Highly Successful Traders’ Powerful Advice | Forex Trader Motivation

(motivational music) – [Chris Capre] There’s
a really good quote by Sir Edmund Hillary. Sir Edmund Hillary, I believe he was the first person to fully
climb and summit Mount Everest. And they were asking him, you know, there was obviously a lot
of questions, you know, like how did you do it
and all these things. And he had this great
response which is he said, “It’s not the mountain
that we’re overcoming,” “it is ourselves.” And to me that is very symbolic and representative of
trading which is that you’re not conquering the markets. The markets don’t even know who you are, they don’t care who you
are, they never will. Unless, even if you’re Soros. The market will always
be bigger, and you know, comprised of bigger things
but you’re not conquering the market, you’re not
conquering trading or strategies. You’re conquering yourself
and your own mindset and your own limiting
beliefs and fears and doubts and confidence, or lack thereof. You’re conquering your
own inner obstacles. And when you remove those inner obstacles, when you transform them,
when you change them in a real fundamental
way, then that’s when you’ll start to experience
not only success in trading but you’ll experience a
confidence and a wisdom that can and will last
you the rest of your life. And it will be a part of
everything you do after that. And so that is my kind of final thing which is that, you’re not
overcoming the mountain or the market, you’re overcoming yourself. – Focus on not losing money and do not focus on making money. You need to look at
things opposite of the way that you want to. So focus on managing your
risk, and stop trying to figure out how many pips
or tics you can make everyday. – [Marina Kuperman] Patience. (laughs) Like what I was saying, you
know, you want to jump in, you want to start making
the millions tomorrow. You need to be patient if
you really want to do this, it will happen, but it takes time. And that’s it, and
commitment, like I said, you have to have the patience
to know that it will happen but you need to commit to the process and enjoy the process
because it can become really enjoyable, almost
spiritual, so that’s it. Patience, commitment,
enjoying the process. – You want to focus on a development plan. Actually have a plan of action in place. Actually have a starting
point, plan of action for development, and
from there it will take a natural course. So it will change and
move, and that way you will gravitate toward what
your psychological profile becomes more acquainted
with or has a higher level of aptitude for, so that development plan will actually help to connect the two. So, I highly suggest,
don’t do things randomly, really develop and establish
a development plan, and then your trading
model will be a result of an effective development plan. – [Michael Toma] Simplicity,
simplicity, simplicity. Don’t let your emotions drive decisions. There’s so much noise in this business. Let the data, let your historical
data, your back testing. Let the results drive your
decision making process, okay. You know, I hear, I think this
trade is going to do well. Or, I like this setup. Those are all emotional,
those are all emotional verbs. Be statistical, be data driven, alright. To answer your question
towards, stop thinking. Don’t think too much in this business. Keep it simple. – [Rayner Teo] I would
say the biggest thing you can do for yourself as
a trader is to, you know, risk a fraction of your trading. Risk 1% on each trade, right. If you can stick to this one simple rule, I believe that you can achieve, you know, survive the income
right, 1% on each trade. You give a thousand
dollars, put in ten dollars on each trade. I don’t think you can
trade a lot of markets with 10 dollars, possible
only the foreign markets but yeah, stick to 1%
on each trade, alright. Risk 1% on each trade. You can have, you know, ten trades. Ten loosing trades in a
row but you know it’s only a draw of 10% and it’s something that you can still overcome. So I think that’s the best
advice I have for traders. Risk small, keep your
tuition fees really small. And once you get it, once
you get a a-ha moment, that is all that matters,
scaling up accordingly. – [Richard Weissman] Manage the risk. – Simple, so how do you do that exactly? – [Richard] Never risk
more than 1% of assets under management on any
specific trading idea and dampen the risk in
front of the event risk days or event risk moments. And be cognizant of
correlations between assets, possibly correlated assets
dampen your exposures because of that. – [Dr. Van Tharp] I remember
in the market decline around 2002, CNBC ran some sort of poll: why do you think you lost
money in this market? And they had items like,
corrupt analyst, corrupt CEOs. Badded buzzers, you know, bad market. And a few other things like that. Well, every one of those have in common, blaming somebody besides yourself. They could have asked, you
know, I didn’t have a system. Or if I had a system, I did
not understand position sizing or I didn’t realize the
different systems trade under different market
types, and you have to have a system with the market type changes. You know, I didn’t have a
understand position sizing, I didn’t have good exits. Or I had all of this in
place, and my psychology was terrible. Now, if you had those as
reasons, that you could fix what happened, but if
you’re blaming other factors or your lack of success
other than yourself, then you’re going to
repeat the same mistakes over and over again. (motivational music)

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