Boot Camp Day 25: Over Confidence — Transcript

Full transcript

1. 0:00yo what's good boys welcome to another
2. 0:03boot camp vid
3. 0:05um again no freaking clue what day it is
4. 0:07but hey we're on that grind
5. 0:11we're on that uh we're on that Grind
6. 0:14Time all right so today we got another
7. 0:16psychology vid before
8. 0:19before we can jump right into
9. 0:21um
10. 0:23before we can jump into equilibrium
11. 0:25tomorrow which I'm excited for because
12. 0:27once we finish equilibrium we can start
13. 0:28putting everything together you know
14. 0:30show you guys my strategy all together
15. 0:33putting everything together
16. 0:35um how you can actually execute and I
17. 0:37think um once we finish that up we can
18. 0:39get into the psychology vids like
19. 0:41trading training plan
20. 0:43um like some some things because I'm not
21. 0:45gonna lie with these psychology videos
22. 0:47I've kind of been like
23. 0:49stalling on a lot of information because
24. 0:51it's like I want to tell you guys stuff
25. 0:55but I can't right now because you don't
26. 0:57have everything and you're not even
27. 0:59supposed to be trading yet you're just
28. 1:00supposed to be learning these Concepts
29. 1:03and I haven't even given you the
30. 1:04strategy yet so I it's been it's been
31. 1:06kind of a struggle with these psychology
32. 1:08vids um so far because it's like
33. 1:11you know how much can I give you
34. 1:14um you know like before you even know
35. 1:16like how to execute and how to trade how
36. 1:19much can I give you
37. 1:20um until like until like run until I run
38. 1:23out of [ __ ] you know until
39. 1:25um
40. 1:26you know like you guys actually
41. 1:27understand how to trade like that's been
42. 1:30my biggest struggle so
43. 1:35I'm still in Miami unfortunately I want
44. 1:37to go home
45. 1:38um I was taking a nap so I'm sorry this
46. 1:40is getting posted late I've I've really
47. 1:43really been um been struggling dog uh
48. 1:47I've been losing sleep um I've been
49. 1:49working working myself like
50. 1:53I've been working myself real hard for
51. 1:55y'all um and it's and it's been hitting
52. 1:57me
53. 1:58um pretty pretty drastically but it's
54. 2:00been hitting me pretty hard
55. 2:01um and
56. 2:02and you know my uh
57. 2:04my goal is to um
58. 2:07is to get back to Puerto Rico get good
59. 2:09night's sleep and then you know get a
60. 2:11bunch of content out to you guys and
61. 2:13hopefully it's uh it's some quality
62. 2:15content because I really do like making
63. 2:17these videos for you guys but it does
64. 2:19kind of suck the life out of you a
65. 2:20little bit when you're when you're doing
66. 2:21these day in and day out and then also
67. 2:23trying to manage
68. 2:24you're trading manage three businesses
69. 2:28it's it's a lot
70. 2:30um and and I'm doing this solo over here
71. 2:32it's uh it's pretty difficult but
72. 2:36um yeah I to be honest I don't really
73. 2:37know what this uh what the psychology
74. 2:39vid is going to be on today where we're
75. 2:42kind of just shooting the [ __ ]
76. 2:44um
77. 2:45let me think what have we already
78. 2:46covered covered how to take a loss
79. 2:49covered how to take a win
80. 2:51um we covered
81. 2:54covered greed in the market a little bit
82. 2:58um see I wish I could make that trading
83. 2:59plan video today
84. 3:02um
85. 3:05let's think what was something that I
86. 3:06was uh
87. 3:08oh here we go perfect
88. 3:10let's talk about overconfidence bro
89. 3:12let's talk about some overconfidence
90. 3:13because
91. 3:14um today this is this is something that
92. 3:16I was that I was thinking about and that
93. 3:18I very easily could have fallen into so
94. 3:21today we we obviously hit a great trade
95. 3:23you guys probably saw the trade recap
96. 3:25video right we hit all of our take
97. 3:26profits and you know as a beginner
98. 3:28Trader if that if I if I took that trade
99. 3:31as a beginner Trader I immediately would
100. 3:33have been got would have got back right
101. 3:34on the charts and started searching for
102. 3:37another trade started searching like how
103. 3:39can I turn these profits into something
104. 3:41even more and that is a terrible mindset
105. 3:43to have that's like that's that's that
106. 3:45greedy mindset that's that
107. 3:47overconfidence right you need to
108. 3:48understand that we're playing purely off
109. 3:50of probabilities over here
110. 3:52right and damn that damn shoulder vein
111. 4:00um but yeah we're playing purely off of
112. 4:02uh off of probabilities and that's what
113. 4:04trading is we're playing off
114. 4:06probabilities and the lower probability
115. 4:08that you have
116. 4:09um the the less likely you are to to win
117. 4:12right so if we if we go into a trade
118. 4:16right at the beginning at the beginning
119. 4:18of Market open right based on how we
120. 4:21trade that is when right price and time
121. 4:24theory that is when we are going to be
122. 4:26most probable right because that's where
123. 4:27new money comes into the market we
124. 4:29usually see a liquidity sweep we see
125. 4:31orders get filled all these new orders
126. 4:33that are coming into the market they
127. 4:34have to get filled to push price in
128. 4:35whatever Direction it wants to
129. 4:38right and this is why I always say I
130. 4:40only want to take like one to two trades
131. 4:42if anything like one trade is best a day
132. 4:44because
133. 4:46right
134. 4:48you're taking that first trade that's
135. 4:50super high probability and then
136. 4:52everything after that volume starts to
137. 4:53die out right
138. 4:56um you won't be able to catch the top or
139. 4:57the bottom of the move you're catching
140. 4:58retracements you're catching lower risk
141. 5:00reward trades you have to wait for
142. 5:02trades to develop longer because
143. 5:05um they're literally just taking a while
144. 5:07to um to play out and that's never fun
145. 5:11um so yeah let's talk about
146. 5:13overconfidence
147. 5:15um and that isn't even like
148. 5:17this also isn't even like a like
149. 5:20something where um
150. 5:22you know like where where it has to do
151. 5:25with over trading really because like
152. 5:27yeah you can be overconfident and take a
153. 5:29bunch of Trades and then lose a bunch of
154. 5:31them because you think every single one
155. 5:33is like the trade that's gonna make you
156. 5:35guess what you're not going to take one
157. 5:37single trade that's going to make you or
158. 5:39get you out of that damn hole that you
159. 5:40dug yourself in in the first place if
160. 5:43anything if you're searching for that
161. 5:44one trade to get you out you're
162. 5:46literally way better off putting it all
163. 5:48on black or putting it all on red bro
164. 5:49like a hundred percent you are way
165. 5:51better off doing it
166. 5:53the gambling route then going through
167. 5:55the trading route because one you're
168. 5:58playing off of greed you're playing off
169. 5:59of emotions and that already lowers your
170. 6:02probability because you're forcing a
171. 6:03trade that's low probability that you
172. 6:05haven't even thought out that you kind
173. 6:07of force your bias upon the market when
174. 6:09the market isn't even primed for that
175. 6:13um and and it's just going to be low
176. 6:15probability and you're going to try and
177. 6:16catch a crazy risk reward
178. 6:18with crazy high leverage and it'll
179. 6:21probably be like your fifth or sixth
180. 6:22trade for the day
181. 6:23um and that's just stupid okay so how
182. 6:26can we avoid being overconfident right
183. 6:28it's simple right understand that we're
184. 6:30playing purely off of probability
185. 6:34uh and also understand bro you are a
186. 6:37beginner Trader why are you watching
187. 6:39this video right now because you are
188. 6:41unfucking profitable put it in your head
189. 6:44that you are not profitable
190. 6:47you are not profitable bro you are not
191. 6:51profitable so stop stop
192. 6:54leveraging and stop taking five trades a
193. 6:58day at like you you think you are
194. 7:01profitable
195. 7:02profitable Traders don't do that in the
196. 7:04first place
197. 7:05so why the [ __ ] are you doing it when
198. 7:07you can't even trade be open and be
199. 7:10accepting to knowing that hey I'm not
200. 7:13profitable
201. 7:14and that's okay
202. 7:16I'm here to learn
203. 7:18so when you get into the markets with
204. 7:21that headspace of knowing that you're
205. 7:23not profitable
206. 7:26it kills that overconfidence immediately
207. 7:29and if you can sit there and think okay
208. 7:32yeah I'm here I'm here to play off of
209. 7:34probability and you have to understand
210. 7:36yes I'm very very very open to taking a
211. 7:40loss because I know at the end of the
212. 7:41day once I get learn this skill once I
213. 7:44get the skill I will be probable and I
214. 7:47will be profitable within the market
215. 7:49if you go into the market
216. 7:52with such there's there's a very small
217. 7:56line that you have to be in when it
218. 7:58comes to confidence and trading there's
219. 7:59the overconfidence side and then there's
220. 8:01the under confidence side where it's
221. 8:03fear you can't get caught in fear and
222. 8:05you can't get caught in overconfidence
223. 8:07you have to be confident enough to take
224. 8:09the trade not overconfident enough to
225. 8:11over risk over leverage and over trade
226. 8:13and you also can't be scared enough to
227. 8:15where you miss your entry and under
228. 8:18leverage and you know not taking the
229. 8:20trade maybe waiting like too long to
230. 8:23take the trade too long to pull the
231. 8:25trigger
232. 8:26okay and that's that's the biggest thing
233. 8:29with trading it's not falling in the
234. 8:31into the Trap of fear not following in
235. 8:33into the Trap of overconfidence because
236. 8:35if you're overconfident in the market
237. 8:36and you think yeah I'm going to be 100
238. 8:39win rate I can take a trade whenever I
239. 8:41want and it'll hit take profit or I know
240. 8:43how to read the markets now so it's just
241. 8:45going to go my way every single time you
242. 8:47see how that's a bad headspace to have
243. 8:49because then guess what guess what
244. 8:51happens when you lose a trade
245. 8:53uh oh boom kills that confidence
246. 8:56immediately and now you're in that fear
247. 8:58Zone puts you from all the way up here
248. 9:00to all the way to back down there
249. 9:02because guess what you were over
250. 9:04leveraging and over risking now you just
251. 9:05lost like a couple you know a couple
252. 9:07Grand on your 5K account
253. 9:10and you're wondering why that happened
254. 9:15for really
255. 9:18flow really
256. 9:20you know what I'm saying so let's be
257. 9:22realistic with it guys
258. 9:24give me a sec
259. 9:29understand you're not profitable you're
260. 9:32here to learn you're here to learn the
261. 9:33skill and once you do learn the skill
262. 9:35once you develop that confidence
263. 9:38don't get ahead of yourself understand
264. 9:39that losses are going to come even if
265. 9:41you get a win streak when I'm on a win
266. 9:43streak you guys I almost am encouraging
267. 9:46a loss I almost want to see a loss come
268. 9:48because I it'll prove to me that I'm
269. 9:50human again
270. 9:51because when I'm on a win streak and I'm
271. 9:53winning trade winning trade winning
272. 9:55trade lots of money lots of money lots
273. 9:57of money that can get into your head
274. 9:59really really quick so if anything when
275. 10:01that's happening I'm like I know a loss
276. 10:03is coming I know a loss is coming I'm
277. 10:05realistic I know a loss is coming I'm
278. 10:07not perfect in these markets this is
279. 10:09great this is awesome that I'm making
280. 10:11all this money but I know a loss is
281. 10:12coming so I can't get ahead of myself
282. 10:13and you guys need to think the same way
283. 10:15especially you guys especially need to
284. 10:16think that same way because y'all aren't
285. 10:18even y'all aren't even making money
286. 10:19doing this yet right if you guys get
287. 10:22like a little win streak say
288. 10:25okay that's good I'm learning
289. 10:28however we have to know that a loss is
290. 10:31coming we haven't you haven't even
291. 10:32proved it to yourself yet that you are
292. 10:35profitable you haven't even proven it to
293. 10:37yourself that over the like a solid
294. 10:39course of time that you are going to be
295. 10:41profitable Within These markets okay and
296. 10:44then when you can prove that to yourself
297. 10:45when you can prove that to yourself that
298. 10:47you're profitable in these markets
299. 10:49remember what got you there remember the
300. 10:53skills that you learn to become
301. 10:55profitable remember that okay well
302. 10:58I was doing everything correctly I was
303. 11:00using risk management I wasn't over
304. 11:02leveraging I wasn't over trading I was
305. 11:04doing everything correctly
306. 11:06to get to this point so why would you
307. 11:09change anything once you've proven to
308. 11:11yourself
309. 11:13that you're profitable and that you can
310. 11:14do this wouldn't you want to keep doing
311. 11:16the same [ __ ] that proved it to yourself
312. 11:18in the first place why would you stray
313. 11:19away from the [ __ ] that got you there
314. 11:22you get what I'm saying so if anything
315. 11:25this is uh this is kind of like a an
316. 11:27in-between of like okay be confident but
317. 11:30not too confident and also be confident
318. 11:32but not
319. 11:33fearful okay find that balance and find
320. 11:37how it works with you and your trading
321. 11:40whether that means like okay we're
322. 11:42taking just one trade a day and we're
323. 11:44seeing what my win rate is and we're
324. 11:46seeing you know
325. 11:48literally if we're profitable off of
326. 11:49that and then it's like okay cool if I'm
327. 11:51if I'm losing a lot no reason to be feel
328. 11:54fearful no reason to be fearful means
329. 11:57use a demo right no no reason to be
330. 12:00fearful in the markets it means use a
331. 12:01demo account you clearly aren't there
332. 12:03yet okay Master yourself on demo gain
333. 12:06that confidence over them demo don't get
334. 12:09too confident
335. 12:10right because the worst thing you can do
336. 12:12is prove to yourself that you are
337. 12:15profitable over demo and jump into a
338. 12:17live account and then once you get onto
339. 12:19that live account you understand that
340. 12:21you're using real money and you have the
341. 12:22potential to make a lot of money
342. 12:24and start over risking and over
343. 12:25leveraging
344. 12:27that happened to me I was profitable on
345. 12:29demo and then guess what happened
346. 12:31boom go into a live account and not just
347. 12:34get screwed because I knew I was using
348. 12:36live money and I knew
349. 12:38I knew I was using real money
350. 12:42um
351. 12:43and I wanted to make a lot of money
352. 12:45because I was like well I already know
353. 12:47how to trade I was profitable on demo
354. 12:49let me just like up my leverage a little
355. 12:51bit and and we'll do it a lot faster no
356. 12:53bro remember what got you to the point
357. 12:56that you're at
358. 12:58and and I'm going to be a [ __ ] broken
359. 13:00record by the end of this damn boot
360. 13:02campus and stop over leveraging stop
361. 13:04over trading but y'all need to hear that
362. 13:06[ __ ] day in and day out because I
363. 13:09swear to God bro I swear to God
364. 13:22I want to beat your guys's [ __ ] ass
365. 13:25bro
366. 13:27how can you hear me say this every
367. 13:30[ __ ] day
368. 13:32and just not listen bruh
369. 13:36are you
370. 13:41that's you bro
371. 13:43you're [ __ ] stupid bro you're
372. 13:46literally stupid
373. 13:48your Mentor the dude that you want to be
374. 13:52who's doing this [ __ ] is telling you
375. 13:55every [ __ ] day don't over risk don't
376. 13:59over trade take one [ __ ] trade a day
377. 14:03then I go on my [ __ ] Discord I'm down
378. 14:0610 today I took five trades
379. 14:11wow
380. 14:14have you even been listening and then
381. 14:17you wonder why you're not [ __ ]
382. 14:19profitable
383. 14:21and the funny part is you'll go in the
384. 14:24next day with that same [ __ ]
385. 14:26overconfidence [ __ ] headass cause you
386. 14:29just watched another strategy video
387. 14:30thinking you found the Holy Grail you
388. 14:33[ __ ] didn't
389. 14:35that new strategy you found isn't gonna
390. 14:38do [ __ ]
391. 14:40that that new white labeled ICT Strat
392. 14:43that's literally the same [ __ ] thing
393. 14:45as everything else he's been teaching no
394. 14:47[ __ ] disrespect to ICT but he white
395. 14:49labels all of his [ __ ] and just rebrands
396. 14:51it so he can give you guys another
397. 14:53[ __ ] video to jack off to
398. 14:56it's not anything new his stuff is great
399. 15:00his stuff [ __ ] works like none other
400. 15:05but he he's running out of ideas bruh
401. 15:09like he's posting the same [ __ ] and just
402. 15:12giving it a different name
403. 15:15oh Silver Bullet Silver butthole bruh
404. 15:19silver [ __ ] butt plug it's a fair
405. 15:22value Gap
406. 15:27like are we being dead ass and y'all are
407. 15:30and y'all just like
408. 15:31[ __ ] gobbling that [ __ ] up and then
409. 15:35and then next thing you know you're
410. 15:36taking 20 of these [ __ ] trades the
411. 15:39next day and then wondering why you're
412. 15:41not [ __ ] profitable because you just
413. 15:43got so [ __ ] hard that a new strategy
414. 15:46dropped and then you go in so [ __ ]
415. 15:49confident because ICT or tjr or whatever
416. 15:52the [ __ ] your Mentor like [ __ ] gave
417. 15:54you a new strategy that you can't wait
418. 15:56to try and you just want to take a
419. 15:58million [ __ ] trades because you're so
420. 15:59confident it'll [ __ ] work because
421. 16:01your mentors do it
422. 16:02dog your mentors take one to two [ __ ]
423. 16:05trades a day
424. 16:07you need to do the same
425. 16:11your mentors don't [ __ ] trade like
426. 16:13okay I don't [ __ ] trade news why the
427. 16:16[ __ ] are you you're not profitable bro
428. 16:19you are nice bro
429. 16:23like when I go into my Discord and say
430. 16:26I'm not trading today I swear to God if
431. 16:28y'all trade tomorrow I will literally
432. 16:31beat your [ __ ] ass Federal chairman
433. 16:33Powell is going up on the pulpit
434. 16:35tomorrow tomorrow is probably going to
435. 16:37be one of the most volatile days bruh
436. 16:39and the day following the palace
437. 16:41speaking to today uh tomorrow and the
438. 16:44following day
439. 16:45Wednesday and Thursday
440. 16:48if you if
441. 16:50you think you can weather that damn
442. 16:52storm with one not even having knowledge
443. 16:55enough of technical analysis to take a
444. 16:58super high probability [ __ ] like in
445. 17:02the most perfect in the most perfect
446. 17:05setting you guys aren't even profitable
447. 17:06yet so what why the [ __ ] do you guys do
448. 17:11you guys think that you're going to be
449. 17:12profitable trading a [ __ ] Powell
450. 17:15speech bro
451. 17:17the [ __ ] Federal chairman Powell bro
452. 17:21the dude that runs the [ __ ] fed the
453. 17:23dude that makes decisions for that [ __ ]
454. 17:25and you think that that you can't even
455. 17:29trade profitably during regular ass
456. 17:32marking conditions during no news guys
457. 17:34today we had no [ __ ] news and
458. 17:37everyone [ __ ] won you wonder why
459. 17:40because it was high probability guess
460. 17:42what some of you [ __ ] are gonna
461. 17:44trade tomorrow and lose hella [ __ ]
462. 17:47bread or you're going to make hella
463. 17:49bread because you got [ __ ] lucky and
464. 17:51Powell said some [ __ ] that you probably
465. 17:53weren't even watching and you probably
466. 17:55didn't even [ __ ] know about and then
467. 17:57made a bunch of money and now you think
468. 17:58you're the [ __ ] man guess what you're
469. 18:00gonna trade again tomorrow and you're
470. 18:01gonna get [ __ ] because Powell is
471. 18:03speaking again tomorrow and the odds
472. 18:04that you get lucky again pretty [ __ ]
473. 18:06low guess what if you win again you just
474. 18:08screwed yourself if you win twice
475. 18:10luckily you just screwed yourself now
476. 18:13you think you're on the top of the
477. 18:14[ __ ] world you think you know
478. 18:15everything you just over leverage and
479. 18:17over [ __ ] traded to like making all
480. 18:19this [ __ ] bread
481. 18:21now what bruh
482. 18:24so if I can get that confidence out of
483. 18:26your head
484. 18:27okay
485. 18:29and don't trade tomorrow and don't trade
486. 18:31on Thursday so with that being said
487. 18:34don't be [ __ ] overconfident
488. 18:35understand you're not profitable you're
489. 18:37here to learn understand that damn skill
490. 18:39let's get after it equilibrium tomorrow
491. 18:41we'll catch you boys peace