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Give me 16 minutes and I'll ELIMINATE your trading mistakes forever — Transcript

by Christopher Creamer | Orderflow Trader · 3,029 words · 431 segments · language en · Watch on YouTube

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0:00Real quick, serious question before we
0:02actually start and be [music] honest
0:03because nobody's watching. How many
0:05accounts did you blow in the last month?
0:08Not because your strategy is trash or
0:11your entry model doesn't work, but
0:13because you did something that you
0:15already know that you're not supposed to
0:17do.
0:18Here's my deal with you. Give me a few
0:21minutes and I'm going to show you how to
0:22eliminate those mistakes. The mistakes
0:24or the ones that actually blow the
0:27account. [music] And I'm going to try
0:28and help in a way where we can try and
0:30remove those mistakes for good. And no,
0:32it's not removing mistakes with some new
0:35indicator or some secret setup. It's
0:38trying to remove the mistakes with the
0:40one thing that almost nobody in the
0:42trading space actually talks about.
0:44Because here's the truth that most
0:46traders will do almost anything to avoid
0:48hearing. The thing that's standing
0:50between you and being able to
0:52consistently [music] pull payouts with
0:54prop firms probably isn't the market.
0:56And a lot of the times it's probably not
0:59even the strategy, [music] it's you. And
1:02I know that stings, but that's going to
1:03be the best news that you're going to
1:04hear all day. Because if you are the
1:07problem, then you are also the fix. You
1:10can't control the market, but you can
1:12control that. You keep hunting for a
1:14better strategy, a better indicator, a
1:16better setup. But from all the traders
1:18that I talk to in the retail space
1:20through Discords, through my DMs, in
1:23comment sections, it's very rare that
1:26people ever talk about blowing their
1:28accounts by following their strategy to
1:30a tea. It's typically how accounts are
1:34getting blown up the moment that the
1:36strategy doesn't go your way. So, in
1:38this video, I'm going to do two things.
1:40First, I'll show you the exact cycle
1:42that's actually costing you the money,
1:44the loop that you're stuck in, whether
1:46you can see it or not. And second, I'll
1:49give you four fixes that I used to climb
1:52out of it myself. And it's practical
1:53[music] stuff. Practical stuff that you
1:55can start using today. So, what's up?
1:57It's Thrax. We're back for another
1:59video. If this video ends up helping
2:01you, do me a favor and hit the like
2:03button because it generally helps the
2:05channel and allows me to [music]
2:06continue to keep making these videos for
2:08you guys. All right, let's get into it.
2:10All right, now before we start,
2:12obviously you still need an edge. Now,
2:15what we're dealing with today is the
2:17unforced errors. Knowing your process,
2:19then abandoning it when a trade just
2:22doesn't go your way. Now, look at this
2:24example. Five sessions, each one making
2:27one R. Now, R is your original plan risk
2:30on a trade. Five sessions of discipline
2:33work and now you're up five R. Then you
2:36have one uncontrolled session that loses
2:407R. Now you're down to R across the
2:42whole stretch. A few destructive
2:44decisions can erase weeks of discipline
2:47work. I'm sure you guys have experienced
2:49this. Now, if that's what your journal
2:50shows, you have a very specific problem
2:53to work on. The damage has a location.
2:57Now, trading is fragile, right? We all
2:59know trading is fragile and the math is
3:01asymmetric. You can grind 10% over two
3:04weeks and then give it back in a single
3:07hour. Now, you lose 10%, well, you're
3:10going to need 11% to get it back. You
3:12lose 25%, now you need 33% to recover.
3:16And if you lose 50%, you need 100%. The
3:20hole gets deeper than it looks. That's
3:22why stopping the destructive session
3:24matters so much. All right, real quick,
3:26let's take a quick break to talk about
3:28the sponsor of this video, IQ Capital.
3:30Everything I'm showing you in this
3:32video, or in fact in any of my videos,
3:34only matters if you actually have the
3:36capital to trade with. And losing
3:38thousands of dollars of your own money
3:41is one of the most expensive ways to
3:42learn in trading. Now, a prop firm fixes
3:45that part. You trade their capital, you
3:47build the skill, and when you take those
3:49lumps early on, you're mitigating the
3:51risk on your end. And IQ Capital is one
3:54of the firms that I use right now.
3:56They're running an 80% off on all of
3:58their products. And when you get your
3:59first account with IQ Capital, it's only
4:01$9 using code thrax. So if you want to
4:04test out an IQ Capital account, check
4:06the link in the description below. Now,
4:08let's get back into the video. Now, a
4:10normal loss can become a spiral. So
4:12here's the cycle, right? The first trade
4:14is clean, the setup qualifies, the size
4:17is planned, and then you respect the
4:18stop. So you lose one R. Now, that
4:21happens. There's no execution mistake
4:22yet. But then, of course, you go and
4:26jump back in before confirmation. You
4:28say to yourself, well, I now I know it's
4:30going to go. I know now. And then it's
4:32another loss. So now you're down two R.
4:34So what do you do? Well, traders will go
4:36and then they will increase their size
4:37because they think to themselves, well,
4:39one win is going to get me back. Now
4:41that trade loses 2R and the session is
4:43now down four. Then you stop respecting
4:46the exit. You can't close it here,
4:48right? You can't just walk away. Another
4:50three R gone. You're down seven on the
4:52session. The first loss was part of the
4:54plan. what you did afterwards changed
4:57the risk. You stopped trying to execute
4:59your edge and you started trying to make
5:01the discomfort go away. So, first let's
5:04kill the myth, right? Tilt isn't always
5:07anger. Tilt is impaired decisionmaking.
5:10You can feel completely calm, calmly
5:12explaining why a trade makes sense and
5:15still be tilted. You have to watch the
5:17behavior. You feel frustrated, that's
5:19normal. Then frustration starts changing
5:22what you do. You enter slightly early.
5:24You take a setup that almost meets the
5:26criteria. You start negotiating with
5:28your size. Now, those little deviations
5:31are the warning. You don't have to wait
5:32until you're furious or the account is
5:34blown to recognize that something has
5:36changed. And I know that a lot of you
5:38guys already understand that once you
5:41are tilted, it is incredibly difficult
5:44to stop yourself, right? Usually, the
5:47only way to get out of tilt is either
5:49you get back in the green or the account
5:51blows up. That's typically how tilt will
5:54end. So, we want to stop ourselves
5:56before we actually get there. And you do
5:59that by knowing your triggers. Whether
6:02it's giving back a green day or
6:04consecutive losses or too many break
6:06evens or a move that you missed. Now,
6:09once your judgment starts slipping,
6:11relying on that same judgment to talk
6:14yourself out of it gets a lot harder.
6:17You're relying on something that is
6:18breaking to fix itself. it will be very
6:22difficult to do. Now, I've lived this
6:24cycle, right? And I'm not above any of
6:27this. I've been in this loop. I've blown
6:29hundreds of accounts. I've racked up 50
6:31grand in credit card debt with no job,
6:33no income. In one session, I blew four
6:36accounts back to back when I couldn't
6:39afford four accounts. I was just adding
6:41to my credit card balance. And I blew
6:43them like five minutes apart from each
6:45other. And each one I was pulling out my
6:47card between every single one of them,
6:49telling myself that this next one was
6:51the comeback. Now, that's not trading.
6:53That's just pure tilt and desperation.
6:56Now, buying a fresh account didn't reset
6:58my behavior. I took the exact same
7:00problem into the next one. These fixes
7:02aren't theory that I read in a book.
7:04They're what actually got me out slowly,
7:07not overnight. Anyone who is promising
7:09you an overnight switch is lying. So,
7:12here are the four fixes. First, you have
7:14to grade the behavior. Second is you
7:16have to set a loss limit that you're
7:18actually going to honor, an honest loss
7:20limit. The third is you raise the floor
7:22by cutting the destructive sessions. And
7:24then the fourth is you actually enforce
7:26the stop. So, let's walk through them.
7:28Now, I want you to think to yourself,
7:30which trade deserves the better grade.
7:32Now, the first trade, it's a clean
7:34setup. You have plan size. You know, the
7:36stop was respected. It loses one arm.
7:38Now, on the second trade, it was a
7:40revenge entry. You oversized. You move
7:43the stop and it makes two R. Which one
7:46deserves the better grade? Well, the
7:48first trade is an AMA. An agame trade
7:50that loses is still an Agame trade. The
7:54second is a Came trade. A Came trade
7:57that wins is still a Came trade. Now,
8:00you just got paid for bad behavior and
8:02you reinforce the thing that can cause
8:04you to blow up. Outcome does not decide
8:07the execution grade. You have to grade
8:09the trade on how you actually traded it,
8:11how you followed your plan, followed the
8:14process, and based off of execution.
8:17Now, when it comes to those grades, you
8:19have to make those grades specific. An A
8:22game is a clean setup, plan size, rules
8:26followed. Bame is the early drift,
8:29rushing the checklist, you know,
8:31entering slightly early or maybe
8:33hesitating, taking something that almost
8:36qualifies. And C game is well C game is
8:39just abandoning your process entirely.
8:41Unplanned size, ignoring your stop,
8:44gambling. Now you have to watch your B
8:46game especially because the cracks can
8:49show up as criteria loosening and rules
8:52bending before the obvious blow up and
8:54it needs action. A smaller rule
8:57violation is still a rule violation. So
9:00write down what each grade means for
9:02you. Then review your trades against it.
9:05You're looking for the first place that
9:06the process starts to change or what I
9:08call the line in the sand. Now, the next
9:11thing is you have to set a limit that
9:12you can actually honor. Typically, what
9:15traders like to do, right, is they will
9:17base their limit off of math. You know,
9:20they'll say 2% of my account, you know,
9:22that's $500 and I've heard that that's
9:25decent risk management. Well, the number
9:27on paper may be more than you can
9:29actually handle without changing your
9:31behavior. So, in this example, the
9:34trader's behavior starts cracking at
9:36$300. The written maximum is $500. That
9:39extra $200 isn't useful protection if
9:42you've already started breaking the
9:44rules. So, you have to ask yourself both
9:47questions. How much can I afford to
9:48lose? And how much can I lose and
9:50actually walk away without trying to win
9:53it back? Now, you should go look at your
9:55previous sessions, look at where you
9:56blew up, and you have to be honest about
9:59your answer. And you have to set the
10:02boundary before the session. If normal
10:05losses keep pushing you past it, well
10:07then you should probably reduce your
10:09size. The number still has to fit the
10:12strategy and the account rules because a
10:14limit you set but you can't accept
10:17becomes a trigger. And if you keep
10:19trying to negotiate it away, then it
10:21just stops meaning and you start just
10:23trading your discomfort instead of your
10:26actual edge or process. Now the fix, the
10:29third fix is going to be to raise the
10:32floor. Now everyone tries to improve by
10:35getting more agame, more perfect trades,
10:38but you can't force your best to show up
10:40on demand. You have to work on reducing
10:43the C game that keeps erasing all of the
10:45progress. So think of the front end as
10:48your setups and entries when you're
10:51comp. The back end is how you behave
10:53after losses under stress. And that's
10:55where this example fell apart. You made
10:58five R, then you lost 7R and the net
11:00result is minus two. Now, if you keep
11:03those earlier sessions the same, but
11:05make the last session a 2 hour loss,
11:07well, now the total is a plus three. The
11:09earlier winners didn't get any bigger.
11:11Now, that's an illustration. It's not a
11:13promise or a back test. Obviously, a
11:16stopping rule can also keep you out of a
11:18later winner. The point is to study the
11:20behavior behind your worst sessions and
11:23cut the avoidable damage. Now, the
11:25fourth fix is hard stops. Now, willpower
11:29gets less reliable under stress, exactly
11:31when you need it the most. So, you build
11:34stop conditions in advance when your
11:36judgment is actually clear. If you say
11:38to yourself like, "I should probably
11:40stop if it hits my loss limit." Well,
11:42that's an that's a suggestion that you
11:44can negotiate away. If you say something
11:47like, "When my loss boundary is reached,
11:50I end the session, lock out of my
11:52account, shut down the computer, and go
11:54to the gym." Well, that gives you a
11:56condition and an action. And if you
11:58catch your defined warning behavior,
12:00then you follow the reset rule that you
12:02already wrote down. You hit your preset
12:04trade count or loss count, then you stop
12:07under the rule that you chose
12:08beforehand. If the trading window
12:10closes, whatever you set for yourself,
12:13then you finish according to your exit
12:14plan. You have to also decide, by the
12:17way, if you're setting a trading window,
12:19what happens to open positions that you
12:23currently have or to working orders or
12:26limit orders, too. Now, the exact
12:28thresholds need to fit your process. The
12:31important part is that you decide them
12:32before you are trying to get your money
12:34back. And then you have to make it
12:36structural. You use the risk limits or
12:38lockouts that your platform actually
12:40offers. They're great. They are super
12:42powerful, by the way. Okay, you guys
12:44should all be using them if you're
12:45struggling with this and you want to
12:47understand how they actually work. You
12:49can set an alarm for your cutoff. And
12:52the the purpose of this is you have to
12:54make breaking the rules that you have
12:57for yourself harder than it is to
12:58actually follow them. And you need to
13:00close the obvious loophole, switching
13:02accounts, buying another eval, right? Or
13:05resetting so you can keep going. Now, I
13:08know I know that well, but an account
13:11breach can only stop an account. Your
13:14process has to stop you. And then follow
13:16the exit plan. Have some self-control
13:19and just log out and physically walk
13:21away. Review it later after the urge to
13:24recover it has passed. Now, this isn't a
13:27crutch, okay? It's recognizing that your
13:29judgment has a limit in building
13:31something that still works when you're
13:33under pressure. And then you follow the
13:35exit plan, right? You log out. you
13:37physically walk away and then you review
13:39it later after the urge to recover has
13:42passed. Now, this isn't a crutch. It's
13:44recognizing that your judgment has a
13:46limit and you're building something that
13:48still works even while you're under
13:50pressure. And then you go and you replay
13:52the same session. The first trade still
13:54loses one R. It's still an agame. Then
13:57you notice, I'm about to skip
13:58confirmation. I'm about to do something
14:01that maybe you shouldn't have done,
14:03right? Or you're not supposed to do. So
14:05you follow the original sequence, you
14:07get the rushed entry, bigger size,
14:09ignored the stop, and then you have 7R
14:11gone. But say your preset rule is to end
14:14the session when you catch this
14:16behavior, and then you actually have the
14:18self-control and discipline to follow
14:20it, then you finish down one R. Now, I'm
14:22not saying that everyone should stop
14:25after one loss. In this example, the
14:27stop is triggered by the behavior that
14:29you recognized and the loss still
14:31happened, but what didn't happen is the
14:33escalation. That is what these four
14:36fixes are designed to interrupt. So,
14:38here's what you should do before your
14:40next session. I want you guys to write
14:42down four things. What does my agame
14:44actually require? Make it specific. What
14:47loss boundary can I accept and follow
14:49honestly? A real loss limit. And then
14:52what is the behavior that is telling me
14:55that I'm drifting? You are trying to
14:57find or locate that line in the sand for
14:59yourself because for everybody it's
15:01going to be different. I can't make a
15:03video here and tell you exactly where
15:04you start breaking down. That's
15:06something that you have to take time and
15:08and really be self-aware to recognize it
15:11for yourself. And then when that line
15:13gets hit and when it happens, well, what
15:16exactly are you going to do? You do not
15:19need to be so shortfocused,
15:21so nearsighted and focus on every little
15:24trade or every little session or every
15:26day. You don't need to win today. You
15:29need to give yourself the chance to
15:31actually trade tomorrow. But look, I'm
15:33not going to sit here and promise you
15:35that you're never going to make another
15:37mistake. That's just a bunch of
15:39nonsense. We all make mistakes. What I'm
15:41telling you is that you can build a
15:43process that catches the mistakes that
15:45actually blow your account before they
15:48turn into a disaster because your edge
15:50means nothing if you can't survive long
15:53enough to actually use it. Well, if
15:54you're tired of fighting this stuff
15:56alone, well, you can join the free
15:57Discord down in the description below.
15:59It's traders who are actually working on
16:01this type of stuff instead of just
16:03flexing wins. I also drop all of my
16:05daily outlooks in there every single
16:07morning, completely free. So, just a
16:10quick video on beginning to actually
16:12create the process that is going to stop
16:15you from causing catastrophic sessions
16:20and have the beginning foundation to
16:23protect yourself from yourself. So, I
16:25hope that helped out a little bit. I
16:27will catch you guys in the next video.
16:29Peace.

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