MMS EP #11 The Mental Game Of Trading

Hi guys. Welcome back to the weekly segment that Mike and I do where we talk about kind of what’s going on. We look over some of your comments and suggestions and see if we have anything to add on that. Today we had a really interesting topic, but before we get into that, I wanted to say thank you guys for all the support. We really appreciate it. Make sure you guys like subscribe, click the notifications bell, all comments help the algorithm. And yeah, we really appreciate it. So to get into today’s topic, we had a comment from our most recent video. Thank you for this content. It really helps and it’s nice knowing I’m not the only one who deals with these struggles. I’m three years in and hell bent on becoming a consistently profitable trader. My question to you, my question for you is that there are many bad habits I’m constantly keeping at bay and some days they come through. Does it ever get easier? Do you still have bad habits that slip into your trading? If so, how often?
Yeah, I love hell bent. That’s such a great expression. Hell bent. The thing about trading, it’s like, here’s your hurry. You have to take your time and enjoy the process. And that means even when you’re making the sausage in the early days, your salad days of trading, I didn’t really have a choice because I couldn’t really reach out to other people because there wasn’t wireless technology nor an internet. So we had books and maybe a couple of chums. I only had two friends that I knew coincidentally from childhood that were went to Wall Street and one of them was actually in commodities. Another one was in branch management.
Kids I knew since before I was 10 years old. So my whole thing about the psychology of trading is that you have your conscious mind and you have your subconscious mind. Now, conscious mind is all the stuff you’re aware of. The subconscious part though, was a little trickier to get to. And the way I would get to it is keep a journal. It could be on the back of an envelope. I don’t care if it’s an actual journal, but I would write it with, I wouldn’t do it online. Don’t need those programs. You need to write it out with pen and paper and write down what you anticipated, what was going to happen. The happen sometimes called the ex anti expectation, and then what happened as the result, the ex post realization. And from there you can keep a diary on your own behavior day after day after day on what you’re endeavoring to do.
And then what happened? This way you can start to uncover how your subconscious might be sabotaging your trades. Now for some people, the subconscious is really powerful and they develop a sixth sense and they use that. They kick it into overdrive, they get a good feel for the market and they can just feel the trade. Million guys like that out there. I’m kind of one of them. Then if you don’t like the results that you’re getting, you know, need to have that list of what to work on. Cause if it keeps happening for you, somehow you win. Because if we’re all pleasure seekers, there’s some way that even in this, what you would refer to as a dysfunction, that holding yourself back is actually pleasurable. Some people have a fear of winning because they’ve never been there before. They haven’t had financial abundance before, so they don’t know what it feels like and they’re scared of it.
What would actually happen if I made 10 times my money in a year? So I think start with having a goal and getting super clear about what that goal is, and then also put it in a state of mind where you want to have yourself, have yourself in a state of mind where you’re conscious of everything that you’re doing. And if you feel a strong feeling, it’s probably coming from your subconscious. I like to say that your subconscious is probably running the story anyway, because in there you have all the things that you learned from growing up and what other people demonstrated to you when they were taking risk or avoiding risk when they were angry or when they were happy, when they were in love and when they were single. And all of their behavior actually teaches you stuff. And so you have to make sure that you don’t let that seep through your system and that you adopt it.
Because sometimes you can adopt that habit and you don’t even know you’re doing it only because you saw it repeated over and over again by other people who were in your life. It could be friends, family, nuclear family. It’s usually your parents or your sister or your brother. And then, you know, go from there. Million ways to answer this question as far as my own behavior, I don’t mean at the point now where I execute best practices as far as I’m concerned because I’ve had enough times where I was in a trade and it was going on and on and on, and the thing was plus or minus 10 cents. So I just used the time stop, right? Because momentum stalled. I’ve had enough times where again, after 35 years I’ve put in protective stops. Then I tried to negotiate and say, well maybe I’ll give it a little bit more room. So I don’t mind losing that much money. Never really works out in your favor when you do that. Cause good trades start working out right away. And so now personally, I’m at a spot where I know better, I know better to try to cheat. I know better to adjust my stops or not put them in.
I know better to not add to my winners when I know I can because I’ve, I’ve had almost every scenario kind of play out for me. And so what happens when I just do what I’m supposed to do that feels good. Sure, I get frustrated when I get knocked out of trades or we’re coming out of a situation or we’re in a situation where there’s momentum stalls and we all as traders need momentum. But I would rather be in a trade and not put in a bad habit, whatever that might be, and get knocked out of the trade for a loss than to try to what? Invent some new behavior on the fly. That wouldn’t make any sense to me because I have so much time where I can back test. For example, I have too many years of real experience having a good feel for markets and there are some days that I don’t trade, so they don’t really creep back into my, what could be the bad habit when there’s no signal or the market’s kind of stalled and you force something that you hadn’t seen before and you kind of make a decision on the fly.
I don’t, that could be one, but I don’t do it. Most of my trading, I kind of follow what Paul Tuda Jones said, who knows, 30 something years ago, maybe more. That trading is what happens between five o’clock and eight o’clock, which is when you’re doing your preparation for the next day. And I’ll say even day traders should have an idea of what they’re going to do the next day, maybe in the morning. Don’t look for what the catalyst is. Look to kind of confirm the catalyst that you knew the night before.
Different strokes for different folks. So you have to do what’s best for you. But I like the idea of being prepared gives me solace. I have at least an idea of what I’m going to try to do the next day. And if the orders today I had three orders in, neither of ’em getting filled. Oh, well, it’s the way it goes. Nothing got done. Markets didn’t go to hit my levels, so those orders are canceled. I’ll redo the thing tomorrow and I’ve done that for six weeks, six, seven weeks. Just keep putting in my orders, putting in my orders. And if it never gets there, it doesn’t get there.
I, I don’t remember the rest of the question, but I don’t have bad habits kind of leak in. I’m always kind of super clear about what it is that I’m doing and why that I’m doing it. And if you are having trouble, so there’s people that I use, they’re not necessarily coaches, but I use them for accountability because I largely work by myself. I do some stuff with Victor, but at the end of the day, I’m responsible for my own behavior. So I do have folks that I chat with kind of keep me accountable for stuff and it’s probably an extra step. It’s probably not necessary, but I do it anyway. It feels good and it keeps me honest. It keeps me prepared because in order to do that, I have to have a ritual and a process that I go through where I write everything out and say, here are my intentions, here’s what I’m going to do. Then you follow up and they, how’d you do? And then if you have a variance, you have to explain the variance. I don’t have a variance, but if you do, as you mentioned in the question, I think this was Lynn, right? Was this Lynn’s? Lynn’s comment, I forget. Yep. Oh, Jess. Jess, sorry. Jess. Jess, winy, Jess, Winn, Jess, Jess win. So you might find that having an accountability coach could help. And if you’re having trouble, this is largely what, I don’t want to turn this into an infomercial, so I’ll say two minutes on it.
When we do or when I do consulting, it’s not so much as how to trade stuff as it is. Let’s look at your behavior because the system, it could tell very simply by looking at it, if it’s going to make not money or not, then give you a tweak or two to help you make it have positive expected value. One in a bloom. It just doesn’t work. But at the end of the day, I know enough about putting these things together and what the moving parts are. So that’s a quick little 10 minute, 15 minute conversation. The most valuable part though is looking at your behavior and why do you do what you do? And have, there’s an online 12 week program, takes about an hour to three hours a week if you wanted to do that, that’s a self-study. Then I do one-on-ones and almost a hundred percent of the time what we’re talking about is why do you do what you do?
What feelings do you have? What feelings are you trying to avoid? And if you know something is a good thing to do, but you can’t figure out why you can’t do it, there’s some feeling that you have to process, right? Because as pleasure seekers, we’re going to go towards pleasure and we’re going to even more go away from pain. And that’s been well documented. I didn’t make any of that up. But people will go to much greater lengths to avoid the pain than they will towards going to the prophets or the gains. And so where does it come from? I don’t have a damn clue. Maybe like I said, there are some, there’s, there’s all different combinations that people execute in the marketplace. The healthy ones understand that we’re looking at risk adjusted returns and they are normally risk averse, which means they’re willing to take on risk if there’s ample reward that that’s congruent with that risk.
That’s what risk averse is. Then you have risk lovers, i e gamblers, we don’t want to be there. And then you have risk and they’re in money markets and treasuries. Nothing wrong with those people. Different mindset though we are risk averse, which means we’re seeking gains. But the risk has to make sense. So maybe if you have bad habits, it could be that you’re afraid of winning. What happens if I actually hit my goals would and study how strongly are you attached to your goals? Because if you’re not, this could look like one of the million New Year’s resolutions that come through. You want to be a trader, but you just can’t get the behavior down. Behavior defines what we are and who we are as people. It’s your behavior. It’s not what you think.
And then from there, is the goal strong enough? Does it have enough emotional pull to keep you executing every day? And then we look at your subconscious and then what happens when fear kicks in? There’s a whole bunch of stuff that we go through. Unfortunately it’s not a one hour consult, it’s really intense and I end up this gaja, but for every hour that I end up spending with someone on the phone, I’ll spend three, four hours behind the scenes doing homework, preparing everything so that it’s completely bespoke and it fits like a glove. Everything is customized, it’s not some rigamarole. And that’s why it’s got a decent price point. It’s not necessarily for the casual user, it’s for someone who wants, if they want to go pro or they want results, that’s what it’s geared towards. Yeah,
For sure. I mean, you know, talk about it quite a bit how you run your coaching program and stuff. And to me it just makes the most sense out of any of the options that are available. You know, do so much research for each person and you really tailor it to each person’s experience. And I think that it’s much better long term for people, for the people you work with that you’re trying to help them dissect their subconscious and help them learn to make better decisions and be aware of why they do what they do. Because it’s not just like, Hey, make this trade, you’ll make money sounds great. It’s like, how can we consistently make you money? I think that’s part of the thing that you like to do and really refine the protocols and the processes and the internal algorithms that, you know, help people learn. I think it’s a super, super valuable resource and ultimately it’s what people need to do anyway if they want to function at a really high level. So having that kind of guidance is super huge,
Man, always, it’s kind of tongue in cheek, but Tiger Woods when he was at the top of his game had three coaches at the same time. So if you want to be a super performer, then you either have to be gifted and good at self-study, right? Or have someone that can help you be accountable, have someone who can help you break down your behavior. So I think if you’re considering a performance coach, we’re as good as anybody and we’re actually doing the trading. So we go to bed, as I say, tongue in cheek, we’ve put a foot on the floor because the bed’s spinning. I mean it’s not spinning, but so when you’re dealing with a practitioner, I’ve been there, I’ve felt all these feelings. If you’ve listened to the show almost every damn question that comes in, I’m coming out of my own experience to answer it.
And I have the feelings that many of you have. I just don’t let them sabotage what it is that I’m trying to do. Cause I’m hyper clear about what my goals are and I don’t like anything get in the way even myself. You know what I mean? Yeah. Because it’s easy to take a flyer, it’s easy, it’s easy point and click the mouse. You still do. We still do a lot of phone execution just because we don’t want to show the size on the screen, and I know someone out there knows how to do that and this and that. I just grew up executing on the phone and that’s what I do. That’s my process. So some stuff will get on the screen, but a lot of times it’s still phoned in. It’s again, it’s just what I’m used to. I’ve a lot of success doing it and I don’t think it shows any type of weakness because I feel empowered when I’m in the zone and I know I’m accountable because otherwise I’m spending a lot of time by myself and I have goals.
And then I look at my behavior, you’ve heard me say it before, when I go to sleep, as I’m winding down, walk the dog, I say, okay, did I win the day? I know that sounds kind of slangy or casual, but when I say it has a lot of meaning to me because I’ll look getting up at five o’clock Pacific time and run through the day and say, okay, here’s what I endeavored to do. Never ever do I have problems saying, well, I meant to put on that trade and I didn’t do it. Because for me, I enter, if I’m trying to go along, I’ll have buy stops resting above the market. As soon as I get filled, I have protective stops. And so all I’m basically doing on any given day is managing a big book of stop orders, stops to get filled to at risk, stops to get filled, to remove risk, and that’s it.
And then it’s like, okay, I’m powerless over everything else, so I’m going to let the market come to me. If it doesn’t, okay, tomorrow’s another day, but I’m not, we’re going to become emotionally invested by needing to have a seven figure day like that. That’s ego talking. And if they happen, then great, but for the most, I’m not going to go chasing that because that’s an emotional issue, not a financial one, you see? So then it’s like, okay, well what tasks did I have? Because there’s goals, is there, is it time to evaluate the path and is the path that I’m down for this particular goal coming to fruition? And if not, then I have to change the path. I’m not changing the goal, but I’ll change my path that’s for dam shore, but I need to have ample evidence that I’m absolutely failing at that particular path, and then I’ll move on. And if I did fail, say that, say that it’s a failure, right? Because no, everyone wants to show you about how I’ve made 10 million, I’ve made 10 million in the market. I don’t have any Lambos and I don’t have fancy watches, but how can I prove it to you? That’s the latest Instagram hunk of hunk of fiction going through. So we don’t really do that here because if that appeals to you, you’re in the wrong neighborhood.
So think about your subconscious, why you do what you do, how does it please you? Or if you don’t take an action that you’re supposed to take, it’s probably because there’s a feeling attached to that, you’re unwilling to feel. It really doesn’t get much more deep than that. Now, some of you have had trauma, right? I’m not a psychologist though. I don’t want to be one. I just have a lot of experience and I’m super mindful of everything that I do because ultimately I know my feelings can affect how I behave, and I know and I own the fact that behavior predicts where you end up. So if you want pro-life results, which is abundance, financial abundance, then you have to do the things that they do. I’ve said it a million times and it’s worth repeating. There’s nothing we can sit and chat about stuff till we’re blue in the face, but we have to execute. And if there’s something that’s habitually getting in the way of your being able to execute, you have to go to the source. It’s not looking at another book or joining yet another discord. That’s not what we’re getting at. Again, I keep repeating myself because I want you to adopt this mindset in this way of thinking for yourself. There are no external solutions to your internal problems. Forget discord, forget even YouTube.
Ultimately, you have to go to the source of why you do what you do. Sometimes the feelings that you want to feel are on the other side of the ones that you don’t want to feel. And you have to find the strength and the courage to push through that with this new style behavior. Maybe consistent behavior is unique to you because there was nothing in your life that you did consistently. That happens a lot around people. Again, I’m not a psychologist, but around people who were people pleasers, they’ve spent so much time making sure everyone else was okay, they forgot what the hell they were living their own lives for. They spent so much time taking care of other people, even when the other people didn’t need taken care of.
So it gets really, really deep. And that’s again why we make the big money, because I’ve done this work on myself. All the lessons are right out of my life. They’re not some made up things that I think would be kind of cute or what have you. This is real. I relived this stuff. Every time we go through it, I’m like, oh my God, I remember doing that. It still hurts. I mean, I don’t have unresolved feelings, but I still remember it because they’re very vivid. You’ve had things with your biking and look at, tell ’em the story about when you went pro, you did your first scrimmage. I’ll say scrimmage because I’m an adult. You want to say scrim to appeal to
This? Honestly, I didn’t really even know what you meant when you said scrimmage. So you’re going to have to change your vocabulary.
Change my attitude. I better change my attitude on my own. I
Mean otherwise I won’t understand. It’s just that’s, but no, so yeah, when I did my first scrim, do you mean first scrim or first match? Which one?
Well, I don’t want to blow the story, but it was the one on the Saturday you were in a certain role and you were really, really excited and things didn’t go as planned.
Okay, yeah. Yeah. So that was my first game that I ended up playing, and that was horrendous. I mean, it was terrible. I play eSports and I joined a tournament with a team. I got on this team and I was really excited to play. I was in a really important role that requires a lot of micromanagement, lots of timings, and you also have to be very mechanically gifted in order to do this because you can’t rely on, so
Tell ’em the game and tell ’em your role. Let’s get real here.
Yeah. Okay. So the game is called Valant, and I’m a controller player. That’s the spot that I fill on this team. And I was really excited to do it. And I was playing a character called Omen, and basically everything that could have gone wrong went wrong. We were losing the places we were supposed to defend in fractions of a second. And I was doing as good as I could have done, and I was still, my brain was just blowing up the entire time. I was like, oh my God, what is happening? And then we ended up losing, and I was kind of bummed, but I sat down and I was like, okay, well why did that go the way that it went? What was the kind of internal mechanism that made me do so poorly? And I was like, wait a minute. I was just nervous. I sat down and I realized I was nervous and there was a lot of things going on. And it also wasn’t just me that was part of the problem. It was a multitude of things, like all just combusting at once. And while that really did hurt, at the end of that day, I was sitting down, I was really bummed how we didn’t do so well. I feel I
Know you called me.
Yeah, yeah, yeah. I texted you too, and it sucked. But I sat down and I was like, okay, well why did I do the things that I did? And I was like, okay, well I made this mistake here. I took way too much space when I didn’t need to. And I got caught out by an enemy teammate waiting for me. He knew I was going to do that. He expected me to be there. And he caught me off guard. And there were just small little plays that I was working out in my head why I did the things I did. And I was like, okay, wait a minute. That wasn’t really representative of my typical performance, and here’s how I’m going to fix that for next time. Yeah, I’m going to be more vocal. I’m going to communicate more to my teammates. I’m going to call out timings. I’m going to break down certain things that I need to relay to them in order to make the game work. And we spent a lot of time working on that. And we’ve improved, I mean, drastically since then. And my team play specifically has improved tremendously.
So folks, what he’s saying it, it’s okay to fail and be reflective, right? Go reflect on your behavior. See where did you fall short? Is it a skill thing? Is it an ability thing? It’s okay to have nerves. You’re a human being, right? Yeah. And then the most important thing is, I think if, I know this is a while back that we’re talking about, but I think you had it recorded, not, and then you went back and re-watched everything or something like that. Yeah. So you did a post-mortem, right? Which is also healthy. It ain’t fun, especially when you take a beating, right? And again, you said your teammates didn’t do all that well either. So what you could have done is become so discouraged. You could have just quit, but you didn’t, right? You went back to work, you studied your own behavior, you saw where you could improve. You started practicing on those areas where you could improve. You had an open conversation, great communication with your team, I think. And then you went back and I think the next tournament you did very well, or you won, if I remember.
Yeah. Yeah. I did very, very well. And a lot of the things that I struggled with in the first one, I completely rectified. And kind of what you were saying, it’s okay to look at a bad performance. And I was bummed out when I called you. I was upset, but not even for a second was I was I like, oh man, I’m
Terrible. It did not go well.
Hey, how’s it going? I’m glad. Well, I’m excited to hear about your show. How did you go? It did not go well.
Yeah, that’s pretty much what I said. But not once was I saying, oh my God, I’m so bad at the game. I have to quit. I, I knew at heart the problems that I was having were super fixable and I knew what I needed to do to fix them. And I think that’s something people kind of stray away from a little too much now is being able to say, okay, I know that I can improve here and just figure out how you can do it. Break it down. Ask yourself the why, and really just sit down and figure out solutions for the issues you had.
Yeah. Now you create a loop for yourself because you can go to school on yourself as that’s a saying in golf, go to school on if there’s a putt inside you or outside of you, you can go to school on the guy who has to putt first. So now you have this process where you go, you’re excited about the opportunity, you go, it couldn’t have gone worse as far as what your expectations were, but you sucked it up. You went back and watched the tape of your team’s performance. Everyone gets to improve. Now you have even better things to practice on because it’s not just, oh, let’s check this out. You’re actually practicing the things that you need to improve on because you’re only as good as your weakest link. So that’s healthy. And now that process, then you went and competed again, and the team, you did well and the team did well.
So now you have this whole snapshot in your brain where you can say, okay, this first attempt with the team, which I was really excited about, cause it’s kind of an audition, right? Let’s not forget that for everyone watching, when you’re your first time, all the eyes are on you. So it’s even more pressure. But soup to nuts, you can go back and say, okay, we recovered, which is life how? It’s not what happens to you, it’s how you get up and recover. You have a smashing next event. The team does very, very well. Everyone’s feeling good, and now you guys have a process because it’s all guys on this team to replicate that. When things don’t go as planned or as you know, have to set up strategies, that’s the whole thing. And so if you call out a strategy and it’s the wrong one, or it’s not a efficacious or effective for the type of attack that your opposing team is coming up with, then you have to have all this stuff ready to go.
And this from Jiujitsu, how many times did we execute scissor sweeps together about a million times? And it’s banal. It’s completely banal. Starting the guard, grab the collar, do this scissor sweep. Okay, let’s do it again. Because it’s just the massive constant repetition. And you could just go through it mindlessly. You would do a pushup. But if you stay present for every single thing, next thing, as they say, I didn’t come up with this, but I love the saying, this is kind of on a post-it note on my computer. Practice doesn’t make perfect, perfect practice makes perfect. So again, simulate, go back, test your ideas and see that they work. Because then if you can’t conjugate something that works with your own behavior, something has to get fixed. And as they say in management, if you’re not getting the results from your team that you need, you have to change the man or you have to change the man.
Yeah. And I mean exactly what you’re saying, really. And I think to kind of circle back on the comment too, it’s just do reflection. If you have bad habits that keep creeping up. Throughout my years as a cyclist and various different professions, I’ve had tendencies that have popped up. And since I switched professions a lot, they would pop up the same thing, but in different ways too. And I would really reflect, I think a lot of where I overcame those bad habits that I had was really just reflection. I thought about it, I was like, okay, why did I do this? What are some things I can do differently when I’ve always had this issue with competition and it’s sleeping the night before, right? Yeah. I’ve always had issues getting good sleep the night before. Yes. And what I figured out is how to deal with that by making myself tired that day. You don’t have to supplement with melatonin or whatever. At least I didn’t have to. But I literally said, okay, look, I can’t,
Stuff’s not that good for you anyway. I mean, yeah,
If you’re supplementing with it constantly, it’s pretty bad. But if you’re doing it once every month or two months, it’s not horrible. But anyways, I said like, okay, here’s how I’m going to go to sleep. I’m going to do a tough workout. I’m going to wake up early and make sure that I have a good bedtime. So when I wake up at five in the morning, the next day I’ll be well rested and ready to go. And it worked. And I stopped having that issue and it never really came up again.
Yeah, I think when I look at my own behavior, I was reluctant to fail, which you have to invite failure if you want success, you got got to go walking in traffic. You know, really have to invite the risk. You have to invite failure. And it’s in learning through that failure that you learn how to cut the right corners. You don’t want to cut corners to be cheap. You don’t want to cut corners to think that you can one up the system. I think in a recent podcast I was saying trading is a lot like driving, but the market always has right of way. And if you don’t like being in that position, which is a whole other conversation, why would someone feel that way? They’re hardy, they’re full of ego, they think they’re infallible, right? They’re used to having a bunch of seeking lower companions and they have a bunch of people around them that the market doesn’t care about any of that. The market is the truth meter. And you can either execute or you can’t. And it doesn’t mean you’re a loser. Loser. I always remember Jerry McGuire in the movie John Travolta’s, former wife, she passed away rest her soul. That was after they broke up, she would go lose her.
So yeah, humility, man, not humiliation, but having a sense of humility and inviting that failure, knowing that if you lose money, you’re not counting that money. Those aren’t a pair or Air Jordans that you were going to buy because the money’s in your trading account. It’s not in your savings account. It’s not for disposable income, right? So when I was younger, that was one. That was one of the things that I definitely did. Now that I bring that up is cause I came from working class background and I was used to working hard and making money. And so as I was going into white collar work in and around trading, every time I had a trading loss, I would think about what the opportunity cost was. Now what was I not going to have in my life because of that money? But then I got out of that pretty quickly and I was like, well that wasn’t in my savings account anyway.
It was in my trading account. My trading account is really the capital that I need. Those are the points in the video game. That’s my dry powder so that I can do my thing. I was lucky also, I did one of the recent podcast episodes. I said, I think it’s harder today in many ways than it was back then. Why will? Because there was so lack of resources. I was forced to have blinders on. I couldn’t join a discord because the internet didn’t exist, right? Blackberries were not, weren’t even like the tactile devices that you knew. I think they were called two-way pagers at the time. So this is going way back. So I couldn’t fall into the bad habits that many of you can fall into right now. Cause those avenues weren’t even open. Twitter channels, private Twitter channels, alert groups, slack channels, Microsoft teams, any of those places where you can segregate a group of people who are paying a premium.
It’s all kind of interesting stuff. But again, you know, can’t be 14 year olds and still sucking on the nipple. You know what I’m saying? You have to learn to do it yourself. So learn your craft and then go do it, right? If you need an accountability coach, that’s one thing, but going to feed off of somebody because you constantly need to get fed trading ideas. That’s not sustainable. Ultimately, you have to go harvest your own vegetables, kill your own meat, gather your own berries, and then come home and cook it, and then eat your own cooking. This is a job of independence. It’s not about relying on other people. Again, we live in a paradigm of personal responsibility and this is all on you. And if you lose because you’re following Jim Kramer’s action alerts, well that’s your failure for relying on him. Nothing wrong against Jim.
Smart guy knows a lot about a lot of stocks. I think he can tell you about 3000 stocks off the top of his head. I cannot. So I look up to that. That’s a good skill to have. But if you’re trading, you have to do your own homework. And if you’re reluctant to do your own homework and you want to delegate that for 97 bucks a month to get someone else’s ideas, how are you going to pick which one? Do you trade every one of them? Or do you let bias come somebody else? Okay. But then we’ll get those results. You really have no one to blame but yourself. It’s not the source of the idea. You have to do it yourself, right? Again, and you can have teammates and work on a desk and share ideas. That’s awesome. And that’s definitely beneficial. It’s really good. But when you click the mouse or pick up the phone to put on a trade, that decision rests with you alone. It’s not a team decision at that point. Even if you have four or five people bouncing ideas and calling out stuff over the headsets and this and that, it’s your decision to put the trade on. And if you’re using your discretion, then it’s your result.
And a lot of folks shy away from that because they haven’t had to do that in other parts of their life. And coming into trading, they try to bring their old rackets from being nine to fivers and having a bus and being told what to do. Now they have to be self-starters, autonomous, decisive, it’s a whole other, you’re like a split personality. You’re living a different life. So it’s very, very difficult to make that move and do it effectively at the beginning because you do. You’re using skills that you don’t have to, that you haven’t been using ongoing. And when you start to exercise those muscles, as people say, it feels weird, which is their way of saying it feels new. Hopefully I can get comfortable with it because I know if I don’t, I’m not going to make it. So can you hear me?
Yeah, yeah. No, I got you. Yeah, I think, no, you make some good points. Practice is everything and perfect practice makes perfect, as I’ve heard. I really like that saying though, actually, to be honest with you, it’s a good thing and good technique makes a great person and I think that’s a good place to wrap up. Okay, thank you guys. Thank you guys so much for watching today. We really appreciate all the support. Make sure you guys like and subscribe. All comments, help the algorithm, press the notifications bell so you get notified every time we post a video. And thank you guys very much and we will see you in the next one.
And thank you, Jess, for writing in. Appreciate it very much. Thanks folks. Check out the links below if you want to inquire about the mindset course or if you want to get the download for the audiobook version of the Inner Voice Trading. See you next.

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