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Highly Successful Traders’ Powerful Advice | Forex Trader Motivation

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Highly Successful Traders’ Powerful Advice | Forex Trader Motivation

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In this Forex trader motivation video, you’ll be hearing the top advice our guests at the DesireToTRADE Podcast have given us. FTM #23

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- [Chris Capre] There's a really good quote by Sir Edmund Hillary. Sir Edmund Hillary, I believe he was the first person to fully climb and summit Mount Everest. And they were asking him, you know, there was obviously a lot of questions, you know, like how did you do it and all these things. And he had this great response which is he said, "It's not the mountain that we're overcoming," "it is ourselves." And to me that is very symbolic and representative of trading which is that you're not conquering the markets. The markets don't even know who you are, they don't care who you are, they never will. Unless... even if you're Soros. The market will always be bigger, and you know, comprised of bigger things but you're not conquering the market, you're not conquering trading or strategies. You're conquering yourself and your own mindset and your own limiting beliefs and fears and doubts and confidence, or lack thereof. You're conquering your own inner obstacles. And when you remove those inner obstacles, when you transform them, when you change them in a real fundamental way, then that's when you'll start to experience not only success in trading but you'll experience a confidence and a wisdom that can and will last you the rest of your life. And it will be a part of everything you do after that. And so that is my kind of final thing which is that, you're not overcoming the mountain or the market, you're overcoming yourself.

- Focus on not losing money and do not focus on making money. You need to look at things opposite of the way that you want to. So focus on managing your risk, and stop trying to figure out how many pips or tics you can make everyday.

- [Marina Kuperman] Patience. Like what I was saying, you know, you want to jump in, you want to start making the millions tomorrow. You need to be patient if you really want to do this, it will happen, but it takes time. And that's it, and commitment, like I said, you have to have the patience to know that it will happen but you need to commit to the process and enjoy the process because it can become really enjoyable, almost spiritual, so that's it. Patience, commitment, enjoying the process.

- You want to focus on a development plan. Actually have a plan of action in place. Actually have a starting point, plan of action for development, and from there it will take a natural course. So it will change and move, and that way you will gravitate toward what your psychological profile becomes more acquainted with or has a higher level of aptitude for, so that development plan will actually help to connect the two. So, I highly suggest, don't do things randomly, really develop and establish a development plan, and then your trading model will be a result of an effective development plan.

- [Michael Toma] Simplicity, simplicity, simplicity. Don't let your emotions drive decisions. There's so much noise in this business. Let the data, let your historical data, your back testing. Let the results drive your decision making process, okay. You know, I hear, I think this trade is going to do well. Or, I like this setup. Those are all emotional, those are all emotional verbs. Be statistical, be data driven, alright. To answer your question towards, stop thinking. Don't think too much in this business. Keep it simple.

- [Rayner Teo] I would say the biggest thing you can do for yourself as a trader is to, you know, risk a fraction of your trading. Risk 1% on each trade, right. If you can stick to this one simple rule, I believe that you can achieve, you know, survive the income right, 1% on each trade. You give a thousand dollars, put in ten dollars on each trade. I don't think you can trade a lot of markets with 10 dollars, possible only the foreign markets but yeah, stick to 1% on each trade, alright. Risk 1% on each trade. You can have, you know, ten trades. Ten losing trades in a row but you know it's only a draw of 10% and it's something that you can still overcome. So I think that's the best advice I have for traders. Risk small, keep your tuition fees really small. And once you get it, once you get a a-ha moment, that is all that matters, scaling up accordingly.

- [Richard Weissman] Manage the risk.

- Simple, so how do you do that exactly?

- [Richard] Never risk more than 1% of assets under management on any specific trading idea and dampen the risk in front of the event risk days or event risk moments. And be cognizant of correlations between assets, possibly correlated assets dampen your exposures because of that.

- [Dr. Van Tharp] I remember in the market decline around 2002, CNBC ran some sort of poll: why do you think you lost money in this market? And they had items like, corrupt analyst, corrupt CEOs. Badded buzzers, you know, bad market. And a few other things like that. Well, every one of those have in common, blaming somebody besides yourself. They could have asked, you know, I didn't have a system. Or if I had a system, I did not understand position sizing or I didn't realize the different systems trade under different market types, and you have to have a system with the market type changes. You know, I didn't have a understand position sizing, I didn't have good exits. Or I had all of this in place, and my psychology was terrible. Now, if you had those as reasons, that you could fix what happened, but if you're blaming other factors or your lack of success other than yourself, then you're going to repeat the same mistakes over and over again.

Interviews used for this Forex trader motivation video:
– Chris Capre: https://youtu.be/nLT2puua_DE
– Marina Kuperman Villatoro: https://youtu.be/P0V_NbxRUK0
– Chris Claflin: https://youtu.be/tlf8091k-8g
– Michael Toma: https://youtu.be/SjabzsJ9tgs
– Chris Lori: https://www.desiretotrade.com/044/
– Rayner Teo: https://youtu.be/fDWwUhP28ws
– Richard Weissman: https://youtu.be/LOazbh_OfKQ
– Dr. Van Tharp: https://youtu.be/q3ZntH3RM7Y

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About Me

My name is Etienne Crete (from Montreal, Canada). I’m a swing Forex trader (who has the chance to travel the world anytime) and help aspiring Forex traders develop a trading method that works for them so they can produce income allowing them to live with more freedom.

You see, a lot of aspiring Forex traders lack the confidence to pursue their dreams. I’m there not only to help you develop your confidence but also to implement the tactics that are proven to give you results. You’ll develop Forex trading discipline and the other skills you need in NO time!

Ultimately, you’ll get to experience what a day in the life of a Forex trader truly looks like, but you’ll also have to be consistent with your Forex weekly review!

I produce a traveling Forex trader vlog and host the Desire To Trade Podcast. I was fed up with the “fake” millionaire traders and the “get-rich-quick-trading guys”. That’s why you can expect more free content from me than what other people charge for!

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