 Realistic goals unrealistic goals. Oh my days. I can't stress this thing enough Okay, most traders coming to the market because of what they've heard from other traders now this industry Sometimes not sometimes most times can be full of shit because I see a lot of people trying to portray a lifestyle that they don't Actually live okay They just kind of you know paint this picture that all trading is this thing that you just start trading today And then before you know it is you're making you know 500 500k 100k whatever whatever it is drink that they have sold you I mean, I mean the person who introduced me to this market. I saw him was driving this really nice car And I said to him what you do for a little like arm FX trader This guy wasn't even an FX sure that he was by you straight binary options some rubbish imagine binary options that crap and then This guy's doing pretty well for himself. Okay, and then I stumbled on this movie Wall Street money never sleeps and I was watching Shire a buff that's his name. I think yeah, and he had this really nice condo in New York was driving a BMW He just got a bonus from keller's able that was the name of his investment for those of you Training fanatics you probably watched the movie he was working for a phone called keller's able and His the MD the managing director the CEO of the company had just caught him a check of Excuse me of 1.2 million US dollars. That was his bonus for the year I was like shit traders make a whole lot of money. I need to you know, I need to start trading a FX wasn't even the first thing I wanted to start reading what stocks because I saw Charlotte both trading stocks in the movies. I was really on it But for some street reason, I just couldn't get myself to open a stock trading account And then somebody now told me oh, there's a way FX trading is also good is also trading same principles and all that okay So I came into the market same as below you guys with unrealistic expectations and goals Okay, you come in and you want to leave the trading lifestyle So, you know, it's a it's a pretty much, you know It's a cycle whereby you come in because you saw what the guy was doing Okay, he's really flashy positive. You see I put a really nice project Ferrari there And then the next thing you start thinking that oh, I can make this fortune as well And then for some strange reason people make you believe that you can take something as little as 500 pounds and make I don't know 50k with it. That's absolutely impossible. Okay, so this leads you to making a series of series of unrealistic Expectations. Okay, but I said the example taking $1,000 to $10,000 in one month is a big typical thought process of a new trader Okay, what actually happens in the real sense is that they over leverage? Okay, you over leverage those trade because it is literally almost impossible for you to use Properest management and take $1,000 to $10,000 in one trading month. It is realistically impossible Okay, especially if you're a new trader Take it from me. Okay, so what actually happens in the real sense is that you over leverage Over trade and eventually your $1,000 is gone That's the truth. Okay, so If you're listening to this today, you wanted you wanted to get me to this market because of probably what seemed from other people Probably what you've even seen on my social media You have to remember that I have been trading this market for eight years It took me a while to get here. I'm not trying to say it's gonna take eight years to achieve success It took me eight years to get here because I didn't have any mentor anybody to guide me any coach and all that Until I got to the UK and I was able to get in contact with a couple of investment investment Some traders who work for an investment firm will actually show me the ropes. Okay, that's why it took me this long But you know, it's literally impossible for you to come into this market. I want to make money right up the back You need to take a course. Okay. I'm not saying this because we have a course. Yes We do have a course, which is quite affordable But if you don't take the cost, you're doing yourself a great injustice because you're gonna fall for all these traps Okay, it's impossible for you to take one grand to ten grand literally impossible Okay, so, you know, like what I was saying if you're looking at what's happening on my Instagram. Yes, you can achieve that You can achieve that but you're not gonna achieve that in a month. Actually, you're going to achieve that But you can't achieve that in one month. It's not possible Okay, it's not possible. I've looked at this market for years and years my eyes Literally, I'll sleep over my desk like this I'll literally sleep over my desk because I was looking at charts. Okay But yeah, unrealistic goes one of the biggest killers of Traders and you need to factor this into your trader psychology kick it out the way you kick it out the door. All right The next on my list is opening multiple positions. Yes opening multiple positions I used to be I used to do this a lot, especially once I got the hang of technical analysis May I was a very I'm telling you once I I finally met my mentor of London. Yeah, so this this really good FX trader who used to trade for the hedge for an investment investment firm Okay, the guy taught me how to use a trend line support resistance Fibonacci and so on and so forth all the stuff that I Talk about with on my analysis of my weekly analysis that I drop here on the course as well So once I was able to let all that stuff that he taught me really well, you know every child I opened I always had you know, I was able to turn the night I was able to analyze it and For that I was able to analyze it I was not able to see a whole lot of trading opportunities that I wasn't able to see on a normal day Okay, so I saw these are all these really cool training opportunities I like, you know what I'm just gonna take all of them I mean if I can make 10% of this one all I need to do is take 10 Take 10 trades and I flip my count. Okay, and it makes sense to me because I was still keeping my risk management intact Okay, I was still keeping my risk management intact. Listen to this I was keeping my risk management in touch because I will listen risk just 3% I make 10% of my count risk 3% to make 10% Make perfect sense. Okay However, I couldn't I could I could make that process a lot faster if I did that If I did that 10 times in a row, okay? That was the plan, but somewhere along the line. I see I see so many trade opportunities Open the screen click click click click click. There was literally time. I have 15 open positions. Okay, 15 open positions I'll tell you how that went You know the outcome of that towards the end of this slide anyways So three of us easily get carried away with number of instruments at the disposal now guys They're over 25 financial instruments. You can trade at any given time from your effects broker Okay, it's very easy for you to get carried away. Okay, you can achieve occasional success from this. However, it is not Sustainable why because each means you just got See how stress he looked this guy looks so freaking stress. Can you see how many screens go? You don't want this to be this guy's blood pressure is probably pump boys through Okay, because each trade requires undivided attention. Okay, each trade requires It's on the like this. Can you drive two cars at the same time? No, you fucking cannot drive two cars at the same time So why you trying to have more than two three four trades open at the same time? Okay, he doesn't guarantee more profit. Okay guys number. This is still on the trader psychology This admit that you to get out of your head opening multiple positions Opening multiple positions does not guarantee profit It actually reduces your ability to give undivided attention to each and every trade Okay, now when the market starts to retrace When the market starts to retrace it becomes very tasking to efficiently manage more than three trades at the same time Good Tell you the story now. I was managing this account for a client and I had over 15 trades open So I popped into a class now This is even after I had become a really good trader just to tell you that he will the pro traders are guilty of this Okay So I had all these trades open. I was probably of 18,000 pounds. Okay, 18 18,000 pounds like I was gonna take the account of 24 30k if those trade have continued the way when I did them to vote So I left my computer and I went in for a meeting. So I was having a coaching session Okay, I went in for a meeting to teach a couple of traders how to you know trade and stuff And by the time I got to the meeting and right before my meeting right before my meeting this What's the name Jenny Yellen? She was the Fed chairman of the She was she's the Fed chairman. I don't know if she's still the Fed chairman now But you know, she was due to speak but I couldn't believe what she was due to speak at the time So, you know, I had all these positions open up was plus 18 grand hours feeling so cool Guys, you wouldn't believe when I was coaching this cost Just imagine you're coaching a class you're up 18 grand and right before your eyes on the big screen Now you're coaching this car, you know, you just you see you log on to your trading platform Now you're trying your charging software you put it on the screen and then right before your eyes You're seeing the market He was tanking now guys I had 18 positions open 18 or 15 I had so many I can't remember how many but I had so many positions open Guys, I just tried I tried not to look they could tell like it was I was distracted But they didn't know exactly know what I was going on Yeah, so I was like, oh my days this coming happening So I closed it open it again, and then the market just kept on bleeding this market I mean bleeding in reverse so hard Mate You know what happened? So then give me a moment. I'll be back. I dashed to my desk Try to salvage as many as I could but guys when I was going through this trade I forgot where what stop loss was where what what I wanted to do with one trade Bottom line was that I was unable to efficiently manage those trade Okay, so I was literally up. I went I was up 18 grand by the time That day was over by the time Jenny Ellen was done speaking. I was down minus three grand It's not big loss, but from going from that means I lost 21 K literally 21 running one day. I was up 18 K by the time the whole thing does click and that was because I was quick I was just excuse me, sorry about that. That was because I was quick I was just closing up If I didn't do that, I'll probably find my come back there you can imagine so open multiple positions is quite dangerous Because you isn't possible for easy I will usually ideally out advice that you keep only three positions open at a time Especially if you're not a professional in this market, okay, because your brain is it's not a computer Okay, your brain is not an hour Don't be greedy guys. Do not be greedy three positions at every given time is fine You can efficiently manage this. Okay, or hi guys now. Thanks for watching that video For those of you who stayed till the end means absolutely the world to me I hope I've been able to impact you guys with enough value for today. Now you you you know You basically get a clear picture of why a lot of traders tend not to be successful in this market They're just little things that just clean up in their head as to why they are able to you know Consistently make money this market I hope I've been able to connect some of those thoughts that missing been able to paint a better picture for you guys for all the Upcoming traders out there who are damn you mean messaging me put us to you guys put us to you guys who want to take your life to the next level You know, and I'm actually really excited to see a whole lot of very young traders now for those of you who want to contact me I'm gonna leave my Instagram handle In the description of this video and obviously for those of you who already know my Instagram handle this I am I am on the school that will hit me or follow drop me or follow DM me tell me your this is the challenge I'm going Book a phone call with me. I'll get on the phone to you. You know, everybody has access to me All right guys, that's it for this video on trader psychology Please don't forget to like and comment if you'd really like this video really helped you please like and comment That's how I'm able to prove this challenge. All right guys, I need to get my sobs up Yeah, I mean I need to get my sobs up. I need to get my sobs up guys Catch you later. Bye