Bitcoin / TetherUSEducation
Editors' picks
The reason you are not successful...
Hello traders,
All the below are based on my preferences, I don't give any financial recommendations and I have nothing to sell you with this article.
I'm sharing content because I see a lot of traders being/becoming broke and I don't want you to be one of them.
Yesterday, I posted an article about how to NOT overtrade when you're emotions are running high: https://www.tradingview.com/chart/BTCUSDT/zizjPhCX-How-to-stop-overtrading-and-get-rid-of-your-trading-addiction
Now, I'd like to flip the other side of that coin showing how "overtrading" can be beneficial for beginners to achieve their desired outcome. 🧵
I - Alex Hormozi
I discovered this OUTCOME equation thanks to Alex Hormozi on Youtube.
He helped me defining clearly with words how to get to the outcome I want.
Props to him for being such a wonderful business/sales/marketing/thinker.
II - The OUTCOME equation
The equation is defined as: VOLUME x SKILL x TIME = OUTCOME
VOLUME = number of repetitions
SKILL = quality of each repetition
TIME = total duration of practicing those repetitions
Based in foundational principales
The more we do.... the better we get
The better we get.... the more we do
The longer we do it....the better we get
The better we get....the longer we do it
The longer we do it...the more what we did compounds on itself (profit, reducing losses, etc)
In this way, each of the three feed the others, but it all starts with doing.
It's a virtuous wonderful cycle: imgur.com/a/nnzhD4M
It works for any skill you want to acquire but let's focus on trading for now.
After years of trading, any of my trade has a higher quality than my trades from my early days.
Why?
Because I spent an enormous amount of time trading intraday first with a demo account, and then with a live account trading with micro-lots/micro-pips.
Once I got profitable CONSISTENTLY for a few weeks, I allowed myself to increase my lot size slightly.
I repeated this cycle made of mini weekly cycles for more than 5 years until I'll reach a capital allowing me to trade the indices futures.
III - Why 97% of traders fail at trading
The majority of traders lose due to a lack of experience which can only come with taking a lot of trades during an extended period of time.
There is no other way....
Forget about getting rich quickly, forget about your 100% automated bots - if such wonders existed, no one in their right mind would sell them and they'd invest everything they and their family own in those magical cashflow generating machines instead...
New traders think only a few weeks of practicing is required to learn about themselves and about the markets.
Your favorite influencers won't tell you this: trading is very hard, most lose all their money, lose their family, lose their home, lose themselves in the process.
The only hedge you have is your WORK.... you can't cheat the GAME.... you have to take a lot of trades for an extended period of time.....
And then, at some point, you'll be able to capture more opportunity per trade, to lose less whenever your Stop Loss is hit, to not get frustrated when the price is leaving without you
All those skills cannot be acquired in weeks ....
One cannot develop character traits required to be a good trader in a short timeframe - talking about patience, discipline and motivated.
Motivated too because it's hard to keep one's dopamine level high after some consecutive days of losing
Don't cheat the game, it's impossible
If you're not profitable yet, forget about leverage please please please please.
How many times do you have to get margin called to understand that leverage wasn't invented for you to make money but to depart from it faster.
IV - True Effort
When learning a new skill at the beginning, everyone sucks.
I certainly sucked at it and you will too.
THAT IS FINE, THIS IS OKAY, THERE IS NOTHING WRONG
How could you not expect to suck at a skill you don't know yet.
What I'm saying is unpleasant because everyone wants to get rich quick (me included)
My only guarantee to YOU guys is that if you can afford to follow this process with a decent trading strategy and stay consistent, your gains are going to be tiny at the beginning and then PARABOLIC after some time.
As the desired OUTCOME is to become richer and/or live off your trading again, this is the ONLY way
It's IMPOSSIBLE to suck at trading after taking thousands and thousands of trades.
As it's impossible to suck at anything after months and months of constant practice and effort.
And you can learn with a DEMO account (risk-free) or with betting pennies per every trade using CFDs or other similar product.
If you want to learn how to play piano, if you follow some tutorials on Youtube every day and practice 2-3 hours a day for years, I guarantee you that you'll have an excellent playing level.
Stop being lazy, stop cheating the game, stop searching for the way to get rich quick.
Accept the magic pill doesn't exist BUT another way that no one is doing will allow you be DIRECTIONALLY RIGHT and eventually reaching your desired OUTCOME.
Conclusion
I wanted to post this content because this outcome equation is dear to my heart and changed my life for the better
I'm literally kicking ass because I outworked everyone I know
And now that I'm more skilled than them, I can put off my foot from the accelerator working less than them, making more $$ than them
Thank you for reading by dear followers
PS
To all those in the comments about to tell me they have a magical bot printing $$ for them and their community, I invite you to show me your track records and bank account statements and any proof I could believe you didn't use photoshop on to sugarcoat what the reality is...
All the below are based on my preferences, I don't give any financial recommendations and I have nothing to sell you with this article.
I'm sharing content because I see a lot of traders being/becoming broke and I don't want you to be one of them.
Yesterday, I posted an article about how to NOT overtrade when you're emotions are running high: https://www.tradingview.com/chart/BTCUSDT/zizjPhCX-How-to-stop-overtrading-and-get-rid-of-your-trading-addiction
Now, I'd like to flip the other side of that coin showing how "overtrading" can be beneficial for beginners to achieve their desired outcome. 🧵
I - Alex Hormozi
I discovered this OUTCOME equation thanks to Alex Hormozi on Youtube.
He helped me defining clearly with words how to get to the outcome I want.
Props to him for being such a wonderful business/sales/marketing/thinker.
II - The OUTCOME equation
The equation is defined as: VOLUME x SKILL x TIME = OUTCOME
VOLUME = number of repetitions
SKILL = quality of each repetition
TIME = total duration of practicing those repetitions
Based in foundational principales
The more we do.... the better we get
The better we get.... the more we do
The longer we do it....the better we get
The better we get....the longer we do it
The longer we do it...the more what we did compounds on itself (profit, reducing losses, etc)
In this way, each of the three feed the others, but it all starts with doing.
It's a virtuous wonderful cycle: imgur.com/a/nnzhD4M
It works for any skill you want to acquire but let's focus on trading for now.
After years of trading, any of my trade has a higher quality than my trades from my early days.
Why?
Because I spent an enormous amount of time trading intraday first with a demo account, and then with a live account trading with micro-lots/micro-pips.
Once I got profitable CONSISTENTLY for a few weeks, I allowed myself to increase my lot size slightly.
I repeated this cycle made of mini weekly cycles for more than 5 years until I'll reach a capital allowing me to trade the indices futures.
III - Why 97% of traders fail at trading
The majority of traders lose due to a lack of experience which can only come with taking a lot of trades during an extended period of time.
There is no other way....
Forget about getting rich quickly, forget about your 100% automated bots - if such wonders existed, no one in their right mind would sell them and they'd invest everything they and their family own in those magical cashflow generating machines instead...
New traders think only a few weeks of practicing is required to learn about themselves and about the markets.
Your favorite influencers won't tell you this: trading is very hard, most lose all their money, lose their family, lose their home, lose themselves in the process.
The only hedge you have is your WORK.... you can't cheat the GAME.... you have to take a lot of trades for an extended period of time.....
And then, at some point, you'll be able to capture more opportunity per trade, to lose less whenever your Stop Loss is hit, to not get frustrated when the price is leaving without you
All those skills cannot be acquired in weeks ....
One cannot develop character traits required to be a good trader in a short timeframe - talking about patience, discipline and motivated.
Motivated too because it's hard to keep one's dopamine level high after some consecutive days of losing
Don't cheat the game, it's impossible
If you're not profitable yet, forget about leverage please please please please.
How many times do you have to get margin called to understand that leverage wasn't invented for you to make money but to depart from it faster.
IV - True Effort
When learning a new skill at the beginning, everyone sucks.
I certainly sucked at it and you will too.
THAT IS FINE, THIS IS OKAY, THERE IS NOTHING WRONG
How could you not expect to suck at a skill you don't know yet.
What I'm saying is unpleasant because everyone wants to get rich quick (me included)
My only guarantee to YOU guys is that if you can afford to follow this process with a decent trading strategy and stay consistent, your gains are going to be tiny at the beginning and then PARABOLIC after some time.
As the desired OUTCOME is to become richer and/or live off your trading again, this is the ONLY way
It's IMPOSSIBLE to suck at trading after taking thousands and thousands of trades.
As it's impossible to suck at anything after months and months of constant practice and effort.
And you can learn with a DEMO account (risk-free) or with betting pennies per every trade using CFDs or other similar product.
If you want to learn how to play piano, if you follow some tutorials on Youtube every day and practice 2-3 hours a day for years, I guarantee you that you'll have an excellent playing level.
Stop being lazy, stop cheating the game, stop searching for the way to get rich quick.
Accept the magic pill doesn't exist BUT another way that no one is doing will allow you be DIRECTIONALLY RIGHT and eventually reaching your desired OUTCOME.
Conclusion
I wanted to post this content because this outcome equation is dear to my heart and changed my life for the better
I'm literally kicking ass because I outworked everyone I know
And now that I'm more skilled than them, I can put off my foot from the accelerator working less than them, making more $$ than them
Thank you for reading by dear followers
PS
To all those in the comments about to tell me they have a magical bot printing $$ for them and their community, I invite you to show me your track records and bank account statements and any proof I could believe you didn't use photoshop on to sugarcoat what the reality is...
⭐️ Listed as an Official TradingView Trusted TOP Pine Programmer
📧 Coding/Consulting Inquiries: dave@best-trading-indicator
Telegram: Daveatt
⏩ Course: best-trading-indicator.com
Twitter: twitter.com/bti_trading
📧 Coding/Consulting Inquiries: dave@best-trading-indicator
Telegram: Daveatt
⏩ Course: best-trading-indicator.com
Twitter: twitter.com/bti_trading
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.