YouTube Transcript:
Boot Camp Day 15: Identifying problems

what's good welcome to boot camp day who
[ __ ] knows
um again in Miami recording for you guys
right before the the FX Summit actually
um so I'm gonna be you know chilling
here for
you know a little bit getting ready for
my day
um all the other guys are out getting
coffee I already did that you know first
one up first one up first one all right
first one up last one to bed after this
man they ain't waking up as early as me
they ain't staying up as late as me
anyways
um let's get into it today we're talking
about discipline and pretty much most of
today isn't going to be talking it's
going to be me kind of
telling you to do [ __ ] telling you to
write down stuff
um and it shouldn't be today really
shouldn't take long it's really about
identifying the problems that you know
that you have and then you know Finding
solutions for them so with that being
said pull out your [ __ ] notebooks and
if you don't have a notebook already
pull out your notes app and then go
drive to the store and get a notebook
that's part of your homework go grab a
notebook if you you know that means you
already failed [ __ ] day two's
homework which was to go get a notebook
or maybe that was even day one's uh
homework let's get a [ __ ] notebook
um so
we got to get that [ __ ] covered okay
so let's jump right into it okay we need
to know how to identify our issues damn
look at all that frizz we need to know
how to identify our issues and then
solve them because if we can identify
them that's that's one step in the right
direction but if we can't solve them or
if we can't make an attempt to fix them
then we're [ __ ] because we'll always
have that issue for the rest of for the
rest of our life okay so with that being
said you got your notebooks in front of
you write down the three biggest issues
you have with trading and guess what I'm
going to tell you right now it has
nothing to do with strategy so if you
were going to write down I can't find
order blocks well shut the [ __ ] up I'm
going to teach you how to do that
finding order blogs is the easiest [ __ ]
ever let's focus on the hardship the
discipline [ __ ] maybe maybe you have uh
maybe you have trouble with knowing when
to stop trading maybe you have trouble
over leveraging because you know like
you you risk like 10 of trade instead of
one percent because you think that still
sort of risk management and you're
losing a lot of money that's a problem
right do something related to risk
management do something related to
emotions do something related to
psychology not a [ __ ] [ __ ] ass
strategy okay so write down your three
biggest problems okay and now we're
going to talk about how we can come down
to the [ __ ] root of those problems
okay and figure figure it the [ __ ] out
okay so let's do that that first example
that I said
um maybe you know it's hard for you to
put the phone down it's hard for you to
walk away from from trading for the day
especially after you lose for the first
time okay so identify the problem
perfect we're done okay now figure out a
solution this is the hard part because
it's pretty easy to identify okay I have
this problem this problem this problem
but I don't know how to solve it okay so
hopefully we can figure that out all
right so
we need to find the base of the problem
okay why are you why do you place more
trades more trades more why do you why
do you place more trades than you're
supposed to
okay figure out the emotions that play
into that whether it's greed do you want
more money
whether it's you know being
um like
upset that you took a loss so you're
just Revenge trading you have a fear
whether it's you know you have a fear of
missing out on a trade because you think
this is a one-of-one trade that'll hit a
one to ten restore award ratio it won't
you'll probably lose on it especially if
it's a Revenge trade especially if it's
your second trade of the day and you
lost your first one you won't hit take
profit
just being honest
um okay uh find the base of it figure
out why
what emotion is causing you to press
that button again you know you know for
a fact that okay I'm taking too many
trades that I'm supposed to
why that is the question that you need
to be asking why am I doing it you
figure out okay well I'm doing it
because I want to make more money why do
I want to make more money what emotion
is driving that go down that pyramid
okay identify the problem
say why am I doing it what is my
reasoning
for executing or doing you know like
actually engaging with that problem why
do I do that
and then say okay what is causing me to
to feel the need to do that and then
from there boom you've identified it and
and once you've identified it that's
when we start working on it so whether
the emotions that you've outlined for
these three things are
greed whether it's overconfidence you
think every single one of your trades is
going to hit take profit and when it and
when it doesn't
you get really upset or you think that
the mark it was the Market's problem or
you blame it on someone else nope it's
not the Marcus problem the Market's
going to move how it moves the market
does not give no [ __ ] about you you it
is your fault every single mistake every
single issue every single problem that
you have in these markets every time you
lose money in these markets it's your
fault and your fault only and the sooner
you guys can identify that and
understand that the way better off
you'll be
you got me okay so hopefully you have
your three problems written down and
ideally you have it's problem one
why do I why do I do this and then you
have problem two why do I do this
problem three why do I do this and then
we can have stems going out of that you
know so the first problem I trade
um I trade more than I'm supposed to I
take
[ __ ] five trades a day and I'm and I
say I should only take one why am I
doing that because I want to make more
money
what is driving that thought process
what is wanting what is causing me to
want to make more money I have no money
get a job solution I have no money go
get a [ __ ] job working nine to five
no I'm dead ass like get some [ __ ]
money because having money and trading
gives you a sense of security if you are
trading and it's your only source of
income and you're not profitable you are
[ __ ]
you are pretty much relying on
inconsistent income completely
inconsistent income and you're living in
fear you're letting the money control
you
okay so why do you need why do you need
to make more money
because you're greedy because you need
it
that sounds like two [ __ ] two [ __ ]
branches that you need to you know
identify and find a solution to why do
you need why do you need more money you
got no bread perfect what's the solution
work sell [ __ ] make more and and guess
what you're not going to make it through
trading because this is the problem that
we're having we're taking too many
trades because you want to make more
money through trading and that's not the
Avenue you need to be going through
right now you need to be focusing on
learning how to trade
see see okay so
okay why do I want to make more money
I'm broke as [ __ ] cool get a job okay
why am I being greedy because everyone
loves money how do I how do I stop being
greedy
actually have money
what does that lead to get a job perfect
that's our solution okay what else what
else could what else could be something
a problem or an issue that people are
having
um that pertains to psychology people
getting out of Trades oh I get out of
Trades before I hit stop loss or before
it gets take profit because I get two in
my head
what's the problem we get out of Trades
too early why are we doing this we're
not confident in our analysis maybe
we're confused
okay so that shows fear
right what are the emotions that are
playing into that fear under confidence
which is essentially fear
okay maybe confusion lack of bias
and maybe just lack of knowledge all
five of those okay so how can you how
can you fix how can you fix fear
mate why are you scared because you're
probably dealing with real real money
live money that you can't handle you
can't handle that lot size
why are you why are you scared of losing
why are you cutting a trade before it
hits take profit why are you cutting a
trade before I hit stop loss if you
actually know your risk
right if you actually know your risk you
wouldn't be doing that
okay understand your risk solution one
maybe solution two you shouldn't even be
trading online because you don't know
how to trade yet
solution two you shouldn't even be
putting any money at risk maybe you
should go to demo perfect
solve both those problems risk less or
go to demo
or don't even less and just go to demo
it's as easy as that why are you why are
you scared probably because you need the
money for for that trade to hit
why do you need the money you're broke
get a job get a job go to demo
see how easy it is to find solutions to
your problems when you identify what the
problem is identify why we are why we
are you know doing this why we are
executing on these bad habits
and then say okay what emotions are
leading me to what are what emotions are
driving me to these bad habits and it's
it's not us saying this is my problem
how do I fix it it's saying this is my
problem this is the reason why this is
what's causing that reason why how do I
fix this stuff down here so pyramids up
and by fixing this stuff down here you
eliminate the chances of these little
emotions affecting other areas in your
life as well
[ __ ] five Birds one stone
okay by
killing emotions and by identifying
where and when you act on these bad
habits and on these bad emotions you'll
go real [ __ ] far okay so hopefully
you guys have your three problems if not
do this with all your [ __ ] problems
literally like keep this page empty in
your notebook right my biggest problems
with trading and once you fix these
problems never do again there's a great
quote um I don't know if Alex harmosi
said it but um I think he got the quote
from someone else because he loves
quoting people as well but he pretty
much said
if you have the best job in the world
right if you make the most money that
you could ever have you you live the
best life you have the best job that you
have ever had in your entire life and
you make a big mistake and your boss
comes in
and says you know what like I could fire
you right now but I'm not I just have to
make sure you will never make that
mistake again
what are you going to do you're going to
make sure that damn well you are never
going to make that mistake again same
applies for trading you need to
understand that this is a million dollar
job
you're not there yet but you have to
treat it like that
would I if I had [ __ ] 10 mil in my
training account
and I lose one trade and I know the
exact problem for it why wouldn't I want
to solve that problem
that's a couple extra you know hundred
thousand dollars that's like a couple
extra thousand dollars
that it could have made me that you know
solving that problem has made me and in
the future when I don't do those
problems when I don't have those
problems to deal with
guess what I'm winning those trades I'm
not losing
I'm not executing on bad habits I'm not
giving money away to the market for
stupid reasons
those mistakes those problems those
issues are eliminated
because I know
I know where it stems from and once you
can identify where it stems from and cut
it and stop it and find a solution from
the root of the issue
you're like it's literally like a plant
a lot of people say
okay yeah I trade to I trade too much I
over trade right they they try and they
try and solve this one
oh yeah I took five trades today I just
need to stop
it's hard to say yes I'm just going to
stop
it's hard it's because most people can't
do that right it's really hard to say
I'm just gonna stop because you can't
it's really hard to do that but instead
why don't we say I'm not gonna stop I'm
not going to you know not do something
how about we take action and find a
solution to the main issue right we're
we're snipping at leaves up here when we
can just take the base out throw it out
right why wouldn't we want to solve this
root issue
that could potentially stem out right
[ __ ] it's growing down here causing
more issues and more problems it's like
a fungus bro like you're the [ __ ]
lawn and the fungus like has its whole
network underneath and the minute you
start chopping up those nerves chopping
off those networks chopping off those
bad connections those bad habits
your shit's gonna be glowing your shit's
going to be gorgeous okay and that's
what we need to focus on okay so
literally dedicate this entire page to
any problems that you have with trading
and go through that thought process
what's my problem why is it a problem
why am I doing this and then what is
leading me to do that
what emotions are causing me to act
and then when you find those emotions
that's when it's real easy why am I
greedy I have no money why am I greedy I
want more money how can we make more
money how can we get money
get a [ __ ] job sell some [ __ ] maybe
you have designer clothes that you know
and if you're trying to if you if you
have if you have
if you have greed or or fear as an
emotion sell every piece of designer
clothing you have
because you clearly do not have enough
money to be trading which in turn means
you have definitely don't have enough
money to be having that [ __ ]
um and it's best if you sell it and wait
until you can actually reward yourself
and actually go buy 10 pieces instead of
one piece that's going to break your
bank
you know think about it that way reward
yourself when you actually get the work
done so sell that [ __ ] sell valuable
[ __ ] because guess what if you sell it
right now
it's gonna come out all right back it's
going to come back and guess what the
money that you get from selling that
it's putting you one step closer to
being able to buy it right back you need
to understand that okay let's identify
our problems identify the root of it and
kill it all right hopefully you guys
learned something from this I really
think this is a very beneficial video
that every single person should watch
um because this is how I've done problem
solving like my entire life my football
coach taught me this method and
it is yet to fail
um he was a big role model for me
um
he really like sets it straight
um with you know like understanding who
you are as a human because you know he
would always say they're they're very
bad people in this world and they all
act on the same emotions that me and you
have
you know but me and you just have
self-control me and you don't act on
those bad habits don't act on those bad
emotions
and it's true same thing with trading
right me and you are no different we
have the same strategy we we we're human
we have a [ __ ] brain
we're we're a level of playing field
what's the difference you still act on
these bad feelings on these bad habits
bro if you'd be you would be stupid to
say or to think that when I see myself
floating in 20 grand profit I'm not
thinking holy [ __ ] I could just close
this right now and buy my dad a Rolex
that's what I'm thinking I'm thinking
the same [ __ ] that you guys are I'm
thinking the same thing but guess what
the difference between me and you I
don't act
I don't act because I know that's an
emotion that I should not be playing off
of it's identity it's identifying the
emotions when they when they come up
and and actually noticing it and saying
nope not today
not today
right
and by finding solutions to those
emotions by finding Solutions and
problem in solving those problems it's
wraps bro because then those emotions
will feel a lot less
yeah I get greedy I get greedy all the
time in the market I get greedy every
single time I trade but do I act on it
definitely not why because I have money
and I know I can make money in these
markets
because I know right yeah I can close
right here
but I have a take profit somewhere
I know I'll be able to close soon
and if I don't get to close and I lose
money cool I'll make it back tomorrow
because I know my skill
solution
okay so hopefully you guys learned
something from this hopefully you guys
can start you know putting even like
life problems guys what's the problem
why are you doing it identify the
emotions attached to it find solutions
to those emotions simple simple [ __ ]
Clockwork guys a lot of people have have
issues
um you know like doing their New Year's
resolutions like I want to do this
what do it what is stopping you you're
too comfortable you get uncomfortable
today do something productive do
something good
today was like a mix of like a homework
inside of a video so I guess no
technical homework besides you know
doing the stuff that we talked about in
this video but with that being said I
appreciate you guys I'll see you
tomorrow for fair value yaps part two
peace out