Is Impatience the real issue? | At the Table by Urban Forex Ep.008
all right guys a very good morning good evening good afternoon my name is Navin, welcome to another episode of At The Table with Urban Forex so today i have here with me again uh the panel we have Armand, Lucas, hey Ian yeah all right all right so we have a very interesting topic today i was a topic brought up about by many of the students talking about this this is more psychological based when it comes to trading and patience there's a lot of uh discussions around patience of well what if i know how to trade but i have a problem getting into my trade because i'm getting in either too early or perhaps too late both of them revolve around patients right either having two less of patients or too much of patients i wanted to get your feedback on you guys here that i've called you in on this panel to see what are your takes on it what are your experiences with it and you know what what part are you are you do you have too much patience do you have two less patients i think i'm on the wrong panel because i i thought we would be talking about that windows 95 card game so i'm not prepared for this ah well good that will test my patience uh Lucas let's start with you and let's uh hear about what is your experience with with when it comes to patients is that an issue is this something that is a real problem out there for many many traders has this been a problem for you when you've been trading i think um we're just looking at the trading community not just you know our own community but everywhere people are struggling with patient and it's it's not really struggling with being too patient they usually say they lack patience and getting into trades too early it's always that case it's quite rare that we hear people saying oh i was too patient because then i missed the trip we do have that time to time but net not that of often i think okay what i see all right so so majority of the people fall under the FOMO side right the fear of missing the trade kind of thing they fall under that category of oh no i should take the trade now before it goes so not enough patience all right so that's that's that's interesting what is your experience with it what what have what have you experienced in your years that you've been trading what have you experienced what's your exposure to it well at first i was like everyone else thinking that i have anger management patience issues that kind of stuff that i need to deal with okay but then but then as i as as i studied more i think it's more of knowing what you're trying to look for um because if you know what you're trying to look for that's not much patience involved right you're just trying to look for that thing and if that thing aka a setup appears then you just take the trade if you don't take the trade that's a whole another problem itself but um i'm not too sure if people are you know looking at patients being a problem the right way if that makes sense okay okay so has that helped by saying if we just focus on the system itself or the technique that we're trying to trade will that get rid of the patient's issues is that something that we can use to solve i think most of it could be solved with having a you know a system or strategy okay but if you have those stuff and you're still taking trades prematurely then just go to the bathroom and cry again Lucas is go to the bathroom and cry it's a one fix solves all i think that yeah that's it that's the answer that's the answer no stop loss that's the stop loss right there like the trade's not working go to the bathroom all right um Ian what is your take on it what is your take on this whole patient's dilemma when it comes for traitors and dealing with patients i think i think maybe we should even have a counter of how many times we say the word patience in this webinar uh in this video some sort of a poll or something to keep track yeah it would be good yeah but talking about that it's what what brings it interesting is as we're done with this uh podcast we'll also switch this over into a live webinar so all of you guys were attending here live coming to this podcast and tuning in live and not just tuning in onto the recording once it's launched on iTunes or amazon or anywhere but you will be able to watch the webinar that is coming right after this and we're going to be talking in more details with patients on a chart on a chart so yeah so i wanted to bring it back to you Ian and ask you about you know what is your take on patients and you know what would you say is right or wrong with it well i i think like Lucas brought up the the main point that i think most people uh have the FOMO um i think for myself uh just in my experience i'm actually on probably other side i'm i tend to have a bit more patience maybe than i should and perhaps that's because i've i have two young kids i'm not really sure uh over the years i've had to like i don't know if if anyone's had i'm sure other people are listening and might not have had the experience of being on a road trip and are we there yet are we there yet any all the patience issues that comes with having kids so i think i've developed an over patience sometimes and then and there's a balance i think you need i don't know if you guys agree with that but like um i know there's some times where i've been waiting a bit too much for a trade for example uh and then i don't get in and then it leaves and then i'm like oh i knew it was gonna go that way or you know that kind of a thing so um that's my take on it so i was actually under the impression if you have kids you lose patience well in the beginning yes that's that's true it's something you have to work through for a few years but i think you kind of grow a thick skin to it after a while and then it's just kind of kind of like it's something that grows on you i think so okay okay fair enough fair enough so you're dealing with a opposite issue than most people having too much patience getting ready preparing for your trades and then the trade leaves and you're like oh man why didn't i get in does that sound about right yeah yeah for the more that's more my my issue personally what i've experienced yeah okay so you can we can clearly see just on this panel already we have issues like that that uh it isn't always a FOMO thing patience is not always a formal thing there is an issue even on the other side of the line which is hey i waited too long to take the trade it's the opposite of FOMO right sometimes you can get almost too much information like if that makes any sense you know like sometimes over analyzing can almost paralyze you if if you kind of get what i mean it's like you see everything i i'm sure the moment you said that everyone who's tuning in is tuning to a vocabulary saying analysis by paralysis on the flip side too like i do see the other point as well because don't get me wrong like sometimes when i do enter a trade um on you'll exit right away you know what i mean two in it and there's that level where i don't have patience so it's kind of a weird dynamic that like too much patience not enough patience it's really a balance i think yeah yeah and i think the the easiest way to get that balance because it when when you're speaking ian the only solution that come you know came to my head was just have a plan just have you know a solid strategy of knowing what you want to do where you want to do uh take another action on your trade that kind of stuff it it could all be solved if you have a plan either correct that's why i believe right now the whole whole point around it um is if you if you really think about it is it's not just a patient's issue getting in a trade right isn't there a patient's issue getting out of a trade as well waiting too long or exiting too early that's another thing right there so there's an element of well there's a problem at the entry part but there's also a problem at the exit you know yeah yeah for sure normal what is your take on it what is your take on uh patients well i've i've also seen both sides what Ian said when when you're just being too patient maybe looking for too much confirmation definitely have that but also the other side i i clearly remember a day in 2016 i and i remember it because it was a very bad day for me trading-wise and also because we were trading um with a group as some of the other students were down with us and i was maybe because the others were there but i was so excited to you know get good results that i was impatient to do the analysis properly i just got in and then i had a loss and then i didn't reanalyze i was not patient enough to do that got into the next one and had like 10 losing trades in a row which is an achievement in itself so yeah i definitely seen that side as well and and what you just said with um you know getting out too fast being not patient enough with uh with the exits oh it's it's in green now i better bank my profits so you know i don't lose them right definitely i have seen that that side as well right right yeah so wouldn't we all say that uh this is a common issue with everybody because it's easy to say you know when you're trading you want to cut your losses short and let your profits run bring me that guy and i will shoot him bring him to me like it's it's easier said than done um especially if you're starting out as a traitor it's so much easier said than done it's the king of open doors yeah it's it's basically saying oh you know life is easy you just got to be happy like ah all right so there's a few sides to it then there's that side a which is uh early entries side b to that is late entries let's talk about those things though let's go deeper what happens if the person gets into the trade so let's let's just say trader a okay so trader a he's dealing with two little patients right okay excessive FOMO in his body or her body and then trades getting ready the entry is is in now would you say the person is still able to calmly look at that and saying wait a minute i'm in too early or does a person just think no man this is it this is it this is the moment where this thing will fly and go higher than Jeff Bezos did recently you know is that the case is that what they're you know do they feel euphoric yeah i don't know about phone i think for me like based on my personal experience when i lack patience of course this this happens to us all the time right so if i like the patient and i got in on a trade the second i click on let's say i'm on a buy trade the second i click on buy right i'll be thinking to myself i'm done this is this probably is not going to work what are you doing Lucas that thing just keeps on going repeating in my head and then just you know stop me out and then just went into my way okay so let's take that further okay so let's say you you were able to become conscious of it would you say that was happening to you in the early stages of your career or that develops over time as you become more and more immune to those mistakes and you're like okay i see what's happening does it happen in an early stage of the career where you where you can actually see yourself making the mistake i think in early stages of my career i wouldn't be able to recognize it because i wouldn't know what's right or what's too early what's wrong right but in later stages then yeah probably gets easier to recognize when when's too early and when's too late okay so here's a here's the part where i want to touch base on even further what happens when you do activate a trade that is too early or too late and not now as the trade is running into a profit or a loss and the trade closes let's say the trade is getting ready to go in the right way are you in the right frame of mind to trade now so i want to ask all of you guys that would you take the next trade or would you let it go because you're too damaged by the previous experience because it's so close it also depends at what stage of your trading career you are but if in the beginning that will be it'll be hard to do the right thing so it depends whether that next trade setup is a good setup or not so you need to you know analyze that um but in the beginning of your training career it's hard to draw the right conclusion on the uh based on that analysis yeah i think even in the beginning you might just be so set on like a trade that it's like you'll just enter again just to enter again without yeah necessarily purpose whereas with more experience you may enter again but you've done um you've at least looked into the trade again and said is it still valid so i so i think it's just a different um sense of why you're getting in the second time with experience versus not with experience so if that's my take i think correct correct okay i i i would agree with that i would agree with that okay all right so we're going to the different scenarios right so now let's let's talk about scenario b okay scenario b is a person who is too patient okay person is too patient the trade is getting ready to do a buy the buy begins and then it's like oh no it's now moving without me and the person gets in now been there right so now it's like i waited too long i knew it was going to be there i was there at my desk in front of my screen it's not like i was chilling i'm i'm there i'm i'm here to do the work required but the trade is leaving without me i just didn't pull the trigger but now that it has shown me a little bit now i've pulled the trigger what do you really think the issue is is it patience what do you think the issue might be well speaking from my experience i don't think it's only patience but there's also other things like fear of losing fear of being wrong so it's it's definitely not only patience okay so there's a there's a lot more emotions around it it's not just it's not just a patient's issue thing right there's a lot more issues around it okay you know like like a planning lack of prep yeah yeah like planning to yeah is usually so if if we if we talk about this a little bit more and and we just talk about okay we we went with person a who gets in early once the trade is damaged and the trades getting ready again he may or may not take it again depending on how early of a stage in his career is in if he gets in again early stages of his career that trades a guaranteed loss if he gets in again later stages of his career there's a higher chance that trade can actually work out because he knows what he actually wanted to to see and now he or she sees it yeah he's getting in for a reason for a reason now let's talk about that one thing that makes someone get in into a trade again in their early start early stages of their career what makes someone get into the buy the buy loses they get into the buy almost immediately again what is that instant buying that happens in the early stages of career what's going on to the person's mind what is he or she trying to accomplish his time is going to be different yeah don't want to be wrong got to look good for everybody it's on youtube no one's going to believe that i have that fancy car without being raped so yeah so it's this it's this notion of i want the best price yeah oh i just got a better price or maybe it's even revenge feelings or feelings of revenge yeah yeah so any any little snap back into his direction he'll be like oh now it's going yeah any snap back oh now it's going so this is what gets them into these trades and saying okay well i'm i'm in this buy now oh loss i'm in this buy now loss i'm in this buy now loss but in this each stage of the way the beautiful trader has something to explain it away first time i didn't see that my support's a little bit lower i drew my support level wrong okay still lost third time third time's the charm that's the analysis third time's the charm that's fine so it has nothing to do with the first two third time the charm this this one i'm gonna make it that has a loss fourth time comes in now there's a bitterness inside where it's like i better make this money now i have so much of the losses from before what do you think happens with the lot size on the fourth trade and the three times your size right now that turns into a close up that lot size goes up he suddenly becomes a big boy player where he's like you know what i'm feeling good this trade is a better way to settings yeah let me call the broker and be like listen man you got to put some more zeros on my leverage so i can trade this pair with as many lot sizes as possible because it's do or die you know 50 cents said get rich or die trying so i'm gonna do that right now you know it's like this notion of i must do it i must do it what's the point you know then they take the trade loses money they look back on the trade on the weekends then you know they they conclude the problem they have is oh i have a patience issue and that's something for that guy he's just gonna think he has a patience issue correct and then that revolves and that is a negativity that sits in the back of that person's mind and says i don't have a trading issue i have a psychological problem yeah and that's what industry feeds and bombards that person saying you don't have a trading issue you don't have a trading system issue you don't have an edge issue your mind is messed up it's like they just go after that poor individual's mind and saying hey if we keep saying that we're not accountable it's your problem you know the industry loves doing that they just blame the person and saying it's your fault buddy you know you have a you have a psychological issue yeah it's not lack of skills it's lack of patience but that's not really the case that's not really the case yeah so now with now that you guys have a lot more experience you know collectively under your belt would you say psychology is really really a big core issue or is it a core issue in the early stages i think i wouldn't say in the early stages at all because in the early stages you're really trying to learn what you need to know about the charts and what you need to understand okay it only becomes as you know a psychological issue when you're when you're already knowing what you're trying to do but you're still making that mistake then maybe you have something you need to work on you know on your mindset okay so like a little stage two or something like not in the early early stages but as you're slightly more developed and you know a little bit more yeah okay yeah yeah i think people often confuse having emotions with having psychological issues and i think there's a difference there because you know emotions is what makes us humans but not every human has psychological issues right right so what is the answer then should we just move on to trading systems because a robot doesn't have fear greed and all that stuff is a system is the right answer no because the whole market revolves around human emotions so you actually need them to trade because if you understand how human emotions work in the market then you understand how the market operates there you go there you go that's a very fascinating thing that you just said and i really like that and i think that's that's the the nail what's the word but that's i think that's a very good point that you bring up um when when you're dealing with patients to a certain level where you know years and years pass by everyone's blaming you then you're like okay should i do a trading system because a trading system is the answer i need to remove fear and greed from my body that's never gonna happen if if that's what you think that is the answer that's never going to happen period so i don't want anyone to ever say i need i must remove fear and greed for my emotions because i know people who trade for a living it is becoming more common to see people trade for a living than it was ten years ago there's a lot more people trading for a living than it was ten years ago where it was a a handful of people underground who know what to do and they're quiet one of the things that makes them better traders one of the things that makes a successful trader is this notion of i understand how the human behavior works around each of these elements so if i have a support and the prices are pulling back and i want to buy off my support i'm constantly aware of if that thing slips what do you think the public might do yes if that thing reverses right back what do you think the public might do what is the volume doing around that it's this slight adjustment to your strategy based on thinking about who am i actually trading against it is not a chart pattern i'm trading against people and their emotions versus my emotions that's what it is right what is war war is hey you made me look bad i'm coming to your country to take all your oil that's what it is that's basically what it is it is a battle of emotions and what any battle is it's just basically someone's emotion got hurt therefore he needs to stand up for it or she needs to stand up for it so that's constantly what it is so that's why all these extra trades that come in the revenge trades as they're labeled into these books revenge trading means i had a loss i got to make that money back i had a loss i got to make that money back over and over again right but then once that loss piles up and you do make that one winner you don't even have time to celebrate because your winner looks so small when the winner looks so small you never train your own psych your own psychology that i like the way i feel when i win you've only trained yourself of this is how i feel when i lose your body does not know what is right and wrong all he knows is you keep losing you keep losing i don't like this feeling i think it gets gets even worse because your body would think trading makes me feel [ __ ] i wouldn't be trading i wouldn't want to trade anymore i wouldn't want to trade them this so you know do we blame people who says you know i've been in this for like a year and i don't like it uh i quit anyone would right it's only normal if they don't feel like quitting they're not human everyone goes to that phase where they want to quit and many do many do because they gave themselves a certain period of time and they're like i tried it i don't like how i feel i quit what is this what do we do with jobs i go to one job i work there is it the job that makes a person stay or quit or is it how they feel it's always how they feel it's always how they feel trading is no different trading is no different how does it make you feel you actually touched on something there too just i know we've been discussing just about specifically with trading our patients but also with like you say that people like because it's true a lot of people will quit when they don't have success but in the learning phase just when you're getting the proper knowledge having that patience to stick to stick with it and to practice in the learning stage and that kind of patience is important too i think for success in this industry and staying patient with the process uh you know um if you kind of get kind of what i mean by that on the education side absolutely absolutely absolutely it's a very sensitive topic to many people because many people can relate to this all of you guys who are here live and tuning in live would you say patience is a big issue for many many people including yourself would you say that's an issue that you would love to work on and find out what is the answer around it how do we solve this thing okay let's talk about some of the solutions now now we've we talked about the different variations we talked about how certain people respond to certain things we talked about how they feel we also talked about what the industry blames you for what's the solutions around it let's talk about that a little bit how how can you overcome this if we know this is a big problem how do we overcome it don't say trading systems it's like please no one say trading systems then i don't know what to say if whatever the solution that you guys are going to tell me right now will it make the losses disappear no so the losses are still going to be there maybe less but they might still be there so the emotion never goes away yeah no it doesn't people always have this idea where if i'm uh if i want to be a successful trader i gotta remove all my emotions i gotta act like like a robot in front of the charts that's just humanly impossible and you know i i know a lot of books a lot of blogs always you know say stuff like that you have to trade without your emotions but again that's just what the industry is doing to traders these days especially like newer traders sorry what was the question again how do we find a solution around the patient's issue we're not calling on the problems here not giving you any solutions if i may i in preparation for uh for this podcast i i looked in to the elite community and see what people were saying about patients there so i just did a search on patients basically and i saw that somebody four years ago had this to say and they said patience comes with a trading plan a trading plan comes with knowledge and knowledge comes from a good mentor so nice yeah i really like that and i i think it all is very right and it really starts with having decent knowledge and with that you can build a trading plan for whatever trade setup you want to uh you want to trade and then you can manage your emotions and then patience is just you know part of the game absolutely absolutely all right so one of the things that uh you know um i'm gonna share a little bit of my experience on when it comes to patients and when i've dealt with students where they have very fluctuating patiences up or down there's a lot of it that has to do with prep okay preparation for what you're gonna do if that has a hole in it you're gonna take 50 trades your prep cannot be wrong your prep is your temple okay you know how everyone wakes up and they like to brush their teeth and then or everyone wakes up and they like to go to the gym that routine that you have it must be prep a prep cannot be done with one eye closed when i say one eye close it cannot be habitual it needs to be focused you can do things of habit but you're not focused like you can drive but then when you reach your destination you'll be like i don't remember seeing anything on the way if you ask me to recall anything i don't know what i drove by but i just know this way because i do it every single day you don't want to be that guy you want to be ultra sharp ultra focused it's prep is everything if you're prepped and you know you want to do a trade at a certain location with a certain look to it then when that look comes in you can say i'm gonna do the buy and as that buy fails you're constantly still realigning yourself and saying why is it not working what happened to that look you're not taking into shock if you're if you're not prepared you're taken into shock that shock makes you go out of balance and that out of balance makes you says next trade next trade next trade larger lot size next trade next rate larger lot size and then broker calls you says hey man margin call and that can even happen if it's if if you get in and your prep is not good and it you know blasts up if you're doing a buy and it shocks you that it's going so well that you are not prepared for that and you're oh let me just bank this amazing profit what it is right now because i don't want to you know what if it just comes crashing down if you're not prepared for that not staying patient with taking your wins too that's another thing that just came to my mind so you know you know that part how how late that comes in a trader's journey that part right there which you guys just talked about though all the energy in the industry if you look around anywhere if you look at any webinar if you look at any questions that are coming in even to our emails that the questions that come in all energy is spent on how do i enter all the energy is spent on how do i enter but if we go back to that notion of that guy that i want to hurt so badly that says let your winners run okay cut your losses short let your winners run why aren't we focusing on the time when we do get the trade right where are we going to get out where are we going to get out and what happens if that doesn't reach what's plan b what's plan c what's plan d so there should be no shock and you're able to respond to the market out of oh i was expecting that instead of what just happened i think um to to go off of having a good plan to start with it's also easier to learn from in the future too because if you keep bouncing around from different things like doing something different every single time as well how are you going to really learn from that going forward because it's like if you have a set plan and a good plan that you use and you like then it's just a matter of tweaking it each time instead of like if you're doing something different every time you don't know what you did yeah i'm gonna write each time yeah absolutely absolutely so let's bring it right yeah let's perfect i i like that i really like how you said that let's bring it back to the the trader who's starting in the industry he's going in the industry with this notion of i'm gonna do this trading system i don't know anything i need to do this trading system or strategy whatever it is i'm doing the trade i made a loss i'm not sure what happened but let me email the person who made the strategy and be like listen man this strategy doesn't work got it next i'm three months down the line i have a little bit more knowledge i watch more youtube videos i've read more books in the encyclopedia about trends and candlesticks and everything like that now i'm taking trades i think this is a buy because i'm not following anybody else's rule i'm following my own rules now but it's very gray area it's not sharp i do the buy oh it didn't work i'm going to do the buy now oh it didn't work i'm going to do the buy now it's very vague right yeah so now if they're doing that and they say okay maybe this technique doesn't work let me go looking for a new technique how long do you think this cycle is gonna last well you're gonna just start from scratch all over again you know because you're not like you have nothing to compare it to the second time that you go back and look and like oh if i just do that better it's dude totally different there is there is a journey traders have to take to learn and be better if you keep cutting the journey and spinning it into a new journey every three to five days or every three months you're never gonna start the journey because you keep flipping the system over and over again maybe this is not the right strategy maybe that is not right let me tell you right now there is no such thing as a perfect strategy it does not exist it's like trying to look for all these hacks as in shortcuts but they have no cohesion they're just random hacks so in the end it's not going to take you anywhere yes absolutely about having patience with your the actual strategy that you're you're using like get a chance you know like just give a bit of patience with that you know and uh absolutely unless you're trading with a robot and that's a perfect strategy yeah but what do you do when you're trading with a robot the decision to keep that robot running or turning off is controlled by a human with emotions isn't that right the moment the robot makes a little bit of a loss sorry i said if you have a good robot you're out fishing or playing golf or whatever it is you enjoy doing you don't have to worry about turning it off well yeah but you're going to check the check the piano someday right we all know those robots don't exist so so so there there's so much there's so much in this industry that is so what is it what is that right word called how do you when you when you downsize how so how big something is and you're like that's not a big deal this this industry is so simplified that trading is child's play it's child's play you just come in you see a green button a red button your job is you hit the green button and you make money you hit the sell button you you make money but if you're losing money whoa you did something wrong today perhaps you shouldn't have talked to your wife that way or your husband that way that's why you made a loss right is that the answer perfect let's look back um on your childhood and what happened like 10 20 years ago oh look at the stars they are not alone not like people come up with all kinds of funny reasons saying i lost because i should have been focused but why did you bring me coffee at this time like what what does that have to do with anything it's like i can get i can i can understand you were distracted but are you telling me if you didn't get distracted you were on your way to be a multi-millionaire on that trade come on yes so the process is so important it's so important to make sure that whatever you're doing comes with a solid prep whatever you're doing your execution follows that prep if at any point you feel you're you're going off balance from your prep and you don't feel in control anymore you're too you're too late your patience is gone now but how do you know you're no longer in control that consciousness comes from your desire to say i want to fix this problem if you know you want to fix this problem you will be conscious next time you lose control you will be aware hey it's happening again if you're aware of it you can control it but if you're not aware of it it's just going to keep happening it's going to keep happening it's going to take you for a ride over and over again that's why it's important to do post analysis and reflect on it all the time so that you're like you can actually visually hear yourself saying it to yourself you know if you're doing video format but it reinforces it so the next time you're like oh i'm not gonna do that again or you know whatever it is if i share with you guys some of my post analysis from like 2010 or 2009 you'll hear me say stuff like what is wrong with you man i talk to myself like i'm some idiot like what what are you doing why are you doing this again like you can really hear hear the self-hate is in in like you know better what are you doing but that process is what every trader needs to go through to actually get on to the other side and saying i everyone goes through this i did my time i served my time i overcame it and now i'm on this side you want to bypass that this is not the industry to bypass it you cannot bypass that it does not exist as long as you're a human if you become a spirit maybe i don't know but as a human being you cannot bypass that because your emotions are built in into your DNA okay they're built in you cannot remove it you just cannot remove it so you have to learn to do what management work with them work with it work with it turn it into a weapon instead of your downfall turn it into your greatest asset instead of a liability absolutely it's not like like even us on the panel like it's not like we don't have we still have all the same emotions we did however many years ago absolutely worse absolutely you know like we turned it off and became robots ourselves or something like that yeah when you pass that phase the initial phase of dealing with emotions it does not mean emotions yet it doesn't mean emotions don't exist anymore and then suddenly we talk like this and we must make profits it's like you're still a human being you're still gonna make mistakes that's normal i think that's important to realize too it's not like it's it goes away ever necessarily it's just how well you learn from it every day and manage it on a daily basis absolutely it's not something to eliminate really so i think that's the key to learn from it every single day that you're trading then that that phase that you have to go through it will shorten because if you're not learning from it every day the face will just you know go until infinity so can when a person says i i'm gonna give myself a few months to try trading whether it's forex stocks cryptocurrencies or futures or options i'm gonna give myself a few months to learn the technique can someone learn the technique in a few months the technique to trade yeah the gist of it the gist of it yeah you can learn how to trade in less than two months you can learn it in one month how you do each trade that's a whole different thing okay the the best example i like to always bring up is archery what is archery you pull that thing back you you shoot you let go and you're trying to aim for the dot in the middle oh so simple i've seen it a million times i've seen people get gold medals i'm gonna do the same thing so i'm gonna watch a quick course on this got it i'm an archer now watch oh i just killed the guy next to it you know you shoot the guy accidentally like oh i guess it's not so easy as i thought it would be like sorry man like you're right but the whole point is how much to pull how much to lift your elbow and not how strong do you need to hold the bow all these little things you only realize by doing by doing so let me ask you guys this in here okay we're like what are you doing Navin like your army needs to be higher yeah yeah i can see the comments uh in the chat they're like you to be breathing awesome like yeah sorry man i'm not an archer actually what you brought up is pretty interesting as well um what you said about having to do stuff you know like to actually take trades to learn from them a few a few years back we actually got a message from a student and they were telling us you know they were learning to trade they have like like almost like 50 pages of uh pdf file about the entire course outline and all the examples on it yeah and they've written down like full article on each uh each video and they were telling me um i'm i'm now in the face of learning this is my six-month six-month learning process i'm still going through all the materials and they haven't even put on a single trade that just it's just mind-blowing how people think you know without taking the action to actually trade it slows down a process way way way way more yeah i i agree i agree dramatically right dramatically it you know you bring me an intellect into this industry he's not going to make it an intellectual person who just says i can study every pattern i can study every technique i can study every everything an intellectual person is not going to make it unless he goes beyond theory into application yeah how many people do we have in Urban Forex who are beyond phds multiple phds right we have guys on our team with two phds right well not me but i said on our team not on this panel right so so it's there the intellect is there what i'm trying to tell you you don't need the intellect in fact intellect can become a problem because you're so busy trying to learn everything that you're never experiencing anything isn't that weird isn't that weird it's like living a double life like when you trade you live a double life you live a life outside of your screen you're like oh this is who i am this is what i like this is the shows i watch but when you're a trader you're like i don't like that setup i like this setup i don't like entering quickly i like entering on the test back of it you come up with your own little things of that's who i am you know just like you wouldn't watch the same tv shows i would recommend you would watch your own tv shows that you like right you start to develop this personality and you would only do that if you've been living long enough in in the trading world yeah you become a trading snob yeah yeah there you go there you go so if we bring it down into a nutshell as we close problems with what patients are what what are the key problems with patients early entries what else lack of plan lack of planning late entries same thing early exits sorry managing yeah managing trades both on not holding long enough and exiting too early so both sides correct so all of the stuff that we just mentioned all these elements of it that we just mentioned is it a problem with the technique itself no you might have the right technique telling you hey you should have exited why didn't you exit i didn't know to exit i thought it was going to go up forever you see the technique might tell you to exit but you might have not have exited what happens when that trade turns around and goes into a loss a normal trader will go into the blame mode i need to blame somebody because that ain't right some people get anybody but myself anybody but myself i don't want to point fingers to myself it's somebody else's mistake but it's so hard to take responsibility in the early stages because you just feel upset you're like why am i so angry what's going on and you start to realize it's you against you welcome to the trading world it's a whole different level of thinking yeah it's fascinating actually don't if you think about it a lot of levels to it for sure all right so what we'll do now is we're going to switch this over into a webinar so those of you guys who are tuning in from the podcast if you want to uh see the webinar that you have missed the link will be below the podcast um in the description somewhere so you guys will be able to watch the webinar those of you guys who are here live stay put we're going to go straight into the webinar where i'm going to be showing some of my charts we're going to talk about things on a a trading level of where patience goes out of control a little bit uh and we can move away from the discussion of it and more into the practicality of it all right so Armand, Lucas and Ian thank you for your inputs today as always you guys are awesome and you guys bring in your own personal experiences and your personal touches into a lot of these topics uh thank you again for for being on this panel yeah no worries thanks for having us thanks guys yeah cheers cheers i'll take over from here
2021-08-08 00:13
