 Hello guys, welcome to today's session. It's me Patrick Munnally. I'll be presenting today and I just want to do a quick audio check before we get going if you can hear me loud and clear if you could type a Y in the chat box and you should be able to see a welcome screen with a tick mill Banner on your screens at the moment So if you couldn't if you see that and you can hear me loud and clear a Y in the chat box would be helpful Good stuff. Thanks very much Okay, we're gonna get going here in in just a few seconds Okay, so once again welcome to today's session. We are going to be discussing the importance of Trading plan today and how that Will help you in your future profitability as a trader In terms of the format for today I'm going to present the content and then I'll open the floor up for any questions if you have a question Please jot it down. You should have a notepad to hand Jot it down during the presentation and then feel free to type into the chat box your question at the end and I will I'll cover each question as As their posters Okay, let's let's get things going So before we get started obviously very important that we Cover off the disclaimers trading as all of you know by now. Hopefully is a is a risky Business, but there are obviously rewards as well But it's important that we understand the risks involved before we start trading and a live account Someone says they can't see anything can everybody see the screen you should all be able to see a Welcome screen now That says that shows me Patrick Manley if you can see the screen Can you type a Y in the chat box, please? If you can't see it I suggest you log out and and log back in so just very quickly I'm not going to go into a huge amount of details that I did last week But just quick overview of my background I successfully co-founded and next did a Consulting startup after graduating and I then moved on to explore my passion for markets I researched developed tested and implemented a robust trading plan Underpinned by rigorous risk management strategy. This plan has delivered profitable annual returns since 2008 Since 2010 I personally mentored over a hundred private traders of all experienced levels from complete novices to former CME floor traders in helping them to develop trading strategies to read consistent returns from the markets I've consulted to numerous brokers and trading education brands contributing written and Webinar live presentation contents on a range of topics from market analysis to trading strategy Development and execution. I'm currently the head of trading and trader education at a leading education firm called FX career swaps And I also manage a proprietary trading team for a company called little fish FX as well as managing my own Trading capital and external investor capital since 2013 So that gives you a flavor of where I'm coming from feel free to connect with me on LinkedIn if you would like to chat further But moving forward, let's get into today's Topic and like I say, we're going to talk about the importance of planning your trades in today's session I'm going to teach you how to make a plan to suit your personality How crucial it is to keep a trading log and a bit about psychology And also understanding that there are essentially four types of traders in the market and understanding which trading category you fit into This will allow you to better understand the sort of trader you are or the sort of trader you'll become This session will also introduce you to the key topic of risk management and stop losses never ever place a trade without a stop loss The one thing that's really helps inconsistent traders to become consistently profitable traders is a solid trading plan Before we can move into the trading plan. It's essential that we understand ourselves A trading plan at the end of the day is very simple document piece of paper or a card on your desk That gives you a list of exact rules that you're allowed to trade by it defines what you can do and when you can do it It doesn't have to be too detailed But it should and minimum cover several key components entry and exit rules risk reward And what you really need to be aware of is your exits A better planned exit is often more important from a trading perspective than your entry Often a trading plan might look like a series of diagrams and Example charts with a set of rules and a checklist for entering a trade depending upon the strategy Point of a trading plan is to add discipline to your trading to remove some of the emotional subjectivity and to ensure that you follow the rules and you know how they work Your documented plan will change and adapt as you learn and change your style accordingly Throughout these sessions you will probably add to your document change it and modify it But for now the most important thing is that you ensure that you have that document be it on a piece of paper An accessible document on your computer's desktop or even in some extreme to tattoo on your wrist. I'm only joking Just make sure you have something if you're already have a strategy then you can complete a draft of this document Now and the trading plan will document a roadmap for your trading defining What you do and how you trade so treat it well make sure it stays by your side at all times and never trade without it Finally two rules about a trading plan. Don't add lib if it's not on the plan. You can't do it Don't make it up because nothing goes on the plan until it's been tested thoroughly So in terms of understanding yourself It's essential that you're aware of some of the Basic components of trading psychology. Now, obviously trading psychology is an enormous topic and that there are many many books But with respect to your trading plan. I want to get to some key points The first point which cannot be stressed enough is that it's vital for traders to find a strategy that suits their personality Rather than trying to change themselves to fit a particular strategy In later sessions, I will explain some of the strategies that I've used that prove consistently profitable over my 15-year trading career Too many traders fail initially because they are trying to operate in an unnatural environment It's vital to stick to what you're good at For example, a trader with a short attention span is not well suited to scalping on 15-minute charts As this requires a serious amount of concentration throughout the entire trading day Likewise, a trader who is working full-time and only has evenings free is unlikely to do well with an Intra-day trading strategy as they'll miss many entries and exit points A trader who gets anxious about trades is liable to stress out about them during the day and should avoid swing or position trading This may sound odd But a good place to start as a new trader in searching for your strategy is to conduct a personal SWOT analysis on yourself This means going through your strengths your weaknesses Opportunities and finally any threats to achieving your goals of becoming a successful trader If you're truly honest with yourself Then this in itself will be a challenge Just remember that no one needs to see this assessment But you and you must ensure you are brutally honest with yourself Can you genuinely learn complex and complicated techniques for trading? Do you have the necessary time? Does the fact that you need to walk the dog first thing in the morning threaten your ability to log on to your computer first thing To trade the London session If you made tomorrow's lunch early in the evening instead of watching TV, could you free up 30 more minutes for extra studying? This is a great way for traders to paint a picture of themselves and get an idea of what they can realistically achieve The next step is using this to build a profile and a set of statements that will start to define how When and where you will trade now what's essential once you've completed this SWOT analysis is that you understand that there are Essentially four types of traders. Let's run through those now Firstly there are the scalpers These guys and girls are in and out of the market in rapid time frames They are often going for less than 10 pips on a trade It usually requires the ability to stare at monitors all day and repeat the same process religiously In many cases a lot of this style of trading is now automated At 10 pips a trade a key concern for scalpers is cost per transaction We cover cost per try and recover transaction costs sorry in last week's session So if you haven't had a chance to review that I suggest you do before We're continuing with this session Next up are the day traders characterized by the fact they seldom hold positions overnight A normal trade for them is on the 15 minute to hourly charts With somewhere in the region of a 30 to 80 pip target depending upon the market volatility They often use alert systems to highlight potential entries or warning signs for exits These traders are looking for patterns, but will also be focused on more general market sentiment And are likely to exit positions based on their gut feeling for when the market is turning Thirdly there are swing traders These are individuals looking to hold positions normally for a couple of days or more They are therefore running much wider stops and profit targets of typically upwards of 100 pips They tend to be more focused on the daily and four hour charts And as always are looking for patterns though They tend to be a little more rules based than some of the intraday traders A swing traders focus on capturing large movements in the market as part of major trends Finally we have position traders These are the guys that will hold large positions for weeks at a time Sometimes technically based but more often than not based on fundamental reasons Due to the cost of carrying long-term trades They are looking for hundreds of pips in profit from their positions Such a trader will also look carefully at carry trade potential Knowing these basic personal descriptions of the types of traders above And understanding your strengths and weaknesses Should help you to understand where you ought to be focusing your energy A big issue for new traders is a lack of understanding about themselves Often they try to fit themselves to a strategy that isn't right for them Instead they should embrace who they are and find a strategy that works around that So again this element of personal understanding self-awareness Is something that I will touch on as we continue through all these sessions But it is incredibly important before you embark upon even thinking about Trading your your account or opening up your trading terminal It's really essential to run that personal inventory to understand what type of person you are Because the shorter time frames are really not going to be suited for people who struggle with making decisions quickly People who need more time and they like to Process their decision-making strategy are suited to longer-term time frames So it's very very important that you really factor into your Trading strategy or the type of trader you intend to become your personality Now what we're going to be wanting next is actually how to structure your trading plan So first and foremost when you're creating this document and you'll notice on the screen I say my trading business plan because here's the important thing Unless you have a trading plan you are probably just trading on gut feel or a hunch And as I discussed in last week's session Anyone who is trading like that cannot expect to survive long term in the markets because there are too many people out there Myself included who trade for a business For a you know for an actual living and so when you're doing that you take this you take your business incredibly serious Incredibly seriously any business has an operating manual They have a set of rules for operation how they execute their business and how they expect to profit in their business So if you don't have that you're immediately At a in a disadvantageous position because you're trading against a huge amount of people who do have that Part of the reason people are reluctant to put a trading plan together Is that it kind of takes the fun elements out of trading? Remember I discussed in this last week that so many people when they first are involved in markets or are first exposed to the markets Placing trades and seeing a trade deliver a profit into your account is an exciting and visceral experience It creates euphoric emotions And equally when you experience your first big loss that creates emotions that are almost depressing You know people live and die By the outcome of a single trade Yet when you actually become a professional trader when you move past that Gaming type experience of almost being a roulette table When you start to take trading seriously and it's a and it becomes a business to you Then what happens is you realize that professional trading actually has very little to do with excitement And it has absolutely everything to do with process And part of the process part of that transition from becoming the gambler or the the excited player The roulette table of the markets Is developing a trading plan because the trading plan is there to underpin And direct everything you do in your trading business So we're moving away from the fun elements and we're moving away and we're moving towards a structured process For executing trades with a high probability outcome that over an extended series of trades You can expect to deliver a profit to your account So let's start. Why am I trading? It's incredibly important from the outlook from the outset that you document Your motivation and intention for getting into getting involved with markets. Is it that you're looking for a supplementary income? Or is it that you have a desire to quit your day job And experience the freedom of being a self-directed trader And it's absolutely essential to document your motivation and your intention from getting involved in the markets This should be almost your mission statement. This is underpinning everything you do and every every Every time you go through a period of drawdown you can revert back to your your mission statement Your motivation for trading and think to yourself, right? Well, that's just a drawdown. That's a lot I understand that loss is a part and parcel of trading But the reason why I've got involved in this and the reason why I'm going to keep going Is because I want to X quit the day job or develop a supplementary income Next we move on to what's my approach So in terms of approach, are you going to be a fundamental trader? Are you going to be trading upon economic news or economic data? Are you going to be monitoring central bank policy to understand the difference in exchange rates and how Sorry, understand the difference in interest rates and how that impacts exchange rates And are you looking to developing a long-term strategy based around fundamentals? Or are you going to be a technical trader? Or in terms of technical trading, there are again, we have price action traders Traders using indicators So there are many different types of technical traders as well Or even are you going to be following moon cycles? Believe it or not There are traders out there who do that and actually make a profit Whatever your approach is for framing and interpreting market data Make sure Absolutely make sure that it is clear and concise That if you if your mother asked you, you know, why are you involved in markets? Or how do you actually do it that you would be able to explain it in a few sentences to her? That's the best test for For having a clear and concise approach to markets Then we move on to what instruments are we going to trade? Are we going to trade foreign exchange? Are we going to trade the indices commodities, or are we going to trade individual stocks? Whatever instrument you decide to To trade make sure that over time you build up an intimate understanding of that instrument That you understand that every instrument has different almost personality traits and that you over time Take the time to learn the traits and the characteristics of the instrument you decide to trade Next we move on to timeframes timeframes obviously are very very important Because this is the time frame of it really plays a key part in Synchronizing your personality to your trading because the time frame will dictate What type of decision process you need to be involved in? If you're trading a short term timeframes, you need to have a very very Simplified well documented trade plan that allows you to easily understand When and where you're going to get into the market and where you're going to exit So that's probably just a few lines on a piece of paper Now if you're trading a longer term strategy, let's say a monthly or weekly daily strategy, then that's probably going to be a slightly more Document it's probably slightly more documentation required there because maybe you're defining a longer term trading process That's looking to take advantage of bigger trends that are emerging in the market You need to understand how those trends develop and how to ride those trends Now the very important factor with timeframes just as a quick takeaway Is that it is incredibly important that you pick a time frame and you stick to that time frame Don't fall into the trap of jumping around hopping the timeframes on your terminal Especially when you're trying to justify Holding a losing position I've worked with so many traders over the years who I've started that, you know, their trade plan is that they trade on a daily or weekly time frame And during the week I get a message from them saying, oh, I've closed the position because I saw a five minute reversal pattern You have to understand the importance of sticking to your time frame Jumping around looking to justify a trade on an alternative often lower time frame is a rookie mistake avoid it setups Setups are incredibly important But it is also important that your setup is a back tested pattern or scenario fundamental scenario It could be that suggests you have a definable edge That means there's a higher probabilistic outcome over another outcome Very important again higher probabilistic outcome of one scenario over another scenario And you need to make sure that's back tested The reason why it needs to be back tested is that one that you can demonstrate that statistically your pattern your trade setup has an edge And two This back testing process helps to build your conviction in your strategy Conviction is incredibly important because you're going to go through periods of drawdown i.e a string of losing trades The only way you're going to be able to continue to trade your strategy and execute it relentlessly Is if you have a high conviction in it and that high conviction is developed Through rigorously back testing your trading plan Oh, sorry your trade setup Next risk management we're going to cover A lot of principles to do with risk management in next week's session But it's essential really to your longevity in the game and inexperience trader will often overlook this element of the plan Because all they are focused on is the upside They get into a trade that often without placing a stop loss They will execute a trade and all they're thinking about is how much money they can make Whereas professional traders like myself my core focus my absolute laser focus is what is my risk What's my account exposure? So it's incredibly important that you first of all establish what you're starting capital is What your risk per trade is going to be and what your total account exposure is That means for example, if I put on a trade in the euro dollar this evening at the daily candle close And I also get a signal in the euro yen or the euro cat Am I going to take all three trades and if so taking all three trades? What is going to be my net account exposure? Am I risking one percent per trade that means overall? I'm going to have three percent at risk tonight and is three percent going to be my maximum Exposure for my trading book or my trading account Some traders will keep it as low as three some traders will happily sit with five percent at risk Inexperienced traders will be up there with 10 or 20 percent at risk in the evening And once you use 10 or 20 percent, I'll explain to you next week how devastating that can actually be on your account So risk management incredibly important entry rules Once we have a signal, how do we execute a trade? What constitutes an entry? Specifically, do we enter on the close of a candle or do we wait for the market to pull back? To offer a retracement to enter or do we enter on a breakout? It's incredibly important that we have our entry rules Firmly documented So that once we get a signal from our strategy, we're not dithering and thinking or should where should I enter? Should I put my you know, should I enter what once this candle closes or should I enter once the people we break above yesterday's high? You've got to have it clearly documented So what it means is you get your signal I eat your setup and then you know what your risk management is and you have a very specific entry rule It's incredibly important for those trading shorter time frames Because you need to have a solid idea of what's going to constitute you executing i.e pulling the trigger on a trade Because on those shorter time frames, if you delay for 10 or 20 seconds, that can almost mean that you miss the opportunity So entry rules incredibly important trade management Are we going to move our stops to break even or reduce our risk as a trade moves in our favor? Or are we going to have fixed stops and a fixed take profit? Now again, this comes down to personality It's incredibly important that we run this swat analysis this personal inventory that we understand our personality type Some people are like the set and forget guys They like to put a trade on walk away come back the next day and see where we're at Some people because of their personality trait want to monitor a trade. They want to micro manager trade You've got to understand your personality type and how that's going to impact your trade management Are we going to use a fix or trailing stop to exit our trades? Like I said earlier exiting the trade is often more important than than actually the entry of the trades Where you exit and how you exit are incredibly important and you need to have that clearly defined What's our pre-market activity or our pre-market routine? So before we pull up our charts or our trading terminal Are we going to spend 10 minutes meditating to make sure 150 focus on the task at hand Are we going to make sure we've read all the requisite financial reports for the trade session ahead? It's incredibly important that we have a routine that puts us in the mindset for being absolutely present focused on the task at hand, which is trading What's our post market routine? Are we going to take the dog for a walk? Are we going to exercise? Are we going to find some way of winding down? Are we going to journal? Are we going to listen to music? Again, these this post market activity this ability to once the trading session is finished be that if you're a day trader you know, you can be sitting there five six hours or if you're Trading higher time frames. It might be that you have to spend an hour or two hours a day Looking at the charts incredibly important that once you've finished the trading session That you don't leave your your the trading desk or your terminal and are constantly having to check your phone See what's going on with your positions or your cut or your agitator anxious about what's going on It's important the professional trader once they leave the Trading desk or their trading office That's the end of that trading session That that's a complete process and it's it's finished and you're waiting then for the next trading session You're not anxious or agitated by what's going on in the markets Record keeping absolutely essential again the inexperienced trader only focus them on what they're going to to win in a trade Whereas the professional trader learns from their losses learns to analyze the data And get and understands the feedback from the market with respect to their trading strategy This is incredibly important. There are tools out there that Now do this in an automated fashion And if anyone has any questions about those feel free to message me on linkedin. I can introduce you to some of those record keeping tools That basically automate the process but at the same time it allows you to analyze your trading performance And this is the next moving into the next key idea. What's our review process? How are we going to review our performance? Records are one thing and statistical analysis is another but how are we actually going to review our personal performance? How did we execute our trade versus our plan? What are our discipline issues? Are we starting to trade off plan? Do we have an an account lockouts? I If we experience, let's say a five percent drawdown through ill disciplined trades Are we going to lock ourselves out of our account for a fixed period of time whilst we review? The reasons behind that lack that lack of discipline The great way to do this is obviously having a mentor or a trading coach Because again, if you were trading on a trading desk in a hedge fund or for an investment bank You have your compliance officer and you have your desk head That the guy running the trading desk both of which you will be responsible to answer to for losses and equally for gain So it's important. You have a feedback loop for your trading incredibly important How are we going to adapt or make additions to our strategy? When are we going to do that? Sure as hell what we don't want to be doing is taking your trade putting on and thinking oh, I've seen this happen before Now, let me let me pull my plan out and make an adjustment to that mid-trade absolute error But we need to have a period of time be at the end of a weekend of the month end of the day end of a year Where we review our performance where we review our strategy We look at our statistical analysis and we think right I can actually make an addition or an adaptation to my plan That's ultimately going to improve my performance and finally growth objectives Remember what I said at the at the outset of last week and I repeated it earlier today Trading is not a goal orientated game If you're focused on if you're if you're sitting down Each day and you're thinking right my goal today is to make 50 or 100 pips Trust me. That is an absolute error in judgment Trading is a process orientated business i.e. if you commit to your process your trading plan and you religiously execute your trading plan over time That's going to deliver a net positive to your trading accounts You can't determine what the market's going to give you when I start each year. I said this to the guys I mentor I you know, I I know from from statistical analysis of my trading strategy over nearly you know, 15 year period now That I have a I have a rough idea in in in an average year What my what my strategy should deliver if I execute it flawlessly and that bracket is a 20 percent bracket I'm looking for between 30 and 50 percent parameter So I don't say I'm looking to make 32 percent this year because that's just crazy I don't know what the market environment is going to be but what I do know statistically if I have a If I have a favorable market conditions and I execute my plan flawlessly That on average, I can expect somewhere in the region of 30 to 50 percent in gains So it's incredibly important that you have some growth objectives But they have your main growth objective the way you're actually going to become successful in this business is Being focused on your process not the outcomes And in terms of growth overall you need to think about trading as a career Are you looking to get into? Trading education once you've established as well as a successful consistently profitable trader Or are you looking to manage other people's money? Or a number of different routes you can go down But these are things these are growth objectives. These are long-term objectives that you need to have as does any good business So those are the those are the key concepts or key elements that I will be putting in a trading plan And I'd suggest you take time and really think through Watch back this the recording of this webinar and think through each of those issues and make sure each element is documented Because I'll tell you that is the absolute cornerstone to your future success as a trader The last thing I want to cover today is An absolute account killer Oh, sorry. First of all, there's an example of one of my trading plans I wrote a multi strategy approach, but you can see I have a clearly defined my entry exit rules You I have 22 charts there that I've highlighted the absolute ideal setup So I know exactly what what I'm looking for in terms of a setup Entry execution that that might the trade plan document for that one strategy alone is about 20 pages So it's a question of I practice what I preach. Yeah, I'm not telling you to do something I don't do myself and I've been involved in this game successfully for nearly 15 years But again, finally what I want to cover here just before we run out of time Is the absolute account killer over trading? It's the common flaw of every new trader And you know I'm sure all of you have experienced this you take a small loss And then you want to get that you you want to get that money back and so you start Taking trades off your plan or without really any well-developed trade thesis I know the hold you take another loss and then you're chasing that loss and you're looking to make money back And it's almost like a dog chasing its tail. You're never actually going to to make you know to to recoup the losses in In a specific trading session Instead you'd be better off taking a step back Journalling what's happened to during that trading session documenting Understanding the errors you've made and then returning the next day in a calm focus totally present manner I'm looking to execute your your planned flawlessly Some people when you start out, it's a useful strategy to avoid over trading is set a trade limit So any trading session be it if you're trading on the daily charts or the five minute charts Before you start that trading session Think to yourself. What is that? What are the average number of? Signals, I'm likely to get per session And have an understanding of what that is. So maybe it's three or five signals You can expect to receive through your strategy for a session And if you if suddenly you're seeing 10 or 11 then maybe That's coming from your perspective as opposed to your trading plan And that's an eagerness to trade or an eagerness again looking to make money as opposed to following the process So really think about limiting your trading, especially in the early days Stick, you know that some of the most profitable traders in the world are those who trade least frequently They may hold positions for a long period of time But over trading is a is an aspect that will absolutely obliterate your account and time And and something that will that will really help you in terms of avoiding that Is having a trading account having that documented approach to the market Understanding your strategy understanding the ultimate ultimately what they the the absolute pristine setups are Knowing exactly what you're looking for not just sitting there with your finger hovering over the mouse waiting for To just click away and enter trades it's a very famous saying by A trader called larry height And he says that you can't win if you don't bet that you can't bet if you don't have any chips left And over trading is a sure far way Of not having any chips left in your account so really think When you sit down to start your trading session be that you know your day trading or your overnight session or whatever session you're going to trade Make sure you have that trade plan to hands so that you don't fall foul of Of over trading off plan Okay, that brings us to the end of today's session. I hope you found the content useful. I'm available now Um for the next few minutes here to answer any questions you may have if you do have a question Feel free to type into the chat box. And like I say, I'll do my best to to answer whatever questions you have So I'll just give you a minute there and I'll take a sip of water to uh to type in any questions you have regarding today's content Okay, uh, what are the reliable bear with me? Andrew? I'm just trying to What are we like? um We're going to in future sessions andrew. I'm going to cover more about some trading strategies live used over Like I say my the 15 years of trading that have proven consistently profitable um this uh answering questions Session here isn't the ideal um forum to go into what a reliable backtested strategies But I mean to be honest with you any strategy can become a reliable strategy As long as you go through the backtesting process and prove that it's got an edge in the market I mean, you know, I'm just a moving average crossover Can be a reliable strategy as long as it's backtested And it shows you that over, you know a thousand or 10,000 trades That it delivers a positive return to your account. So Like I say in future sessions, we're going to go over We're going to look at some trading strategies that I've used and I'll be teaching you some of those Yet we will do a specific session on on psychology Pedro and I touched on Some of the elements today Just briefly in terms of that Self-appraisal or running that inventory of yourself understanding yourself at a deeper level will really help in terms of understanding How you you know, what type of trader you are or what type of trader you're going to become I suggest you really go back and take a look at the four types of trader that I talked about and think about Which type of trader you are in relation to those four categories of trader That would be a good starting point. But yeah, we will we'll definitely do a session in the future on specifically on psychology I've written myself a huge amount about that if you want to connect with me on on linkedin Pedro I'll I can send you some links for stuff that I've written about psychology of trading Happy to do that Is there a recording of this? Yes, there is What is the best time frame for a day trader If you're training if you're training in today, I really suggest that you use a dual time frame approach And it's something that we will cover in later sessions But I would use the daily time frame to give me an idea of trend and then maybe the hourly time frame for execution Kelvin Is a good is a good approach or or use the hourly time frame and maybe for trend and then maybe the 15 minute chart for entry and exits Backtesting is the process of testing your trade hypothesis over historical market data There are numerous ways of doing that. There are some automated programs out there or you can use trade data replay I'm sure tickmail might have or offer some Some way of doing that How to record a journal is it for every trade we make or include a watchers a trading journal should be Not just about your trading strategy Um, it should also cover your psychological response to the market So, you know, if I'm sitting down for a trading session and I'm agitated or you know, I just had an argument with my wife I can you know, I know historically that those type of things are likely to distract me from the task at hand So journaling not just not just journaling your trade setters But also journaling your your your your psychology and where you're at when you you take a trade Or how you're feeling as you manage your trade is also very important data Uh, Patrick, how do you test your trading strategy not on the a but yourself? Yeah, you can again, you can run back through historical data. You know, just pick a chart Your time frame, you know shoot back maybe 10 years 15 years and you know, you can test You can back test just using, you know eyeballing a chart is as a first instance Is a good way of just seeing whether or not your your strategy actually has some type of Of edge and then if you want to get a little serious you can You can acquire historical market data even down to tick data And there are numerous programs out there that will run advanced back testing on your strategy I prefer naked chart candlesticks in place. Yeah, sure It's difficult to control emotion when you realize that you over trade. Yeah, sure I mean, so again, this is this is where journaling really comes into Become so important for you in terms of developing your your as a trader That you know, there are there are two types of emotional response. One is intuitive And one is impulse related and over time once you document your approach to Sorry, your mental response to market data, you'll realize that Subconscious pattern recognition is an invaluable tool once you learn how to use it But then there are negative emotions that are impulse related I I just had an argument with my wife I sit down at my trading terminal and an immediate way for me to gain control over Or or a perceived control over a scenario is to start putting trades on because that's something I can immediately control I might not have been able to control the arguments But I can control now trading at my terminal now. That's a negative emotion Do you understand what I mean? So it's incredibly important that you learn to journal Your uh, your response to the market Kelvin, how do I identify type of market to start trading? That that's something we'll cover in later in later sessions Kelvin market phases and market states That's not really for um for today's topic, but be sure that I will cover that in in future sessions Um, here's our journal. I'll just be downloaded. There are numerous there are numerous templates you can download just google trading journal. There are actually um Specific trading journal providers out there that have uh, have very good stuff But I mean to start with I really just strongly suggest you get a notebook And and you start doing it by hand to start with There's a great connection between the The eye and the hand in terms of writing something down and how that impresses something on your mind So I'd really start just with a notebook and um and journaling by hand would be my First port of call um, can uh, I showed you an example earlier. Um, moheads if you want to Send me a linkedin Connection then maybe we can uh, we can discuss other strategies that I use but I think Not really appropriate for this specific conversation Any other questions guys? We're just about to uh To take over here on time I'm going to wrap this up here. I hope you found today's session useful As I say next week incredibly important. We're going to look at risk management and risk management strategies and principles Um, like I say professional trader not worried about the upside that would take care of itself The professional trader is absolutely laser focused on what's at risk Okay, I hope this has been useful for you guys today and I look forward to uh to catching up with you guys Next week. Thanks very much. Have a good week