Foundation of Trading and Trading Mindset Vol I | Skill Camp Academy | Skillshare

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Foundation of Trading and Trading Mindset Vol I

teacher avatar Skill Camp Academy, Build Skills and Financial Independence

Watch this class and thousands more

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Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Watch this class and thousands more

Get unlimited access to every class
Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

12 Lessons (1h 36m)
    • 1. Video To Watch

    • 2. Welcome To the Course

    • 3. Skill Camp Introduction:

    • 4. Traders Assessment Program

    • 5. 6 Mistakes in Trading

    • 6. Trading Basics I: What is Trading?

    • 7. Trading Basics II: Who is a Trader?

    • 8. Trading Skill I: Skills of Profitable Trading

    • 9. Trading Skill II: Mindset of Skill Development

    • 10. Trading Mindset I: Setting Right Expectation

    • 11. Trading Mindset II: Expert-Level Skill Development

    • 12. Traders Assessment Program

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About This Class

Welcome to Skill Camp's Foundation of Trading and Trader's Mindset : 

This course has been designed to deliver a practical method to develop the mindset and skills required to kick start your journey towards discretionary technical trading.

It is primarily focused towards Traders who are new in the Forex Market looking to build their discretionary technical analysis trading skills, and Traders who have some experience but have been struggling for quite some time to find the right method and the right process to approach the market.

If you are ready to change your life and if you are ready to commit to learn and do whatever it takes to become successful at trading, then we have created this mini course to help you develop the mindset and skills that any trader would require even before you learn your trading methodology and take your first trade ever.

Here in this course we will cover:

  • The Traders Assessment Program which will help you define and understand your trading personality
  • 6 common mistakes traders make when they start trading
  • How people generally think about trading as opposed and how they should think about it?
  • How we as retails traders should focus on right kind of skills and mindset that different professional and institutional traders possess
  • What different kind of Trading skill we need to build in orders to succeed in the market  and how to build those skills
  • How to develop proper trading mindset and set right expectation in trading
  • How you can develop an expert-level skill and mindset like other successful traders in the market

Action To Be Taken by Students: If you feel you are ready to develop the mindset and the Skills Profitable Trading, If you feel that you are ready to build a successful trading career and strong business around it

Then check out the content of the course below, if you like the idea behind the course and If you feel like you absolutely want to be a part of this amazing experience 

Then Enrol In The Course and Be a Part of the Team, Let us  help you become the trader you desire and deserve to be


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Skill Camp Academy

Build Skills and Financial Independence


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1. Video To Watch: are you interested in treating the markets and excited to become a successful cheetah? Are you looking to build your skills of profitable trading but don't know where to start? Are you struggling to treat the market consistently every day or want to learn the right process and right mindset to approve the market and welcome to skill camps foundation of trading and treat his mindset? This course has been designed to deliver a complete method to do love, the mindset and skills required for discretionary technical treatment. And it is primarily focused to its traders who are new in the market, looking to build a discretionary, technical treating skill and traders who have some experience. But I've been struggling for quite some time to find the right method and the right process to approve the market. Everyone loves the idea of making money from home, and it has never been more easier than now to develop a valuable skill like trading. Learning to become a skilled and consistent trader cannot only increase your income, but also provide you and your family with the life and happiness you desire and deserve. Everyone loses money in the market, but to succeed you must change the way you view the markets the way you view the business of trading as a whole. You must look at your trading career from a different perspective and commit to learn and change your life beyond success. If you're ready to change your life and if you're ready to commit to learn into whatever it takes to become successful in treating that we have created the scores to help you love all the key foundational knowledge and skills that any change would require even before you learn your trading methodology or take your first treat ever. If your view that you're ready to build a successful treating career and Sean business around it, then check out the content of this course blue. If you like the idea behind the course, and if you feel like you absolutely want to be a part of this amazing experience than in rule in the scores can be a part of the team 2. Welcome To the Course: we are thrilled to officially welcome you to a team here at skill can. This is the beginning of an entirely new and amazing experience for us. A cheetah looking to develop your skills of profitable changing. Are you excited? You should be because we are going to change the way you feel about the markets and help you develop the right way to view the business of trading as a whole. Let me start by telling you what we say to all of our traders. What happened yesterday is all in the past. You cannot change it. You cannot fix the bus, so there is no reason to dwell on your mistakes are yours? So own them, but did not allow them to dictate the decision that you make today these resilience, the ones that you're making right now, your decision to enroll in this course is a positive step towards you. Cool. It is these decisions that could determine your tomorrow and lead you to your success. You're going to be learning a lot of new things. And while it's going to be awesome, this course will challenge. It's going to challenge your old ways of thinking about the market and it's going to challenge you to step up to a whole new. Now, I won't always be easy, but we know you can. And you will do this. We promise you if you commit, if you focus, and today consistent action, this trading course will change your treating and your life forever. As you dive in the course material, I want you to be aware a few destructive thoughts that can rent space in all of our heads. I call them thoughts of failure. We all have them from time to time. Now, the chick is to be aware when you have these thoughts and turn them around right away. And when you do that, you're going to put yourself on the track for lifelong success. If you're doing, you might just be caught up on the circle going back and forth, learning nothing, and I knew that is not what you want to do. So the first destructive thought that you gotta watch out is I know this already. I already know this and I don't have to learn this again. Any time you're you yourself saying I know this already or anything similar to that you gotta be aware of it and immediately turn it around into a question. Ask yourself, What can I learn from this? Because you can always learn something new, and it's usually one of two things. First, you can learn a new angle or a new way to look at a concept that your order from you or more like you're going to see that the thing that you think you know you're not fully applying it into your trading. Knowing something is not the same as doing something. There's always another level of mastery that all of us can reach. And when you ask yourself the question, what can I learn from this? You change your bring to look for new opportunities into group Now, the second destructive thought and the thought of failure is this is not going to work for me now. Instead of saying this is not going to work for me, you go to stop. You gotta catch it and change it around into another question. Ask yourself, How can this work for me now? You may be learning something that you think does not apply to your trading business or you're cheating style, but I'm going to tell you this Often the most powerful lessons come from outside of your present process and mindset, and by asking yourself, How can this work for me? You train your brain to start thinking creatively in a new, usually a better way of looking. At the same related problem, Your mind is going to look for new creative ways to look at the market and different ways of identifying an edge over the market that has a sustainable positive expectancy. So next I want to talk about changes. This program is going to bring it you because this program will challenge you to become the trader you're meant to be. You're going to learn new ways to thing. You're going to develop new habits. You're going to step up to a whole new level. But here's the thing. Change is uncomfortable, it's scary and it gets off a whole lot of fear and insecurity. And when we humans get uncomfortable, we automatically think that something that is happening and something is going on all because of that. We want to doubt ourselves and we want to pull back. We want to quit on ourselves and go back to our old ways, but you must understand what's really going on is we are changing and growing. We're creating new neural pathways in our brain, new habits, your ways of thinking, new ways of being the successful cheater you want to be. So, yes, change is scary, and it's uncomfortable. But that is a good sign that you're growing and building new skills off profitable. Treating one last thing. Never doubt yourself. This is the first and the last time I will be talking about self doubt, and this is something that will come to you time and again. Whatever your current situation, whatever mountain you've climbed or rude, you followed whatever hardship you've faced that ultimately led you here, I want to tell you. First and foremost, your dreams are not foolish and your goals are not unattainable. There will be no shortage of people who will tell you what isn't possible. You will be confronted on a daily basis with people who will try to crush your ambition. All I have to say is resisted at all costs. Learning the skills of profitable trading takes time, and you've already taken a huge step to make a lasting change for your success. There will be times when you won't see any results, and there will be times when something does not work, like the way you want it to work. But don't doubt your ability. When that happens. Don't worry about what other people thinks and don't force the process on yourself. Take a step back and analyze your situation and write down your thoughts. Take a look at your plan and the problem from a big picture perspective and make sure you take a break or a walk before you start back at your Medea for your research. Okay, now we are officially ready to rule once again. Welcome to skill can. 3. Skill Camp Introduction:: Hi there. Welcome to skill. Can we have a very simple manager here? And that is to help you develop into a skilled and successful professional and guide you to build super valuable skills and create your ultimate financial independence. Our goal is to help you transition from having no skills to being skilled and successful at five distinct recover financial treating, programming, data science, entrepreneurship and investment manage. Our goal is to help you turn these skills into successful business opportunities on multiple teams of income, which you can grow and scale as you achieve your financial goal. We provide skill level up in training through our high quality online courses, which covers three different level of skill Developed. The first level is the basic fundamental course that all of us required to begin developing their skills on anything without the basic knowledge and understanding, the skill development process might turn out to be very Landy In Over here, you can take your skills from beginner level, toe and intermediate level and start your journey towards the financial independence. The second level is the level that includes Thea Vance course that will take you from an intermediate level to an advanced level of skill level a year. You will build on existing knowledge in the club on different but important component of your skill. You spend time holding important component of your skill and less time on the less important ones. The third and the last is the domain specific level year. You will specialize on high level domain specific skill that could help you build expertise on the component off your overall skills. You will use the knowledge from the first level and the components specific skill from the second level to develop a domain specific expertise that you can use to create your own business. Most of our content is internally developed, but when required, we always bring specialists and experts to partner up with us so that they can help us figure out the right process for your success. The main focus of these courses is to help you develop valuable skills and help you turn their skills into functional businesses and multiple sources of income. We believe that building wealth and financial freedom is absolutely possible, but it is more about building multiple income stream than concentrating on one source of income. There's one other thing that all of our team member here at scale camp have set our mind around, and I want you to internalize this belief and mindset to here at skill camp. We believe in growth and investment mentality. Re believe having an investment focused mindset is the key to anyone success now, when it comes to investment, it's not only about investing your money into different stocks or bonds, but we have a very different approach here at skill can. Here is how we look at it. Three idea behind investment is simple. Investment is the current commitment of money, and other resource is in the expectation of reaping future benefits. So, in simple terms, you can either invest your money or you can choose to invest. Your other resource is such a stein. Now, since we have money and time to invest, we can invest the time or money on an asset, or we can invest them on a skill that will help us build more wealth or save more time in the future. We believe that all of us can be successful and can achieve our financial freedom with the right goal, right mindset and the right discipline you can succeed at anything you desire and build a good financial base to live a happy life that you deserve. So be ready to succeed and conquer your financial dream. Be a part of the team and let's show the with that you can and you will achieve your goals in life. My name is a dish and I'm the founder and CEO here at school. I wish you health, wealth and happiness. With that, I would like to welcome you to a team we will together help you build an amazing experience and get the result that you were looking for as you grow toward your financial independence . 4. Traders Assessment Program: hi and welcome to our first section of this course. This section is called The Traders Assessment Program, and this first lesson. You will take an assessment test to understand you're treating personality and treating nights so that you can change what's missing with your expectation and start building a strong trading mindset from the get go. TheStreet is assessment program consist of 20 to 30 questions that would help you understand your trading personality and identify holds in your cheating mindset. It is going to provide you with a Jada's profile that suits your personality the best, which you can choose to apply it into your trading if you find it helpful or you can choose to ignore it. If you think that your personality does not match, is the result of the assessment program there. Two types of assessment questions in this quiz, one type is yes or no or disagree or agree questions, which are easy to follow. An answer. The other type of question is multiple choice question, which might be quite tricky and might not apply all at the same time. So you need to choose the right answer that fits your current personality and current situation the best. Keep in mind that there no right or wrong answers look different answers applied to different people based on their trading experience treating knowledge, trading personality. But there are answers that are more likely a good sign that suggest that you have the right mindset, right personality to treat the market. Now, if you find yourself on the other end, don't be discouraged, because this is one of the problems that this course is looking to solve. And just remember that no one was born with this mindset and no one learns it anything. Even the most famous traitors in the history of trading have lost and feel many times when they started one last thing. When you take the assessment test, read all the answers and choose what fits best for you and your situation. Once you choose your answer, take a look at all the answers in the list and see if any other answer is a better representation of your situation. Right? Both answers in your treating Jenna life. Now what happens when we stuck with this personality assessment that we tend to have some bias is coming to the assessment program we have a set of ideas of what or how we want to represent. I want you to represent your real personality and choose the best fit for your optimum result. People record off your assessment in your treating Jonah, which will mean answers and the other answer Stroot. So now take the treatise assessment Quiz and enjoy the process of identifying your personality. I wish you all the best in your learning and hope you achieve all the success in your cheating journey. Thank you for your time and have a good time with the course. 5. 6 Mistakes in Trading: six mistakes to consider and learn for treating success. People make mistakes all the time, and the reason for making these mistakes is due to lack of having a clear understanding about what these mistakes are when we first begin to learn and developing the skill were expected to make a lot of mistakes, and that is because we do not have proper information about the skills. We have no idea about what is right and what is wrong, and we tend to learn and understand by trialling ever. I know it is a good idea that we learn from our mistakes, but it's even better if we learn from someone else's mistakes and avoid those mistakes completely. Hi and welcome to the forex trading skeletal open course. This course is created by skill Camp and training camp combined to provide you ah, high quality treating education that focuses on developing your trading skill and trading mindset. This lesson is the first lesson off the course, so I believe that before we move on and learn about treating skills and treating mindset, we must understand some misconceptions and mistakes that people make when they come to treat the market in the first piece in this particular lesson, we will look at six mistakes that we need to learn from so that we can become a skill, inconsistent reader. We will look at some key component of treating skills and trading mindset in the lessons to come. But to have a good understanding about these components, we must first have a good understanding about some misconception and treating and mistakes that treated me when they come to treat the markets. We must list out these mistakes and learn from them so that we can avoid those mistakes. We're cheating the markets. Mistake number one, lack of right nights. It the first mistake that I commonly see around every struggling trader that I've met and doctor is the lack of right mindset or the lack of right expectation and treating because when we first start in treating, we have the mind set off a novel street. We have no idea what to expect of cheating or the markets. You do this lack of right mindset. We make a lot of mistakes and treating bridges. Why people lose a lot of money in the market losing money due to lack off right mindset. and due to trading mistake is a big problem. Having right mindset and proper expectation can help us avoid this situation where we deplete our capital. Zero. Having a gambler's mentality and coming to market to make a quick park is not the solution . Knowing that treating requires knowledge in practice is the right place to begin with. Accepting the treating is, ah, hard process, and committing from the very beginning would give us that initial push in the direction of successful treating. Setting right expectation and treating is very important, as a lot of psychological mistake in treating comes from wrong expectation. We need to understand the fact that treating is a skill and it takes time to develop. Coming to make millions off dollars quickly in the market is not the right way to look at it. But if you were skilled enough, scaling to that level later on in your career is not going to be a problem. Mistake number two. Lack of trading, education and training knowledge. The second mistake is lack of trading education and trading knowledge. Once you said your previous mistake correct, you will certainly be able to start correcting your other mistakes as well. But mentioning this mistake is also important. Trading education is as important as setting right expectation and treating without your trading knowledge. No matter how right your expectations are or how good your treating minds it is, you will have no method or process to approach the market to profit from it. Understanding the basics of trading is where you begin, But learning the skills of profitable treating requires consistent Nola's acquisition and practice as your experience cruise by monitoring and reevaluating your knowledge and experience, you will provide valuable feedback to your skill level open process, which will in turn make your treating skill development process more robust. To bill your skills and a quiet trading knowledge, you must look for right educational resource is and structured knowledge on trading. It took me a long way to understand the importance of trading education and to understand that without learning and developing my skills, there is no moving forward in trading. They're millions of ways to make money in the market. It's difficult to find, but it's possible you need to develop the skills and the style that fits your personality, buying a system or following a signal will not give you the freedom that you seek. If you want to be successful, you either must learn to be consistent or their many pasa ways to invest your money in the market. But whatever you do must match your personality and your lifestyle. I cannot tell you which one to choose, nor can anyone else. It is something that has to resonate with your personality. The word properly. There's a way to reach most of the traders learn, and that is through trial and error. But this is going to take a lot of time, and that is one reason why it takes years for people to learn the skills. There's another way around that you can learn a larger framework or methodology and tailor it according to your personality and comfort, which is what I did. You must work on a larger method so that you can build your own trading strategy and system and test them to quantify your edge in the markets. Mistake number three. Lack of treating edge in the market. Now the third mistake we need to consider is not just important, but the most crucial one, and that is lack of an edge over the market. Now having the treating system and the market is not enough. You must have a system or a strategy that has alleged mint edge over the market to make money consistently. Without an edge, we will not be able to make money over a long period of time. Short term profits and losses are possible, but eventually the strategy will bleed money if it does not have an edge over the market. A lot of people mix lack of an edge with problems in the trading psychology. They think there's a problem with the trading psychology when their system starts losing money. But the main problem is that they do not have confidence in the system because either they've not built the system or have not tested the system to find out if it has an edge over the market or not. Having an edge is simply finding a strategy that has a positive expectancy after transaction costs have been considered to know if a strategy has an edge, it is a good idea to test a strategy for positive expectancy before deploying your heart on Capitol. Most traders spend the least amount of time demonstrating off paper treating as possible before funding the life become, it is critical to ensure that you've destined your plan both in simulation and live market to find out if you have an edge in the market before you put your capital at risk. If you know that you have an edge in the market because you've tested your plan in simulation and life environment and you still underperform, then you can see it's a problem of your trading psychology. But first you need to find, develop and test a training plan that has a legitimate edge in the market with consistency and discipline. Mistake number four lack off trading discipline The foot mistake as lack of discipline Best trading method with the most trading edge in the world is useless in the hand off a trader who won't follow their rules and treat with absolute discipline. There are plenty of treating methods that work in the market. All you have to do is follow the treating plan with discipline, focus and consistency. To realize a profit from the market. Discipline is one of the most important part of being a successful, consistent and profitable trading. It is hard to trade the market with a system that is in a drawdown, losing consistently. It is important to be disciplined and continue treating the system to realize theirry Jawf the system. But you must know the system and trust your method to be able to treat your plan with all your confidence in capitalize on that positive expectancy off your system. Markets are random, creature are trading methodology can help us find an edge, which will tilt the probability in our field. If we're not disciplined enough to treat it with consistency, we will be adding to that randomness. And we will make being dire process inconsistent, extremely emotional and psychologically challenging. What separate winning treaters from losing traders. What I found was success, and cheating is not based on one factor or the other, but a combination of factors such as having a plan, having an edge and so on. But if there was one thing that I would say, all waiting cheaters have in common is their ability to follow the cheating process with discipline and consistency to become disciplined, we must understand that treating is not an outcome bees approach, but rather process be skill, a particular trading method is independent of one outcome, which means the positive expectancy or edge off. A trading plan depends on the law of large number rather than one outcome. So we must execute are treated based on trading blocs of sample sizes, sometimes extended strings of wins and losses. Will okra, which is known as drawdown. We must have the discipline to follow the plan during thes drawdown. Now I know it's easy to see that we need to fall the plan to our drawdown, but it's hard toe actually follow it. But it is important for us to follow our plan during our drawdowns because any next treated you miss my cover a huge portion off your losing trades. It is hard to fall of the plan during a negative drawdown, and it is even harder to follow the plan when we have a series of winning trades, because what happens when we have a series of building trades? The general tendency is to be overconfident and increase your sides to make more profit out of the trees and during these moments with them to make the biggest mistake. So it is important for us to understand that no matter what we feel and see. We always need to follow our trading land with discipline, focus and consistency. We need to understand that treating is more about following the process and executing with discipline and less about making thousands of dollars in one particular cheap. You cannot consistently make money with a short term approach. With that in mind, Jube will tend to focus in short term gains and not on bigger picture of treating as a whole. Stop being and I've come Bistrita become a process. Bistrita ah process based trader is a trader who sets up there treating plan and test the treating plan in the market to understand all important numbers associated with the plan. Mistake number five over leveraging and under capitalization. Fifth Mistake is over, leveraging on under capitalization trading and FX. Treating in particular, has low barrier into engine. You can see accounts being offered by brokers as low as $50 with the leverage as high as 500 times the initial capital. This attracts a lot of people and make them think that they can start trading with as Lewis $50 turned them into 5000 or 50,000 or $500,000 which is not true. In reality, this creates the biggest problem off trading expectation and one of the main reason why majority of new traitors who come to the market feel miserably being undercapitalized the 10 toe over leverage and blow up their account. With that comes psychological error that encourages bad habits such as revenge trading. And they take too much risk on one cheek. Now it may not be as much as damaging to the financial capital because off the low amount they start with. But the psychological capital takes a large head during this process, and that habit starts to creep in. These bad habits are hard to readjust in the future, so the question is, how much money do you need to trade in FX market? The answer depends on multiple factors starting from you trading edge and you're positive expectancy, your available capital, your expected return on an annual basis and many other bottom matrix off your strategy performance. Let's discuss one of the key factor that is your cheating edge and its impact on your capital requirement. You need to know some key matrix off your strategy performance, such as total number of trades generated, total winning percentage, loss percentage, average winning trade, average losing shade, maximum drawdown and so on. These information will help us identify the expected value off your strategy. And depending on that, we can set the capital requirement based on your trading gold. If you don't know these numbers of your trading strategy, please stop trading immediately. We will discuss on these numbers for trading strategy performance later, but these are some of the most important numbers. If you want to do any discretionary tactical treaty, the goal in your early stages off trading should not be to make millions of dollars. The goal should be to be consistent and skilled profit of a change. There is a huge learning curve in this business, and the best way to ensure you survive to gain the knowledge, skill and historical perspective is to come to the market well capitalized and execute your cheese under appropriate risk. Proper position sizing with discipline and consistency. Mistake number six. Lack of a proper plan last and the most important mistake to consider is lack of a clear plan. Now I'm not just talking about the trading plan. I'm talking about a plan for your life in treating as a whole. These are two completely different things, and as much as having a trading plan is important, having a plan to live your life as a trader is bottom for your success. Toe. Having a plan to live your life as a trader from the very beginning will help you organize your life around treating, developing realistic goals. Assessing your current situation and helping your transition from your current situation with achieving that goal is a part of developing a problem focused plan that will help you become a successful, inconsistent, profitable treated. A lot of traders come to the market with no clear plan or designing the mind, but how they're going to approach the market or their overall goal in life. They lack self awareness and a medium to measure their progress and end up confused, lost and overblown. Now, if you have a concrete plan to uproot your treating and your overall life as a trader, you will be able to set proper and realistic goals. You will be able to assess your current situation properly and move towards the direction off, achieving do scoops, trading it is closely related to everything in your life, and every good or bad thing in your life will have a positive or negative effect on your treating performance. So it is important for you to find a balance between treating and your lifestyle. Having a clear plan will help you design a light that you want to live. 6. Trading Basics I: What is Trading?: trading basics. What is cheating? Jailing is an activity that involves transferring goods and services from one person to another, usually in exchange for money. In simple terms, trading is a transactional deal between two parties. They meet on transact with each other and expect to make money out of the transaction. A network that allows this transactional do is call a market where these two parties meet and exchange goods and services to generate a profit out of that transaction. Do they make Hi and welcome to our lesson on trading, Lee sings. This is the second lesson, and we will focus on a key question here. What is shaping the course is all about developing your discretionary treatment skill. And in this second lesson, we will cover about the basics of trading. Let me answer this question, but in terms of definition and in terms of psychological perspective of a human being, if you have some experience and market or if you traded before then, you probably have a basic knowledge about change. But if you were completely new to treating and have no prior knowledge of the market, you might have different assumptions and feeding about trading as a whole. If you are a completely new trader and have no idea what cheating really is, the new more we have your back. It is a goal to help you understand all the necessary elements about shading and traders. Mindset. Now we're going to do this through the scores so that you can learn all the necessary skill required to develop a profitable treating night and incorporate our ideas, assumptions and opinion into your own trading method. So let's begin our first lecture on treating etix. All right, first things first, let's move on and understand the most basic fundamental question in trading. What do we really mean by treating from a very high level perspective, Trading is simply buying and selling of financial assets. Now these financial assets are usually equities. Are sheriff a company fixed income products such as bonds issued by government foreign currency exchange rate. But when two different countries, such as Europe, USD or they might even be commodities such as gold, coffee or oil, regardless off the type of asset classes treated, these asset classes are actually cheated using different financial instruments. Let's begin with the one that we will be working on with this course the spot our cash market for each of these asset classes are cheated on the spot breaks provided by the counter party for immediate delivery. The immediate delivery happens in T plus two working days, which is two working days after the trade is executed in the FX market. The reason for a two day delivery period is originally due to the time it would take to move cash from one bank to another. Currently, almost all the transaction off foreign exchange deals are electronic in nature and most speculative retail foreign exchange shaving is done on sport transaction on an online trading platform provided by the brokerage off your choice. The spot market is one instrument to treat any asset class. There are other significant instrument, such as forwards futures option contract that a derivative contracts based on the underlying spot market. The more common institutional instrument to treat these asset classes are swaps. They are also a derivative product, these on spot market that was the most traded FX product, According to the B. I. A survey in 2000 and 16 there is at least one other instrument relatively common these days and that our machine sheeted fund here, we will only focus on what is important and that is the spot transaction. Now all of these are different financial instruments to trade the same market in order to make a profit out of these financial markets. But since the goal of this course is tied to trading the spot market, we will not spend too much time on other instruments and we will focus on the information that is important for us to accomplish the goal of this course. All right, we've just covered some simple definition about trading and markets. Now let's shift our attention towards a different perspective off trading the market and understand what cheating really is. How is it perceived by a lot of people in the market and how we should think about markets in order to be successful when cheating these markets? This question what treating means or what cheating really is has probably been asked by hundreds of thousands of people around the world who have been attracted towards the market , and it is something that is discussed by a lot of people day in, day out. Now, to me, trading the markets means fight things. Number one. Understand how the markets move and behave. Number two. Organize your understanding around the market dynamics and market movement. Number three. Build rules that respects the dynamics of the market from the observed behaviour Number four. Develop your plans and build skills to consistently applied those rules in the market. Number five. Apply those rules of execution consistently in the market day in and day out. You must follow these steps and apply the process consistently as a way of expressing your views in the market to protect a capital and to generate profit that can be skilled later on as you give love your edge and skills of profitable. Treating everything mentioned here is just scratching the surface. But understanding each of them is extremely important to become a successful cheat. Anyone who says otherwise either has a conflict of interest or is simply unaware off the consequences of treating with a random approach. Now it's simple. A trader must develop a consistent framework in order to follow the market action and trade their own process to take advantage off this price movement. Within this framework, trades must come from this process rather than a random approach, and the trader must follow this process with discipline and consistency. If not, the trade outcomes are no different than the random execution in the market. Well, trading does attract a lot of people who are generally interested in understanding the market, but it also attracts people who are looking to make money quick and easy. Generally, these people have a gambler's mentality, and they have a nice way of looking at treating as a way of gambling their money into the markets. They want to make money quickly overnight, expecting that this is how they're going to become millionaires and live the rest of their life in a beach house or a mansion playing golf and poker with their bodies. Well, as much as it sounds good to be able to do that, it is far from the reality of what actually happens now. There are two kinds of people who don't get into treating at all because they think that risk in trading is similar. Do the risk in gambling. These people always equate trading with gambling. Well, I know, and I believe that there is high risk of losing money when you're gambling, but the risk of losing money in trading is even higher when their first introduced to the market. Why? Because a trader is completely new and has not developed a trading framework or a process now. Not only that, one other reason is because gambling is different from dream nine. Gambling. The casino or the house have some preset rule about the game of gambling, and the gambler always has a choice to limit the risk before the next hand. Not only that, the gambler also has an option either to play or not to play the game at all, but in treating all the rules and the process to follow, those rules are set by changers and are based on their knowledge and experience of the market for a completely new Jetta. With no understanding of the market, no understanding of the risk, no preset rules to treat the market, there's a high probability that the trader will end up blowing their account and dig a hit to their psychological capital. I believe this is where the in famous pilloried of 90% or higher control and I want you guys to steal away from it and that get rich quick mentality so you not to do that. The first step you need to take is to understand and set in your mind that you're the one who will be creating most, if not all the routes that you're the one who will develop your trading framework that respects the reality of the market. You are the one who will develop your own process, routine ritual and research to take advantage of the market structure and price action within this framework. And you're the one who will create those rules based on your knowledge, understanding and practical experience off the market and apply them so that you can become a skilled and consistent treated. 7. Trading Basics II: Who is a Trader?: trading basics. Who is a cheetah? All right, let's be honesty. We all have one main goal when we come to treat the markets and that is to make money. Now we may have different reasons behind what motivates our goal and what drives us to make money trading the markets. But the main goal is always to achieve financial freedom of some level. Hi. And welcome back to the third lecture off this Project Beast Skill Development course. This course focuses on changing and traders mindset. This course is all about developing your skills of profitable trading mindset that is required before we start any trading activity. In this third lecture, we will focus on traders and look at what motivates cheaters to trade the market. Okay, so what motivates us to trade the market? For some, it might be a hobby for some ah, hardcore profession off others or way of making a living cheating the market a right change of different reasons, a motivation to trade the market fallen between these drivers making a living out of shading is possible, but it is very hard and generally the majority of people who come to J the market is more money than they ever intend to make. The reason for this failure is not limited to one single source there many components that needs to work together to become successful in treating and as a beginner, we have absolutely no idea about any of them. Way will cover them as we move forward. But at the moment all we have to do is make sure that we keep our focus on what is really important. And that is to understand how the market functions and how we, as a Jada can build ah functional plan that fits our personality and that respects the reality of the market. The first step towards this plan is to understand that we are technically motivated. Treaters and we're looking to treat the market by developing are treating framework that is based on our understanding and experience of the market. And we're looking to develop our own process, routine ritual and research to take advantage of the market structure and price action within this technical treating framework in order to meet consistent returns out of our trees and become a skilled and consistently profitable Children. Since we know that the goal of this course is to help you become a skilled, inconsistent trader. We must now cover some basics and focus our attention towards the question off. Who is a Jada? A trader in Simple terms, is a buyer or a seller of financial assets such as stocks, bonds, currencies and commodities that are traded on the financial market. They traded through different financial instruments, such as the underlying spot price of the asset or a derivative. Products such as forward futures options are pdf traded on the issue As we're concerned with the spot price of the underlying asset so other instruments will not be discussed further until deem necessary. Traders are people who participate in the market to make profits. By trading these instruments, they buy these instruments, anticipating that the market will go up and sell them, expecting that the market will go down. The transaction in the market is what moves price. Traders are buyers and sellers who meet to transact with each other for the purpose of buying and selling the underlying asset or its derivative products, traders, facility trades that helped them discover price of these assets and instruments that are traded on the market. Traders are market. Participants who are responsible for generating trading volumes in the market price movement in the market are a result off transaction or interaction between multiple treaters in the money, buyers and sellers meet, negotiate and agree on a price of an asset. The demand from buyer and supply from cellar are in balance and equilibrium, but each trade results as a disagreement over price. The endowment effect of associating more value to the asset we wound and less value to the asset owned by someone else is in green. In our nature as a human being, the disagreement over value causes pressure in price movement, an imbalance of demand and supply. As a result, price will move in the direction of the pressure. Traders create their rules to see the market as they understand what, when and how markets move. In order to profit from that movement, they build their own framework and process that respects the reality of the market and build their skills to apply the process and trade the market consistently. Becoming a trader is a hard process. Not only we have to understand how the markets move and create are treating rules and framework around it but also understand the process, the mindset and the commitment required behind having a successful career as a skilled in consistently profitable, treated before moving on. To understand the mindset of a skilled, inconsistent trita, we must first take some time to understand the perspective and knowledge that these traders have and understand where the principles in behaviour come from. It is important to understand these rules in order to avoid misconception, wrong mindset and ever skill development. And it is also important to put in more focus where it is required. That is, learning the right mains it skill and changing behaviour, different people in different parts of the market categories. Streeter's differently. Some talk about by side and sell side traders, while some categorize them based on the cheating style. Well here I would like to give these traitors a simple categorization in terms of rules deeply in the matter. Let's look at two basic type of traders commonly known in the market. Categorized as professional Oregon. A professional treater is someone whose job is to treat the market and make money for the institution or the employer that worked. The execute tree is on behalf of the employer and manages the risk of these position and exposure off the treating book in order to make a profit up the cheese. A retail trader, on the other hand, is someone who's looking to make money by deploying their own personal capital and take risk on their personal account to get a superior risk adjusted return. Ah, lot of people want to call themselves a professional Jada, but all they're doing is shading that refugees. Now you can make a living out of shaving your personal account. You can build a significant capital by growing your account, but that does not mean that you have to be a professional cheater to do that. Ah, professional treater is simply working for other people or institution treating and managing the money, risking exposure. And as a retail trader, our goal is to follow the approach off a professional cheetah so that we can focus on cheating and managing the risk of our own portfolio. A lot of professional cheaters have full performance, but they learn how to manage the rest properly and the belief in a consistent process that they're built around their trading. For him, treating is a very competitive profession and a professional treater who cannot perform well will be leadoff and will no longer work for someone else against the professional word means nothing after that. It is not the entitlement that we must focus on. It is the mindset and consistency and the ability of a good professional cheater to manage the risk and preserve the capital regardless of the market condition and treat outcome. So the main difference between a professional and a retail trader boils down to the job description of a professional cheetah as they work for someone else and are compensated in salaries and bonuses, where, as a retail treater does not work for someone else and does not get its basic salary. The other difference would be they manage the risks and increased profitability for the institution for employer. Whereas retail readers are responsible for risking their own money in order to make money in the market and they're compensated through the risk adjusted return they generate managing the personal treating account. Last difference we can see is the process this professional treatise follow and apply this process with discipline and consistency, and that is what we're looking to incorporate into our own trading free work as a region traitor. Okay, now moving on from that. It is commonly said that as a retail data, we're looking to emulate the approach and the process of a professional Jada to become consistent and skill that treating. If that's true, then what type of traders are we looking to? Emily? Because there are plenty of professional gators with different job description in the market. Ah, professional teeter in an investment bank might spend more time making markets for their client and relatively less time working on the proprietary trading desk. Executing the risk portfolio a professional treater in a treasury off a commercial bank will make huge market moving forex deals with a counter parties to manage their Treasury exposure and are commonly known as forex dealers. The's dealers execute client orders and facility treats in an interbank market. Ah, professional trader at a hedge fund works as an execution trader with a team off a portfolio manager that includes risk managers, analysts and other traders working on multiple strategies over multiple asset classes within a wide area of time. Horizon Ah, professional treater out of proprietary trading firm is a traitor who works with a team of traders and are supported with the risk capital off the treating firm. They trade the market under a profit split or revenue sharing model, and are compensated through a percentage of what they meet in the market for the prop trading firm. Not a lot of people believe that being a retail trader were to follow the process off a trader at a hedge fund for a prophetic trading firm and perform multiple jobs, as these shooters do day in and day out. Let's take a look at some key skills that a retail trader must develop and integrate together in order to follow the process of a cheetah at a hedge fund or a proprietor cheating from Let's take a look at a hedge fund for this example. A hedge fund has multiple units working together in a work a retail trade trying to emulate . A professional trader at a hedge fund needs to understand that there are a series of different jobs that a trader needs to incorporate into their cheating framework. The retail treater must understand the workflow off a book full your manager, a research analyst, a risk manager and an execution trader in order to incorporate the workflow into a trading framework if they want to replicate a hedge fund strategy. Now I understand that a professional trader at a hedge fund is what a lot of people are striving to become. But they forget that if you're cheating like these hedge funds, you're competing with them and competing with these guys who have resource is with unlimited computing power, tight markets spread, high speed transaction capabilities and highly qualified human resource is there is a high probability that you will end up being the smallest fish in the sea. These institutions have different resources and technology that are beyond the scope of retail trader, and competing with them on their ground is extremely hard, if not impossible. The learning curve is too steep and the industry is full of secrecy. We must understand all the process on workflow that each of these people in each department have and learn from them in order to compete. Even if we succeed at doing that with all the knowledge, we might not be able to apply these skills in the market due to lack of different resources and infrastructure. Now you might be thinking that we have absolutely no chance at succeeding. But let me tell you that there's a good chance that we will because we do not play the same game as these professional institutional traders. We do not have the same restriction as they have, and we are not constrained by the rules that they have to follow. You do the size, they move in the money, we can choose any time for him. And he's right a deep in any size, as supported by our count. As long as we form the knowledge, skills and expertise that these traders have and develop it into our own framework that works with the reality of the market movement, we can then build a process to deploy the rules generated with our understanding and experience into the market and apply them consistently in order to become a skill and successful. Gina 8. Trading Skill I: Skills of Profitable Trading: treating as a skilled, skilled off trading trading is a skill and learning the skills of profitable treating is what we're looking toe achieve in our process of becoming a successful trader. Hi. And congratulations on completing the 1st 3 lessons here We focus on identifying the necessary skills required to treat the market with consistency and help you develop your own discretionary treating mindset and Freeman. Now, since you've decided to become a traitor, the next question we need to ask is, How do we actually become a traitor? And what do we need to know in order to trade the market and become successful in changing ? Let me start by telling you, treating Al, it's court is a competence. Be skin. It is a high level skill that be as a trader, need to learn, acquire, craft and maintain in order to become successful throughout the journey of becoming a consistent and successful Jada. So what are these skills that we need to acquire to become a traitor? And what do we need to do in order to acquire these skills? So let me start with the first question year. What are the skills that we need to acquire in order, become successful in cheating. Becoming a skill and consistent reader means acquiring different skills. Thes guilt can range from a wide variety of knowledge that begins as a foundational understanding off different components off the overall treating process that includes the basic understanding and mechanics of treating three overall knowledge off the markets and financial instruments, theatric, ation of trading tools and techniques, and different means of analysing the market. Thes are the foundation of building blocks that you need to learn in order to begin operating in the market. Thes include all the small to large, detailed off market functionality and treating basics. Such is learning to read a chart, learning to analyze the market through technical or fundamental analysis, learning the terms such as paper lots or spread to do basic market operation. Learning the core of risk management and money management to maximize the profit and protected capital. And learning to use the platform that your brokers provide that is required in order to execute her treating ideas into the market. We will cover a whole lot in the scores, but not everything, since this course is focused on developing a specified kind of mindset. Every information in the scores will be around the discretionary technical trading model, as the goal of this course is to help you develop these skills as quickly as possible, adding too much information will most probably act counter to get nothing. Process. So that is why we're using an example off this model. Do help you understand Thean Kaya Skill development process. All right now let's address the question. What skills are required in cheating skills that we need to acquire to become an overall Jada includes a wide range of discipline, which starts from a basic understanding of trading organics and financial markets to learning different reserve analyzing the market. It includes learning how to use appropriate risk and money management strategies to learning different ways of managing out cheats and about four. The most important is to understand the core of shading psychology and you're treating mindset, which is the foundation off the skill development process for profitable and successful cheating Korea. Our ultimate goal as a trader is to build a trading framework around these skills that we understand and fits our personality and become an expert at applying these components off trading framework into the market with absolute focus and consistency. So what is the treating Freeman? A trading framework includes different skills, methods, tools and techniques, which will completely depend on the traders understanding of treating mechanics and financial markets, and can vary widely depending on the treatise choice of market analysis, use of risk and money management tools and techniques, and understanding off the trading psychology and mindset. If you are a technical Jada and you wish to treat the market with a discretionary technical style, you're cheating. Framework will most probably include the understanding of technical analysis, tools and techniques, price action and price behavior. Market structure. Patterns of trend continuation patterns of gender termination, failure off the market patterns, risk and money management beast on the character of these battens and the psychological mindset that fevers each type of patent people use ah, common idea for all their risk management and psychological pressure in treating, but we must understand that each method has its own psychological barrier and risk point unique to them. A discretionary technical cheater who is looking to treat a chain will enter either with a product or on a break out a general rule of thumb is for the trader to let the treat breathe and give some room for the chain toe work up. But a lot of people applied the same idea with a counter sentry, which can be quite misleading. We do not want to give account entry, any room to breathe. The risk point must be as tight as possible when deploying a confident treating strategy because the trade is a movement against the mention and it can end anytime as the mean trend reasserts itself. And the movement can be unexpectedly sharp and vicious for accounted untreated to handle. If you don't understand all of these concepts and terms that have been using here, don't worry. As you move forward and learn in your technical trading journey, you will be able to understand all of these concepts and ideas that I've mentioned here because they're well known in the market amongst technical cheaters and commonly available on the Internet. Well, everyone, I will provide more content of courses on these if required. But for now, I want you to focus on this lesson. Now, if you understand these concepts and ideas, then it is a plus point for you because it will help you develop your knowledge better. In theory, there can be endless variation of choices on selecting components for your cheating free. But but in reality there is only so much that we can learn about the market and there is always something that we might miss up. So let me give you an example from a high level perspective off achieving freedom for a discretionary technical trita, which will help us understand and adapt to the world and minds it required for a successful jade in Korea. The first component of protecting treating framework that we're going to discuss here is the technical treating knowledge in Di, of course, has been organized to help you get into the mindset of technical treating so that you can understand trading and markets from the perspective of a discretionary technical trader. Technical treating framework will include number one, the introduction off technical Analysis, tools and Technique number two, a process for identifying your technical trading edge in the market. Number three Analysis. Off price movement, market environment and market structure number four. The ideas and concepts off trend and Congress and treating number five different batons off trend and counted in treating and number six is how these patterns off trend, continuation and counted in treating feel in the market. Now, once we've covered the knowledge part off your technical training framework, it is time for us to gather that knowledge and build. The second component off are treating framework that is the technical treating strategy that has an edge over the market. Based on knowledge acquired from the technical treating method, you will be able to build multiple strategies and learn how to define, develop and maintain your treating edge. As a discretionary trader, you will be able to use these market knowledge and develop trading strategies based on your understanding and your personality. These trading strategies are the rule set that you will follow in order to apply your knowledge and skills into the market. We will test these rules for positive expectancy in order to quantify these routes. That and the process that defines our edge over the market. The technical trading strategy will be based on your understanding of the market and your idea off how markets work or moved. It is a thesis that we will form by setting different rooms and testing them in different environments such as historical back testing, out of sample forward testing or incubation life. Treating all of these different environment that we will be testing our strategy for positive expectancies, the presence of positive expectancy in our strategy will confirm and validate the strategy for further development and deployment. All right, let's move on to the third component of our trading framework. Risk management in position sizing, risk management and position saving strategies are some of the most important element in our treating framework. It helps us define the risk in our trade, along with the size and amount of risk on each trade, which helped us avoid situations such as excessive risk and blown up. Captain. It is a good idea to learn all the key risk management and money management techniques for a particular treating method. But we must understand that different type of risk is associated to different type of strategies, and each strategy that we create will have a unique style. Depending on the initial price, Patton or market structure. It is based on having an open mind when learning these topics is important. Research on some important aspect is a good idea, and regardless of the technique, you must understand the context of risk management and money management strategy that you use and apply where they belong. Just for an example, a counter gentry would have a tight risk point, whereas a trend continuation trade will have a relatively lose risk point. All right, now, let's move on to the foot component of our trading framework that is the treat management technique and execution. Managing the movement of trade is absolutely important as the market moves in positive territory. After we enter jade, we must lock in some profits or at least move our stops to break even. Now. How are we going to know rent to take the profit, when to move our starts to break even, or even caught our trees when they're not working it on? That is when the trade management tools and techniques coming to play, deciding in planning your trade management before you trade entry is a good idea. Depending on your style, which you can choose to be mechanical of discretionary, you can choose how you can manage your tree. It's wants your profit targets ahead. Given that you choose your own style. One thing that is most important is to be consistent with your approach each time you please retreat. It not only improves your treating skill, but at stability to your trading performance before anything else, we must learn to execute well. A lot of people don't put any emphasis on execution, but I believe it is very important. It is the difference between an OK strategy and a very good strategy. Being able to execute your treats requires practice, and it is a skill that must be developed in order to become successful. Execution skill please Ah, huge rule when it comes to being successful in treating. At first it looks like a very small thing. But as you develop in progress, it tends to become more important as a part of your cheating framework, discipline and positive dating. Mindset is the fifth and last component of your cheating creamer. There are two different type of capital we worked with in treating. One is the financial capital, which is the money that would deploy in the markets, and the other one is the psychological capital, which is the Cheetahs mindset which we use to analyze the market and build different strategies with an edge over the market. A lot of success in trading depends on the trade of state of mind. It is said that learning the skills of profitable trading depends heavily on trading psychology, right mindset and setting the right kind of expectation in the market. Jailing psychology is very important, and a few lack trading psychology. There is a higher probability that you will lose a lot of money in the market, but treating psychology has been over, popularized by people who cannot justify treating failure. You must be aware of that and look towards developing the right mindset. Instead of blaming the treating psychology for the failure of your cheating plant with a good framework and ah process, you will be able to change properly, develop a healthy mindset and become a skilled and successful cheetah. All right, now, I would like to discuss this problem. Furthermore, too many people put a lot of attention just on trading psychology and think that they're treating is not working. They put too much emphasis on the changing psychology and spend a lot of time thinking how they can improve their treating performance by improving their psychology. There's a whole industry around trading psychology now that is geared towards fixing these problems off trading mindset and improving treating performance. But I would like to say that yes, street in psychology is very important. But for you to have a chance at successful cheating, you have to have a working trading strategy that has alleged Ament edge in the market. A lot of times, people mistake lack of an edge with problems in the treating psychology to improve your trading performance. First, you must perform and see if your performance is right or wrong. So first, to understand the cause of your bad performance, you need to know that you're treating strategy works or has an edge over the market. A lot of professional cheaters, the higher psychologies in performance coach to improve the cheating performance. But the performance that they're trying to improve is something that has worked in the market before, not something that they want to work in the market magically, to improving the psychological mindset and all they're trying to do is improve the existing performance for better risk adjusted. You don't a lot of common myth around training education will tell you that just having a training strategy or having a good trading psychology is enough for you to make money in the markets where what people usually forget is that trading is not about wanting zoology or single monument. As a trader, we must have a foundational, functional and specialized knowledge off all of these skills and integrate them into a single finger and have the ability to consistently applied the framework in the market. They in India, and this is how we become successful in the market. 9. Trading Skill II: Mindset of Skill Development: minds it off. Skill, development, skill development is a process that is in green in our nature, as a human being. We've been learning and developing multiple skills since the evolution off humankind. A lot of people think that building skill is just a technical process, but I believe that skill development starts at a psychological level. So before we decide on what skill sort of love, it is equally important that we prepare our mind that focuses on a process of skill development and welcome again to the fifth lesson off this trading skill developing course . Here we focus on developing your technical trading skill and shading mindset to help you develop and apply your discretion, it treating method into the markets with focus and consistency. In the previous lesson, we learned about different skills that we need to develop in training. Let me now continue with the second question. That is, what do we need to do in order to acquire these skills for successful cheating? Becoming a skull trader starts with the journey. Journey begins as you first get the foundational knowledge of these skills that you need to do love as a traitor, which helps you understand the mechanics and game the basic knowledge of trading in markets . Thes basic components are the building blocks that you need to develop your skills on to begin your operation in the market as a traitor. The skills include all the important terminologies tools and techniques that is learning. To read a chart, use a trading platform, analyze the market, using different methods and applying the core of risk and money management, which is required in order to develop and maintain your trading framework in the market. Once you start learning and acquiring these skills, you will get an in depth knowledge about them As you learn more. The information grooves and some of these skills will require less time and effort for you to keep up, whereas some of them will require you to put in more focus and effort. Learning the usage of the platform and basic terminal lodges will no longer require you too much tension. As you move forward, you must then focus on the core skill development that requires more time and effort to develop, such as your training method of your execution skill, your psychological mindset and all the other skills that come along. You must identified these skills that needs more attention and then subdivide them into substance and then integrate these sub skills into a functional framework that makes sense to you that fits your personality. To give an example, let's say I am a technical trader and I must focus on developing my technical analysis skill. Since it's assumed that I have the basic knowledge of technical analysis, they choose to build on the skills of technical cheating. Now I will subdivide the method of technical analysis into different substance. Such a strain cheating, countered entreating, breakout, treating market harmonics or indicated please cheat and all other skills that falls under the technical analysis to me Now that the skills have been subdivided in assuming that I have the basic knowledge of technical analysis, I would want to develop the skills that represents market condition off 10 and cheating ranges. I would want to develop my cheating based on when the market is in a trend, and also when the trading range breaks out into trained. So I will focus on delivering the skills of trend, continuation treating and range breakout treating. Once we start to learn about a skill they can further be subdivided into different categories in case of a trend treating weaken further, choose to learn a specific type of trend treating style, such as a pullback Patton or a consolidation retracement Patton. We can also choose to develop a specific type of breakout trading style, such as pre breakout treating or volatility quick out trading or maybe combined both the pullback Patton with the Range breakout and use the pullback as a patent to treat after the break out talkers. This is how we integrate the skills into a trading framework and keep on adding different skills that we did love into dysfunctional framework. We then choose the skills that we're comfortable with and fits our personality and incubate other skills that works counter to our personality. Once we get the foundational knowledge and then we identify, subdivide and integrate the skills that we gain from that foundational knowledge into trading framework, the next step is to practice the skill with focus and consistency and integrate them into your daily workflow. You must understand that the key to building any skill is by applying focused and directed practice. Once you've learned something, you must repeatedly practice it, and you must integrate these skills into your daily routine so that you get consistent exposure to these skills every day without feeling. All of the skill based profession in the world is heavily dependent on the idea of practice makes perfect. Trading is even more dependent on focused and directed practice. We must test the skill that we develop and practice them every day in order to gain some good grounds on that skill. In treating, we must be consistent with our approach. Consistency is the key to success, and using the same process consistently every day every time is what will help us develop the skills properly. If we don't practice or test, we have no basis for analysis, and any outcome from that approach will end up being a random process. Markets are already random, and adding to this randomness will not help you build your training skill. We must practice the component of our trading framework and creative process around it, developing routine to follow the process and apply the process with consistency. Once you start practicing your skills every day, you will start to see your skills develop. You will know what works and what is not what is important and what is not and what is right and what is wrong. But you will not be able to progress if you do not record and journal your expedience. So I urge you to document and monitor your skill development process. As you identify problems and you look for solution, you will have information on your development process. Your journal and documentation will provide immediate and regular feedback regarding what in your framework actually works in the market and what does not. Documenting a process will help you identify the wrong behavior that you have previously shown during your skill development process. You can use that information to identify this behavior and corrected before you make it again. A consistent exposure to this process will help you develop good changing habits and help you understand and identify market behavior that respects of reality. Start a journal today and record all the thoughts that you have about treating under one topic. Repeat this process every day, right when you're taking this lesson right, if you have a question right any time you think anything about treating, write it down on the Journal and review it As for you need, you must have a few things list down, such as the lesson learned, key issues to consider, market movement identified and all the other things that you think in your mind when you're cheating or learning about treaty. But writing too much or unnecessary things will only end up being a problem. So identify what's important for you and write it down so that you can improve on it. Repeat the process. Expand your knowledge and bill you experience as you specialized skills and become a successful cheater, one step at a time. 10. Trading Mindset I: Setting Right Expectation: trading mindset, setting right expectation and treating sitting right expectation is the beginning of having the right mindset to succeed. At any skill based profession, cheating is suddenly a jungle of information. Having right expectation is even more crucial. High and welcome back to the Ford stating course on development, technical skills and cheating. 19. We had skill camp off. Focus on helping you develop your skill by giving you the right information and developing the right mindset that is required to become a successful trader. It's sick lesson in our course will help you in your process of the lump in your mind set by setting your expectation right, since we have discussed a lot about trading reality, different type of triggers, skills and knowledge required in treating and working on developing shading framework. I guess it is time for us to focus on getting into setting the right kind of expectation for traders trying to generate a consistent profit. Treating the markets setting right expectation from the very beginning is very important because there's too much information in the market that may be misleading or after a BS, because the purpose off some people is not for you. to make money but to sell a system or a signal that will make them all the money and leave you with no understanding of the market, which will normally result as a loss of your capital. But it will also generate bad habit in your cheating. Now, I'm not saying everyone has the same motor, but the market is full of scammers. I want you to be aware of it and stay away from these people. I've expedience it three times in a period of six years myself. So my suggestion is that you need to be aware of this and stay away from quick, easy money and get rich quick scheme breached by these professional marketers. I understand what you need to learn and look at everything with a healthy skepticism. Even with this scores, If you think this will help you and take you forward in your cheating journey, then it is a good idea that you stick with it or else. If this course has no added benefit to you, I want you to look elsewhere. That makes more sense to you. Our goal in this lesson is to set the Trading Expectation Street and tell you what you need to know about treating and how you need to apply it into your own trading mind. These expectations and mindset are based on my experience of learning to become a trader, based on my efforts of learning the skills of profitable treating and also based on my practice of these skills into the market with hard work, discipline, inconsistency. Now all I want to say is all of these learnings knowledge comes from experience, and I hope that it helps you in your trading journey as much as it has helped me in mind. Now it is true that you can be free, live and work from anywhere in the world. You can be independent from a routine job that you hit and not answer to anybody. But that is only true if you become a successful Jada. Like I said before, there are many who aspired to become a trader. But a majority of people who come to the markets are looking for quick, easy fix, get rich, quick scheme or usually have a gambler's mentality. This will certainly end up blowing their account, or at least they will lose a huge chunk of their capital. Now blowing up an account is not only about financial loss, but it is also about the loss of psychological capital, which is way more damaging to the bind set off a cheetah than just a small financial loss. I say small because most traders who start entreating do not always have enough capital to start with. So they start with something small and with bad information about the market and treating the tend to over leverage to the point that the account cannot handle majority of cheaters . Try their luck and lose money in the markets. They try again and lose more money because the game is hot and most people who are attracted to trading are looking to make money easy. To these people, trading seems like an easy way to make a lot of money. The irony is that people who are really successful in the market a tremendously hard worker now from a expedience treating is one profession that requires more hard work and discipline than probably any other profession or job doctors, lawyers or people who perform high level skills. Such a sports music or artwork requires significant hard work, effort and practice to learn development in these skills. No sane person would go to the library, find a book on how to perform medical surgery, study in the entire day and believe that they could perform a successful surgery the next day. But how many people would go to the business section of the library and buy a book called How I Made 1,000,000 Street in the Markets? Read the book in an afternoon and think that they can go on, beat the professional on the very next day and become millionaires treating the market? I wonder why is there such a contrast? But then I think I know the answer. Let me tell you why this happens. This happens because trading is probably the world's only profession, where an absolute beginner, a person that knows absolutely nothing about the markets, are cheating has 50 50 chance at the beginning. Now the only two things that you could do when you're treating the markets, you can either win or you can lose. Some people are going to be right just because of the probability and random distribution of trading outcomes, at least for the first few times in the beginning, and that leads people to think that treating is a lot easier than it is because it is possible to get short term success by pure luck and that fools people into thinking that trading is easy. Bread is it is really hard, and you need to put in a lot of time and effort to become successful, sustainable and consistent in treating the markets. Learning that have loved the skills of profitable treating takes time and does not happen overnight. It is a skill that needs to be learned, acquired in practice with focus and consistency over a long period of time. And that requires patience. Which is also, fortunately, one of the good treats that the treaty should have thing entire process of building, the skills are profitable. Trading can be overwhelming, and the early stages of your training career can be frustrating and financially challenge. So we need to take one step at a time, first, learn what to do and what not to do. How to make informed decision on the best week to treat the market and never put money, not even a single dime into anything you don't understand fully and avoid treating completely until you have a concrete plan. One thing that everyone interested in treating needs to understand is that all traders lose money in treating even expert traitors with years of experience. Still encounter periodic losses. Losing money is a part of trading, and a managed loss is considered to be the cost that would be to look for profitable trades in the market. Not every trade you make is going to be profitable 100% of the time. Trading deal with probabilities, not certainties. Which means that the trader will win a certain percent and lose a certain percentage off the total cheese. And that, together with the wind and loss amount, will decide the profitability off the trading strategy. There would be cases meditator will make a series of winning cheats, and sometimes they will also face the inevitable series of losses, also known as drawdowns. It is just a part off your job. We must accept it and focus on consistently applying our process into the market, and that is what we must do day in and day out. Now, one thing that I would like to emphasize on is that cheating is not for unemployed people or those who are on loon, and it is definitely no for someone who cannot afford to pay their bills because to make money and cheating, you need money so that you can deploy a capital that you can afford to risk in the market and disappearing in return for the risk that you're taking. Its as simple is that for the risk you take what you get and if there is no risk than there's no reward, it's one of the most common editor I see when people are at the beginning of the treating journey. Stick with the job to check the markets full time, and they lack enough trading knowledge and education or do not have a consistently profitable plan in place, which would generally end up in pain. You should never cut your income stream until you have a consistent and profitable plan leader. And until you build a track record off at least a year, why a year of track record unspecific? Because that will tell you that you have a plan that works in the market and you can rely on your cheating for income. Also, it is better to build multiple income stream to take lewd off cheating now. Trust me on this because you won't be learning to treat the markets overnight. There is no shortcut to cheating. It takes hard work, self confidence and consistent practice to learn and master the skills of treating. It's probably a good time for me to tell you that in treating the learning never ends. It is like a cycle of learning the skills of treating, practicing in applying new skills with discipline and focus until you become consistent and want to become consistent. You start monitoring the results and provide feedback. And based on your feedback, you repeat the process and improve your cheating approach. Learning and developing the skills of profitable treating is an ongoing and never ending process. So you must organize the way you learn the skills of cheating, and all you have to do is focus on mastering one Jaden style at a time. You have to concentrate on one taking style on the failure off that treating style. Focus on one market when you start first and you need to focus on being consistent and disciplined with your cheating approach. You should not focus on making a lot of money at the beginning because being consistently profitable in treating is generally the first step towards trading success, and there is much more yet to come in your changing career. Now the last thing that I would like to see is that treating is a business and not a hobby . Cheating requires a balance between your lifestyle personality and you're treating framework. People who think that treating is a hobby end up falling into that 90% failure did that we've discussed before. 90% of the Cheetahs go bust because they underestimate the effort that is required first to learn and then to treat consistently in the market the lack trading education. They have no destined plan to treat the markets, and they have unrealistic expectation from treating. And that is why setting right expectation for traders at the beginning of the changing journey is important for their trading success. 11. Trading Mindset II: Expert-Level Skill Development: treating mindset. Expert level skill of love. Skill development is a process that requires consistent exposure, effort and practice. It is not just about applying your knowledge into a concept, but it is more about learning consistently from your experience as you practice, monitor and develop a concrete process. Hi. In this lesson, we will cover the concepts and ideas behind developing high level skills and also lay out some key consideration when developing your cheating skills. Persistence is the key to our development as a cheetah, and I hope you learn from this lesson and succeed as a jail. Now, as we've discussed a lot in the previous lesson about setting right expectation to learn the skills of profitable treating, let's turn our attention towards the process of developing the skills. And let's look at some aspects off expert level skill blood. We all know that trading is a high level skill, meaning it is a complex skills that with multiple sub skill component like any other high level skills. Such a science, sports, art music, mastering the skills of profitable treating also goes beyond simple knowledge acquisition. There is a way we gain knowledge in the market, collect facts about treating and learn the basic techniques to treat the markets, and then, after understanding them, we put them together into a skill set that will represent all the individual element of the skill required in treating and practice. These skills consistently divert it simply. There are many sub skills, and treating that together makes up the high level skill which we have discussed in previous lesson. And it is important as a beginner to be aware of the sub skills because if you do not know about these smaller skills that exists in treating, you won't be looking to develop them at all. Now, understanding these sub skills and prioritizing one skill over the other is important in order to master the skill set effectively and efficiently. If we do not prioritise more important skills from the less important ones, there is a high probability that we will end up spending a significant amount of time looking to develop multiple skills at the same time, and mastering the overall skill set will be overwhelming and frustrating. If we prioritize these sub skills, we can spend a higher amount of time looking to develop some poor skills and surround other skills around the core. All right, our ultimate goal as a trader is to develop expert level skills in treating, which requires us to understand all the sub skills which are very do mean specific. What does it mean to be an expert at something? A lot of times, people think that you need to have a high I Q to become a traitor, but I Q is not a strong factor in predicting cheating success. We need to understand that the biggest difference between expert and non expert others domain specific skills that are acquired in lengthy training. It is not that these experts are smarter or superior being, but they're specialized and have acquired certain moment specific ways of problem solving and processing information. Their knowledge is organized more efficiently and are effective when they need to solve a related problem. They have broad knowledge organized around key team and solution procedure, and they have structural differences in the brain and can handle many skill related to us. Almost on auto pilot, a non expert also has good knowledge, but it is organized around everyday concept that makes retrieval cumbersome. They have normal brains related to that specific skill and each component of the skill must be managed separately by the non expert. So now we know that we need to develop the expert level skills in treating. But how are we going to develop in? A lot of people in the industry will tell us that we need to spend a significant amount of time in front of our charts. But how much time is enough to develop the skills? In his book Outlier, Malcolm Gladwell wrote about 10,000 Our route. This rule suggests that to develop an expert level skill, you need to put in 10,000 hours of practice into that skill. We need to be aware of these pop science because the rule is arbitrary and open to interpretation. We know that it takes significant amount of time to learn and develop the skills of profitable treating. But the amount of time also depends on the person. Trying to develop that skill on the process of skill. Development will depend on the amount of effort and organization that trader is putting into her treating education and practice. Let's look at an example you if you decide only to learn and practice and already. According to that, 10,000 are rules. It will take you 10,000 days to develop that skill, which means it will take you approximately 27 years or more. And if you decide to spend eight hours a day, it will take you about 1250 days or 3.4 years to develop your cheating skill. So just time as a standalone measure for skill development is not enough. You must do the right thing in the right ways. Always remember that you need good foundational and working knowledge of the market to begin with, and you need to put in focus and directed practice to become consistent at your approach to treating. So how do we start? We start by asking a question. That is, How long are you going to be doing this? The idea is not about working for a very long time, but committing in advance and planning to be in it for the long haul makes a lot of different psychological. When long term commitment is combined with high level of practice, your skills will see tremendous improvement. Start with what's important there many components to any skill for practicing them all at the same time does not produce the same result. Take the most important skills and focus on one subject or skill at a time overwhelming yourself, but trying to learn too many things at a time will only set you back, and we'll take longer for you to develop your skills. You must put in a lot of work and dedication to become an expert Treating 10,000 Our rules of practice to achieve mustard at anything will also depend on the subject of your choice. It takes varying degree of effort for different skills to master. Some might take less than 10,000 hours, and some might take more than that train like you fight. You want your practice to be a similar to the real thing as possible. You will be better prepared and you will learn better when the context to practicing matches the context. You will eventually perform it, which means when you're treating, you want to practice exactly like you will be treating in the live market. Practice must be focused and directed with consistency and discipline. A good thing about treating is that we have different resource is to practice our skills before the blowing our rest capital there, three different environment that will help us train as we're live in the market and help us be consistent throughout our application off a treating edge in the live environment. The first environment is the historical back testing environment where we will be practicing our skills on historical data. The second environment is the out of sample forward testing environment, which is a demo testing environment for a simpler time. And the third environment is the manual incubation live testing environment. That is a small account that we will use to practice our skills on study less and test more . One of the biggest mistakes I made was I tried to study everything up front. I was looking for a Holy Grail approach where, as I should have been looking for the right materials to study even after getting the right materia, I spent my entire time reading and re reading the material but didn't practice at all. And when I started practicing, the entire thing was completely different than what I had studied. Starting the material is important, but practising the skill is more important to excel at skill development. Think about rule of third in mind. Spend 1/3 of your time studying and the other 2/3 during the activity and testing yourself . Document and monitor. Once you start practicing and get some results, you must monitor any value the result and improve upon your weakness and problems. Eliminate what does not work and repeat consistently on what actually works. Document your findings and your work. Create resources and solution to unique problems. Develop better, inefficient work for for your previous problems, teach and present your work and findings to other people who require help in that process. By doing that, normally you will help someone to learn a valuable skill and improve their life. But you will also be developing your own skills and making your knowledge more concrete. Teaching. What you've learned to others will push you even further towards your goal of mastering your skills. Are profitable. Treating 12. Traders Assessment Program: hi and welcome to our first section of this course. This section is called The Traders Assessment Program, and this first lesson. You will take an assessment test to understand you're treating personality and treating nights so that you can change what's missing with your expectation and start building a strong trading mindset from the get go. TheStreet is assessment program consist of 20 to 30 questions that would help you understand your trading personality and identify holds in your cheating mindset. It is going to provide you with a Jada's profile that suits your personality the best, which you can choose to apply it into your trading if you find it helpful or you can choose to ignore it. If you think that your personality does not match, is the result of the assessment program there. Two types of assessment questions in this quiz, one type is yes or no or disagree or agree questions, which are easy to follow. An answer. The other type of question is multiple choice question, which might be quite tricky and might not apply all at the same time. So you need to choose the right answer that fits your current personality and current situation the best. Keep in mind that there no right or wrong answers look different answers applied to different people based on their trading experience treating knowledge, trading personality. But there are answers that are more likely a good sign that suggest that you have the right mindset, right personality to treat the market. Now, if you find yourself on the other end, don't be discouraged, because this is one of the problems that this course is looking to solve. And just remember that no one was born with this mindset and no one learns it anything. Even the most famous traitors in the history of trading have lost and feel many times when they started one last thing. When you take the assessment test, read all the answers and choose what fits best for you and your situation. Once you choose your answer, take a look at all the answers in the list and see if any other answer is a better representation of your situation. Right? Both answers in your treating Jenna life. Now what happens when we stuck with this personality assessment that we tend to have some bias is coming to the assessment program we have a set of ideas of what or how we want to represent. I want you to represent your real personality and choose the best fit for your optimum result. People record off your assessment in your treating Jonah, which will mean answers and the other answer Stroot. So now take the treatise assessment Quiz and enjoy the process of identifying your personality. I wish you all the best in your learning and hope you achieve all the success in your cheating journey. Thank you for your time and have a good time with the course.