Starting a Trading Career F&Q | At the Table by Urban Forex Ep.005
![Starting a Trading Career F&Q | At the Table by Urban Forex Ep.005 Starting a Trading Career F&Q | At the Table by Urban Forex Ep.005](/pic/starting_a_trading_career_f_and_q_at_the_table_by_urban_forex_ep_005/SGRHTnR2dXhjX1k_.jpeg)
[Armand]Hey Navin how's it going? [Navin] Good good. [A] How are you? How's Dubai? [N] It's getting super hot now it's very humid it's getting hot, how's it there in Bangkok? [A] It's always hot in Bangkok as well, sometimes I wonder who's living in the in the hot desert you or me. As you can see the snow is melting like crazy. [N] So what's the plans for today? What are we doing? [A] Well we are going to, well no, you are going to answer some questions that we've been getting from from students, people who have been following us on youtube or facebook or instagram and we'll try to make it like fast paced, so fire the questions at you fast and then hopefully you'll answer them fast. [N] okay um I can't promise you fast, I mean depends what these questions are is it like you know 'what do I eat' or something like that then maybe I can do it fast, but anything else well we'll see we'll see. Okay so it's fast
fast fire round I guess it's called or whatever? [A] Something like that First one by Mohammed [N] I think that's a very good question because i think many people are in that situation you see this is the problem you said fast fire round and you ask me questions like that like how do you do this in one sentence like? [A] I was already going to say 'too slow next'. [N] hold on Okay so for Mohammed's question I think it's a very good question it's a very important one it shouldn't be taken lightly um this can cause a big major issue for many many people because what they're doing um from the sounds of it is muhammad's information is scattered is scattered like he'll be studying online he'll take in a little piece here support resistance taking a little piece here trend lines taking a little piece here of the foundational pieces of trading people taking a little piece there crypto trading and then it's all scattered there and then when he looks back like i have a lot of knowledge but i don't know where to begin that's because it's all disorganised. I think the fastest way for your quick fire round, the fast thing I can say is a word that many people will familiarize with is 'format and reboot' okay which means get rid of all that knowledge restart it start from a structured organized format where it's like do your basics again even though it's easy you know it do it again make sure nothing is missed do the next piece after that where you're finding yourself an edge okay whether that be a strategy or whatever it is then the next piece on how you're going to do your post analysis for that edge and then the next piece on how you're going to improve on anything that you notice in your post analysis now if you don't know what post analysis is is you're trying to fix any mistakes that you've noticed yourself doing that is very very key yeah so keep that structure in that format and put that on the loop and you'll be fine. [A] So to summarise Mohammed has to get out his man in black pen like flash it without sunglasses erasers yeah [N] There you go there you go. [A] Next, this question is by James
Because you know there's a lot of people who they want to get out of the 9 to 5 you know story of their life and instead of going to the office they want to just trade from different places whether it's the beach the swimming pool a coffee shop or sometimes at home you know many of these places are remote you know everything apart from home basically so how do you make that work for you? [N] okay well what I personally do is I generally go to different types of coffee shops throughout the day and and in fact if you go to Dubai Mall I think all the staff in all the coffee shops if you show them my picture like i know that guy like he comes here all the time like I feel like I work there so if I go through the malls they'll be like they know me a lot of them are actually even urban forex students surprisingly so but one of the main things i look for personally is internet stability you want to make sure wherever you go there's internet stability if not you need to have a backup your 4g card on your phone or 5g these days make sure everyone can get cancer around you that's controversy i'm not going to get into that but um you can do that if that's your thing um and then plugs in case whatever equipment you're using drains out of battery within hours then you want to make sure you have either a power plug or a power bank to give you backup life one thing i personally like to do i use a privacy screen on my laptop as well because the world of trading is becoming so popular now that everyone walking by is like huh i wonder what that guy's doing so it just becomes irritating when people are staring a little bit too long and you get conscious you're like can i help you like so people start looking at you there is one thing i want to point out though there's one thing i want to point out this this situation happened to me sorry that's the end of that question but i wanna put it in there to to match up with the quick fire on that's the end of that question but then i wanna put in my possible experience i'm gonna share with you all actually what happened um i'm in Dubai Mall and so i'm using my airpods pro from apple right the noise canceling stuff that so i have noise cancelling on i'm on a call with my prop traders and i'm trying to explain to them certain methods and techniques and one of the techniques i was teaching them that day is drawing a pullback they want to buy yeah so i'm at the coffee shop you know earphones in my ear noise canceling i'm so in the zone i'm unaware i'm outside my house yeah you're in it i'm speaking huh you're in a cave i'm in a cave like i i just totally forget that i'm in a public place and i'm zoned in and i'm speaking and i'm saying all right guys one of the one major things you want to remember is when you see two legs okay i'm referring to the pullback when you see two legs and it slows down you attack and only afterwards i realized when people were turning around and looking at me and they're like what the hell is this guy talking about is he a kidnapper i was like what why is everyone looking at what did they say but you have to understand what when you're speaking in a public place just understand they don't hear both sides of the conversation they just hear you so please be careful of what you say it can come out the wrong way context so i was using words like 'when you see two two leg pull back you attacked' that time I said 'when you see two legs attack especially if it slows down because that's where you're gonna make the most money' and it was just coming out the wrong way and they were looking at me and one girl had their eyebrows slightly down as well i was like oh man and they're gonna arrest me here they're gonna think i'm some kidnappers and at that moment all the women started to run away slow down so yeah just be careful on those type of situations. [A] yeah duly noted. [N] yeah or don't use noise canceling you know [A] Let's have a look at the next question this is from Tsumbedzo. [N] Okay so there's a fine line between becoming a pro and the unprofitable trader one of the main things between these two is obviously the daily habits that might be completely different now it does not mean an unprofitable trader is lazy an unprofitable trader can be the most disciplined person you've ever seen in your life and he can still be doing things wrong because of not his knowledge of what he has about the market is all wrong okay many people they come into the market they study something from the internet and they put in hardcore hours but what if that knowledge that you are putting hardcore hours behind is incorrect you see it's not like what you know like the typical school you get a high school degree you can go get a job make a little bit of money you get a master's degree you get a better job you make a little bit more money and then when you do your phd you make the most money right in forex that line it's either you make money and then you make more money or you don't make money yeah there is no but i've studied for two years i should make some money there's no such thing there's a line there that says profitable now or not profitable. [A] Yeah exactly. [N] So that has a lot to do with the routine and what is the edge you're working with maybe you're working with an edge that simply just does not work or is explained wrong.
[A] Or it doesn't suit this particular person. [N] Yes that's also true sometimes the personality doesn't match with the edge where someone might be aggressive but the edge is very conservative so that's another thing to watch out for a good question though good question. [A] Well that one was pretty fast, but we can do better! Next one, Greg. [N] What am I doing what is that 60 seconds a piece? [N] okay so this is again a very common thing and the reason why a lot of these questions are actually quite common questions, and the reason why this is also another one that's common and the reason why i'm saying it's common is, I don't want you to feel bad that you're the only one having this issue everyone goes to this issue. So Greg if you look at anyone in in the trading market when they just enter the markets or they've been in the market for some time the whole focus goes on to what do i do to get in what do i do to enter what do i do to enter and once the trade performs whether it goes positive or negative they don't know what to do next yeah because they didn't train for that part and they didn't prepare for that part of if it goes for me where am i going to get out what's my exit plan if it goes against me well what am i going to do with that am i going to cut my losses or stuff so not only is there no plan but because there's no plan no one's visualized it enough times where they repeat it in their mind and they see it over and over again they haven't done that enough to be like if that happens i know how i'm going to respond so one of the things to do with that is make sure your plan is done before you get in you do not make that plan after you get in because if you do it after you get in your subconscious mind and your conscious mind will be so focused on trying to make money that you cannot think calmly and be like this is a danger area be careful of this your brain's only going to be this should be a buy this should be a bite if you're in a bike it should be a bite so it will hijack your brain yeah so be very very careful with that make sure your plan to exit is done before you even do your entry. [A] okay so i think i can summarise this
in two or with two things it's one and most importantly is to not have a plan so you need to have a plan basically before you you get into your trade and it needs to be before the trade because you know your brain gets hijacked a bit when you're in the trade and secondly is it's also a bit of experience that you need you know of being in a trade being in a profitable trade or being in a trade that goes against you and knowing how to manage that but it goes hand in hand with having a plan without the plan there's no way to go and to make this um you know end well basically. [N] Yeah training training after entering to train the mind to do better after the trade is is activated that's the hardest part, but training ahead of time before you enter for the exit plan you'll do it'll be a lot faster it's the fastest hack around it. [A] okay great next one this one is by Natália so this one lines up a little bit with the previous question and I think let's focus a bit more on the how to stay motivated after having a losing trade [N] okay so Natália um maybe open the question in this way it has nothing to do with trading if i remove the word trading and i put in anything else whether you're in a job or in a business or anything like that it all comes down to how much do you want to succeed in that industry or that particular thing that you're trying to do you can remove the word trading and put anything any other word in there so what will motivate you is your love for that particular thing project industry whatever it may be if the love is there you'll be able to sustain the difficult times because the difficult times will always be there no matter what you do there's no such thing as oh it's beautiful from day one it's always gonna come at you but for you to survive those times you must have some kind of an internal passion for it so constantly reminding yourself of all right today was a loss um or this trade was a loss okay what do i learn from it what do i understand from it how can i do this better so you are going to feel at times when you have two losses in a row three losses in a row you are going to feel emotional about it and be like what is wrong with me is there something that i'm doing incorrectly is it my psychology do i have bad luck is the broker against me all these factors will start coming into you but the reality is that trade failed what do you learn from it all the feeling that you're getting it is something you are creating on your own but the reality is trade was wrong and the only thing you can do is understand what was wrong with that trade and solve that problem but by thinking of all the external factors of do i have bad luck what's going on with me i don't think i can do this or blah blah blah all of these things are created in the mind as a fear tactic try to avoid it like that like i said if your love for the the project or industry that you're in in this case trading if it's strong enough you will be able to sustain this down move and come out winning on to the other side okay? I hope that helps hope that helps. [A] I think summary here is again sort of two things so one having law for what you're doing and two being able to rationalize the results basically especially if they're if they're negative and maybe this ties in with another question we got and that is from Dulaj and okay he asked Why trading, why try to make money from from trading? [N] Okay so yeah they're connected with Natália's question, so how do i find my why? If you weren't trading what would you be doing you'd probably be working somewhere right having a job or you'd be on youtube or you'd be on instagram you know these are the different options in today's world right either you're on social media creating content content content content like day and night and that's your job and you're just living this illusion of a life or you are at a job trying to do something that's fulfilling enough for you to um be good at it but your why comes from whether you do that job and it's nine to five it gives you a salary for example but if you're just working to get the salary working to get the salary working to get the salary you're always going to think what am i doing here yeah yes it's paying the bills but what am i doing here the older you get the stronger that question is going to become which means like i'm getting older i'm getting weaker on the body i'm getting mentally tired what am i doing here apart from just paying the bills so is the answer reduce the bills no the answer is you're doing something that is not fulfilling okay so if you if you now come to trading and you're saying what is my why in trading well it's the same thing why are you here does are you in trading because you want to learn how to trade and become really good at it because you're fascinated by it or are you here to replace a nine to five so you can make an income from this thing to do something you need to answer what that something is if that's the case and if that something is let's say buying a yacht for example but then the trading is not giving you that then any losses that you make in trading is going to make you feel what am i doing here at least in a job i was earning i was getting closer to the yacht but in trading i'm making some losses it's taking longer to learn why am i here that's the deterioration right there that's why the question will come up what am i doing, so you need to understand are you trading to trade or are you trading because you're trying to fulfill a means of something else because then trading has less value has less value you can change it to something else and be in a different industry altogether which is a lot easier trading is like going to med school okay it's like going to med school and i'm sorry many people tell you trading is easy bring them to me i'll slap them for you like trading is hard trading is hard um we have mantras in our company that says you know trading is actually easy but the mantra is to tell yourself it's easy pass the hurdle it's easy pass the hurdle but it takes time it takes time it's like going to med school it's like going to med school okay um so that's my quick answer for that one giving people an existential crisis yeah i'm sure after after listening to this everyone's like what is my why am i in the wrong thing like I don't mean to get into that where it confuses many people but it's a question that should be answered for everyone for everyone it needs to be answered. [A] and actually I think we've also done a webinar where you've also hosted a webinar on this where you go really deep into into finding the why and the purpose of everyone's trading so um we'll find it we'll link it up. Next question Hamilton
[N] okay so that's an interesting question and i don't think another industry will take over per se could be wrong on that and the reason why i say that is because when the stock market was around forex came along forex came along it is much much bigger in terms of volume than the stock market ever will be but yet stock market's still around stock market is still a preferred way to trade for many many people because it's an asset that can go one directional in forex you can't go one directional it doesn't work like that it's a currency pair you can only trade for a limited portion of time right you can't just hold it and expect outlandish returns crypto is another stock market style you can hold it for outlandish returns and it goes one directional now will cryptos replace forex that is a question i cannot answer um but i don't think forex is gonna disappear anytime soon because it's fiat trading and fiat trading as long as there's someone in the office with power fiat trading will always be around now unless you can guarantee me someone in the office with power is not going to be there tomorrow then i would be scared of that world i don't know what that world would look like i hopefully i'm dead before then but that would be one scary world to live in because then it would be everyone saying i know better for myself because the average person honestly does not know better for themselves it would be just headless chicken running around so that would be a scary world to be in. [A] Too much for my taste as well. [N] Yeah it'll be way too much mafias who have a little bit of muscle power and force they would come after everybody. [A] I think we're on the same page here all right before going into total anarchy let's go to the next question by Samad [N] That has a lot to do with your edge i think you're dealing with an edge that is losing so frequently that you're starting to worry about am i what if what you're doing is wrong okay so to trust your analysis means you need to replay that scenario with your analysis back testing it forward testing it enough times that you know this thing works if you know this thing works and then when you trade it live you will trust your analysis because you've seen it work yeah here's an example here's an example we've all seen prejudice people right prejudice people how do they become prejudice they use a certain amount of data from the past and if and they're projected into the future that's how it works right that's how our brains are wired to work they use a x amount of data from the past and they projected into the future and saying that's what's what's going to happen so to trust what you're doing is right you need that data you need that data so you can say okay what i'm this analysis that i'm doing i think it's right that trust will only come if you have data from the from before yeah does that make sense yeah yeah that makes sense to get that data is to trade on a demo account trade on a demo account back test it forward test it just do it enough times where you know this edge works. [A]
I think that's a very clear answer and pretty fast. [N] Yeah I think I'm beating my own record [A] The bar was not very high but {N] I'm doing my best here. [A] We can see how high we can set it by the end of the of this meeting. All right next question is by Marián Ok, well the answer is 'be patient' but at the same time you said if it's not being patient what would it be? So Marián, trigger happy shows me two signs one is compared to the last question that we just had by samad there is more trust in your analysis than he or she had okay um you have more trust in your analysis which means it's getting you more fomo that i gotta get in before it leaves you are using data that you know that this is supposed to launch and you're getting in a little bit too early you got to get that balance in and that balance is only going to come in is if you use your post analysis and rewire yourself to calm down okay now what does what does that mean you need to look back into if you take in a trade for a buy you do the buy it comes down a little bit more stops you out and then the buy happens okay second trade it does that again and it goes third trade it does that again and then it goes and then here we are we're like i have this problem Navin how do i make sure i don't do this that means you haven't put enough thought into why this is happening over and over again and you haven't meditated on it enough that you will solve this problem next time you're there your emotions of trying to get into the trade are far superior than the knowledge of i know i normally get into early you see you need to get that knowledge higher where it overtakes your emotion where when that trade is getting ready you're like whoa whoa whoa i know by my past data i get into early hold on hold on not yet not yet and force yourself to overcome that emotion like literally force yourself yeah and that's and if that means you missed the trade you missed a trade but at least get that data that you missed the trade once you missed the trade twice you missed it trade three times then you're like okay so i gotta get in a little bit sooner you'll find that sweet spot by doing that but you need to reflect back on it as much as you can and be like this is a problem i need to fix it. So post analysis will help you dive into that hardcore. [A] So just like the previous question basically it comes down to gathering statistics and looking back at what you've done and then based on that those statistics you see okay i'm looking at the right setups i'm just getting into early and those two things are essential. [N] yeah so emotions have no role in this world of trading
have no role in this world of freddie having that said the answer is not turn to a robot and saying listen mr EA i want you to take over my training for me and then you know no no that that's not the answer either unless it's artificial intelligence that's different but a normal robot or an ea or any EA labeled as an A.I and now i'm just using letters right and EA is an expert advisor sold by people for metatrader which will trade on your behalf garbage okay i don't want to use bad words but garbage okay then there's a i do not mix those two an ea can be called an ai which is artificial intelligence that is just a word they're labeling on it that is false marketing it is not artificial intelligence artificial intelligence learns from the mistakes gets better no human interaction necessary yes okay you need to know the difference so anyone labeling their EA the it's an AI run okay. [A] It's just a script that's written by humans like if then and it's nothing else but if that script can learn from its own mistakes then we're talking about artists then it's an artificial intelligence. [N] Correct correct if then situations which means if this happens then do this you're not going to make it in trading because that's how the normal brain is trying to process a strategy a strategy on its own never works in trading you need to filter multiple scenarios coming at you which you cannot program over and over and over again because each trade is like a snowflake so what conditions will you use now what conditions will you use now what condition will you use now so having that set it's unique like a fingerprint or a snowflake the human brain has a better adaptability still as of right now even in the world of ai's make your brain a lot more powerful that would be my advice just get better look at situations you'll be surprised your brain will automatically do the work for you yeah automatically just give it enough exposure to it yeah i'm sorry i went a little bit too long in that one but [A] Sorry i said it's underestimated how smart our brain is actually. [N] It's it is it is people just
look to robots and like oh robot is better than me he doesn't make mistakes man you know you don't know how powerful your brain is it is incredibly powerful so it's just we're trained by media that we're all small dumb creatures until we get a bachelor's degree in our hand and then we get the bachelor's degree i'm like why don't i have a job i don't get it yeah like it's it's just a big circle of a mess you know. [A] So we are smarter than machines so far. [N] So far. [A] Next question is by John. [N] No. okay so that's a good question and I think they're all like did you did you organise these questions in such a way or they all seem to be lined up in a very systematic format. [A] The machine did that for me.
[N] So okay, John so that's a very good question. Trading should never end the learning process you know why because the trading keeps evolving as well as you've seen cryptos have come into the space options come in futures come in so it keeps evolving and as it keeps evolving you need to understand what is there more to learn so if you're a forex trader and you're like currency currency currency charts charts charts calendar calendar calendar based on economic news and then this new coin stuff comes out and they're like we use computer to computer ledgers and technology to do all this stuff in your life you you need to keep up to date and try to study more things to understand where is the industry turning to doesn't mean it's going to take over but i want to know you have to learn these things get your feet what throw in a couple hundred dollars and be like let me buy this bitcoin and stuff and let me see how it operates let me see what the spreads are let me see if there's slippage let me see all these firms how they're handling it is it just a fee based system just to take money off of fees when there's actually no value anywhere you cannot judge it unless you try it yeah okay so learning it constantly is a must never stop learning and never go to anyone who says i know how to trade i know how to do this and i'm good there's no such thing there's no such thing constantly develop it is like studying a computer there's so much to learn you can it's endless. [A] Yeah and I think you can even take that one step further in your life in general you always have to keep on learning otherwise you'll be that grumpy old man like 'oh computers i don't like it, like i don't know, that's why i don't like it'. [N] Yeah what is this tick-tock? You see and and it's true right it's true like because see I'm not on tick tock but then i'm getting into tick tock because the whole thing is like what is this tick tock thing same thing happened with instagram with me all my friends like hey you on instagram like what is instagram like i felt like a monkey you know from the primitive times like instagram what so i picked up instagram i got used to it i'm like oh cool it makes sense it's it's quite nice actually and i started to like it there's so many things that you should always step up your box that you have and always try to expand that box as you get old that box goes from cardboard to cement and you will not live outside that box because you feel you know how the world works and how the world should operate never live like that because the world works on evolution if you do this there's no evolution you will pass away horribly okay always adapt or just grumpy or just grumpy yeah no one likes a grumpy person. [A] It doesn't mean you have to like that's new but you
know at least give it a shot try it see if it's for you and then at least you know how it works and then you know at least then you're you're more open to try the next thing and maybe you'll fall in love with that so. [N] Maybe maybe you know if you're an older person you're a grandfather hang out with your grandkids and like open me that tick tock account or that instagram account let's see what we can do let's dance together put me on that thing we will be there to thumbs up for you you got to get in there you got to get involved you'll be surprised that how fun some of these things are. [A] And you will probably get more thumbs up than the rest of the people because you stand out. [N] Also also yeah don't be afraid don't be shy just do it. [A] I'm doing a horrible job of keeping this fast let's go to the next one is by Maridee Mendoza Okay so I don't think that has to do with a trading plan if this is a problem that you've encountered multiple times and now you're asking how do i have that trading discipline i think let's remove the word trading and let's talk about discipline itself i think discipline is a big problem there and if discipline is a problem which means you're unable to do that routine thing that is required for you to get better chances are if you're asking this question you already know what needs to be done to get better but then the discipline is not there then the way around it is not to force yourself to do that trading discipline the way around it is to hack your brain into understanding what a discipline is okay what that what i mean by that is um start off the day with doing small small things like if you wake up fold your blanket in a certain way it's so simple so small so easy but you're training your mind that i'm gonna do this every single day oh super easy i can do that you add in another discipline i'm gonna brush my teeth in the morning or as soon as i wake up and also in the night before i go to bed okay i can do that super easy takes one one minute or less okay okay you should burst brush a little bit longer please but but i knew that was coming from somewhere like did you say one minute like oh my god dude go to the dentist just like any minute you get what i mean. [A] then you know with listerine
also flush. [N] Hey we want to give them easy discipline not difficult discipline baby steps baby steps just covering all right so so little little pieces of discipline like this is gonna turn you more hardcore into saying give me bigger projects that i can be disciplined with you'll be able to tackle them because you have confidence now of yeah if you need me to do this for 90 days i can do it for 90 days otherwise the discipline lasts only an hour for the average person if you want to like you watch a video on youtube and you're like yeah you get so pumped up and you want to do something that adrenaline rush one hour after that's gone and you're like i'm gonna get into that new workout routine that i just watched a good third an hour later you're like cool cool starting tomorrow i do this tomorrow comes along you know what tomorrow again tomorrow man tomorrow tomorrow today i got kids man kids come first priorities prior to this like i got you know i got to pay the bills i got to go to work like there's so many excuses that will come along the way to put the discipline aside so um you're like partial military guy right here right you're like hardcore at urban forex when there's one person who is like ultra strict it's you, what do you do? What do you do on stuff like this? [A] Well there's some hacks but you know not all hacks work for everyone and I wouldn't call myself you know an expert on this at all but i think you just have to make sure that whatever rules you're trying to follow make sure you you can make them work for you so for instance what what i like to do is um when i know i have to do something so let's say i'm training for some running race and um i know i have to train for it but it's raining outside i don't really feel like going but then i think about how you know good i will feel about myself once i'm done with it and it's just that little motivation that i need to to just get out there do that run in the rain come back and or i think about how nice the hot shower will be after that so that's a little hack you know other hacks that can work and taking a little bit back to trading could be to just write down when you're about to diverge from your rule so you've set a rule like i'm only going to you know add a position size when and then you're about to add a position size and you're writing down y but it doesn't actually match your rule then it's much harder to [ __ ] yourself when you're writing it down so that is a hack it works for most people maybe not for everyone and another thing that just today in the elite community i saw somebody that was saying that before doing a recording of my pre-market analysis seemed like a chore but now i cannot do without so there you see a discipline based habit created and this person cannot even trade without doing a self-recorded pre-market analysis anymore because it doesn't feel like it's reliable if it's not done in a serious way like that so I think the bottom line is what i already said is you have to make sure you can you can find a way to make the discipline work for you to turn into a habit and it starts with what you say with small things like putting your blanket in a certain way in the morning brushing your teeth at the same time every day in the morning in the evening yeah it's it's it's those those small things and then you know these thoughts about how good you'll feel about yourself after you do it the proper way or after you do it at all that can help but you have to find it what works for you. [N] Oh I absolutely agree um i like the one that we said about the writing it down part um i was just thinking but you need discipline to write it down. [A] It's a lot easier to force yourself to write down you know whenever you do something so or you know you can train that by saying every morning when i wake up i write two sentences about the dream i had or every night before i go to bed i write two sentences about my day what i'm grateful for or something like that you know a lot of people say that it's great for your feeling of happiness to write down what you're grateful for at the end of the day so you know start with something simple like that. [N] One I think I'd like to add to that because there's a routine I follow but one of the things i like to add to that is if you are able to conquer that small steps you know the little stuff that will start your discipline to get going if you are able to conquer it then i would say if you can build a morning routine yeah that could be a huge project the morning routine of life when i wake up in the morning i look myself in the mirror and i tell myself who i am what i'm gonna do today and how i'm going to kick butt you know little things like that i i do stuff like that where the average person like this guy is creepy man but it works for me it's what i do for myself to get going get in the shower i think of ideas um i'm making sure i wash every part of my body but i'm also thinking i'm meditating i'm work i'm thinking about what am i gonna do in terms of this day how i'm gonna make sure this day is the best that i can perform and while i'm doing that once i'm done thinking i play with the hot water cold water hot water cold water to make sure my my entire body wakes up and and feels every piece of the temperature change yeah so little things like that that make me focus at all times and this is all part of my morning there's a whole bunch of things that i do also but the morning routine is is that portion where i have to have to have to do that then there's some parts where i do get lazy sometimes and i don't finish it so what i did was i replaced certain things where i'm getting lazy with and i put in a team call okay with my prop creators i'm like now they're all waiting on you you got to be there yeah so now i force myself to be disciplined indirectly so if you find something like that to do where you're like i don't want to be responsible you're responsible then do it you'll do it enough times it'll become a habit. [A] External pressure is strong as well because in your mind that's why the writing is powerful because in your mind you can tell yourself any lie you want but as soon as you put pen to paper then it's it's physically there you can't really put a lie on paper or it's much harder and the same goes and it's probably even more powerful is when you tell somebody else because then you know there's that external pressure what will that person think of you if you're just telling random stuff or exactly if they're waiting for you yeah okay all right let's let's see that was the fastest one i think amongst all of them by far faster so i have a good feeling about it we can do it this this is a question asked by Tim One standard lot is a hundred thousand units as a beginner you want to trade at least 2 000 standard lots no i'm just kidding please don't do that okay all right so this is a common question to ask and it has a lot to do with money management um i don't know how big the account size is i don't care if there's a hundred two hundred three hundred thousand dollars in the account i want you to trade small very very very very small because you use the word in there as a beginner that means you know yourself that the skills are not present if the skills are not present even one dollar will go to waste why waste that one dollar if you can go demo please go demo yeah okay many people will will garbage nonsense out of this thing saying yeah but if i don't trade real money i don't feel it below shut up with that nonsense like the reality is why waste money for you to feel something i mean what are you you know billionaire or something like that like you don't stop listening to that type of advice you're not a billionaire where it's like cut me so i can feel life like no you're like please don't be crazy like that so be real with yourself if you're a beginner that means initial stages you're going to lose money where why i am so hot about this topic is because i lost close to 55 000 60 000 when i started off within the first few years because i thought i knew it all let me explain to you this is not fifty 50 thousand dollars of my money this is fifty fifty five thousand dollars on a credit card okay so that's not even my money i i had to pay it for for years on end to come with interest and all that stuff and i was like but i was so close i was so close there's no such thing you're so close in the beginning if you're starting off just know in the back of your mind it will take time if anyone tells you that you're going to do it very quickly very fast and you see that red ferrari that i have you can have it overnight sorry is this going to be the new thing is am i going to turn into a meme or something [A] Unless that person is giving the ferrari to you, start start to run and also if you see Navin with finger gun start to run when he starts to talk about two legs slowing down [N] But yeah um i think the key word there is not how many losses you trade the key word there is as a beginner that's the word that i'm more focused on if that's the word that means you know and i know that there is risk involved if there is risk involved why use any amount of money when you can do the exact same trading on a demo account identical identical. [A] Yeah i think trading, you
know it comes down to a lot of things tying in together and yes the skills and knowing how to read the market trading on a demo account is one part and then another part is also knowing how to do it with a live account but why not first build that first part on a demo account without the risk. [N] You know why this is feasible you guys have all seen webinars where i talk about what we do in real life we do not do in trading yeah right here's the thing many people who are under nine to five job aren't there aren't they thinking all right i'm gonna try trading if all goes good i'll quit my job right that's normal thinking right exactly why is there is that not same precautionary thinking in one getting ready to trade and saying let me go demo it's all good i'll put in money why not why not that thinking why doesn't it apply there why does that get skewed and be like but if i do it faster maybe i'll make money faster no it doesn't work like that you got to use the same logic you would use everywhere else in your life and do it here as well it'll keep you safe it's what you've trained growing up and it's the right dream that you have yeah passed down from generation a little bit wet before start to swim and start to cross an ocean yes before you go i think i think um because that topic is so hot about how fast to trade what I'll do i think in the next podcast the if you can i'll give you some of the prop traders on training right now maybe have a talk with them and let them share their experiences now these are senior level people you know going in hardcore day and night studying all this stuff see what their experiences let them tell you firsthand these guys have capital through me they're trading my money on the line let them tell you what they've gone through to get to that position i think that might be a good interview to to do and have them share their experiences that sounds good maybe they will use a lot of a lot less finger guns no no they know the finger gun next question is by Samuel Cayo it actually ties in with the previous question. when you have at least three months of consistent results i'd say then do it that's being safe yeah okay all right so three months of consistent results if you want my advice six months to a year of consistent results then go live but if you're in a hurry like you can't wait three months minimum if you do that any sooner than that just Armand you can just add in your bank account number below and let's just have people transfer you money instead it's like at least you can donate it to the right cause yeah so that would be me indeed yeah so it's you know don't just waste it like that you worked hard like i think if i were to take five minutes um in this quick fire round if i were to take five minutes and have everyone take a moment and understand one thing the money that's in your bank that you're about to risk in a trade or in the market i want you to really understand how that money got there into your account did it just be like did it get there with you working hard your intellect you're waking up early when the alarm's ringing and you don't want to wake up and you go into the office or wherever you're working and you do your job whatever it may be and then two weeks later or a month later you get that salary coming in you're like you're going to risk that money just like that yeah if you're gonna risk it just like that that means you're in a bad job that means your job you're not working in your job because you don't care for that money that means you're a bad employee that's not good either but if you've worked for that money then i will assure you you will not spend that money just like that in hopes that it can make more money okay be real with yourself you worked hard for it don't waste it don't waste it.
[A] Yeah and if i can add to that so once you know after those three months six months or one year if you know okay now i have my statistics on my demo account i'm going live and then still go live with small amount like risk small percentage of your account. [N] Yes yes still go very very small make sure there's nothing that was missing that you didn't experience. [A] Yeah because it does it does make a change or it does make a difference if you're trading with with live money compared to a democrat and even if it's a small amount and then gradually build it as you get good results only if you get good results don't think oh yeah i did like a bunch of a bunch of like small money trades and they weren't great but you know it doesn't matter it was only small money now i'm gonna do it seriously with bigger money no get it done with small money first. [N] It's surprising how many people go straight in go straight in and these are the people who get taken advantage of in our industry unfortunately especially in the education space right yeah it's ridiculous you know there's a reason why we don't have a have a target audience of newbies right it's because a newbie will generally take his education from anywhere because a newbie is so bent on making money right now i i can't take that person's money and feel comfortable and sleep at night it's just really uncomfortable so what where we are as urban forex instead of being a 200 million dollar company where we are is i know you're gonna struggle i know you're gonna burn yourself and i know at that point you want some good education and then you're gonna come to me with very limited funding available to purchase anything and i'm gonna be like fine let me help you yeah like that's where we are that's where we stand Urban Forex within the industry so because if we stand in the beginning right where the newbies begin you'll be surprised that we we won't be able to get in the newbies into our program if we're upfront and honest like we are with everything else yeah they're not going to listen to us if we say this is this is going to take some time to get away screw this guy man that guy's saying i'm going to be ready in 48 hours i just have to follow some telegram group and buy when he buys and sell when he sells here's 5 000 of all of my savings yeah well unfortunately that's the world we live in but yeah we've never got into that space [A] Indeed all right let's go to the next question which is by Alex and this is a very common one [N] Okay that's very nice, so Alex um you know one one thing i would like to say is first of all kudos to you that even with a job a family kids and the time that you need to spend you are still looking to grow thumbs up there already most people at that point start their box right and they just start stop living at that moment they begin their box and they start saying okay let's begin the concrete you know let's let's start living like this for the rest of our lives so kudos to you for trying to be better um whether even if it's in trading or whatever it is so i just wanted to start off by saying that so when it comes to trading um if you want a quick answer stick with the higher time frames for you being an eight to five thing you want something that doesn't require too much of an intention you want to be able to analyze your charts little by little on a daily basis bite size so that way you can look at it throughout the day maybe you're out launching just open up your laptop and you're like let me see what where the charts have progressed let's say you're on the daily chart you're like cool you do your analysis you're like i'm looking for an entry there you get home you spend time you have your dinner you're doing whatever you have to do you're looking back at the church and like you know what i think the entry should be around here because i'm afraid of this area you have more time to fine print that analysis rather than that hurry of i only have one hour today so let me see what i can do don't don't do that don't trade a smaller time frame because it's going to end up taking your money trade a higher time frame and take your time to do the analysis the trade setups will take its time trade small go for multiple hours you know one to two hours on average and then whenever the trade is done try to make sure on the weekends you spend so much time as much time as you you you can spare into doing your post analysis and making sure is all the pieces in here um whatever i did right or wrong did i really take in all that information because you're not doing 100 trades per week like everybody else is so you're limit to limited to studying that one trade and if you have other people doing trades like that you need to study those trades as well and be like what do they do wrong what do they do right it's very similar to my style of trading do i can i learn from that as well so you want to really reel in the post analysis so your main job in the beginning is not to trade from the daily but once the trade is done your main job is what was right and wrong with this that's where the work is not the trade itself the trade i can care less put one dollar on that thing find out what was right and wrong with this trade understand that get the next trade try to do it better and that will slowly take you in an incline and when the time is right you can look about that should i transition maybe you like your job stay in your job it's okay you know everyone needs a fulfillment somewhere right stay in that job if you like it and you can decide that if you want to go full time or even part time so you can keep your job and increased trading side a little bit [A] Yeah I think it's really important to when you trade a higher time frame in general to take so much more away from the from the post analysis because yeah there's so much to learn from each trade and if you have more just time to spend on one trade then do that and get all of it out and one thing i i'd also like to add here is that on weekends or whenever you have time try to practice simulations so there's different simulation softwares and you can you can practice trade setups on that and then you can get a whole bunch of trades in and maybe even there you you take a little bit slower you even though do post analysis on those and you know learn as much as you can from those. [N] Correct so in a very quick repetition on that do not forget the main importance is not the trade itself is the post analysis of that trade that is key for you at this stage do not forget that part if you don't do that part and look for the next trade this this trading world will not open up for you you need to make sure you do the post analysis as that's the most important because you're only getting one trade every couple of days maybe once a week even so you've got to do that post analysis as hardcore as possible [A] Yeah cool and that will take us to the last question asked by Sashi [N] I love that question it's it's it's so zens like ah nice it's an important question um to ask and i'll tell you why this is so important because what you're going through right now every single one of my prop traders are going through you're not in this alone every single one of them is going through because once you start getting a little feel of i know how to trade i know how to do this well there's so much opportunity out there that you're like when you're going to bed you're like am i going to miss something when you're waking up in the morning let me just quickly check the charts in case there's something there there's so much of that that you constantly feel this pressure of i know more than 95 of the world knows so why don't i use my talent right that's that's a a even though it's a good thing most people will die for to be in that position it is also its own problem so just because i know better does that mean i need to trade all the time so it's it's something you should you know definitely sit and think about um i used to be like that i was down on the 10 second chart trading with my mentor back in the day on the futures market and it's tough it's tough there's always a time when you're like oh it's busy i should i should trade there was no cut off time i started to realize i'm spending less time with my girlfriend spending less time doing fun things like going out and doing stuff like that even though fun for me is quite questionable fun always to me means work work and trading is fun for me i enjoy it like i i love it you know so that's fun for me but i was missing out on the social aspects of life and i think if you really real with yourself the word you said balance is so important it's so important you want to be a better trader you need to do things that are not trading it's weird it's like a oxymoron you want to be a better person at a relationship you want to make sure you're not always working on that relationship all day long you need to step away from whatever you're doing or whatever you're trying to accomplish every now and then so you can come back with a fresh mind again yes so i think what you raise is a very important question sashi and spend some time thinking about it is bring up something that's in your mind thinking what is important to you what is maybe answer this question who are you training for if that's a person or if that's a person then that person might be neglected now while you're on this journey you don't want to do that you want to make sure you don't neglect that person now because you're trying to take care of that person in the long run but maybe the time now is being neglected and that's not good either if you're doing it for a material position you know to pay for certain means then i can understand but maybe it's time to step away a little bit so you're not always looking at the markets because if you're always looking at looking for opportunities it will take from you so it actually works that way too if you get burned out it will take money from you and you don't want to do that either. [A] Yeah i think it's just like an investment portfolio you need to diversify what you invest in and it's the same thing in life just diversify what you spend your time on because time is your most valuable commodity so yeah spend it wisely. [N] Correct if you were to ask a person
like me or some of my prop traders about the same thing this wouldn't come up at all because we generally live breathe eat trading that's all we do that's all we do this is what we specialize in i don't have time to take a picture of me and go on instagram and then it's like my life is good well i don't have time for that i really don't have time for that i i'd rather be in front of my charts discussing charts and saying what was right with the straight what was wrong with the straight really getting into the nitty gritty of all this stuff with my peers so that's who i am but if the question ever comes up as how do i balance something that means you yourself something inside you is saying you're spending too much time in this you need to break away you need to listen to that there's nothing i can tell you you need to listen to that inner voice that's telling you you need to balance this stuff out that means you're not all about trading you're using trading as a means which is fine but do not neglect what requires your attention um and so listen to that inner voice that's telling you you need a balance do that balance find a way to take a break and say maybe trade a higher time frame for a while see if that helps. [A] Yeah that's that's a good practical tip and another practical tip i was thinking about is just to set certain hours for for trading and you don't look at the charts outside of those hours. [N] Yeah that's important that's important so if you're on the hourly chart and you're going to trade london two hours before london you get ready and then once london lunch happens you're done you're done no more yeah okay you give yourself that two hour prior to london to do your analysis to do your preparations and you have a cutoff time and if you're trading the one hour charts do not sit there on your screen come back every hour and see how the candle closes and be like what do i do now if you're trading the four hour charts come back every four hours no need to stare at it so there's many things that can be done but i think the key piece is something inside you is telling you you need a balance you need to listen to that voice and you got to get at that balance i think that's a a nice way to wrap it up find the balance i mean should i go to the movies immediately after this you want to go watch fast and furious or something As we wrap it up what do you do for balance what about you Armand like you're in Urban Forex literally as as much as i know if i'm online you're online so i'm like what is i i'm crazy but how is he crazy what do you do for having that balance? [A] Well i'm i'm pretty strict on my hours but that also comes with a fairly strict morning routine so i there's not more than 10 minutes difference between each day that i wake up and when i start to do trading or Urban Forex things and i also try to keep that a cut of time later in the day now this is a bit more difficult because the end of the day there's less discipline it's like at the beginning of the day it's easy to not get that chocolate or whatever sweet stuff you have but at the end of the day it's it's harder to not touch that right so it's it's the same thing here for me because i i've been involved with Urban Forex for so long it's, I know it's your baby more than anything else but it's also a little bit my baby like i'm i'm [N] You're the uncle man you're the uncle [A] so yeah you know and this is just we're all humans at the end of the day and we can talk about discipline and however some people are more disciplined than others but no one's perfect no one's doing everything to the letter every day and that's that's also the beauty of being human that you know there's there's flexibility and agility to that and there's always room to improve and to grow and yeah i just try to keep a a strict schedule and some days that works better than others but overall i always try to to improve that. [N] It's good it's good so that's the way you balance
it out make sure you're not always work work work [A] Yeah and of course you need to know what you know what other stuff you enjoy you know i i like i like to stay fit and do outdoor things as much as i can as the heat allows i just enjoy especially on the weekends and in the evenings i just enjoy cycling outdoors as much as i can that physical part of it that really balances out the you know the sitting down that trading really is even if you have a stand up desk it's you know you're in one position looking at the screen most of the time so i enjoy doing something that'
2021-07-09 02:00