
467. 17:11because I know right yeah I can close
468. 17:13right here
469. 17:14but I have a take profit somewhere
470. 17:18I know I'll be able to close soon
471. 17:20and if I don't get to close and I lose
472. 17:22money cool I'll make it back tomorrow
473. 17:24because I know my skill
474. 17:26solution
475. 17:27okay so hopefully you guys learned
476. 17:29something from this hopefully you guys
477. 17:30can start you know putting even like
478. 17:32life problems guys what's the problem
479. 17:34why are you doing it identify the
480. 17:36emotions attached to it find solutions
481. 17:38to those emotions simple simple [ __ ]
482. 17:40Clockwork guys a lot of people have have
483. 17:43issues
484. 17:44um you know like doing their New Year's
485. 17:46resolutions like I want to do this
486. 17:48what do it what is stopping you you're
487. 17:52too comfortable you get uncomfortable
488. 17:54today do something productive do
489. 17:56something good
490. 17:58today was like a mix of like a homework
491. 18:00inside of a video so I guess no
492. 18:03technical homework besides you know
493. 18:04doing the stuff that we talked about in
494. 18:06this video but with that being said I
495. 18:08appreciate you guys I'll see you
496. 18:10tomorrow for fair value yaps part two
497. 18:12peace out