YouTube Transcript:
Boot Camp Day 17: Patience

all right what is good jits welcome to
boot camp day who knows what hopefully
you guys have been enjoying it so far
we're almost at three weeks on this or
we're like halfway through
um we're like halfway through the second
week so
um yeah this will be this will be a good
one um today we're going to be talking
about patience patience is a huge thing
um in trading and honestly it's probably
one of the reasons why you guys either
rush into trades lose unnecessary trades
get you know over excited about trades
and then you know end up entering
without any confirmation
um and this is also just like applicable
in life you guys have to have patience
um in terms of like your entire Journey
in life because you're not going to get
rich quick anything that you know causes
you to get rich quick or you think will
get you rich quick it won't it's going
to take time
um it will happen fast but not as fast
as you think it's not going to happen a
week it's not going to happen in a month
it might happen in a year or two years
or three that's what you guys need to be
thinking about so
of that being said let's get started and
let's start talking about patience and
why we need it in the market how we can
apply it in the market and then from
there how we can you know practice
exercises to help us you know be patient
um because I think nowadays especially
with the whole technology in our world
our attention span is super little okay
and that's and that's very difficult
because our our brains are just
constantly feeding for dopamine boosts
and the worst thing about trading is it
is a huge dopamine boost right when you
hit buy right when you hit sell because
you're thinking immediately about all
the profits that you could potentially
make
you can't have that mindset in this you
cannot have that mindset whatsoever
going into this because if you have that
then you're only thinking about the
money you're not thinking about
percentages you're not thinking about
probability all you want is just that
little hit this is um there was a study
done talking about people gambling that
you know once they actually place the
bet that's the dopamine boost that they
get that dopamine boost is more than
when just placing the bet that's obvious
boost is more than when they actually
win the money so no matter win or lose
right when you place that bet you're
getting that dopamine boost you're
getting that hit it's the same exact
thing with trading right when you press
that button that's when you get that hit
right and again you you probably make
the money but that's not when you're
excited you're excited when you place
the trade because you're thinking of the
money that you can make
right it's the same thing you never
think about the money that you could
lose so we need to start thinking about
the money that we could lose okay
um
patience is is a is a very very big
thing in trading in that you know you
guys are are fiending to place a trade
but you also have to wait for your setup
for your confirmation and sometimes you
won't even take a trade during the day
most the time I can find a trade to take
but with you guys right you want to wait
for a good high quality
um high potential high probability setup
that's going to get you paid not just
entering off of oh it looks good or like
oh like only one Confluence I'll enter
because like I want to take a trade
right we can't be thinking like that so
what are some what are some rules what
are some things that can help us build
on patients uh number one is literally
just having a trading plan set set up
literally your exact trading plan and it
should be a list a step-by-step list of
when you should be able to execute so
whether that's okay first we need to see
a liquidity sweep okay we see that and
then we see a break of structure okay we
see that and then maybe you gotta wait a
little bit more until you see their
value Gap get entered in and then and
then you see a reaction and then you
enter
that literally solves your patient's
problem right there by just giving you a
step-by-step list on when to execute and
if none of those things apply you don't
trade
make it make it so you can't make it so
it's easy to be patient and give
yourself rules so that patience doesn't
really even have to be anything that you
need to think about it's literally
should just be something that you are
always doing in the market and you
should honestly be doing it in life too
you need to be patient you can't be
rushing things because if you rush
things you get sloppy work done if you
rush things you actually won't get the
job done if you right if you heard if
you try and do something too quick right
it probably won't work out versus if you
actually be patient you know actually
put time effort and thought into it
it'll pay off okay so with that being
said first step have a trading plan have
a list of things ready to execute again
this is going back to the dopamine thing
what do we have to do next we have to
make it so we are emotionless when we're
trading because part of the patience
game is you are willing to sit out a day
you're willing to take your time in this
and you're not thinking about oh I just
want to make this money I want to make
this money right so be be honestly like
when you come into the market think I do
not want to trade today because if we're
being honest the probability of you guys
right now right obviously you want to
get reps in and that's how you can get
practice and get better but of you guys
right now should be I want to be as
patient as possible and I should be
looking not to trade the market should
be giving me a reason to enter a trade
and I shouldn't be making up a reason
for me to trade so that makes sense you
should be waiting for the market to give
you the opportunity to trade you should
not be forcing yourself into trades
right and we'll talk about forcing
trades later in this course or probably
in like a subsection of a video but
that's a huge thing if you if you're
forcing trades odds are you're feeding
for that dopamine boost you're thinking
just about the money you force that you
force your bias upon the market when the
market isn't even following that bias
you're pretty much just in your head
kind of making this up saying like oh
yeah like I think Market will go in this
direction like it looks good like no no
what what's in your trading plan did
this happen did this happen did this
happen
okay now look at it and then see if it
looks good sometimes you guys should be
patient enough where that step-by-step
plan that step-by-step list on your
training plan all those things get hit
and sometimes you still shouldn't even
trade right what if there's news right
you got to be patient you got to wait
for news sometimes you know if there's
news in the market you shouldn't even
trade
be open to not trading okay in fact
encourage it okay you guys need to you
really need to just like
take two steps back and understand that
this thing will not happen as quick as
you think and as and as fast as you want
it to the second you understand that
you're going to be in this for the long
run and all that money that you're
thinking about making really won't come
until a couple years which is a long
time that's when you can be like okay
well if I'm not actually gonna make
money today if I'm not actually gonna
make hella bread by next week by next
month by the next three months then
what's the point of me you know trading
sloppily or like you know promoting bad
habits that's what we need to [ __ ]
bite in the ass and get get gone that's
what this whole boot camp is all about
biting those bad habits in the ass and
getting them out of here
um because a lot of you guys odds are
you've been trading for a while and you
have all these bad habits built up so
this is up to us to you know [ __ ] nip
it in the butt and kill it okay
so with that being said we need to
practice patience within the market be
be sitting there ready to trade
but you you almost want the market to
prove itself that hey this setup is so
good that there's there's no reason for
you not to take it right those are the
types of Trades that you should be
taking instead of the ones that are like
oh well like this happened but this
didn't happen and I'm also not sure
because it's against the daily bias and
it's off a retracement no bro that you
should not be taking that
you shouldn't be taking that trade bro
definitely not right if you're if you're
if you're the one to try and force force
your bias
onto the market rather than having the
market come to you rather than just
waiting with your [ __ ] sniper out
[ __ ] waiting for that entry to hit
and being patient just waiting for price
to develop trust me guys
yes maybe you you like waiting an extra
one or two candlesticks isn't going to
hurt you that much when entering a trade
sometimes you know maybe all your entry
all those uh execution points get hit
and you're like well let me wait for one
more candle Let Me Wait for price to
develop be patient see if you get the
volume see if you get the volatility and
then enter
okay because you know this this is this
is not a game to take lightly this is a
game where you you come into the market
with potential to lose money as a job
you come and you come in every single
day not knowing whether or not you're
going to make money or lose money and
that's a lot of pressure so wouldn't you
want to take those high probability
setups wouldn't you want to be patient
and be calm cool and collected when
those setups come
you probably would and wouldn't you
wouldn't you not want to force yourself
into trades that aren't high probability
because you're probably going to lose
right you would probably want to be
patient
okay and that's just for the trading
part now if we talk about it in life
like for your future for your for your
goals a lot of you guys it's good that
you set ambitious goals that's great but
understanding that they aren't going to
happen in a day or two days or a week or
a month that's very key but by being
patient and by thinking that way like oh
yeah it probably won't happen very soon
odds are it'll happen a lot quicker than
if you're if you try and force it if you
try and force it to happen in a month if
you try and force this to happen if you
just take your time with this it'll all
come in due time everyone's on a
different different timeline in their
trading Journey it took me two years to
return profitable it might take you five
it might take you know little Timmy
[ __ ] six months and he and he'll be a
way better Trader than me right you guys
have to be very patient and understand
this is a one-on-one game it's between
you and you and you and the markets okay
there's no one else there's no one else
in this okay if you're if you're the
type to like be trading with your boys
and stuff stop doing that bro stop
trading with your friends because they
are going to have completely different
bias that by is then you they're they're
going to you know think of Concepts
differently than you right this is a
very this is a very individualized job
everyone trades differently whether they
trade the same strategy every single
person has something that is slightly
different about the way that they trade
right day in and day out if I have the
same strategy if I even if I have the
same parameters as as everybody else
we're probably going to take different
trades because we see things different
you know we execute differently that's
just how it works
okay so hopefully with that being said I
got the point across you guys need to be
patient when it comes to your goals be
patient when it comes to trading and
executing and trust me it will be
beneficial way more than you think I
know you probably wanting to
get right into the charts and you think
that's what you need it's not that is
not what you need you do not need to
replace in 10 trades a day to make a lot
of money in this I take one trade a day
and I call it good bro like
that money will come later that's
another thing you got to realize you're
you're trying to focus on the skill
first learn the skill and realize that
if you're patient and if you actually
learn the skill first that money will
come later so with that being said
there's patience your homework for today
this one's going to be fun man this this
one is going to be very fun and we'll
see who's able to do it
so my basketball coach was really big
big into like mentality stuff and this
was a drill he had us do
which was probably one of the hardest
things I've had to do mentally in like a
long time like and it sounds it sounds
like like stupid it sounds kind of [ __ ]
made but trust me do this and you will
realize how [ __ ] hard hard this is
okay pretty much what you do you go in
your room
sit down on the floor or go in really
any room that you know you can turn off
all the lights in make sure there's no
light coming in turn off all the lights
okay and then put your put your phone
outside the door with a timer for 30
minutes you're going to sit in your room
with all the lights off with your eyes
shut and you're just going to meditate
you're just going to sit there and just
focus on your breathing Just Breathe In
Breathe Out breathe in breathe out you
can't stand up you can't open your eyes
you're just focused sitting there in
dead silence no music no light nothing
focus on your breathing and just trying
to empty your head and try it for 30
minutes
it it was the when I tell you I thought
in I thought a [ __ ] hour went by and
it was probably only 10 minutes because
I was in that room it felt like forever
and hopefully what you'll realize by
doing this and I really encourage all
you guys to do it I like don't don't cut
it down to 10 minutes don't cut it down
to 15 30 minutes bro
like trust me you will realize how short
your attention span is and honestly how
terrible social media and technology is
for you
by doing this because you'll realize
like yo
30 minutes in reality isn't that much
time
it's not that much time right you can
waste 30 minutes on your phone doing
whatever but right you can waste 30
minutes on your phone very quickly
but when you're by yourself and there's
no distractions
think about how long that time lasts
it's way different it's way different
and now when you have that realization
of how long how long 30 minutes really
is
that's when you realize what you can get
done during that time and that's when
you can start to realize like how much
time you waste doing stupid stuff that
take up so much time within that 30
minutes that you could actually be doing
you know something beneficial something
good something productive so with that
being said I encourage you guys turn
this [ __ ] off right now lock yourself in
that damn room put your phone outside
the door with that timer and make make
it an alarm or whatever like a little
not not like the stopwatch the actual
timer for like 30 minutes and have an
alarm go off
um so that being said
go [ __ ] meditate turn turn off all
your lights close your eyes focus on
your breathing trust me
it'll be it'll be very it'll it'll be
very interesting to see how you guys
react to that and leave a comment
um and on how your experience was with
this exercise if you want to continue it
maybe for less time every day I used to
meditate for 10 hours oh sorry not 10 10
hours would be crazy 10 minutes um every
morning wake up take a cold shower and
then I'll just close all the close up
close all the doors turn off the lights
focus on my breathing really really
locks you in it's it's very surprising
how beneficial meditation can be so with
that being said get after it I'll see
you guys tomorrow