How I finally become profitable after 3 years of losing money

Summary

In this raw and unfiltered video, Brett Go shares his remarkable journey from extreme poverty to becoming a millionaire at 21 through Forex trading. He candidly discusses the paradigm shift he experienced by abandoning common retail trading concepts and embracing market structure, institutional supply and demand, and liquidity concepts. Brett emphasizes the importance of focusing on the 'R multiple' rather than money to improve trading skills and mindset. He also stresses the value of journaling, time, and patience in achieving consistent profitability, encouraging viewers to persevere through the challenges of trading to ultimately reap exponential rewards.

Takeaways

• 😎 Brett, the speaker, rose from extreme poverty to become a millionaire at 21, emphasizing the importance of perseverance and learning in trading.
• 📈 He made significant earnings from trading, aiming to reach $10 million by age 30, showcasing the potential for success in trading with the right approach.
• 💡 Brett advises abandoning common retail trading concepts like support/resistance levels and chart patterns, which he believes are designed to bait retail traders.
• 🚫 He warns against believing in traders who show profits without proof of actual trading experience, advocating for skepticism towards such claims.
• 🌟 He stresses the importance of understanding market structure, institutional supply and demand, and liquidity concepts to become a profitable trader.
• 💼 Brett shares his journey of learning and evolving as a trader, highlighting the value of documenting one's progress and learning from it.
• 💰 He emphasizes focusing on the 'R multiple' (risk-to-reward ratio) rather than the amount of money made or lost in trades, to maintain discipline and consistency.
• 📊 Brett suggests that becoming desensitized to big numbers is crucial for scaling a trading account and managing larger sums of money without emotional bias.
• 📝 Journaling is presented as a vital tool for self-improvement, allowing traders to confront their mistakes, learn from them, and avoid repeating them.
• 🕒 Time and patience are highlighted as essential for developing a consistently profitable mindset, with the compound effect of small improvements over time leading to significant success.
• 🏆 The speaker's personal story serves as an inspiration, showing that with dedication and hard work, anyone can overcome their circumstances and achieve success in trading.

Q & A

Who is the speaker in the video?

The speaker in the video is Brett, a successful trader who claims to have become a millionaire at the age of 21.

What is the main topic of Brett's video?

The main topic of Brett's video is what he wishes he knew when he started trading, focusing on his journey and key concepts for successful trading.

What trading concepts did Brett initially learn and later abandon?

Brett initially learned retail trading concepts such as support and resistance levels, trend lines, and chart patterns. He later abandoned these concepts in favor of market structure, institutional supply and demand, and liquidity concepts.

What is the '1% Club' mentioned by Brett?

The '1% Club' is a group or program where Brett coaches students on trading, focusing on market structure, institutional supply and demand, and liquidity concepts. He mentions that hundreds of students have achieved consistent profits through this program.

Why does Brett emphasize focusing on the 'R multiple' rather than money?

Brett emphasizes focusing on the 'R multiple' because it helps traders detach from the outcome and focus on the process, leading to better risk management and consistent trading performance. The R multiple measures the risk-to-reward ratio of trades.

What does Brett mean by becoming 'desensitized to big numbers' in trading?

Brett means that traders should not be emotionally affected by large profit or loss figures. Instead, they should view these numbers as part of the trading process and focus on consistent risk management to handle larger trading accounts effectively.

Why does Brett believe journaling is important for traders?

Brett believes journaling is crucial because it allows traders to analyze their trades, learn from their mistakes, and improve their trading performance. Confronting losses and understanding what went wrong helps in refining trading strategies.

What does Brett identify as the key factor that separates successful traders from unsuccessful ones?

Brett identifies time and patience as the key factors. He explains that consistent profitability takes time and that traders need to be patient and trust the process, learning from their experiences and steadily improving their mindset and strategies.

How does Brett suggest handling emotions in trading?

Brett suggests focusing on the process rather than the money, maintaining discipline, and being patient. He advises against overtrading and emphasizes the importance of setting profit and loss targets to manage emotional responses.

What advice does Brett give to traders with small accounts?

Brett advises traders with small accounts to use them as practice accounts to gain experience. He emphasizes focusing on the R multiple and consistent risk management, suggesting that the skills developed with small accounts will be applicable to larger accounts as well.