Solve Your Patience Issues In Trading
patience is a very very big thing and there's elements around patients and things that you can do to make sure you can be better but is patience really an issue or is it a technique and education that's a problem so in this video what i'm going to be showing you is some of the techniques that i personally use and i explain to my students on how to make sure patience doesn't become a problem let's start patience is a big thing is a big thing and it's something that's downplayed you know why i say downplayed is because a lot of people seem to have this notion of if i have the technique i have everything if i have the entry i have everything but you know that's only twenty percent of trading maybe even less maybe even ten percent of trading okay technique only goes so far technique only goes so far it is your exposure to that technique over and over again that makes you say i can do this better i can be a little bit more patient next time and get that tighter entry or i can be more relaxed next time to make sure i don't get in too early this can only happen is if you're doing the same thing over and over and over and over and over again you guys agree all right so let's put you guys to the test okay apart from all of you guys who are members of urban forex i in fact you guys can answer this too how many guys have been doing the techniques that were taught to you by whichever system or method and you're sticking to that technique for more than six months for more than six months okay good let me ask you the next question now okay those of you guys were saying no you'll get there you'll get there okay those of you guys were saying yes all of you guys were saying yes who've been doing the same technique for over six months would you feel you're better at that technique today than you were the first month has the technique changed no it's how you use the technique has gotten better right it's something very few people understand very few people understand you know we can't just take a technique try it and then throw it away take a technique try it and then throw it away you can't do that if you're gonna be a traitor you need to take a technique you can relate to you like and then you build upon it build upon it build upon it build upon it and you start to realize oh there's so much more to the technique when i enter the trade i have to think about spreads and my broker oh that's something that i never had to think about before but okay when i'm entering oh i can't enter at midnight in new york that's no one's around oh wait wait wait i didn't think about that there's dead hours in the market okay okay okay when i take my trade there's no volume because it's a public holiday i didn't know the markets are on during a public holiday in forex whoa i didn't know that you're learning the technique tells you what to do when you see something on your chart but all this other stuff you got to go through you must go through to understand when should i use my technique when should i use my technique right yeah you guys can relate yes absolutely absolutely perfect perfect good good good now let's bring this up to a whiteboard here real quick okay i'm going to talk you through some of the basic elements i'm pretty sure 99.9 of you guys know but i'm gonna throw curve balls at you to see do you really know that information okay shall we do this shall we put you to the test okay i want i want you guys to know one thing everything that i always do i do it very aggressively right okay i want to apologize in advance i do it very aggressively i get very in your face kind of thing it is not to to mock anyone or anything like that is to basically shake you and ask you the question of do you see that if yes can we work on this to get better or will you get defensive and try to fight me okay the goal is i'm not trying to fight you you know a little brown indian guy i'm not trying to fight you like i'm trying to shake your beliefs and tell you do you really know what you think you know let me help you through that and you'll see that there are things that you might assume you might know but you might not and that's why you're here right that's why you're here so all right let's go let's go let's go let's go all right so let's say you're a person that says i'm a trend pullback trader okay i'm going to do two types of people trend pullback trader and i'm going to do a range trader okay we're going to deal with two types of people people who trade ranges and people who do trend pullbacks okay we'll we'll talk about two different things a trend pullback trader what are the characteristics of the person of the individual okay a trend pullback is price goes up it pulls back gives me a discount i know everybody wants to buy it i'm not gonna buy it there i rather get a discount and then i'd like to buy it and then it goes up okay how many of you guys say that uh suits your personality you don't go to the store and you buy things you go to the store you look at the price you're like i bet i can get that cheaper on amazon right how many guys do that was like let me just write the serial number down like right there's this little inner laughter you get like i can get a better deal somewhere else right yes if you are a bargain machine trend pullback is your style that's you that's you right there okay that's you right there you don't want to go directly into the department store and buy it off the rack you're like i'm gonna buy it where i know i can get a good deal or i'm gonna wait till christmas or i'm gonna wait till whatever how to know when to buy that is called your edge by saying i'm not gonna buy it now i'm gonna buy it on black friday that's an edge by saying i'm not gonna buy it now i'm gonna buy it later when my cousin also wants to buy it so when you buy two it's cheaper that's an edge everything you do like that is called an edge so far so good you guys with me does that make sense so your edge is once the this how will i get the discount and how do i participate in the discount that's the edge cool all right now can i ask you guys one thing a trend pullback is not all about just a discount it's also this it's also knowing there is a trend there is a trend if i tell you today i can get you a very big discount on sony playstation one would you be interested in buying it would you think you can buy it low and sell it higher you don't know if there's an edge yes there is a discount but there is no market there is no market okay i know many of you guys are like of course there's a market not you get what i'm trying to say well you get what i'm trying to say what i'm trying to say is if the item is not hot then a trend pullback doesn't matter how much of a discount you get will not be worth it does that make sense simple stuff we haven't even talked pattern yet we're just talking basic business right we're talking basic business um or basic human tendencies that we get when we go out shopping we're trying to find a good deal okay so that's a trend pullback trader now a range trader lives a little bit more on the edge okay bit of a cowboy right cowgirl maybe i should just say cowboy stick to that okay so a range trader is more different he's more focused on i know the prices bounce between these areas why because i've seen them i've seen business is very good within this you know what this is i'll explain to you years ago years ago hong kong hong kong was selling apple iphones the cheapest why the cheapest because of how the exchange rate was locked in and also there was no tax there's no sales tax so the product that you buy in hong kong your iphone for example let's say six hundred dollars and you ship it overseas to let's say dubai or something like that where it was selling for a thousand dollars you would ship it to someone and say look man i'm gonna give it to you for 605 dollars but i'm going to ship you a million pieces i'm going to ship you a million pieces this is how business used to operate you guys with me so far people are buying from a different country shipping it overseas and saying i'm not buying from the apple store locally because it's so expensive this is called back to back business what that means is i don't have a a huge discount i can get i need to make a win in this short ability that i know there's a price difference but i know i won't get a price difference like that this is you understanding the rhythm of the industry you're in it's like i'm dealing with a tighter flow i need to make sure i get in right i need to make sure that when i buy it at 600 i buy the right item and i make sure it ships well and there is no damages in the shipping because i can't afford to take a loss on even a few dollars a piece it's too expensive and my margin is very very low my profit margin is very very low but i can do a lot of it which means i know it's only 10 pips up but i can go in with a huge huge lot size because i have this higher notion of i'll be okay i'll be okay i'll be okay does that make sense so would you say a ranged trader is playing it safe or he's playing a little bit more risk a range trader is playing with a little bit more risk and the only way he can make money is to scale up is to scale up this is also real estate why real estate if you have two rooms in that house you cannot rent that two-bedroom house as a malibu penthouse you're never gonna do that you can only sell it for what a two bedroom is going for you're never gonna sell it as if it's a 30 bedroom house it's never going to happen there is a limitation there's a cap right your rent can only go so far if you rent it out the ceiling is not open so far so good does that make sense okay so two different types of traders two different approaches both work okay i'm not saying they don't work they both work i'm trying to open up doors for you to ask you a question of do you know the difference for both and how does this relate to patience okay Navin you're teaching me all these patterns and stuff you're trying to open my eyes i get it but why is this important to me let's get into that let's get into that because i'm sure you want to know right so far so good i'm trying to keep you guys away from pattern as much as possible because i'm trying to get into your head of do you understand what you're dealing with it's not a chart it's not a design it is not a green and red thing that you're trying to solve you're solving business you're solving business that's what you're solving okay so let's take it further let's take it further so you identify a trend that's an issue number one okay let's say you identify a trend and you're thinking you know what i can get a uh let me let me do it this way sorry you identify a trend like that okay and you're thinking you know i can get a discount on this approximately 30 i can get a discount approximately 50 i can get a discount approximately 61.8 okay have you guys heard this number you guys have heard these numbers right what numbers are these fibonacci okay fibonacci number let me ask you this thing okay real real question to ask you forget all your knowledge let me simply ask you this will the discount be determined based on what fibonacci says will you react on the discount based on that mathematician you may respond similarly but you will respond based on what you see let me let me ask let me let me tell you what that means let's say you're waiting for a discount okay ready okay what you know about fibonacci i'm about to blow your mind with this or blow it out of your mind with this that is the goal okay but i am not disrespecting fibonacci please don't take it the wrong way i am here to help you to only ask you to question everything okay i'm only here to tell you question everything understand the why that is the only way you're going to become a good trader you cannot just follow rules blindly okay so the price starts to come down you're like i need a discount come on i need a discount price comes in how do you feel about the discount is the discount coming in the way you like like oh come on where is my discount ah jesus christ come on okay you feeling excited about the discount let me ask you this you feel you're going to get a 70 discount that that doesn't make any sense we want a 70 discount but unfortunately what we want doesn't matter unfortunately what we want doesn't matter our trading system might say only buy at 70 or 61.8 fair enough fair enough we can follow the rules if we have to but what we see here is the discount is not coming down and what happens when you see an aggressive launch of price going up aggressive what do you think is happening to your discount your discount is being done people are piling in and saying i'm buying it right now i'm buying it right now it decides to leave from here it decides to leave from there prices go up they come down they leave they leave they leave gone whatever this demand was that demand continued and people are now still willing to pay higher and higher and higher prices and those who got in from those discounted rates they made some some money so far so good those who got who who bought from the discount they took it up higher and they sold it for a profit okay let's take it a step further let's take it a step further now prices they do this you're like ah come on i need a discount come on price does this fifty percent one shot now a fib guy said oh i like 50 should i buy it would you feel you want to buy this forget the candlestick pattern forget the candlestick pattern forget never buy a dropping knife and this and that forget all that nonsense i want to ask you when you see a discount like that what does your brain think about a discount maybe i'll get more discount yes good some suman very good maybe it will be more so those people who are trading they're thinking oh 50 fibonacci buy it wait a minute what are you doing man what are you doing remember what is this this is nothing but a discount and you're saying whoa that came pretty hard maybe the demand is not doing so good i'm not sure what's going on what happened to the demand why is the store suddenly giving so much of a discount so fast let's see do you see how the discount slowed down and then the buyers kicked back in very very hard would you now say the discount is probably done i'm not doing any patterns i'm trying to simplistically ask you a simple question based on logic yes if you take that trade and you do that by and the trade starts moving in your favor you can turn some profits you know what's going to happen you're going gonna have a fib alert what's a fib alert these guys who follow this religiously will come and saying bro 61.8 exactly bro that's how you trade bro and you're like you kidding me what happened to your 50 why didn't you trade 50 because bro 61.8 is better come on come on like come on who you who are you fooling who you fooling come on
right so you understand the logic between how this whole movement works okay it's it's not about following rules to the t it's about i know i want to pull back by but how i will determine it's to be determined it is not set in stone that once this snr comes i must buy there discount is coming to be determined we will see so a pullback trader his or her job is this part here let me clean this up a little bit while i'm cleaning this up is everything making sense so far anyone lost or confused yeah good perfect perfect so as a pullback trader your job is identify the trend okay you guys have probably seen webinars of me uh talking about identifying a trend is critical to your trading identifying a trend is step number one step number two is finding when the discount is done when the discount is done not where where is also important but when is it done that is more important than the where does that make sense cool well i see a lot of you guys you know making some comments based on uh your mastering price action course over at urban forex about oh that's how you know yeah good good i'm glad you guys know the uh the approach good job all right now moving forward moving forward moving forward let's talk about patience now let's talk about patience now let's say you do your research okay let's say you do your research and you know that listen i'm not gonna be a fib bra okay i'm not gonna be that type of person okay i'm not going to be saying i want to buy 50 61.8 percent 70 something something percent i'm not going to be doing any of that stuff i'm going to be simply looking at what's going to happen and why let's talk about this now i'm i know there's a level here i know there's a level there i can see it if i can see it everyone can see it okay i know there's a level here these are supply you know demand traders brah these are snr traders brah right these are all those religious traitors like i must do this and only this and only you know like if i only trade anything else please god take me now look it's like like all right it's it's really funny for me to watch these things sometimes i watch it on the internet i'm like what is happening it's like a cult okay so now price comes down price comes down he gets into your area and you're like all right here about i want to see what happens i want to see what happens it's coming down here i want to see what happens around these areas it starts doing this everything was making a lower low lower low lower low lower low lower low lower high what does that mean downtrend good and then he stops making a lower low what does that mean whoa range so forget the two different things site forget that i want you to now observe as a trader don't look at the range don't look at the downtrend i want you to look at it as a whole what just happened this became this what does that mean to you the discount is slowing down it is not it's a downtrend now it's a range now it's this no forget the pattern stuff what just happened focus on the logic what just happened he slowed down why is he slowing down is my discount coming to an end would we say hey our discounts coming to an end is that a good enough preparation for us and saying soon it's getting ready soon right would you guys say yeah looks good it's getting ready soon seems to be a good spot bras will be happy as well we are getting in based on logic if bra comes let bra come too who cares right now in this process he starts to go up the candle is green you enter that trade right there and you're like oh yeah baby we're gonna make some money today we're gonna make some serious serious dough right we're gonna make some money as that candle closes it closes right there and it leaves a tail on top would you say the discount is over this is where the patience takes a hit and now things go out of balance the trader was initially prepared he knew what he wanted to do but the market adjusted in certain ways that he's sort of shaken in like so is it stopping the discount or will discount continue oh no bro what's gonna happen what's gonna happen prices go down and then they go up so the person who was first selling here would you say he stopped out when prices went down he got stopped out right and when prices go back up that same person will think oh now it's going by but if you say i never got in i never got into this trade wouldn't you say huh more discount let's see how much lower lower high lower low sequence let's see how much lower does he come you see that feeling of a person who's not in versus a person who did get in a person who did get in he is more hopeful that it will go soon it will go soon it will go soon his brain is hijacked and you know what happens after it does go and that person who got in twice and got stopped out feels horrible feels horrible and says i knew it was a bye but he just can't fathom what happened what happened how many of you guys can relate i have the plan i did the preparation i know the style i like to trade it's going my way they did this and they got me now even if you take the third trade here even if you take the third trade here and the trade starts to slow down here and you're like i should exit normally anyone who buys here and it's trade starts to slow down there he would exit but a person who has several losses ahead of time can he or she exit or is he or she is his or her exit determined on the previous p l that has damaged the account now even the exit is not being able to be done well because your mind is so cluttered with the losses you're like come on if you just go a little bit more i'd be net profit i'd be in net profit this whole time bra is like hey man you saw that you saw how this area came there he just probed it and he's going right back supply and demand bro supply and demand bro like you're like i can't even slap you man stop with that bra stuff like focus all right so far so good cool cool so let's let's take it a bit further and tell you i want to ask all of you guys one thing now did the trend pull back fail or did it work the trend pullback technique still worked but what you will do now if you're focused and you really want to become a trader is when the trade is done and you're calmed down and you're meditating or you're sitting down and you're just looking at your charts on a weekend when the charts are not moving or you take a screenshot so you're not seeing a moving chart you're looking at the charts and you're saying what can i do to be better how can i make sure this doesn't happen to me again that's how you get better and that's when you start thinking of all the things marco very good that's how you think about all these other things of should i put a wider stop loss should i enter later if i enter later and what if i missed the trade all these questions you know what that is your journey has begun this is what makes you a traitor welcome to the journey you are now going further and further and deeper and deeper into it that cannot be taught you have to see it on your own so your brain can adjust and be like i see okay i feel it i feel lit i know what i need to do here's what i'm gonna do wrong again what was wrong this time okay okay more and more and more six months into it you're better than you were before a year into it you're better than you were when you started two years into it you're golden but if you stop and you start doing random stuff there's no money it only will take money you guys agree let me ask all of you guys a very serious question a very serious question is it hard to trade no it's not actually hard it requires work it's not hard though just a bunch of charts there's no physical labor or anything right we're just still clicking a button it's just painful because there's emotions involved okay not saying that physical work is you know worse than mental work and not saying that you know mental work just takes the same level of importance as well but it just requires a different level of attention the goal is to do it well and do it well again and do it well again and do it well again okay so you're gonna get losses that's fine but a loss does not mean switch techniques switch systems or find someone who is not doing so many losses and give him the money and say can you manage my money for me that is the most dangerous thing you can do for yourself the most dangerous thing only invest bigger and bigger and bigger in your line of expertise if you know how to read a business and you buy a business that is your line of expertise even if the business is not in your industry but you know how to read a business that's different but if you're not a trader and you're a doctor or an architect or an engineer and you're just saying let me just give my money to somebody to trade for me very dangerous the money you have is because you worked hard for it based on your skills to collect that money little by little little by little little by little you cannot come into the market and just suddenly give it all away you can't bring it into a market that you don't know anything about and give it all away that's wrong that's evil that's not right you deserve better you deserve better shall we move on to range i'm going to spend the next five minutes talking about ranges i'm going to talk about how the ups and downs with that and then we're going to talk about uh where patience goes out of control in ranges as well yeah so far so good how many guys say while i erase all this stuff how many guys say you guys had more education and knowledge here in this last 60 minutes than you've ever had before in any other bras webinars i i i'm sure there's one day there's going to be some bra that shows up at my doorstep and says hey man i see you've been picking on me i am not talking about anyone in particular i am just making an imaginary character in my mind and making fun of him or her but there is no person per se okay all right all right cool cool cool all right let's let's move in further let's move in further okay and for for those of you guys for those of you guys who are not with urban forex and you want to be with urban forex um after i talk about ranges i'll tell you how you can get in for free okay how you can get in for free it's something new we're trying um i would love for you guys to be students and see for yourself if things change for you okay calm down come now i know a lot of you guys who are members like what free what i'll explain in five to ten minutes i'll i'll explain all right so let's talk about uh the ranges okay what is a range what is a range okay a range is this notion of no highs no lows right you guys have studied this you guys have studied this you guys have heard about it you guys have seen it in books and webinars and articles and all of it's like all of it's available now the beauty of ranges has one element to it ready all right here we go okay let's say prices are moving down they pull back they move down okay support and resistance supply and demand whatever you want to call it it's in this area approximately yes as prices come up to that area higher high higher low higher high higher low what's the state of the market trending very good higher high higher low no higher high what's the state of the market it's still trending it hasn't turned range yet comes down no lower low now it's a range how do you know it's going to be no lower low only when he moves away only then you know it's no lower low so you need that to know it's no higher high no lower low i want you to understand one thing those of you guys who are support and resistance traders or supply and demand traders what happens when prices reach your area what is price supposed to do it's supposed to test that area and react and bounce away very good i'm reading all of your words that you guys are writing it's supposed to react reaction means boom it needs to respond okay that means it's a good level that means it's a good level so let me ask you this when a range develops let me ask you that question the longer it takes once twice three times four times can you tell me if this level is good no no you know what's funny range traders will prepare for a cell again here without knowing the context of what is happening this thing can easily slip upwards easily slip upwards any moment that that level is not holding it's unable to push it's unable to push does that make sense so now if prices do this a range trader is saying whoa that's not a uh it's not a range trade anymore prices come back down ah that's my range trade thank you for the fake out have you seen that before where you feel oh i thought it was a probe i thought it was a fake but it went up that's a problem that range traders occur that's an issue a range trader occurred because they don't understand the context of things they're solely focused their eyeballs are like horses on a track you know like they're just focused here like i don't know one track one track mind it's like must do ranges you know so they're very focused in just that that area of thinking okay so you want to be you want to be better than that and be like all right i want to do ranges but i want to be more aware now let me switch this around let me switch it around let's say prices come down and they do this what does that mean would that be a probe or is that going to be a cell all right many people are saying maybe that's a probe maybe that's a cell let me ask you this remember this area we were talking about so let me understand this properly so you're saying the level that was supposed to respond didn't respond didn't respond didn't respond didn't respond didn't respond suddenly responded from the same price from the same price it's like you going to the store and saying i'll sell you this iphone for ten dollars and you're like nope i'll sell you to send iphone for ten dollars nope ten dollars nope ten dollars okay who does that no big boy does that he wants to win which means if it probes up and goes down i would say he's back he's back because he wanted a little bit of a better price he wanted a little bit of a better price for his discount that's him right there but all of these holes yeah he's not there man he's not there let me ask you guys again did you know ranges before today there you go if you didn't now you know if you did good i'm happy for you you see it's not what it all looks out to be in a normal textbook and so there's always more to the story there's always more to the story and not to worry everything is recorded so you can watch this as many times as you need to as many times as you need to right all right so so all right let's uh i'm gonna go into what i wanted to tell you guys about today so those of you guys who are not Urban Forex students and you want to try it you want to get in on this Urban Forex thing you're like okay well like half the people more than half the people in this room are part of this program okay there's a program where i i take as an entry level right just to get your feet wet and seeing let me see if you really want to become a trader let's first see if it suits you and you like it so undergrad consider it like that consider like your undergrad Mastering Price Action 2.0 i give you an edge i make sure you follow a certain edge and i put a week of gap in between each lesson okay so each week new lessons are released i put a gap in between to make sure hey are you interested in this and have you tried it next lesson you have a question ask my ask my trainers they'll assist you on that on every single day you also get daily examples which means what you just learned here's an example here's an example here's an example every single day it'll just be right in your face here's an example here's an example so that repetition really sinks in with you okay remember i can't force you to increase that experience level but i'm doing my very best to make sure i get into your brain one way or the other right so so you learn you have time to practice every day you get your examples seven weeks long i teach you all the fundamentals and basics around Mastering Price Action 2.0 i would also recommend the 1.0 it's fantastic it's fantastic how many guys here have the 1.0 okay okay a lot of you guys a lot of you guys have it okay good good good good so i would recommend get the 1.0 as well that goes you know that was the original mastering price section it's like the nitty-gritty it's like the mustang you know the old classic mustang like it's still on the street it still wins you know like it's still you know it's still good so it's a seven week long program i walk you week after week uh you have access to support daily examples there's private webinars that you can attend which we do stuff like this where it's just closed doors and we talk about it amongst ourselves and you will be able to then see if this is what you want to do and you want to grow further then we have the bigger programs where it's like all right if you made it a live seven weeks if you made it alive wait until you reach the next stage where i can open the doors further i'm saying all right you thought that was fun let me show you what's coming like in this webinar would you say you learned so much in this webinar right so the whole goal is not to just give you a+b=c to have you think and be like all right now that you think in a certain way practice this exactly now that you think in a certain way practice this okay practice this and just focus on that in a little bit see what you feel see what you understand from it it is not an exact solution see what you feel what you understand this is what it means to become a trader because then we expand on that to make sure your instincts your trading level is snapping really well it's snapping really well you're like i know what's happening in the market not this is what's happening because it's on page four of this book no no not like that man right so what i talked about being free is saying no risk to you you can join the Mastering Price Action course using a free trial that we have okay we've never done this before we're doing this now you can join the Mastering Price Action 2.0 as a free trial by going to www.urbanforex.com/freetrial
okay um thank you Armand our most uh shared the link with you guys okay www.urbanforex.com/freetrial one word okay that will give you access to the Mastering Price Action 2.0 will get you started will get you to be able to see what is it what am i trying to learn here do i want to take this initial journey because the journey is coming up with Urban Forex and i told you guys in the beginning the journey takes a little bit of time you cannot come to any journey and saying i thought it was easy if you want to make more money than a doctor lawyer engineers combined i always say this expect at least a little bit of work a little bit a little bit okay what we specialize in is to make sure you understand to get you to the other side that's what we specialize and we make sure that we explain it in such a way that you get it you get it right like trend pullbacks today and ranges today did you get it or not get it you know how long people spend explaining something like that they spend ages ages and people they explain one thing people understand another thing but the logic needs to click of not every trend pullback looks identical so how do you prepare the student to be ready for any trend pullback that's what we specialize in that's what we specialize in okay so i'm really looking forward to seeing a lot of you guys into the program those of you guys who are already in the program i will see you guys more regularly and uh thank you for coming into this webinar and those of you guys who are in the iconic trader program i will see you guys into the next webinar that will be holding up soon so uh it's always a pleasure to have you guys here thank you again for taking time off to be here as always i do not want to ever waste your time uh when you're here if you come to these webinars you will learn something thanks a lot guys cheers bye for now
2021-07-30 12:28
