Trading Course Day 8: Trading is Simple As F***, You're Just Overthinking

Summary

In this motivational trading video, the speaker shares personal experiences and valuable advice for aspiring traders. They stress the importance of starting with a solid job to build capital before transitioning to full-time trading, emphasizing the need for patience and discipline. The speaker warns against rushing into decisions, whether in trading or life, as hasty choices often lead to negative consequences. With reflections on overcoming personal hardships, including homelessness, they urge viewers to shift their mindset and stop overthinking their trades. The focus is on building long-term wealth and avoiding impulsive decisions.

Takeaways

• 😀 Stay patient and consistent in your trading. Success comes from a disciplined approach, even with small gains over time.
• 😀 It’s important to build your capital first before considering full-time trading, especially if you're starting with a small account.
• 😀 Trading should not be seen as a quick way to escape a 9-to-5 job. Focus on trading to build your capital and eventually move away from your job.
• 😀 Be careful with debt, particularly student loans. Trading to get out of debt isn't always the best strategy; it's better to build capital first.
• 😀 Life decisions, including financial ones, can have long-term consequences. Make sure your choices align with your long-term goals.
• 😀 Don't let the difficulties you face—like financial struggles or personal hardships—distract you from your trading goals. Perseverance is key.
• 😀 The final target in a trade should be carefully chosen. Always understand the context of previous price action before setting your targets.
• 😀 Avoid overthinking your trades. Simplify your strategy, and trust your knowledge rather than second-guessing every move.
• 😀 Experience is essential in trading. Many of the answers are already within you if you've been learning and practicing trading consistently.
• 😀 Focus on building a strong mindset for trading. This includes being clear-headed, patient, and aware of the emotional challenges involved in the process.

Q & A

What is the key advice the speaker gives regarding the start of trading?

The speaker advises starting small, aiming for consistent daily gains, even if they are modest amounts like $100 or $200. The idea is to build capital slowly over time rather than aiming for large profits immediately.

How does the speaker suggest individuals approach trading if they don’t have a lot of capital?

The speaker emphasizes that trading should not be attempted with very small accounts like $50 or $100. Instead, individuals should focus on working a regular job, saving money, and then using that capital to build up their trading funds over time.

What advice does the speaker give to young people who don't want to work a 9-to-5 job?

The speaker acknowledges the frustration of working a 9-to-5 job but urges young people to be patient and work the job to save money. The goal should be to eventually build enough capital through trading to move away from the 9-to-5 grind.

Why does the speaker advise against trying to pay off student loans with trading profits?

The speaker advises against using trading to pay off student loans because trading is meant to build capital for long-term goals, not solve immediate financial issues like loans. Instead, individuals should first build their trading capital and work on other financial goals later.

What personal experiences does the speaker share to illustrate the importance of careful decision-making?

The speaker shares that they were homeless at the age of 16, which highlights the importance of making smart, thoughtful decisions in life. They stress that poor choices can have long-lasting consequences, both in personal life and trading.

How does the speaker view the relationship between short-term struggles and long-term success?

The speaker emphasizes that life can be tough and that temporary struggles, like working a 9-to-5 job or facing financial hardships, should be endured with the long-term goal in mind. The aim is to build capital for future financial independence.

What trading strategy does the speaker discuss in relation to setting take-profit (TP) levels?

The speaker explains that they set their TP at a specific level where the next group of buyers is expected to be. They avoid setting it too high or low, as they focus on the last significant price level before reaching the next major support or resistance point.

Why does the speaker mention not going over charts in future episodes after Episode 10?

The speaker indicates that, after Episode 10, they will stop reviewing charts because they believe that viewers should already have a solid understanding of trading concepts. The focus will shift to mindset and simplifying the approach, rather than rehashing chart patterns.

What does the speaker mean by 'overthinking' in the context of trading?

The speaker warns against overthinking trading decisions, implying that people often complicate their strategies unnecessarily. They suggest that viewers already know how to trade and that simplifying the process will help improve results.

What is the overall message the speaker is trying to convey in this script?

The speaker is conveying a message of patience, discipline, and long-term planning. They encourage individuals to start small, build capital, avoid rushing into full-time trading, and make thoughtful decisions both in life and in trading to ensure lasting success.