Week of 7/4/16: Secrets to Trading Success
Here is what we talked about with our full members this week:
- There are no secrets in trading, no hidden truths and no elitist conspiracies.
- Those who succeed do so because they followed the process which leads to success.
- Those who fail do so because they didn’t follow the process.
FULL VIDEO TRANSCRIPTION:
Facilitator: Bryan Stickney
Webinar Length: 11:30
[slide] [Complete Currency Trader – TITLE]
[slide] [Secret to Success: There are No Secrets]
Bryan Hey, everybody; it’s Bryan with Complete Currency Trader. Today is July 11th and I just want to record a quick, recap video from the last couple of weeks. We’ve had very limited classes and kind of limited trading opportunities, as well. But the market seems to be normalizing, getting back into things and I just wanted to record a quick video with a few thoughts about “A” the things we’ve been talking about in class. We’re kind of winding down our foundation series. It’s coming to an end. We always do this on a rolling basis, so we’re coming to the end of our current foundation series, getting into some psychology and, then, I also wanted to comment just a really quick comment about the Brexit referendum from a couple o’ weeks ago. You’ll notice that we didn’t put out any kind of statement or our thoughts or feelings around that and I’ll get int’ why on that real quickly, as well.
So, to kick things off, over the course of our training period, we talk a lot about foundation, how t’–not only how to trade, but, also, how the markets work–the fundamental things that we need to understand in order to make decisions that are in our best interest. As we come to the end of the foundation period where we’re talking about how the Forex markets work, how things come together to work together to make things happen that we want to take advantage of, psychology comes into play. That’s where we are right now for our full members. We’re into the psychology piece.
Now, of course, psychology is never going to be something that we’re going to “solve” because we never solve it, right? It’s not a thing we can ever really dive into, wholly, in one-hour classes, but we do get into that quite extensively in our full home study kit. During the foundation series we kind of hit the high levels so we can understand how our brains work and, then, start taking steps to get ourselves into the right mindset for long-term success.
The first thing we always have to understand is that there is no secret to success. So the secret to success? There are no secrets. There are no hidden truths, no conspiracies. No secrets out there that are preventing you from being a successful trader. What it really comes down to is finding a process that you’re comfortable with and, then, following that process. As long as the process is built on something that has a good fundamental foundation based on market mechanics, you will succeed, if you follow that process.
What often happens is, as things start getting into drawdown periods or start getting into periods where we have consecutive losses is that our psychology kicks in. What we think we know or what we think we understand about trading, about winning streaks; about odds and probabilities? Those false understandings kick in and, again, maybe even some core beliefs about what we believe about money, what we believe about being wrong; what we believe about certain things–comes into play and impacts us and causes us to start changing our trading methodology and, obviously, as we start changing, we dig a deeper and deeper hole for ourselves.
So, the first thing we need to understand is that there are no secrets. We talked about this, quite extensively, a couple of Mondays ago. We got into this module which, really, dives into much more than this, but at the surface, it’s important to understand that there are no secrets.
Then, we go on to talk about more–
[slide] [The Same Process Exists Emotionally]
[cont.]… about what we do, emotionally and one thing we need to–
[slide] [Instinctive and Involuntary]
[cont.]… understand is our behavior is quite instinctive and is quite involuntary. We have conscious mind and we have subconscious mind. Most of where we’re doing things during the day–most of our actions come from our subconscious mind. And the subconscious [mind] is there to protect us from danger; it’s there to protect us from harm. So, if something’s occurring, whether it’s a physical harm or a mental, emotional harm, our subconscious is taking actions to prevent it, right? So, take the example that a stick is thrown at your eyes. You’re going to: (A) probably close your eyes, and (B) take an evasive action to avoid being hit by that stick. That’s involuntary; it’s something–just part of survival.
Well, the same things happens to us emotionally, as well. We have fears that are deeply ingrained in us from what we understand and [have] been taught about money; what we think and understand about being right or being wrong, and it causes certain fears as we’re trading, right? We have the fear of missing out. We have the fear of loss, the fear of being wrong–these things all impact us differently. Everybody has these fears, but they all impact us slightly differently.
‘So, if we take a trade and it immediately moves against us, suddenly, there’s this emotional harm that’s happening, right? Maybe not something we recognize immediately, but deep down in our subconscious, we’re like, “Ooh, that’s hurting me!” and our subconscious takes an action. It might be an action like moving our stop loss. “Oh. I can’t be wrong if I’m taken out of this trade. I can’t be wrong.” So, we move our stop loss.
It almost happens instinctually, involuntarily. We’re acting in a way that is based on negative bias, our negative hardwiring, which is–[incomplete thought] …
The negative bias is something we talked about in class–kind of how our ancestors were–looked for danger, right? And, then, the ones that survived were the ones that were constantly avoiding for danger. In order to avoid danger, we have to be leery of anything that’s happening–even if it’s rustling in the bushes, we have to avoid it, right? That was passed down, passed down, passed down. So we’re kind of hardwired with a negativity bias.
“Trading is hard.” Our brain is going to find a way to support that, through filtering. “The market’s out to get me.” Our brain’s going to find a way to support that hypothesis by filtering out all the reasons that it’s not and showing us all the reasons it is. “The market’s going to hurt me.” So on and so forth. “I can’t win.” So on and so forth. These are kind of hardwired for through our negative bias that’s in our brain. It causes some of the behaviors that we have at that root level, that very core level.
We get back from the market what we project onto it and it’s important to start changing those thoughts and those feelings in order to create new emotions that provide us with a solid mindset to understand the market’s neutral and we should be able to see it that way.
Easier said than done. What we’ve been talking about over the course of this week–
[slide] [How? — New Experiences Globe]
[cont.]… and will continue this week is how to give ourselves new experiences, which then gives oursel[ves] new thoughts, new feelings, which creates new beliefs and, then, in turn, new behaviors. That’s what it takes to be a consistent trader over the long term. We have to have those new experiences.
We have to start changing how our brains think, how that subconscious reacts to things. Again, it’s not something we can do passively. It’s not something we can learn once and have it be there. It’s something we have to work on, constantly, and constantly be self-reflective [as to] what we’re doing and why we’re doing it as we’re taking trades.
That’s what we’re getting into this week with our full membership. Great opportunity, guys, if you haven’t become involved, yet. Start with the introduction course. It’s a great way to become introduced to Complete Currency Trader, learn more about what we are, what we’re doing, and how we’re doing it. That’s a great place to begin.
For those of you [who] have been through that and want to learn more, our home study kit gives you everything you need to know about becoming a successful trader over the long term. I really encourage you to do that. There’s a link below this video that will give you an opportunity to get enrolled.
I also mentioned the Brexit real quickly. We’ve been absent about any kind of an opinion, publicly, about the Brexit. Why is that? Because, ultimately, what James thinks or I think doesn’t matter. The only thing that matters to us is what’s happening in the marketplace and we have to be able to detach ourselves from that, as successful traders.
[slide] [CCT Currency Overview – Five Market Charts]
[cont.]… Having any kind of a bias in the marketplace doesn’t do us any good. We need to trade what we see on our dashboard, we need to trade what we see on our charts and our opinions on what’s happening–
[slide] previous [How? — New Experiences Globe]
[cont.]… with the Brex–or with non-pharmaceutical payroll or with whatever piece of news might be coming out next is irrelevant, really, because everybody has an opinion.
The talking heads out there are spewing their heads off about, “This is great!”, “This is horrible!”, “This is what’s going to happen to Britain.”; “This is what’s not going to happen to Great Britain.” So on and so forth. End of the day? Nobody knows. It’s the future! Nobody can tell the future.
All we can do is trade what we’re seeing right now. Live in the now. Be in the now. Don’t let talking heads sway or influence your trading decisions. Make your trading decisions based on cold, hard facts. What’s happening right now? What are the trends that are occurring right now? How do those trends impact me right now, from a trading opportunity that’s based on my trading plan?
Don’t alter your trading plan based on what some talking head says! Stick to your trading plan. That’s what’s going to make you successful over the long term. Know that your trading plan is based on something that’s got real market mechanics behind it. As long as it [does], then, you’re fine.
That’s the reason we conspicuously have been absent from any kind of opinions or announcements regarding that. End of the day, it doesn’t–I mean, it impacts us and I think it’s going to create some great trading opportunities over the next year or two years. As far as what those opportunities are, that’s–[incomplete thought] … No one knows the future, so let’s trade what’s on our charts and stick to our process and the mindset that’s going to help us do that.
What we’ll get into later this week is talking about how we’re going to achieve these changes to give us these new experiences, new thoughts; new beliefs. So, there you have it! That’s our quick recap of where we’ve been over the last couple of weeks and where we’re heading for the rest of this week.
I hope you enjoy it. Have a great day and, of course, if you have any questions, feel free to contact our support. We’re here for you. Contact us at firstname.lastname@example.org. That’s a great way to reach us. We also are based [on] U.S. time, so we’ll answer your questions in the order received and, hopefully, get back with you within a day, Monday through Friday. Mondays are, sometimes, a little bit backlogged over the weekend, but we get back to you as soon as we possibly can. We’re happy to communicate with you, no matter what level of membership you have with Complete Currency Trader–whether you’re a free member–just kickin’ the tires, seein’ what we’re about–you’re an introduction member or you’re a full member. We’re here to support ya, no matter what and we love the fact that you’re interacting with us and taking time out to learn more about how we trade and what we do. All right.
Have a great day! We’ll talk to you soon. ‘Bye.
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