Boot Camp Day 17: Patience — Transcript

Full transcript

1. 0:00all right what is good jits welcome to
2. 0:03boot camp day who knows what hopefully
3. 0:06you guys have been enjoying it so far
4. 0:07we're almost at three weeks on this or
5. 0:10we're like halfway through
6. 0:13um we're like halfway through the second
7. 0:15week so
8. 0:17um yeah this will be this will be a good
9. 0:19one um today we're going to be talking
10. 0:21about patience patience is a huge thing
11. 0:24um in trading and honestly it's probably
12. 0:26one of the reasons why you guys either
13. 0:28rush into trades lose unnecessary trades
14. 0:31get you know over excited about trades
15. 0:34and then you know end up entering
16. 0:35without any confirmation
17. 0:37um and this is also just like applicable
18. 0:39in life you guys have to have patience
19. 0:41um in terms of like your entire Journey
20. 0:43in life because you're not going to get
21. 0:45rich quick anything that you know causes
22. 0:48you to get rich quick or you think will
23. 0:49get you rich quick it won't it's going
24. 0:51to take time
25. 0:52um it will happen fast but not as fast
26. 0:55as you think it's not going to happen a
27. 0:57week it's not going to happen in a month
28. 0:59it might happen in a year or two years
29. 1:01or three that's what you guys need to be
30. 1:03thinking about so
31. 1:06of that being said let's get started and
32. 1:09let's start talking about patience and
33. 1:12why we need it in the market how we can
34. 1:14apply it in the market and then from
35. 1:16there how we can you know practice
36. 1:18exercises to help us you know be patient
37. 1:21um because I think nowadays especially
38. 1:24with the whole technology in our world
39. 1:26our attention span is super little okay
40. 1:29and that's and that's very difficult
41. 1:31because our our brains are just
42. 1:33constantly feeding for dopamine boosts
43. 1:36and the worst thing about trading is it
44. 1:39is a huge dopamine boost right when you
45. 1:40hit buy right when you hit sell because
46. 1:42you're thinking immediately about all
47. 1:44the profits that you could potentially
48. 1:45make
49. 1:46you can't have that mindset in this you
50. 1:48cannot have that mindset whatsoever
51. 1:50going into this because if you have that
52. 1:53then you're only thinking about the
53. 1:54money you're not thinking about
54. 1:55percentages you're not thinking about
55. 1:56probability all you want is just that
56. 1:59little hit this is um there was a study
57. 2:01done talking about people gambling that
58. 2:04you know once they actually place the
59. 2:06bet that's the dopamine boost that they
60. 2:08get that dopamine boost is more than
61. 2:10when just placing the bet that's obvious
62. 2:13boost is more than when they actually
63. 2:15win the money so no matter win or lose
64. 2:18right when you place that bet you're
65. 2:20getting that dopamine boost you're
66. 2:21getting that hit it's the same exact
67. 2:23thing with trading right when you press
68. 2:24that button that's when you get that hit
69. 2:26right and again you you probably make
70. 2:28the money but that's not when you're
71. 2:30excited you're excited when you place
72. 2:31the trade because you're thinking of the
73. 2:33money that you can make
74. 2:34right it's the same thing you never
75. 2:36think about the money that you could
76. 2:37lose so we need to start thinking about
77. 2:39the money that we could lose okay
78. 2:42um
79. 2:43patience is is a is a very very big
80. 2:47thing in trading in that you know you
81. 2:49guys are are fiending to place a trade
82. 2:50but you also have to wait for your setup
83. 2:53for your confirmation and sometimes you
84. 2:56won't even take a trade during the day
85. 2:57most the time I can find a trade to take
86. 3:00but with you guys right you want to wait
87. 3:02for a good high quality
88. 3:06um high potential high probability setup
89. 3:09that's going to get you paid not just
90. 3:10entering off of oh it looks good or like
91. 3:14oh like only one Confluence I'll enter
92. 3:16because like I want to take a trade
93. 3:18right we can't be thinking like that so
94. 3:20what are some what are some rules what
95. 3:22are some things that can help us build
96. 3:23on patients uh number one is literally
97. 3:25just having a trading plan set set up
98. 3:28literally your exact trading plan and it
99. 3:30should be a list a step-by-step list of
100. 3:33when you should be able to execute so
101. 3:34whether that's okay first we need to see
102. 3:36a liquidity sweep okay we see that and
103. 3:38then we see a break of structure okay we
104. 3:40see that and then maybe you gotta wait a
105. 3:42little bit more until you see their
106. 3:43value Gap get entered in and then and
107. 3:46then you see a reaction and then you
108. 3:47enter
109. 3:49that literally solves your patient's
110. 3:50problem right there by just giving you a
111. 3:52step-by-step list on when to execute and
112. 3:54if none of those things apply you don't
113. 3:55trade
114. 3:56make it make it so you can't make it so
115. 3:59it's easy to be patient and give
116. 4:00yourself rules so that patience doesn't
117. 4:03really even have to be anything that you
118. 4:05need to think about it's literally
119. 4:06should just be something that you are
120. 4:08always doing in the market and you
121. 4:10should honestly be doing it in life too
122. 4:11you need to be patient you can't be
123. 4:13rushing things because if you rush
124. 4:15things you get sloppy work done if you
125. 4:17rush things you actually won't get the
126. 4:18job done if you right if you heard if
127. 4:20you try and do something too quick right
128. 4:22it probably won't work out versus if you
129. 4:24actually be patient you know actually
130. 4:26put time effort and thought into it
131. 4:29it'll pay off okay so with that being
132. 4:31said first step have a trading plan have
133. 4:34a list of things ready to execute again
134. 4:37this is going back to the dopamine thing
135. 4:39what do we have to do next we have to
136. 4:41make it so we are emotionless when we're
137. 4:42trading because part of the patience
138. 4:44game is you are willing to sit out a day
139. 4:48you're willing to take your time in this
140. 4:50and you're not thinking about oh I just
141. 4:52want to make this money I want to make
142. 4:53this money right so be be honestly like
143. 4:58when you come into the market think I do
144. 5:01not want to trade today because if we're
145. 5:03being honest the probability of you guys
146. 5:05right now right obviously you want to
147. 5:07get reps in and that's how you can get
148. 5:08practice and get better but of you guys
149. 5:10right now should be I want to be as
150. 5:12patient as possible and I should be
151. 5:14looking not to trade the market should
152. 5:17be giving me a reason to enter a trade
153. 5:20and I shouldn't be making up a reason
154. 5:22for me to trade so that makes sense you
155. 5:24should be waiting for the market to give
156. 5:25you the opportunity to trade you should
157. 5:28not be forcing yourself into trades
158. 5:31right and we'll talk about forcing
159. 5:33trades later in this course or probably
160. 5:35in like a subsection of a video but
161. 5:37that's a huge thing if you if you're
162. 5:39forcing trades odds are you're feeding
163. 5:41for that dopamine boost you're thinking
164. 5:43just about the money you force that you
165. 5:45force your bias upon the market when the
166. 5:47market isn't even following that bias
167. 5:49you're pretty much just in your head
168. 5:50kind of making this up saying like oh
169. 5:53yeah like I think Market will go in this
170. 5:55direction like it looks good like no no
171. 5:57what what's in your trading plan did
172. 6:00this happen did this happen did this
173. 6:01happen
174. 6:02okay now look at it and then see if it
175. 6:05looks good sometimes you guys should be
176. 6:07patient enough where that step-by-step
177. 6:09plan that step-by-step list on your
178. 6:11training plan all those things get hit
179. 6:13and sometimes you still shouldn't even
180. 6:15trade right what if there's news right
181. 6:17you got to be patient you got to wait
182. 6:18for news sometimes you know if there's
183. 6:20news in the market you shouldn't even
184. 6:21trade
185. 6:22be open to not trading okay in fact
186. 6:25encourage it okay you guys need to you
187. 6:28really need to just like
188. 6:30take two steps back and understand that
189. 6:32this thing will not happen as quick as
190. 6:35you think and as and as fast as you want
191. 6:37it to the second you understand that
192. 6:40you're going to be in this for the long
193. 6:42run and all that money that you're
194. 6:44thinking about making really won't come
195. 6:46until a couple years which is a long
196. 6:48time that's when you can be like okay
197. 6:51well if I'm not actually gonna make
198. 6:53money today if I'm not actually gonna
199. 6:54make hella bread by next week by next
200. 6:57month by the next three months then
201. 6:59what's the point of me you know trading
202. 7:02sloppily or like you know promoting bad
203. 7:04habits that's what we need to [ __ ]
204. 7:05bite in the ass and get get gone that's
205. 7:07what this whole boot camp is all about
206. 7:09biting those bad habits in the ass and
207. 7:11getting them out of here
208. 7:13um because a lot of you guys odds are
209. 7:15you've been trading for a while and you
210. 7:16have all these bad habits built up so
211. 7:18this is up to us to you know [ __ ] nip
212. 7:21it in the butt and kill it okay
213. 7:23so with that being said we need to
214. 7:26practice patience within the market be
215. 7:29be sitting there ready to trade
216. 7:32but you you almost want the market to
217. 7:34prove itself that hey this setup is so
218. 7:36good that there's there's no reason for
219. 7:38you not to take it right those are the
220. 7:41types of Trades that you should be
221. 7:42taking instead of the ones that are like
222. 7:43oh well like this happened but this
223. 7:46didn't happen and I'm also not sure
224. 7:47because it's against the daily bias and
225. 7:49it's off a retracement no bro that you
226. 7:51should not be taking that
227. 7:53you shouldn't be taking that trade bro
228. 7:55definitely not right if you're if you're
229. 7:58if you're the one to try and force force
230. 8:01your bias
231. 8:03onto the market rather than having the
232. 8:05market come to you rather than just
233. 8:06waiting with your [ __ ] sniper out
234. 8:08[ __ ] waiting for that entry to hit
235. 8:11and being patient just waiting for price
236. 8:13to develop trust me guys
237. 8:14yes maybe you you like waiting an extra
238. 8:18one or two candlesticks isn't going to
239. 8:21hurt you that much when entering a trade
240. 8:22sometimes you know maybe all your entry
241. 8:25all those uh execution points get hit
242. 8:28and you're like well let me wait for one
243. 8:30more candle Let Me Wait for price to
244. 8:32develop be patient see if you get the
245. 8:35volume see if you get the volatility and
246. 8:36then enter
247. 8:37okay because you know this this is this
248. 8:41is not a game to take lightly this is a
249. 8:43game where you you come into the market
250. 8:45with potential to lose money as a job
251. 8:49you come and you come in every single
252. 8:51day not knowing whether or not you're
253. 8:52going to make money or lose money and
254. 8:53that's a lot of pressure so wouldn't you
255. 8:55want to take those high probability
256. 8:56setups wouldn't you want to be patient
257. 8:58and be calm cool and collected when
258. 9:01those setups come
259. 9:02you probably would and wouldn't you
260. 9:04wouldn't you not want to force yourself
261. 9:06into trades that aren't high probability
262. 9:08because you're probably going to lose
263. 9:10right you would probably want to be
264. 9:12patient
265. 9:13okay and that's just for the trading
266. 9:15part now if we talk about it in life
267. 9:17like for your future for your for your
268. 9:20goals a lot of you guys it's good that
269. 9:22you set ambitious goals that's great but
270. 9:24understanding that they aren't going to
271. 9:25happen in a day or two days or a week or
272. 9:27a month that's very key but by being
273. 9:30patient and by thinking that way like oh
274. 9:32yeah it probably won't happen very soon
275. 9:33odds are it'll happen a lot quicker than
276. 9:35if you're if you try and force it if you
277. 9:37try and force it to happen in a month if
278. 9:39you try and force this to happen if you
279. 9:40just take your time with this it'll all
280. 9:43come in due time everyone's on a
281. 9:44different different timeline in their
282. 9:46trading Journey it took me two years to
283. 9:48return profitable it might take you five
284. 9:50it might take you know little Timmy
285. 9:52[ __ ] six months and he and he'll be a
286. 9:54way better Trader than me right you guys
287. 9:56have to be very patient and understand
288. 9:58this is a one-on-one game it's between
289. 10:00you and you and you and the markets okay
290. 10:02there's no one else there's no one else
291. 10:03in this okay if you're if you're the
292. 10:05type to like be trading with your boys
293. 10:07and stuff stop doing that bro stop
294. 10:09trading with your friends because they
295. 10:11are going to have completely different
296. 10:12bias that by is then you they're they're
297. 10:15going to you know think of Concepts
298. 10:17differently than you right this is a
299. 10:19very this is a very individualized job
300. 10:22everyone trades differently whether they
301. 10:24trade the same strategy every single
302. 10:27person has something that is slightly
303. 10:29different about the way that they trade
304. 10:30right day in and day out if I have the
305. 10:32same strategy if I even if I have the
306. 10:35same parameters as as everybody else
307. 10:37we're probably going to take different
308. 10:39trades because we see things different
309. 10:40you know we execute differently that's
310. 10:42just how it works
311. 10:44okay so hopefully with that being said I
312. 10:47got the point across you guys need to be
313. 10:49patient when it comes to your goals be
314. 10:51patient when it comes to trading and
315. 10:52executing and trust me it will be
316. 10:55beneficial way more than you think I
317. 10:57know you probably wanting to
318. 11:00get right into the charts and you think
319. 11:01that's what you need it's not that is
320. 11:03not what you need you do not need to
321. 11:04replace in 10 trades a day to make a lot
322. 11:06of money in this I take one trade a day
323. 11:08and I call it good bro like
324. 11:10that money will come later that's
325. 11:13another thing you got to realize you're
326. 11:14you're trying to focus on the skill
327. 11:16first learn the skill and realize that
328. 11:18if you're patient and if you actually
329. 11:21learn the skill first that money will
330. 11:22come later so with that being said
331. 11:24there's patience your homework for today
332. 11:27this one's going to be fun man this this
333. 11:30one is going to be very fun and we'll
334. 11:32see who's able to do it
335. 11:33so my basketball coach was really big
336. 11:36big into like mentality stuff and this
337. 11:39was a drill he had us do
338. 11:41which was probably one of the hardest
339. 11:44things I've had to do mentally in like a
340. 11:47long time like and it sounds it sounds
341. 11:49like like stupid it sounds kind of [ __ ]
342. 11:51made but trust me do this and you will
343. 11:53realize how [ __ ] hard hard this is
344. 11:55okay pretty much what you do you go in
345. 11:58your room
346. 11:59sit down on the floor or go in really
347. 12:01any room that you know you can turn off
348. 12:03all the lights in make sure there's no
349. 12:06light coming in turn off all the lights
350. 12:08okay and then put your put your phone
351. 12:11outside the door with a timer for 30
352. 12:14minutes you're going to sit in your room
353. 12:17with all the lights off with your eyes
354. 12:19shut and you're just going to meditate
355. 12:21you're just going to sit there and just
356. 12:23focus on your breathing Just Breathe In
357. 12:25Breathe Out breathe in breathe out you
358. 12:28can't stand up you can't open your eyes
359. 12:30you're just focused sitting there in
360. 12:33dead silence no music no light nothing
361. 12:36focus on your breathing and just trying
362. 12:39to empty your head and try it for 30
363. 12:42minutes
364. 12:43it it was the when I tell you I thought
365. 12:46in I thought a [ __ ] hour went by and
366. 12:49it was probably only 10 minutes because
367. 12:51I was in that room it felt like forever
368. 12:53and hopefully what you'll realize by
369. 12:56doing this and I really encourage all
370. 12:58you guys to do it I like don't don't cut
371. 13:00it down to 10 minutes don't cut it down
372. 13:02to 15 30 minutes bro
373. 13:03like trust me you will realize how short
374. 13:07your attention span is and honestly how
375. 13:11terrible social media and technology is
376. 13:13for you
377. 13:14by doing this because you'll realize
378. 13:16like yo
379. 13:1830 minutes in reality isn't that much
380. 13:20time
381. 13:21it's not that much time right you can
382. 13:23waste 30 minutes on your phone doing
383. 13:25whatever but right you can waste 30
384. 13:28minutes on your phone very quickly
385. 13:31but when you're by yourself and there's
386. 13:33no distractions
387. 13:35think about how long that time lasts
388. 13:37it's way different it's way different
389. 13:39and now when you have that realization
390. 13:41of how long how long 30 minutes really
391. 13:43is
392. 13:44that's when you realize what you can get
393. 13:46done during that time and that's when
394. 13:47you can start to realize like how much
395. 13:49time you waste doing stupid stuff that
396. 13:51take up so much time within that 30
397. 13:53minutes that you could actually be doing
398. 13:55you know something beneficial something
399. 13:57good something productive so with that
400. 14:00being said I encourage you guys turn
401. 14:01this [ __ ] off right now lock yourself in
402. 14:04that damn room put your phone outside
403. 14:05the door with that timer and make make
404. 14:08it an alarm or whatever like a little
405. 14:10not not like the stopwatch the actual
406. 14:13timer for like 30 minutes and have an
407. 14:14alarm go off
408. 14:16um so that being said
409. 14:18go [ __ ] meditate turn turn off all
410. 14:21your lights close your eyes focus on
411. 14:22your breathing trust me
412. 14:24it'll be it'll be very it'll it'll be
413. 14:27very interesting to see how you guys
414. 14:28react to that and leave a comment
415. 14:30um and on how your experience was with
416. 14:33this exercise if you want to continue it
417. 14:34maybe for less time every day I used to
418. 14:37meditate for 10 hours oh sorry not 10 10
419. 14:40hours would be crazy 10 minutes um every
420. 14:42morning wake up take a cold shower and
421. 14:44then I'll just close all the close up
422. 14:45close all the doors turn off the lights
423. 14:49focus on my breathing really really
424. 14:51locks you in it's it's very surprising
425. 14:53how beneficial meditation can be so with
426. 14:56that being said get after it I'll see
427. 14:57you guys tomorrow