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What Successful Traders Wished They Knew | Forex Trader Motivation

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What Successful Traders Wished They Knew | Forex Trader Motivation

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In this Forex trader motivation video, you’ll be hearing a compilation the top pieces of advice traders have given in the DesireToTRADE Podcast. FTM #21

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- [Todd Brown] Understand the incredible power of that little area between your two ears, and spend more time focusing there, or at least give it 50-50. You know, forget for a little bit about oscillators and all of those other things. Take your current trading strategy. Take a look at where your weaknesses are. What's highly likely is half the people listening to us, regardless of when they listen to us, have got a system right now that's really close, but they constantly are messing it up because they react based on pain or pleasure, fear and greed, and the emotions. So, invest more time in your trading mind, and understand the power of building the belief about that signal, and the power of repetitions, and I think that'll take 'em to the next level.

- [Dan Shy] Learn to unplug from the markets as well. Sometimes we get so wrapped up in the charts, and right now I'm zeroing in because the E-mini's crossing my support line where I might make a decision. Sometimes we get so wrapped up in the charts, we don't know how to unplug. So I would say learn how to unplug. Because that can get a little unhealthy as well. It can damage relationships, so learn how to step away. Maybe even learn some lower-effort methodologies where you don't have to be tied into the market so much. I call it tick fever when you're just in a fever about every single tick of the market. That can be unhealthy and sort of damage your trading as well, so that would be a pit of advice. Just also, in addition to everything else, learn how to unplug and turn off the monitors and go for a walk. A lot of times what I'll do is, if I'm working a strategy right now, it's a short-term trading strategy. Every 30 days there's something to do, right, about every 30 days, sometimes every 15 days. It's in a portfolio. Once I make the move that I gotta make for the timeframe I'm in, and once the stocks are in, I literally, the second it's executed, I walk away. I turn off the monitors, and I know, okay, this is a 15-day trade. I don't have to look at the trade again for another three hours. I will turn off the monitors, go out, be with my wife, enjoy a cup of coffee, probably what I'm gonna do unless I have to make a move here off the E-mini a little bit later today. If it's a 10-hour trade, I know I don't have to be looking at that trade every three minutes. It's a 10-hour trade, I might have to look at it like every half hour, every 45 minutes, so once I engage, once I've made a trade management decision, I literally turn off, click the little button, and walk out of the office.

- [Akil Stokes] The best thing about being a trader is the massive amount of, no, it's the freedom. It's the freedom. Again, I mentioned earlier about time versus money. It's really the freedom, the freedom to make your own schedule. I trade the hours that I trade because I want to. I'm not forced to. I don't have to report to a job every day at the same time. I can kind of make my own schedule. Now, you do wanna run your trade like a business. You wanna be consistent with when you're trading, but the point is I day trade from eight o'clock to 11 o'clock in New York time everyday. After 11 o'clock, I can literally do whatever I want for the rest of the day. I have a trader friend out in the UK who, literally, this is how his day goes, he'll set up his day. He'll wake up. He'll identify everything he needs to identify in order for his trading, takes him maybe an hour or so. He spends the rest of the day either cruising around on a yacht or on the golf course, and while he's doing this, he may check his phone a couple times a day, but he's making a massive income while enjoying his life. So it's the ability to do that, it's the ability to go to the wife and say, "Hey, you wanna go out for dinner or lunch today?" "Sure." It's the ability to, you know, I've got an 11-month-old in the house. It's the ability to just hang out with him during the day, and just play a little bit. It's that freedom of time. You can always make money back. If I go broke, you can always find a way to make money back. You can get a job and just work more. The one thing you can't get back is time. We all have a time limit, right? We expire at some point, so I'm always a big believer is you wanna make the most of your time, and I refuse to spend my life just working the entire time and looking back and saying, "Oh, I wish I could've done this, "I wish I could've done that." With trading, I can do that. Even if I'm on the road, internet connection, a computer, I can hook it up and trade from out in California or something like that, so it's that flexibility and that freedom of time, which I enjoy most about trading. I would say the worst thing is that you're accountable. You're accountable for yourself. There's no boss to tell you, hey, you're doing good, you're doing bad. You're your own boss, and it's very frustrating when the market doesn't go your way. It's very hard to take five losing trades in a row, and then tell yourself, "Hey, I've got to take number six." Dealing with draw downs is hard. No one likes losing money. It hurts a lot. The worst part is dealing with that, going through those time periods where you're just constantly losing money, and it's really out of your control. We don't control what the market does. The market's out there to hurt as many people as possible. We have no control over that. And it's tough not to have that control. It's tough to be 100% right in your analysis, do everything you were supposed to do, and then still see it not come out the way you wanted it to. And that hurts a lot. It's tough to overcome.

- [Kirk Du Plessis] Position size more. Learn how to make money with a small position size, a small account size. Because if you scale up, it's not gonna make anything better if you don't know how to make money with the small amount of money first. So I would say keep your position size small, learn how to ride before you take the wheel.

- [Dr. Gary Dayton] Practice. Practice, practice, practice, practice, practice, practice, and practice some more. And not just the technical side, but put a lot of emphasis and practice on the mental side as well. Traders think that, and I did this, too, it's so easy. All you have to do is buy low and sell high, but it really isn't, and you really need to go through and practice, and I hear traders tell me all the time, "Hey, if it doesn't have money behind it, "it's not worth it. "I'm not interested." And my response is, "Well, if you don't have "the mental fortitude to be able to simulation trade "or paper trade or practice trade without money on the line, "man, you don't have the mental fortitude "to trade with real money either." And so I think that that is a really, really important thing to do is to practice as much as you can.

- [Daniel Sesay] There's so many people. I think this is most important. It was true for me, I'm sure it'll be true for most people is that when you first get into the business of trading, there is so much negativity. Some people think this business doesn't even work, right, and to think that the 1% of the population that pretty much control everything come from a finance background. In the United Kingdom, that is very, very true. Maybe in other places, it's different, but in the UK, it's 100% true. I always say to guys, listen. Ignore the negativity. You have to be sure of yourself. It's the kind of business that requires confidence, so if you wanna succeed, beyond everything else, you have to be able to shut out the noise because after people talking to you, they don't know anything about trading, right, they're just talking, so the bottom line is, if you can shut out the noise, then you have a very high chance of success because most people don't succeed because they listen to the noise around them, so I think that's the most important, that's the only thing I'll say to a trader. If you wanna succeed, shut out the noise. If you take in the noise, I can almost guarantee it, it's like you're digging your own grave, just slowly, so you'll try, but ultimately, you gotta shut out the noise, and I think that's important.

- [Mike Bellafiore] Trade with edge. You need edge to make money. What I mean by that is you need trades that will work more times than not for you. And no matter how weak you think your psychology is or how bad you think your technology is or how little capital you actually have or how bad you think your retail broker is to you or how high the commissions are, you need to have trading edge. It needs to be personal. It needs to be internalized. It needs to be a part. It needs to highlight and accentuate your talents.

- [Dave Floyd] Find your own way as a trader.

- [Etienne Crete] I love that. Find your own way as a trader, awesome. Delve a little bit more.

- [Dave Floyd] Yeah, I'm glad you asked me to expand because it might leave some people hanging. Ultimately, you have to trade in a manner that's consistent with who you are as a person. However, you're first gonna have to identify, well, jeez, how am I gonna trade? Am I gonna be a fundamental trader, a technical trader? Whatever that is, find a methodology that seems reasonable and start chipping away at it. Don't expect success overnight. Give it a year, two years, and then you'll start to see, if you've done it right, some tangible results. Don't get the impression that after three months, you're gonna be consistent as a trader. Really look at it as a journey, just like you would any other profession. It's gonna take some time, but ultimately, you gotta find your own way as a trader. But you are gonna need help along the way. You're gonna need to reach out to colleagues. You're gonna need to read books by successful traders, and take little nuggets of information and plug it in and create your own style.

Interviews used for this Forex trader motivation video:
Todd Brown
Dan Shy
Akil Stokes
Kirk Du Plessis
Dr. Gary Dayton
Daniel Sesay
Mike Bellafiore
Dave Floyd

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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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