- 4 months ago
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LearningTranscript
00:00hey what's up guys this is Loma if you're watching this video you're probably new to
00:12trading or you're thinking of picking it up I just wanted to share a few things that I wish
00:17I knew when I first began trading that in my opinion would have made a world of difference
00:22both on me as a trader and on my fucking wallet but before we get started please hit that subscribe
00:30button leave a like on this video I would not ask you to do this cringy shit if it didn't matter
00:37behind the scenes I appreciate all the love and all the support now let's get right into it my first
00:45tip would be you need to prepare to eat shit and when I say that I mean not literally eat shit but
00:54it's gonna feel like it and it might even fucking smell like it okay you're going to lose okay no
01:02matter how good of a trader you are no matter how many years you have under your belt no matter how
01:07much knowledge you have how many books you've read how many mentors have your back it doesn't matter
01:14you are going to lose a lot especially when you first start
01:44and that's something that you need to just come to terms with right you need to understand that
02:02this is just part of the game and there's no point avoiding losses the game isn't to avoid losing at all
02:10it's to mitigate your losses right if you can avoid losses by not being an idiot go for it but when you
02:17lose the goal is not to lose big I feel like beginning traders are too fascinated with uh perfection
02:24right everyone wants to be that trader that never fucking misses everything they enter moons everything
02:33they short dumps and that's just not how it realistically works okay you're going to have
02:41not just a loss you're going to have losing streaks and that's what people don't understand and that's
02:48where they give up right having three to four losses in a row is actually fucking like disastrous
02:55to your to your mental to your trading confidence and a lot of people give up after that and I know
03:02that when I went through a series of losses it made me question myself as a trader question my strategy
03:09uh questioned just if this is this career path was it for me you know so right off the bat you need to
03:17understand that this is part of the game tip number two is survival and I kind of alluded to this one
03:25in tip number one but you need to manage your risk like we mentioned earlier it is okay to lose it is
03:33expected that you're going to lose the goal is not to lose in a way that you're going to blow up your
03:39entire account right or get liquidated we're trying to to prevent that from happening because survival
03:46is our number one priority outside of making money you need to survive to make money okay
03:53and one way that would have definitely benefited me when I first started was think about how much money
04:02you can lose versus how much money you can make and what I mean by that is that you need to measure
04:10your trades and how much money you can lose versus how much money you can make so many people when they
04:18first start trading fantasize the idea of oh my god I can make ten thousand dollars if uh if this trade
04:26hits the target that I wanted to but they don't take into account that if it hits their stop loss or if
04:33they get stopped out of the trade they could lose fifteen thousand right and it's an incongruent trade and
04:40that's not something that you'd really want unless you're you're batting like eighty ninety percent so
04:46that's a very important mental switch that a beginning trader should realize okay it's not
04:53about how much money you're making every trade it's how much money you're making in regards to how much
05:00you're risking on that trade because no matter how good the setup is there's always a chance that it
05:07goes bust okay that's something that you guys need need need to understand tip number three is to check
05:16your trading strategy what I mean by that is that you need to know if your trading strategy is consistent
05:23enough and frequent enough as in does your trading strategy win enough is it profitable that's something
05:32that I didn't really understand until I got way later in the game you need to know if your strategy
05:41even works right if it doesn't work why fucking use it and then what I mean by frequency is how often
05:49does your setup appear right if you're only trading for example pull flags how often does that appear
05:57right how many trades are you realistically going to enter off that strategy and that's a couple questions
06:04that you should be able to answer about your trading but you also need to keep in mind that market conditions
06:09affect your trading strategy right so the consistency and the frequency should change as the market changes
06:18so always be vigilant of how the market affects your trading tip number four is that nothing beats time in the market
06:27that goes for courses paid groups books mentors friends buddies anything okay all those things can help you reduce the time
06:39needed to be put into the market but there's no substitute for it there's no hard substitute for it
06:46by actually sitting there looking at charts in real time having skin in the game putting your own money on the line
06:52you experience the emotions the roller coaster that actually is trading right you'll you'll learn that
06:59things that are supposed to happen don't always happen what should versus versus what actually happens
07:05are sometimes two completely different things okay so again nothing beats time in the market don't be fooled
07:13by people telling you hey you listen to this podcast and within seven days you're gonna be a master trader
07:21or these are the three tips that made me a million dollars okay none of that shit is real
07:28it is 100 marketing okay i have never met or talked to or heard of a story of anyone who learned how to trade
07:38by you know reading one book or reading a quick shortcut video on how to trade it comes from putting your own time
07:48into the market your own money and learning it no substitute for hard work and sometimes the hard way
07:55is actually the easy way tip number five is chasing profits and this tip is one of my favorite tips
08:04because it applies to newcomers and experienced traders alike everybody in this space has a fascination
08:10with being a baller okay seeing other people flex their six-figure profits right all the things that
08:18make you feel like your trading efforts are pitiful you see people rolling up in lambos you see them
08:24taking pictures on a beach uh you see them surrounded by pretty women right and you feel like those are the
08:33the standards that you must meet if you're going to be a trader and i'm here to tell you that that's full of
08:38shit if you're making a couple hundred dollars a trade as long as you're generating a profit
08:46and you get to live life on your own terms you are making enough you can pause the video replay that a
08:52little bit but hear me out if that's your situation you are making enough there will always be traders
08:59making more money than you and they're sure as hell are traders making less money than you okay you need to
09:06trade based on your own circumstances your profits are relative to your lifestyle there is never never
09:14a need to compare how much you're making versus how much someone else is making on top of that that
09:20kind of pressure greed uh stress heavily affects your decision making which is something you don't even
09:26want as a trader if you have a plan you're trading well you need to realize that this is a marathon you don't
09:33need to make a million dollars on one trade okay it would be nice don't get me wrong but if you're
09:39trading well you're consistent and you're managing your risk then the money is a formality that comes
09:46as a result of you having the right things in place to make you a successful trader and chasing profits is
09:54not one of those things and the last tip tip number six is that you need to understand yourself and i swear
10:01to god this isn't like some cringy motivation video where you're like trying to find yourself or some
10:07shit no i mean like you literally need to understand yourself like who you are as a person it's me again
10:16welcome to michael strategy i see i put four pound 30 for a call option and i'm pretty sure i am going to
10:28win this please god no ah that's okay oh no oh my god no please lord no ah yes it's nearly there i've got 10
10:42seconds left oh no ah yes please stay there oh for the love of god Allah oh no the reason why understanding
10:56yourself is so important is that if you don't understand yourself you literally don't know who
11:02you are as a trader who you are as a trader is just an exemplified version of who you are
11:08if you're greedy you're gonna be pretty greedy like it's gonna show in your trading if you're
11:14very impatient it's gonna show in your trading so knowing these things you should develop a trading
11:20style that helps mitigate those flaws for instance when i first began trading i was actually very
11:28greedy and impatient and it showed itself very early on i would market buy and just fomo enter a lot
11:34because i was afraid that you know the price would run without me and i'd be on the sidelines just crying
11:41holding my balls but that usually wasn't the case in fact price would go against me hit the area that i
11:49would want to enter and then go if that sounds familiar then there's a damn good chance you need
11:55a better understanding of how you are as a person because that will have a direct influence on who
12:02you are as a trader once you've done that you can adjust your trading style to help mitigate some of
12:08those flaws right you'll figure out what uh what time frames to trade what assets to trade and more
12:15importantly you'll learn what areas you don't want to trade or areas that you don't want to do business
12:22in right those are all important things that you can only really realize if you understand who you
12:29are and have a unique trading style fitted to who you are all right and that wraps up this video
12:37i hope you found at least a few of the tips useful i know that they would have helped me when i first
12:43started so i hope that i can just reach one or two or three people out there that are just starting
12:48that could benefit from this as always let me know what kind of content you guys like i appreciate all
12:56the love all the support that is unreal it's it's crazy because i don't know any of you guys but it
13:04always just feels like i'm on here talking some with friends you know so don't be shy leave a comment
13:11let me know what you guys like and i'll see you guys next time peace