STILL not profitable? WATCH THIS!
Summary
TLDRThis video addresses common challenges faced by traders, especially those balancing trading with full-time jobs or studies. The speaker emphasizes the importance of patience and discipline in swing trading, the pitfalls of constantly switching strategies, and the psychological hurdles of greed, fear, and losing streaks. By sharing personal experiences and insights, the video aims to guide traders towards developing a consistent, profitable approach tailored to their lifestyle and mindset.
Takeaways
- 💡 If you've been trading for 1-3 years and still aren't profitable, this video aims to address common pain points that might be holding you back.
- 📚 Trading while managing a full-time job or being a full-time student is challenging. Swing trading is a better fit for those with busy schedules as it allows for setting limit orders in advance.
- ⏳ Swing trading is ideal for those who can't dedicate a lot of time to trading. It relies on higher time frames (e.g., 1-hour, 4-hour, daily) and patience is crucial.
- 🧘♂️ Trading on higher time frames reduces stress and provides clearer, higher-quality setups, unlike lower time frames that can be overwhelming and lead to emotional trading.
- ❗ Strategy hopping is detrimental. Almost all trading strategies work; the key is to stick with one that resonates with you and fits your lifestyle.
- 🔄 Beginners often struggle with lower time frames due to the complexity and abundance of data. It's recommended to start with at least a 15-minute time frame for better clarity and decision-making.
- 💪 Trading is a constant personal development journey that requires working on psychological aspects like greed, fear, and managing losing streaks.
- 😰 Fear in trading can manifest as closing trades too early or moving stop-losses too quickly, which negatively impacts overall profitability.
- ⚠️ Greed can lead to unrealistic expectations and the pursuit of home runs rather than consistently stacking up smaller, more manageable wins.
- 📈 Experience and data can help mitigate the emotional toll of losing streaks, but it's important to remain stoic and remember that trading does not define who you are as a person.
Q & A
What are the four main topics discussed in the video script?
-The four main topics discussed are trading while having a full-time job or being a student, the difference between swing trading and day trading, the importance of choosing the right time frame for trading, and dealing with strategy hopping, greed, fear, and losing streaks.
Why might someone with a full-time job or a student struggle with trading?
-They may struggle because they don't have the time to be actively monitoring the market during specific trading sessions, which can be crucial for certain trading strategies.
What is the advantage of setting limit orders in trading?
-Limit orders allow traders to do their analysis ahead of time and set an order for where they think the price is going, along with parameters like stop loss and take profit, which can execute while they are away or busy.
Why is swing trading recommended for people with busy lifestyles?
-Swing trading is recommended because it does not require constant monitoring of the charts and allows traders to set limit orders that can execute over a longer period, fitting better with a busy schedule.
What is the significance of trading on higher time frames like the 4-hour or daily charts?
-Higher time frames provide more significant patterns and key levels, representing more substantial market movements and liquidity, which can lead to higher probability trading opportunities.
What is strategy hopping or 'shiny ball syndrome' in trading?
-Strategy hopping is when traders constantly switch between different trading strategies, often due to being distracted by new strategies presented as the 'secret' to success, instead of sticking with a single strategy long enough to see consistent results.
Why is it important to stick with a single trading strategy?
-Sticking with a single strategy allows traders to gain experience and consistency, understand the strategy deeply, and avoid the pitfalls of constantly chasing new strategies that promise quick success.
How can trading on lower time frames affect a beginner trader?
-Trading on lower time frames can be overwhelming for beginners due to the high volume of data and candles, leading to confusion and difficulty in identifying true market movements versus noise.
What is the recommended approach to dealing with greed in trading?
-The recommended approach is to recognize and manage greed by setting realistic profit targets, focusing on consistent small wins rather than aiming for large, infrequent profits, and maintaining discipline in sticking to the trading plan.
How can fear impact a trader's performance?
-Fear can cause traders to close profitable trades too early, trail stop losses aggressively, and avoid letting trades go to completion, which can skew their overall profitability and lead to unnecessary stress and losses.
What should a trader do during a losing streak?
-During a losing streak, a trader should remain stoic and emotionless, trusting in their strategy and analysis, and understanding that losing streaks are part of the trading journey and do not define their overall success.
Outlines
📈 Trading Challenges for Part-time Traders
The speaker addresses the struggles of traders who are not full-time, such as students or those with full-time jobs. They discuss the difficulty of managing trading alongside other responsibilities, highlighting the importance of setting limit orders to manage trades efficiently without constant chart monitoring. The speaker shares personal experience as a former full-time carpenter who traded during off-hours, emphasizing the flexibility of trading and advocating for swing trading over day trading for those with limited time.
🔍 The Pitfalls of Lower Time Frame Trading
This paragraph discusses the common mistake of beginners trading on lower time frames, which can be overwhelming due to the high volume of data and potential for false signals. The speaker suggests that higher time frames like the 4-hour chart offer more significant patterns and are less prone to market noise. They recommend the 15-minute chart as a balanced middle ground for those who want a mix of swing and day trading, advocating for a shift in focus to higher time frames to reduce stress and improve trading results.
🔄 The Dangers of Strategy Hopping
The speaker criticizes the tendency of traders to constantly seek new strategies, referring to it as 'shiny ball syndrome.' They argue that every strategy can work if given enough time and consistency, and that the real issue lies in the trader's commitment rather than the strategy itself. The speaker warns against the marketing tactics used by educators promoting the latest 'secret' technique and advises traders to find a strategy that resonates with them and stick to it for success.
💰 Overcoming Greed, Fear, and Losing Streaks
In this paragraph, the speaker delves into the psychological aspects of trading, discussing the impact of greed, fear, and losing streaks on a trader's performance. They admit to struggling with greed, defined as the pursuit of larger profits at the expense of smaller, more consistent wins. The speaker also talks about the fear of holding profitable trades and the tendency to close them too early, which can skew trading numbers. Lastly, they address the challenge of losing streaks, emphasizing the importance of maintaining discipline and perspective during tough times.
🚫 Fear and Its Impact on Trade Management
The speaker continues the discussion on the psychological aspects of trading, focusing on fear's role in trade management. They describe how fear can lead to premature closure of profitable trades or aggressive stop-loss management, resulting in break-even trades and hindering overall profitability. The speaker encourages traders to trust their analysis and trading plan, letting trades play out to completion without interference from fear.
📉 Coping with Losing Streaks and the Importance of Mental Resilience
The speaker concludes by discussing the mental resilience required to handle losing streaks. They acknowledge the emotional toll of consecutive losses and the importance of maintaining a stoic, emotionless approach during such periods. The speaker shares personal strategies for coping with losses, such as reminding oneself that trading is separate from personal identity and drawing on experience and data to maintain confidence in the trading strategy's long-term viability.
Mindmap
Keywords
💡Profitability
💡Pain Points
💡Swing Trading
💡Limit Orders
💡Time Frames
💡Strategy Hopping
💡Mental Health
💡Greed
💡Fear
💡Losing Streaks
💡Personal Development
Highlights
If you've been trading for 1-3 years and are still not profitable, this video addresses common pain points and offers strategies to help shift your trading from inconsistent to consistently profitable.
Balancing trading with a full-time job or being a student is challenging, but swing trading and setting limit orders can help manage trades without being glued to the charts.
Swing trading is recommended for those with busy lifestyles as it allows you to set up trades on higher time frames like the 1-hour, 4-hour, or daily charts and then focus on other responsibilities.
Trading on higher time frames reduces stress and increases the probability of success because patterns and key levels hold more significance compared to lower time frames.
Beginners often struggle with lower time frames due to the overwhelming amount of data. Transitioning to higher time frames or at least the 15-minute chart can provide more clarity and reduce stress.
Most trading strategies work, but success depends on finding a strategy that resonates with you and sticking with it. Consistency is key, not constantly hopping between strategies.
Social media can be misleading, often promoting new strategies as the 'holy grail,' but these are usually marketing tactics. Stick with what works for you and avoid distractions.
Greed, fear, and losing streaks are significant psychological barriers in trading. Managing these emotions is crucial for long-term success.
Greed can manifest as aiming for home runs instead of consistent small wins, which can lead to unhealthy trading habits. Focus on steady progress.
Fear can cause traders to close profitable trades too early or manage stop losses too aggressively, leading to missed opportunities and sabotaged profits.
Losing streaks are tough but inevitable. It's important to remain emotionless, trust your strategy, and have confidence that the streak will end.
Trading doesn’t define who you are; it’s important to keep perspective and not let losses affect your self-worth or personal life.
Having a strategy with a strong track record and data to back it up can help mitigate the emotional toll of losing streaks and reinforce your confidence during tough times.
The speaker emphasizes the importance of finding a trading strategy that matches your personality and lifestyle, rather than trying to fit yourself into someone else's strategy.
Consistency and discipline are the most important factors in trading success, more so than any particular strategy or method.
Transcripts
if you're watching this and you've been
trading for one year 2 years 3 years Etc
and it's still not clicking for you
you're still not profitable then you
need to watch this video I'm going to
break down four main topics that I have
realized are pretty prevalent over the
course of coaching over 1700 people
these are some major pain points that I
don't see talked about enough in the
trading space so I'm going to hopefully
do that Justice today and the goal is
something I say resonates with you today
that can finally shift that tide in your
trading career from inconsist to finally
consistently profitable so make sure you
stick around till the end of the video
so you can get all the value out of this
and if you haven't already hit the
Subscribe button because I post content
like this every couple weeks and I would
really appreciate your support so one of
the things that isn't really discussed
enough is the situation that people find
themselves in trying to trade while also
being a full-time student or having a
full-time job now I haven't been a
student for a very long time so it's
hard to speak on that but I can relate
it to having a full-time job so before I
got into trading actually while I was
getting into trading I was a full-time
Carpenter I had a residential finished
carpentry business for about 7 years and
I was a carpenter for about 10 years so
I'm well aware of what it takes to
manage a trading career while also
managing an actual career outside of the
charts what I did when I was a full-time
Carpenter working 10 to 12 hour days
every day 6 to 7 days a week as soon as
I would get home I would have some
dinner and then I would hop on the
charts and do my analysis now the cool
thing about trading is that there's so
many different ways to actually do it
you don't have to be a scalper sitting
on the charts uh executing during a
certain session so what I used to do
back then is just set limit orders and
that's still what I do to this day even
though I have the luxury of being a
full-time Trader so the beauty of
setting limit orders is that you can do
your analysis way ahead of time and set
an order for where you think price is
going to go to and set your parameters
around that like your stop loss and your
take profit so that's really the beauty
of trading you can do that anytime
anytime that you have like 15 or 20
minutes to actually analyze the charts
you can identify trading opportunities
and just set them up on your trading
platform and they'll execute those
positions while you're out and about
while you're at work while you're in
class while you're studying for an exam
whatever the case may be now with that
being said that kind of leads me into
the topic of Swing trading versus day
trading if you're a full-time student if
you have a full-time job or honestly
just even a busy lifestyle in general
and you don't want to spend that much
time on the charts swing trading is
pretty much much the only option for you
because it's the only way that you don't
have to be locked into a specific
session so sometimes for example trading
New York session could interfere with
your class schedules or your actual work
schedule right the only way to avoid
that is like I said setting limit orders
ahead of time and just letting them do
their thing so that leads into swing
trading because you can't really do that
on for example the 5 minute time frame
or the one minute time frame if you're
trying to scalp or day trade a session
you can't set limit orders and then just
walk away from your charts that would
would be incredibly irresponsible and
unprofessional however if you shift your
focus to higher time frames such as the
1 hour the 4H hour the daily the weekly
your trading won't be as frequent but
you're going to find higher quality
setups and they will be very easy to
enter Because you can literally just set
your limits and go on with your life the
main issue that people have with swing
trading I find is that they lack
patience but if you already have a busy
life like if you're a full-time student
for example you don't have the luxury of
being on the charts whenever you want
okay you have other responsibilities
same thing goes for having a full-time
job you'll probably get fired if if
you're found being on the charts all day
you have to be patient and swing trading
is the easiest way to do that so utilize
higher time frames set those limit
orders and just go on with your life now
on this YouTube channel I've taught many
different ways to take advantage of that
I'm predominantly a swing Trader myself
and I have shared pretty much my exact
strategy on this YouTube channel for
free so I've taught you guys exactly how
to do that so if you haven't already
check out some of those videos and
hopefully it can open your eyes to the
possibilities of how freeing swing
trading can actually be now I'm not
trying to push you towards something
that maybe you don't feel comfortable
with but the thing is we have to think
about this logically right if you don't
have the time to be on the charts
trading a specific session like some
full-time Traders get to do then how
else are you going to make it work swing
trading is the only option really so
again the beauty of trading is that
there are so many different ways to find
success so many different strategies
there's no one siiz fits-all in fact
most strategies do work the thing is
whatever strategy you resonate with you
have to cater that to your lifestyle you
have to tweak it until it works for you
because each one of us is different we
each have our own individual problems
and schedules and things that we
resonate with and things that don't make
sense to us you need to figure out what
fits your lifestyle the best and then go
with that
so another issue that needs to be
discussed a lot more is the fact that
most beginners get sucked into trading
solely on Lower time frames now say what
you want about day trading and scalping
it's obviously possible and for some
people it resonates more so than any
other style of trading but the fact the
overwhelming fact is that most beginners
have a very difficult time trading on
Lower time frames when you're on a
4-Hour time frame for example each
candle represents 4 hours of data when
you're on a 1 minute minute time frame
there's just so many candles because
they all represent one minute of data so
you just have so much to look at so
logically it's going to be more
complicated I've always felt that it
takes a more experienced Trader to to
trade the lower time frames at least
consistently anyways obviously
anything's possible Right like if you if
you really want to trade those low time
frames then who am I to stop you but
again you're just making it hard on
yourself for for no reason I would
recommend like the lowest to go on time
frames being the 15minute that seems to
be a really good happy medium between
swing trading and day trading low time
frames and high time frames the 15
minute is just a great midpoint and that
can of course allow you to have some
more clarity and it's just simply less
data to focus on which means your job
will be easier as a Trader there's less
to decipher now another point to add to
that is that the higher you go on time
frames the more weight those time frames
hold now I know this is repeated often
you've heard that before I'm sure but
for example a pattern or a key level or
a retracement on a 4-Hour time frame is
going to be much more significant and
present a high probability opportunity
in comparison to something that formed
on the 5-minute time frame that looks
the exact same because on those low time
frames what we see is a lot of false
movements or maybe I shouldn't say false
but just basically liquidity is purged
all over the place on low time frames on
a higher time frame it's much easier to
identify where liquidity is resting in
the market where it's most likely to be
purged and then you can do your job as a
responsible Trader to avoid being part
of that liquidity Purge and instead
trading alongside with the market now
when you're on a lower time frame that
becomes not impossible but extremely
difficult what happens with most
beginner Traders when they're glued to
the one minute time frame or the five
minute time frame they're just getting
chopped up all over the place left and
right you know every move that happens
they're part of liquidity and then when
when price finally takes its course in
the intended Direction they feel left
out and then they start entering the
emotions of you know fomo or Revenge so
again why not just avoid all of that
just go up a few time frames go to the 1
hour time frame the 4H hour time frame
or like I said if you really want a a
low time frame then stick to the
15minute because that's a happy medium
basically I can almost guarantee guys if
you if you make that small change and
just Shi your focus and stop listening
to all these scalpers on YouTube You're
Going to notice a big difference number
one in your trading results and number
two in your mental health and mental
focus and Clarity because there's
nothing worse than being chopped up on a
one minute time frame and the stress
that that actually puts on you
physically is tremendous and
unfortunately physical and mental health
have such a huge part to play in our
trading careers and the decisions that
we make on a day-to-day basis so so I
try my best to limit stress as much as
possible and one thing that that did
that the most for me was actually
transitioning to swing trading um about
a year ago now I still do have a day
trading portfolio and I'm active on that
that's mostly just because I'm a
full-time Trader and I have the luxury
of doing so um and I've been doing it
long enough now where it doesn't really
stress me out of course I have my ups
and downs you know everybody has off
days and and gets stressed out we all
experience human emotion nobody's immune
to that but overall I've eliminated the
majority of my
stress by trading higher time frames and
also by tweaking my system to eliminate
unnecessary losses unnecessary emotions
and so yeah I think if you if you take
that into consideration it could
actually make a huge impact on your
trading career
[Music]
the next major issue that I want to
discuss is strategy hopping or as some
call it shiny ball syndrome and that
should be pretty self-explanatory it's
when you're doing something and you get
distracted by something else and jump
ship everybody's so obsessed with
trading strategies for some reason even
though that's actually the least
important aspect of successful Trading
and I say that because pretty much every
strategy in existence works and works
well so there's really no need to be
constantly looking for some Holy Grail
that doesn't exist I know plenty of
successful traders who trade support and
resistance trend lines uh structure and
Fibonacci like myself there are so many
simple easy ways that could be taught to
a toddler for goodness sake where you
can be successful with it if you just
stick with it long enough unfortunately
all over YouTube Instagram Twitter
especially or X as it's now called it
seem seems like every other day there's
a New Concept being shared with the
promise of this finally being the
missing piece the missing puzzle piece
to your trading career and that's how
it's marketed too it's always like guys
after all these years of trading I
finally found the secret it's turtle
soup mitigation Block Breaker something
how stupid do you have to be for to fall
for this continuously I don't know who
subscribes to this nonsense it sucks
because I see so many people fall for it
and if you don't understand by now that
that's a marketing play to sell a
product or course or mentorship then you
just don't belong on the internet you're
going to have a tough time trading if
you can't discern that information by
now it is clearly all marketing that's
unfortunately the angle that a lot of
these Educators have to take because if
they stop coming out with a new
technique a new strategy every couple
weeks Their audience starts to die off
they don't sell as much as they used to
and unfortunately the only way that they
succeed is by keeping you on the hook
you're the fish on their hook and they
need to keep you there now the other
problem with social media unfortunately
it can be a blessing in so many ways but
it obviously has its pitfalls you know
when we see somebody really succeeding
doing better than us maybe we think to
ourselves like well what am I doing
wrong then like why can't I be having
those results you know and that will
make you want to investigate what
they're doing and then maybe do what
they're doing right but the main problem
is you're not sticking to anything long
enough to actually see real results so
my best advice for you if you're in this
situation just remember every strategy
works the strategy is not the problem
the problem is the time that you're
putting into it it's not consistent
enough you need to stick with it so
given the fact that all trading
strategies work what you need to do your
job is to find one that resonates with
you I personally don't like support and
resistance or trend lines or patterns or
ICT Concepts I wait for a break of
structure a retracement and then I enter
price based on a specific Fibonacci
level that's it that's my entire
strategy right there that feels good to
me it makes sense to me it's simple it's
repeatable it's mechanical doesn't
require too much thought or emotion and
I can do it over and over again so once
you find something that resonates with
you don't get so easily distracted by
social media results don't get
distracted by a nice watch or a fancy
car if you want to be successful you
need to create success for yourself you
need to do it on your own you have all
the resources at your fingertips we live
in the best time in human history for
information and earning money in
alternative ways that were unheard of a
couple decades ago take advantage of it
but don't get distracted you have to be
disciplined you have to stay on track
the last topic that I'd like to discuss
today could be the most important and I
think it's going to hit home for a lot
of you and I'm actually going to get
pretty vulnerable myself here because
this issue that I'm about to discuss is
something that I've been dealing with
quite a bit throughout my trading
Journey as well so this is kind of a
three-part topic actually greed fear and
losing streaks these are so detrimental
to most Traders so really listen
carefully here and hopefully you can
gain some value from this so the main
thing that I struggle with in my
personal trading is actually greed I
don't really like using that word but at
the end of the day that is what it is
you know I guess it's subconscious
because I don't think think of it as
just like trying to hoard money and just
get as much as possible that's not how I
go about my trading one of my issues is
that and I I guess I should be pretty
grateful for this but I've been quite
desensitized to money there are certain
dollar amounts that just have no
significance to me anymore and so
sometimes when I'm when I'm in a trade
for example and it's up multiple four
figures in profit it doesn't feel
significant enough to me until it hits
that five fig Mark and that is so
unhealthy I'm well aware of that I
recognize that it's not good but when
you reach certain levels it's kind of
hard to accept any less than that when
in reality it's okay to just stack up
small wins instead of trying to hit home
runs you know so I need to be patient
and build up my Capital more over time
because you can't hit those home runs
consistently what does happen all the
time though pretty much every single day
in the market is opportunity for small
base hits instead of home runs it takes
a lot of discipline to to stick with
those and not try and aim higher and all
it takes is one time where you close a
trade early or maybe your your take
profit was too modest and then you see
price go well beyond where you were
targeting and you think to yourself man
I could have made so much profit there
that's insane all it takes is one of
those instances and that can screw up
your your psychology moving forward you
know but it's a work in progress you
know I've been doing this for over 6
years now and I still struggle with
things like that from time to time
nobody's perfect and the thing about
trading which is kind of a blessing
actually is that it's a constant
progression you can never bef perfect at
it it's just a constant personal
development and it makes you work on the
bad things about your personality
actually so it can be beneficial for
your trading results as well as your own
personal life the next thing would be
fear a good example of fear in trading
would be when you're in a profitable
trade it hasn't got to your target yet
but you close it early you're so scared
of holding that trade and watching your
profits disappear that you just want to
secure those profits as soon as possible
now securing profits doesn't necessarily
sound like a bad thing but in reality
you're skewing your numbers if you keep
closing trades too early it would be
beneficial to close losing trades early
but then let winning trades go to
completion if you're consistently
closing profitable trades early then
your winners are likely going to be much
smaller than your losers which then
offsets your overall profitability and
will likely put you in the negative
another example of fear in trading could
be managing your stop- loss too
aggressively like trailing it into
profit or break even too quickly let's
say you get a few points into profit and
then you just immediately move your stop
loss to break even then you're going to
be constantly taking break even trades
and not making any money you're you're
literally just sabotaging yourself a lot
of Traders struggle with this
unfortunately and it sucks to see but
the truth is scared money doesn't make
money the name of the game is risk we
need to manage risk professionally but
at the end of the day we're putting our
money up for risk in order to make more
money that's what trading is if you were
comfortable entering that trade to begin
with then you should be comfortable
letting it go to completion whether it's
a loss or whether it's a win just let
let it happen you entered that trade in
the first place don't go back on what
you analyzed trust yourself trust your
analysis and just continue trading your
plan last but not least losing streaks
this is what messes up so many people
and I get it it's tough to deal with you
know winning streaks are easy winning
streaks are great when you're winning
you feel like you're on top of the world
right but if you experience a few losses
in a row that can mess up so much hard
work that you put in prior to that you
need to be tough as nails when it comes
to losing streak you need to be stoic
and basically emotionless I know that's
kind of impossible because we're all
human right we all go through emotions
especially when we're seeing our Capital
go down or taking a hit to our egos
because we didn't we're not as good as
we thought we were maybe but one thing I
like to remind myself of is that this is
all just digital stuff like it doesn't
really affect me in my real life you
know I could lose all my money I could
be the worst Trader in the world and I'm
still me I still have my life I still
have my family my friends trading
doesn't Define who I I am additionally
I've been Trading long enough and
trading a specific strategy long enough
that I know wholeheartedly a losing
streak doesn't last long having
experience with your strategy and having
data to back that up can certainly
mitigate not eliminate but mitigate a
lot of the emotions that you can go
through during a losing streak and it
can help you last until that losing
streak is over and you start winning
trades again well everybody we've made
it to the end of the video I really hope
I provided some value for you all today
hopefully something I said you take with
you and I really hope that it can change
your trading career in fact I know that
it can if you apply it I appreciate each
and every one of you if you haven't
already please subscribe to the channel
and if you found value in this or have a
question for me I'll try my best to get
back to you if you leave a comment down
below thank you all and I'll talk to you
all soon
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