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CryptoTradersTV's Muleskinner - REMOVE YOUR BIAS | MarketTraders TV | YouTubeToText
YouTube Transcript: CryptoTradersTV's Muleskinner - REMOVE YOUR BIAS
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Summary
Core Theme
Successful trading hinges on mastering emotional biases and risk management rather than solely relying on technical analysis or fundamental news, which primarily act as catalysts for pre-existing market setups.
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to keep in mind fa in forex uh yeah not
a lot you wouldn't look at it daily but
there are certain circumstances where
you have to keep in mind of everything
that's generally always the case in
traditional markets you know stocks
forex future but I would say like eight
out of ten the set up is already there
in terms of ta yeah FA all it does is
ignite the move you know accelerate the
move or you know slow down the move the
set up is already done is what I would
say right but there are certain
circumstances where it could be a really
bad news
it was looking bullish it was really bad
news and then it just dies and then a
really good example if you guys remember
is VA right Boeing Boeing right if you
guys remember this thing right it was
really looking really good right and
then what did it do it is died but did
it die at a random spot no it died it
dumped to a box and then we pumped and
then rejected then a continuation down
alright now we hold your support right
anticipate levels and but there are
certain are the good set well well if
you if you hate waiting okay I'm I'm the
same as well I am quite impatient when
it comes to other stuff in life but when
it comes to trading I am I just don't
care I mean I've been waiting for this
long since I don't know yeah
do I care does this I mean could it
never go to 10,000 ever again unlikely
highly unlikely but it could but I'm
still gonna wait for it the same reason
I waited if you guys remember there was
a coffee tea box same reason I waited
for a profit target here as well from my
lungs could you could we have never gone
to this level ever again when we were
here somewhere go sue quitter but I'm
still wait I still waited for it and got
it the same principle of course I will
do shorter timeframe trades you know
scalps or whatever right but my longer
plan isn't change I wait for a level and
I wait for that look simple if it gets
there I get my fell if it doesn't get
there I'll look for other setups but
I'll still wait for these levels to be hit
you know these levels to be hit etc etc
right so it's about patience when it
comes to general trading I mean you can
trade the smaller time frame you can
trade the 3-minute right I trade the
three-minute all the time you can make a
lot of money you've trading in three
minutes all right but it gets boring
really quickly it's either you would
make a lot of money because if you know
what you're doing you can make a lot of
money if you don't know what you're
doing you're probably gonna get stopped
up all the time and it's not gonna be
interesting right after you traded over
the last two hours a three-minute
candles 3 minute chart last two hours is
scalping and trading and scalping and
trading it's a little bit boring not
gonna lie it is profitable but it gets a
little bit repetitive and boring then
what do you do you go ok that's it I'm
done for the day I've realized what the
reports I need to do for the day I'll
still hold on to my long term positions
but in terms of my daily profits that I
need to make I am done sometimes you do
have to restrict yourself like that
you know I mean everyone has greed I
have greed
everyone wants to make as much money as
possible but the probability is probably
gonna lose money that make money is
remember 90% of traders are losers so
probability will tell you that you're
probably going to lose money than make
money so you don't want to apply it
against those odds
why well what do they call it something
fate why something fate what do you what
do what is the same why fight fate now
what is something what is it what do
they call it I forgot the word with
the color why fight fate no it's not
fight fate it's something
why go against fate Oh something like
that right the solute garlic I forgot
the word so it's the same thing how many
trays with you taking those two or three
hours why fight trying why fight fate or
whatever you call it yeah in two three
hours it depends on setup if it's really
volatile you might you might be do you
might be doing like five ten traits
right but if it's not if it's really
sideways and you're probably doing
couple one or two maybe so you're
completely dependent you don't you don't
force yourself to a trade even on the
three minutes
you don't force it you still look for
proper spots and it's not like you can
FOMO in and force the trade and you go
oh my god I just want this thing to die
I'm gonna you know sell it and make the
market move my direction you can do that
if you can move the market but I learnt
a long time ago that I did not have the
capacity to move markets
right right now I do in crypto anyway
right but what I didn't people always
think that the markets gonna go my way
should never think that way you should
always think I can't move the market so
what what do I need to do I need your
wrists or limit my wrists please
remember my trades have nothing that's
gonna impact the market the markets
gonna do what its gonna do most people
think they can move market that's where
they get it wrong they start chasing
prices they believe that their trade has
an impact to move markets no it doesn't
he'll no market will do what its gonna
do and it always has should remove that
bias from yourself okay most people
weren't would go I don't have that bias
what you do because that's a human
sentiment people do people want to be
right that's a human thing it's nothing
to do with trading it's a human thing
that's why you know like I've been
saying for the last you know a year and
a half what do I say I don't care if I'm
wrong I just don't want to lose money
right so I don't actually care if I'm
right or wrong
generally I tend to be right because
whatever right but I don't really care
because first of all I would have hedge
against it so I would go what if I'm wrong
wrong
I would always trade that way what if
I'm wrong if I'm wrong would I lose a
lot of money and if I would lose a lot
of money why am I doing this if I'm
wrong I'm only gonna lose 0.5% okay if
I'm wrong I'm going to lose 10% Oh what
if I'm wrong and how do I hedge against that
it's a human thing guys there's nothing
to do with trading it's a human thing
people will want to that's what you're
taught from a young age right and wrong
you cannot get rid of those
we've only been started trading for you
know most people here only for a couple
of years but you've lived your life for
the last wet over many years
you cannot overwrite what you learn for
the last twenty thirty years in the net
it's not a thing [Music]
[Music]
you've learnt your whole life about
right and wrong and it's more good to be
right than to be wrong you cannot
override that that impulse that
mentality the next day it's not a thing
it's not possible
even if someone tells you it's possible
it's done that's the fact you're all
humans we're not robots
you cannot just turn the switch off
right you can numb it down as low as
possible but that takes practice that
takes years I mean you guys know
yourselves better than you know me so be
truthful to yourself do you do this if
you do how can you change it how can you
improve it how can you shift your bias
how can you get rid of it right think of
so that's a so when it comes community
trading one of the worst thing about
worse things about community trading is
that is the is the idea of being right
my chart is right my TA is correct yours
isn't I want to be right that's the
worst things that the worst thing about
community trading visit because it
creates that mentality so it's not all
good right it's not all good courses no
because you you want to be right course
you do cuz that's what you learn now you
do exams you from school you know you
learnt your whole life that it is right
and it's wrong
there is answer is correct and those
okay so don't worry about those things
most the most hardest thing in trading
is controlling your emotions if you can
control your emote and understand simple
risk tolerance full-stop
you don't even need to understand TA you
don't need to understand here at all you
just need to understand the simple T a
simple ta you can understand you can get
a grasp off in a couple this is support
resistance you can get a grasp of
support and resistance in a couple of
as remember human beings your brain is
very capable of understanding patterns
it's very good understanding patterns
and trends so your brain is already good
at looking at the only thing it's not
good at is your bias if you have a bias
the pattern doesn't present itself as a
pattern it presents itself as whatever
your biases so if your brain is already
capable of doing T a quite proficiently
well what is restrict emotion bias so if
you can remove that and just that you
are going to be default trait good at
training I hope that makes sense guys
and this is basic stuff I'm talking
can you record this this little talk the
last 10 minutes spider cause I think
this is gonna be really helpful to a lot
of new people is the most hardest thing
in for new people is just understanding
bite and figuring out that they do have
bias right most people think they don't
but they do that's where they get it
wrong if you go into a trade
understanding you have a bias you should
always go ok what if I'm wrong and
that's when a hedging comes into play
you should never be in a trade and go I
am 100% correct only dumb people do that
you should have a trust in you they
shouldn't never fully trust your TA his
but you should always let's go what if I
um and hedge against it if you don't
probably gonna get rekt I hope
everything I've just talked about in the
last 15 minute most of you people would
be like Skinner what the hell you
talking about
but that's only because you haven't been
trading for long that's what you think
trust me that these things will come up
it always does if some of you might have
already happened some of you might not
because it's a human condition chat it's
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