In this episode of Truth About FX, Walter talks about taking trading courses and mapping out your trading system based on how others do.
Walter highlights how important it is to know and acknowledge your beliefs and psychological barriers that blocks you from becoming a successful trader and why, while it is good to get ideas from others, you should never forget to find your self and trade the way you are comfortable with.
Download (Duration: 06:00/ 6.86 MB)
In This Episode:
00:35 – what could have gone wrong?
01:31 – sounds funny
02:06 – discover what your blocks are
04:03 – not easy but possible
05:23 – go through the buffet
Somethings are actually psychological barriers towards financial success. [Click To Tweet].
Overwrite negative thoughts with better ones. [Click To Tweet].
Is it necessary to follow someone else to learn how to trade? [Click To Tweet].
Announcer: Sometimes, forex trading is a wild and wooly place to be. That’s why Hugh is here, to post your questions to Walter, the naked forex guy. Hugh’s got questions and Walter’s got the answers. Here at the Truth About FX Podcast.
Hugh: Hi, Walter! This is a common question that we get. I signed up — or a student will say “I signed up” — for trading educational service, course, whatever. They have a good reputation, they did their homework on the service but they didn’t make any money. What could have gone wrong?
Walter: This is going to sound funny and it’s true there are some scams out there. I think the hay day, the old wild west days in forex are gone, they’re behind us when we all had this fake trading robots. You remember all those, right?
Walter: Those trading robots were insane, news are hell and those things don’t generally work. Here’s the deal, there’s one of two things going on: one, you sign up for a scam and it’s a scam.
They’re not making any money, they’re faking the results and usually you can figure that out by looking at the reviews. If the reviews are poor, then maybe that’s a pretty good clue that you shouldn’t really deal with these guys and move on to something else.
More likely, if they’re honest, it’s more likely that it’s actually you. I know it sounds funny but we all have thoughts about money, we have thoughts about wealth. Sometimes these things are actually psychological barriers between us and financial success.
Now, I know it sounds a little bit weird and we’re getting bombarded by messages all day long. A lot of these things are in our subconscious, they’re not accessible, they’re very difficult to dig out of.
This is what I’ll suggest that you do. If you’re having trouble and other people seem to be making money or it seems like it’s a legitimate service, I would definitely look into trying to discover what some of your blocks are. We all have thoughts about wealth, thoughts about money and these things are going to shape how much money we make for the rest of our lives.
You can either let them determine what your life is going to be like or you can change them. You can overwrite these thoughts and these ideas that aren’t necessarily conducive to building wealth with better ones. That’s what I would suggest that you do.
Beyond that, the other thing that’s interesting about this idea, this question — which is a good one — is that, is it really necessary for you to follow someone else to learn how to trade?
It may be in the beginning, maybe that’s something you do in the beginning but later on what’s going to happen is you’re going to come up with your own ideas. You’re going to adjust these things for yourself.
I recently had a student from my little community and he gave us a webinar and he showed us how he trades. Very quickly he went from a thirty thousand dollars to over a million now. He’s now managing money that they called super funds in Australia but it’s like a retirement fund. He’s managing money there.
The biggest deal for him was getting over these blocks and overcoming these blocks that holds us back. That’s really what it’s all about.
My question to you is, how are you going to trade? Is it that you’re just going to follow somebody else? My student didn’t do that. He did not just follow what I said. He took what he learned from me and he actually applied his own methods.
He tweaked it and he changed it. He was kind of sheepish about it, almost like apologetic. “I’m sorry that I’ve changed your system.” That’s the common denominator for the most successful traders I know. They all do that.
They take it and sort of tweak it. I would suggest that it might be worth it to one: look at your own deep seated thoughts about wealthy people and money. There are many different ways that you can get your subconscious.
It’s not easy but it is possible. The other thing I would say is think about how you want to trade. What are your beliefs about the market? What do you think about how the market moves? How can you go incorporate those into a trading system?
In the end, the only trading system that you’re going to trade long term is the one that you believe in. That’s what I would say. I hope that makes sense. I’d be interested in getting your take on this.
Hugh: I totally agree on this. I think the first thing, really, is the mindset thing. It’s not sexy and something that traders maybe don’t want to take a course on initially but, it’s something that I’m definitely working through right now. That is usually the biggest block.
Also, you have to take it into consideration that, okay maybe this course doesn’t work with your personality. Like if you took a day trading course, Walter, you wouldn’t be successful either because that’s not your style. Maybe you just have to take that into account also.
Just take the good from that, what you can learn from that course, and then just threw the rest out. Just take it up to experience. That’s something that you might have to go through if you don’t understand your personality very well.
Walter: Absolutely. It’s all about defining you. You’re at the point, Hugh, where you’ve defined who you are as a trader and that’s the important thing. It’s okay in the beginning to taste test and go through the buffet and try a little bit of this and a little bit of that.
In the end, you’ll find out who you are and settling on what your strategy, what your beliefs are. That‘s important but it’s not as critical for you to do and follow to the letter what someone else does.
In fact, in the end, you’re going to be much more successful if you allow yourself that freedom to break out and adjust and change it so that it fits what you believe. That’s a great advice.
Hugh: Alright. Thanks, Walter. See you next time.
Walter: See you.