Stop Trying to Know Everything About the Markets – It’s time to commit!
This is urgent tonight, guys…
I see too many people falling for this trap of “Trying to Know Everything About the Markets”…
Information is everywhere, and people are wasting too much time (and money) not taking focused action to reach their goals – it’s time to commit.
You might be struggling with this too – trying to know everything about the markets, but never really becoming great at trading!
The world doesn’t need more GOOD traders — the world needs GREAT traders.
And in tonight’s video, I’ll show you how to be GREAT at trading, even if you’ve never taken a winning trade before.
Stop Trying to Know Everything About the Markets – It’s Costing You too Much!
I hear this a lot lately from new traders lately…
They have this urge, this compulsion to know everything about the markets before they commit to any single strategy or any single Market…
The root of this is the fear of failure, and in today’s video – I’m going to show you why failure is your best friend when it comes to success in anything you do, and I’ll give you a roadmap I’ve used in my life to help me “fail forward” and become successful…
The ultimate root of this desire to know everything about the markets is that people are afraid to commit because ultimately, they’re afraid of failure
Everything’s fun, easy and exciting at the beginning of Learning something new…
But things get harder as you scratch the surface and learn more about something – you get into more complex territory and it’s not as easy anymore… the same thing happens in the financial markets.
This increase in challenge creates pain and fear, and a natural instinct is to avoid that pain and move to learning something new, and fun, and easy again – rather than committing to 1 strategy or 1 market.
We do this is because we’re afraid of failure…
Learning something new always feels good, and it’s exciting. I feel the same way!
And doing this will get you “good” at many things in life…
But the world doesn’t reward good anymore. the world rewards great. there’s too much competition in this world if you want to be successful in a job as challenging and competitive as Trading — you have to be great.
Personally I’ve seen this affect one of my closest friends. He’s a smart and hardworking guy, but he’s scared to commit.
He’s gone to numerous different colleges, achieved various Advanced degrees, and he’s good at a lot of things.
But his fear of choosing the wrong career, or failing at whatever career he chooses, has paralyzed him and he’s now 40 years old with a lot of book smarts, but no experience in the real world, which is all that really matters.
I don’t want you to waste the next 10 years of your life suffering from this fear of failure and lack of commitment.
So in this video, I want to show you how to kick this fear of failure — how to beat this fear of commitment. How to stop being good at lots of things and become great as a Trader.
3 Steps to Avoiding this Trap
So here’s a three-step solution to help you break this bad habit of trying to Know Everything About the Markets – a habit that’s robbing you of the opportunity to become a great trader.
Step 1, choose a market and get started today.
Get off YouTube, get off social media, stop buying books off Amazon get all the distractions out of the way and let’s choose a market and let’s get started
Step 2 – there are really two ways to learn to trade…
you can spend the next 10 to 15 years sitting at your desk watching price action to learn what a good trade looks like, or you can shorten that learning curve significantly by finding a mentor.
This is nothing new – you can learn things on your own and stumble around in this sea of information they call the internet and try to put all the pieces together, or you can find a mentor who has the experience and you can get an easy shortcut. simple as that.
For me personally – I went the route of finding a mentor. After three years of doing this on my own, I wasn’t making any traction in my Trading and I found a mentor, which was one of the best decisions I could have ever made.
Step 3 – Plan the Journey.
because once you understand what the journey looks like you’re going to have a much easier time committing and taking action.
think of it this way – would you ever go on a road trip without knowing the destination?
I sure wouldn’t – if I’m going to gas up a car take a week off work and go on a road trip it helps to know the different destinations along the way, right?
Where’s my destination? Where am I stopping along the way? What obstacles do I need to prepare for? What do I have to look forward to when I’m there?
Knowing the destination, and the path to get there makes it a whole lot easier to commit to the journey. Wouldn’t you agree?
Let’s go deeper into this 3-step solution – choosing a market, finding a mentor, and planning the journey.
Step 1 – It’s Time to Commit!
Let’s start by talking about choosing a market and getting started
First of all – there is no perfect Market or perfect strategy.
As I’ve mentioned in previous trading psychology videos, we need to stop looking for perfect because perfect doesn’t exist and you’re wasting too much time looking for it.
Each market has pros and cons. the Futures markets, the stock markets, the options markets, the Forex markets, and now the crypto markets.
You’ll find benefits of all of these different markets.
I chose the Futures markets because they’re best for short-term day trading.
They allow me to use Leverage, the commissions are very low, they’re liquid, and their consistent. They’re perfect for day trading 5 days a week.
Most importantly, they fit my lifestyle. I like to wake up every morning, get to my desk, trade the S&P or the NASDAQ or the gold, find my trades and get a good night’s sleep because I’m flat at the end of the day.
But the Futures markets aren’t great for long-term Trading.
Overnight margin is expensive, you have contract rollover to deal with, and that same leverage that makes them perfect for day trading, makes them a little too dangerous for holding long-term.
If you’re looking for long-term Trading, it’s wise to choose the stock market, the options markets, or now even possibly the crypto markets. You can buy (or sell) and hold these positions for a long period of time.
So think about what your goals are – how much time you have to invest each day, and what you want your day to look like.
I could go into a lot more detail on finding a good Market that fits your needs, but I wanna keep this video going — so if you need any more information about the differences between each market drop me a comment in the comment section, and I’ll give you more information.
The Next Step is the start failing forward.
This idea of failing forward is one of the biggest challenges for people, but it really is the secret to achieving success in anything you do in life.
I always try to remind myself that success is on the other side of failure.
there’s a famous quote that says, “if you want to be successful faster, you need to increase the rate of your failures.”
In other words – the more often you fail, the more often you’ll learn, and the faster you’ll become successful as a result of that REAL WORLD learning.
And that’s the key – it needs to be REAL WORLD learning, not written in some book. You gotta go out there and fail a little and get that experience…
As you can imagine, the idea of going out and failing all day isn’t very attractive to most people…
Nobody wants to sit at their desk and take losing trades all day long, it’s not easy to push through that initial struggle, so this is where step number two comes into play – which is finding a mentor
Step 2 – Find a Mentor
Finding a mentor is one of the most important pieces of this strategy because it dramatically shortens the learning curve…
Having someone there to guide you – telling you what’s important and what’s not, will make “failing forward” a whole lot easier — you won’t be failing as often, and they won’t be as painful and scary when you have someone who’s been on the same journey…
Most importantly, I believe having someone there to lean on, and having guidance along the way makes the hard times easier because most of us are working by ourselves, on our own each day.
I also believe it’s important to have a mentor you can trade along with each day. Buying a video course, or reading a book about trading won’t take you far enough because trading is a performance skill.
You can watch as many YouTube videos as you want. You can read hundreds of books off Amazon, but until you go out there and actually trade you’re never going to learn how to do it.
Learning to trade is a lot like learning to swim. You can read a book about swimming, but you get in the water, you better have something with you to keep you from drowning!
Step 3 – Plan the Journey Ahead
The third step to breaking this bad habit of trying to know everything about everything, is planning the journey ahead of you.
Knowing the journey (for most people) is the key to getting the confidence to commit to One Market and one strategy, so you can start failing forward and eventually become a great Trader
It’s easier to commit when you can see the path ahead of you
This journey will outline each Milestone, and the steps you’ll need to take to accomplish the result you’re looking for.
As an example – think about my three-step strategy…
In my 3-step trading strategy (which I teach to all of our students here at schooloftrade.com, I outline the three Milestones you’ll need to learn before you can consistently find 3-5 winning trades each day.
In Step 1, we have to identify the “Day Type”.
Yes, the markets are different each day, but they can always be classified into either a trending Market or a range-bound market. it’s as simple as that.
When you know the day type, you know what type of strategy works best that day, which gives you a lot more confidence taking each trade.
In Step 2, we apply support and resistance levels that work best in those market conditions.
For example, trending markets will use different support and resistance levels than range-bound markets.
One of the most common reasons new traders lose money is because they try to use the same tools every day. The same support/resistance and the same entries no matter what the market conditions are.
Just like with anything else – you need the right tool for the right job.
In step three – we look for entries off those price levels.
There are four basis entry setups you’ll need to learn – Failures, Breakouts, Pullbacks, and reversals.
Most importantly, these entry setups never rely on indicators because they lag too much. We focus on price-action because it’s the most consistent in all type of market conditions.
Keep in mind, we don’t just trade patterns. We trade the right pattern, in the right location, in the right market conditions. That’s the key to getting consistent results in any Market you commit to trade.
The most important thing to remember is this…
Knowing the path you need to take. In this case, learning these three milestones — It removes the fear of commitment and replaces it with confidence and excitement (and for a lot of people) a lot of energy to get moving and make it happen!
Now, instead of stumbling around on the internet trying to piece all the missing stuff together – the fog clears, and you can see the path ahead of you. At that point, all you need to do is put one foot in front of the other and you’ll get there.
For some people this means taking 6 months. For some people this means taking 6 weeks, it all depends on a combination of your level of experience, the amount of time you have to dedicate each day, and a little bit of your personality type.
I could go into a lot more detail about this 3-Step Strategy, but like everything I’ve discussed so far, it’s more effective to take action and do it with me…
I offer a Free Trading Course (on my website) that’ll show you how to apply each of these three steps to ANY market you chose… take that free course — learn each of these milestones, and commit to taking action.
