YouTube Transcript:
Boot Camp Day 11: How to take a Loss

yo what's good guys welcome to boot camp
day I think 11.
um
let's get started okay today's another
discipline video and since we're slowly
starting to merge into like how to take
trades I figured we teach the most
important lesson
also I'm sorry like if my voice is like
very messed up right now I know
um I got a super sore throat
um so yeah gotta lube it up with this
water during this video anyways
um yeah so what was I saying yeah this
is going to be the most important video
and it's understanding how to take a
loss Okay so
once again per usual on these on these
discipline videos we don't do anything
on charts we I'm just talking face to
face and my face cam came but it doesn't
work for my computer it will work for my
PC so I'm sorry we will when it gets to
the discipline videos it will eventually
be just a full screen in my face but
right now
if I make it full screen it's terrible
quality so
um yeah today is going to be on how to
take a loss this is very very important
um it teaches you a bunch of things
teaches you literally discipline you
have to be very disciplined in order to
just like dude I took a loss today I
lost nine thousand dollars today trading
gu
took this trade [ __ ] lost it
um
so right and did I Revenge trade did I
try and trade again did I over leverage
no I I stuck to my rules I stuck to how
much I wanted to risk and then you know
rest from there nice and easy right so
um
with that being said
let's get right into it jits okay so
what is the most important thing to
understand about taking a loss
if you can realize that when you lose
that is a part of the game that you are
going to lose that you should encourage
it because it literally you know means
you're [ __ ] human
if you can have that mindset if you can
be be almost happy when you see a loss
because you know you're going to learn
something from it
if you can do that
dude it will change the game for you
I'll buy a million okay
um so
understand that dude this game is all up
percentages you're not going to be 100
from the field you're not
it's impossible no profitable Trader
ever has a 100 win rate that trades
consistently no
none of them do they always lose at
least once okay it's just part of the
game the market is built to beat you and
the sooner you understand that the
easier it will be for you to grow
because when you start taking losses and
you get upset about it and you throw a
fit that's literally the opposite of
what you should be doing that's letting
your emotions take over that's showing
that you're you know emotionally
unstable about the money that's in your
trading account that probably means that
you shouldn't be trading in the first
place that probably means you over
risked that probably means it was one of
your like your fifth trade that day
right come on guys let's be level-headed
okay level headed in these markets so
the first thing you need to understand
after this boot camp once you learn how
to execute once you learn how to take a
trade
if you lose your first trade be happy
okay the the person that fails a hundred
times will have way more knowledge and
way more skill than the person who never
fails so that makes sense you learn from
failing you learn from your mistakes
so encourage it you're in your learning
phase you're going to be trading on demo
anyways you're not even going to be
trading with real money encourage losing
obviously when you get to the point
where you're trading with lots of money
yeah you probably wouldn't want to lose
you probably wouldn't encourage it but
but at this level right here for me it's
like
hold up okay come here for me
right now for me like I love when I take
a loss because I can learn from it I get
to study the market after my loss say
okay well why did it move the way that
it moved okay why did it why did it go
against me and right I'm not I'm not
going to look back and think why did I
take this trade I want to understand why
didn't it go in my direction
okay it's not oh I shouldn't have taken
it for this this or this right because
it's all probability who knows I could
take the same exact setup tomorrow
on a very similar pair some like all the
same confluences and still win that's
the crazy part about this stuff guys it
this Market is so hard to master
because it's it's got like mixed
personalities one day you can you know
like no setup
no setup is going oh every setup is like
one of one right different marking
conditions every single day different
prices different things that it's going
to react off of
constantly constantly learning
constantly reacting right it's an
algorithm okay
so with that knowledge right you should
encourage a loss learn from it okay and
understand that you will you will never
be a hundred percent from the field in
this
right and you miss 100 of the shots you
don't take but also don't [ __ ] take
too many shots right don't take too many
trades okay but you get what I'm saying
right you
you're going to win some and you're
going to lose some and at the beginning
you're going to lose a lot but that's
what teaches you that that's what helps
you helps you learn the only way that I
was able to learn risk management was
when I flipped 10K into 112k and then
lost it all the next day that was the
Catalyst to cause me to learn risk
management because I lost so much money
in one day
okay
encourage losing failure makes you grow
makes you better okay and and if you
have learned anything from this whole
boot camp that's all we're trying to do
we're trying to make you better people
too okay this isn't just about trading
all right this is literally to like
[ __ ] pull yourself up by the boots
bro like come on let's be respectable
young men
all right yes that I like I can you know
mess around mess around every now and
then I can have my fun
but let's come on let's focus up all
right guys we're trying to improve and
like even in life bro like if you guys
can understand how to take a loss bro
like okay we're we're in Puerto Rico my
friends were my friends were here this
past week
I was out you know having a good time in
downtown okay I attempted to talk to
like 30 different girls probably right
talking to every single one right off if
and if I lost
it's like perfect on to the next and I
was like who cares
right she's gonna forget who I am she
won't remember me because she said no
right she said no so she's not gonna
remember me but the girls that say yes
they remember me it's a win-win
she says no perfect you were gonna waste
your time trying to get her anyways so
she just did she just helped you out
understand that losing
can benefit you in so many ways bro
sorry boogies
bugging out so now let's get into just
how to take a loss so now that you have
that mindset should be pretty [ __ ]
easy to take the loss right
I mean there's not much you got to do
after that if you can encourage and
accept a loss and you can say damn
that's damn it kind of sucks that I lost
money but hey what can I learn from this
how can I how can I you know make this
an actual learning opportunity for me
you know
how can I use this to my advantage
encourage it it's going to help you
learn
okay so what what do we do after that
when we take a loss and we say okay good
how can I learn from this perfect right
learn from it okay figure out what you
did wrong okay I don't but do not
get upset about it the minute you start
getting upset the minute you start
getting frustrated about losing means
you are doing something wrong you have
to tell yourself in that moment I am
doing something wrong
you literally are you're doing something
wrong right there
by by literally
by by throwing a fit by throwing a
temper tantrum you are doing something
wrong back when I used to do the live
trading videos you'd see me say stopped
out sometimes I'll you know throw a
[ __ ] party for when take profits get
hit but like that's just like that's
like I'm just putting on a show for the
YouTube video but
um I mean like now when I'm trading with
the Discord we had to take profit and
I'm like cool tp1 hit
on to the next you know like it's it's
emotionless in this and the second you
start oh my God what the [ __ ] bro cause
I've been there I was a rage monster at
this sorry
um anyways I was a rage monster at this
[ __ ] like I would lose and I would get
so mad I would literally scream into a
pillow because I was so upset because I
wanted to learn this so bad but I was
doing it the wrong way I was doing it by
trying to get rich quick
okay and the sooner you understand that
these early phases you're going to lose
money and you can spend time losing
money on demo and you don't need to Jump
Right In you don't need to get rich
quick because
because that [ __ ] will come in due time
that [ __ ] will come in due time okay
okay so all that [ __ ] will happen all
that [ __ ] will come in due time okay it
just takes time all right you gotta you
gotta understand okay why wouldn't I
want to lose money on a demo paper
trading account
and then
once you learn the skill right it's like
who like if you can trade profitably on
demo there's yes it's a step up with
Live account with a live account because
then you start thinking about the money
that's when it's like dude when you lose
you're actually losing money but if you
can go from being profitable on demo
it'll be like a one month turnaround
literally just understand the skill I
encourage you guys to be on demo
practicing okay taking losses
encouraging them figuring out how you
can do better why you lost and it's not
oh why can't I do this
it's how can I learn from this not why
can't I
by saying can't can't is should not be
in in your vocabulary bro it should not
okay
it's only I will I am okay
it's not I can't
I will learn this okay understand that
by trading on demo and losing on there
instead of losing your own money you
will save yourself a lot of money and
save yourself a lot of just emotional
trauma that these markets cause some
people and myself included
okay
and from there once you understand the
skill and you understand what you're
supposed to do
boom now you can go on to a live account
you'll probably lose for like a week or
so because you're feeling emotional but
you're gonna slap yourself in the face
and you're just say okay I actually know
what the [ __ ] I'm doing let me just go
look back at that demo account right I'm
profitable I know what I'm doing I'm
[ __ ] profitable so
now let me trade with my Live account I
know what I'm doing and I'm not going to
do anything different right follow that
trading plan we'll talk about how to
build a trading plan in this vid in this
boot camp
okay
it's literally step by step by step be
robotic with this [ __ ]
okay you are the algo
you're the EA you're the trading bot
treat yourself like that
okay
so
right there's there's really not much
else for you to do like understanding
how to take a loss
I don't know like that's that's pretty
much it you just literally have to
understand okay I can learn from this
good let's encourage it okay when I do
when I do lose I'm willing to learn
okay and when I lose I don't Revenge
trade I don't over trade I don't react
when I lose I don't react there should
be no reaction besides happiness there
should only be a positive reaction from
from losing right how do you think if if
anybody else
lost
like who else lost
10K who else is able to lose 10K and
still be smiling talking about how how
how they had a good day last night in
this whole week right most people would
be sick most people would be sick I lost
that [ __ ] this morning I lost this [ __ ]
like literally an hour ago bro
and
I'm still living my best life and I'm
having a great time
because I know hey this money's going to
come right back I know I have the skill
to make all that money back and I know I
can trade tomorrow right there's always
another day there's always another setup
these markets aren't going underwear
anywhere underwear wow
um these markets aren't going anywhere
okay and when you and when you learn
that the markets aren't going anywhere
and there's going to be another trade
tomorrow you start to realize why you
want to take days off for news
and that's a whole other thing that
we'll get into right you'll start to
understand why you're going to want to
take days off if you've been up late
you're going to start to understand why
you would rather take days off when
you're least probable to actually win a
trade that day whether it's from news
whether it's from you breaking up with
your girlfriend and it's actually like
emotionally bad and if you lose that day
you'll probably like actually react to
it right it's understanding all those
things and that'll come in time and
you'll you know start to feel your feel
yourself out with that but you just have
to understand
be in that open mindset of like yes it
will happen
right
let me stop that
um yes that will happen to you okay you
will get upset okay without a doubt but
it's understanding and taking a step
back right when that moment happens and
think
okay should I be doing this that's the
hard part being able to be like okay
like okay this was me overreacting I'm
doing something that I shouldn't be
doing
okay
and then proceeding the correct way
right make that reaction very minimal
okay make that reaction not last very
long and be conscious of it
and he'll be well on your way with this
because if you can understand that if
you can understand how to take a loss
it's pretty damn easy from there it's
pretty [ __ ] easy from there you
really
at that point you really just gotta
learn your strategy and just you know
take time in the market and understand
how it moves because if you can nip if
you can nip that [ __ ] in the butt what's
holding what's holding you back from
winning literally infinite amounts of
money
if you know your strategy and you
understand how to take a loss
and you understand that this is all just
based off of probability
and and you're playing a percentage game
on the year term this is this is
literally just a percent gain
over a year bro stop thinking from the
day to day stop thinking from the week
to weeks stop thinking from the month to
month
what's coming home in the year
right and that's all that matters
right what are what am I bringing in
every single year
what percentage game gain am I getting
and if you can get that
then [ __ ]
you're doing real good in life because
at that point then you just have capital
that's the only issue you have left you
know how to trade the markets you're
unfazed
what's what's left to stop you from
making infinite amounts of money
the money that you have in your account
so that's when you've got to start
growing it and scaling it so with that
being said hopefully I just encourage
you guys
to be happy about losses
um hopefully this helps you guys switch
your mindset about them it's not
place blame it's not oh
you know like
the market it took me out it's no the
market was going to do what it wanted to
do that was where the market was going
to go it's not the Market's fault it's
your fault so once you understand that
it's your fault and you did something
wrong you have to learn from it how can
I get better it's not oh I got stopped
out because of news
it's not that
right it's not oh I got stopped out by
news it's oh
I [ __ ] I I took the wrong trade yes
news might have stopped you out but hey
Mark you moved and you got soft out
learned from it oh maybe I shouldn't
trade before news
learning opportunities guys okay so with
that being said I'll catch you guys
tomorrow where we will wrap up our
liquidity series all right peace