I decided not to hold this mindset presentation as a webinar but more as a lecture style presentation due to the time constraints of my readers and students. I have posted the presentation below and will be around for the next 48 hours to answer questions posted in the comments underneath the video. You will notice that I repeat certain ideas in different ways throughout the presentation. If you have read the RichDad PoorDad book series you will notice that Robert Kiyosaki does this. He explains it that by repeating the information in different ways a particular concept is more likely to stick. That is what I hope to do with this presentation, if I can get one of my readers to change their thinking about just one issue in a way that sticks then I will think my job well done!
Here is the link to the Mind-Map that goes with this presentation
See the comments below the video…
Trading Mindset Presentation
There were quite a few take a ways from the webinar for me, would like to share them with you, may be useful for somebody else in future.
1) Trade detail, sample size: I like the way you addressed the sample size, I often thought I need to have 6 months of data before I could start looking. 10 is actually a good starting point. I had kept detailed records for a month, after which I hadn’t continued. So I went back, picked up that sample and found out of the 6 systems/trade recommendations I was trading during that period two were actually profitable. It may require further testing but makes it a good starting point. Interestingly, out of all the systems traded my system was the most successful(Helps to increase my confidence)
2) Leaving the job/Multiple streams of income: A lot of us dream of leaving our jobs and trading from home. Your webinar got me thinking, you mentioned the stress of making money consistently. Looking back, my most profitable times have been when I was really busy at work, giving me very less time to look at the screen, tinker make changes. Also not having to worry about the money for daily sustenance helps me to not take a losing spree seriously.
3) Focusing on the process rather than the result: I have screwed up big time trying to think of making an x amount before x date and things like that. So your reiteration of that point really makes a lot of sense.
Small changes that have helped over the last few months:
1)I liked your trading plan of trade 1% and increase the stop loss to half of the profit amount and start with 1% if the previous trade was a loss.
2) You suggested keeping the actual trading system on a different computer. I now have a desktop server. I used to have access to my trading system on my phone and all the time either used to monitor the trades or make changes when it goes against.
Your advice on assessing the the charts against system criteria, either taking action or waiting for a more favourable set up, then walking away was invaluable. Quite a tough habit to adopt though.
I will most certainly watch the video several times as well as continue to study your”Inner Trader” book to fix my confidence problem and my present fear of letting the trade run.
Early recognition of the set up using 10xroi is still a problem but I am confident this will improve with practice.
The feedback from the survey was great. Enjoyed this very much and have come away with with some positive ideas. I’ve got to commit, I’m definitely going to try the EFT once I get going and have documented my weaknesses more clearly and I need a sample of results to draw confidence from. I’ve set up 8 different pairs on my charts and may cut back if it gets a bit overwhelming and can always add more later if it feels ok. Thanks for that. I’ll probably give it another watch next week when I’m off work.