Trading With An Edge, Ep 99: Unprofitable Habits in Trading

Space Summary

The Twitter Space Trading With An Edge, Ep 99: Unprofitable Habits in Trading hosted by Fairy_Trades. In the 'Trading With An Edge' Twitter space, traders explored the importance of discipline, risk management, and psychological resilience in achieving profitable outcomes. Emphasizing the need for continuous learning and structured planning, participants discussed the significance of technical and fundamental analysis, adapting strategies to market news, and optimizing risk-reward ratios. By focusing on setting realistic goals, maintaining discipline, and staying informed, traders can enhance their performance and navigate the complexities of financial markets effectively.

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Space Statistics

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Questions

Q: Why is discipline crucial in trading?
A: Discipline helps traders stick to their strategies, avoid impulsive decisions, and maintain consistency in performance.

Q: How can traders manage emotional trading?
A: Practicing mindfulness, taking breaks, and following predefined trading rules can help control emotions while trading.

Q: Why is risk management important for traders?
A: Risk management allows traders to protect their capital, minimize losses, and ensure long-term sustainability in trading.

Q: What role does continuous learning play in trading success?
A: Continuous learning helps traders adapt to changing market conditions, discover new strategies, and improve their skills over time.

Q: Why is it crucial to have a trading plan?
A: A trading plan provides structure, helps set clear objectives, and guides decision-making during trading activities.

Q: How can traders enhance their technical analysis skills?
A: Traders can improve technical analysis by studying chart patterns, indicators, and practicing analysis on historical data.

Q: Why is staying updated on market news essential for traders?
A: Being informed about market news helps traders anticipate price movements, react to developments, and adjust their strategies accordingly.

Q: What are the benefits of utilizing fundamental analysis in trading?
A: Fundamental analysis helps traders evaluate the intrinsic value of assets, understand market conditions, and make informed investment decisions.

Q: How can traders improve their risk-reward ratios?
A: By setting appropriate stop-loss levels, scaling positions based on risk, and aiming for favorable reward ratios, traders can optimize risk-reward in trading.

Q: What strategies can traders use to enhance psychological resilience?
A: Practicing stress management techniques, maintaining a healthy work-life balance, and having a supportive trading community can strengthen emotional resilience in traders.

Highlights

Time: 00:15:40
The Impact of Discipline on Trading Success Exploring how discipline influences trading performances and outcomes.

Time: 00:25:17
Risk Management Strategies for Traders Discussing effective ways to manage risks and protect capital in trading activities.

Time: 00:35:59
The Role of Psychology in Trading Analyzing the psychological aspects of trading and ways to improve mental resilience.

Time: 00:45:28
Technical vs. Fundamental Analysis in Trading Comparing the importance of technical and fundamental analysis in making trading decisions.

Time: 00:55:10
Adapting Trading Strategies to Market News Advising on how traders can align their strategies with market news and economic developments.

Time: 01:05:42
Enhancing Profitability Through Risk-Reward Ratios Strategies for optimizing risk-reward ratios to maximize profits and minimize losses.

Time: 01:15:20
Continuous Learning and Improvement in Trading Emphasizing the importance of ongoing education and skill development for traders.

Time: 01:25:37
Achieving Consistent Profits Through Planning Highlighting the benefits of having a well-defined trading plan for sustainable profitability.

Time: 01:35:49
The Psychology of Setting Realistic Trading Goals Discussing the psychological impact of goal setting and managing expectations in trading.

Time: 01:45:55
Utilizing Tools and Strategies for Informed Decisions Exploring the use of technical tools and analysis methods to make informed trading decisions.

Key Takeaways

• Discipline and risk management are critical for successful trading.
• Avoid emotional trading to prevent costly mistakes.
• Maintain a trading journal to track performance and identify patterns.
• Continuous learning and adapting strategies can lead to consistent profits in trading.
• Developing a trading plan with clear entry and exit strategies is key.
• Psychological resilience is essential to navigate the volatile nature of financial markets.
• Understand the importance of setting realistic goals and managing expectations in trading.
• Implement proper risk-reward ratios to enhance profitability and minimize losses.
• Utilize technical and fundamental analysis for informed trading decisions.
• Stay updated on market news and trends to adjust strategies accordingly.

Behind the Mic

Initial Remarks on Trading Habits

You took this thing literally. I remember you saying, you're going to be the first of my space, like, for you. Oh, my God. Can you guys hear me there? Okay, guys, if you can hear me, please put up an image. Let me be sure I'm not speaking to myself. Okay, so be able can hear me. You truly said you're going to be the first person on my space last night. And true. You're here. Anyway, anyway, this is like a reported speech because my representative on that space last night said that's what he said. And he also dropped the comments. So that's how I found out. Okay. All right. So I want to talk about unprofitable habits in trading. I think I realized that we've never come, never, like, addressed this topic from this angle. We've not addressed this topic from this angle. Let us just know the unprofitable habits. You know, what are the things you are doing that you just know that. Okay, this thing is unprofitable. Let's check and balances. Happy Sunday, be able.

Discussion on Trading Accountability

Happy Sunday or more tire. I don't know how song would be a successful trade and you can't keep to your world. And that's the reason I actually don't talk so much. So if I said, I have to keep to my. How was your weekend? It was fine. I mean, I've actually forgotten about it until I saw you face and I'm like, This guy made business. As a matter of fact, I wrote it down yesterday. Today, as I was doing my review, I was like, don't forget Matthias piece. Don't forget Matthias. And you know that at the end of the space. Yeah. Uncommon texted me and asked if I. I had an issue with beer bull. And I'm like, I have an issue with Beebu. Like, what happened? I don't understand what he was talking about. No. I said no. Filippo understands victim. He understands. Even be able understands. Yeah, that was only Filippo. It wasn't Filippo. I came for first. That Filipo. I don't know what you're talking about. I was like, oh, no. All of you guys are laughing and all that.

Insights on Strategy and Habits

Next time you should not miss this space. Exactly. He was so lost. Do you understand what's going on? Okay, so, hi, guys. Today I want to talk about unprofitable habits in trading. Let's talk about the things we do, whether consciously, unconsciously, that are actually not going to lead to profitability. We do. There are some of these things that we do, like good intentions, you know, let's say strategy open, for example, I don't think anybody's strategy ops just for strategy open sake, if they know that it would actually lead to them being unprofitable or is going to, like, elongates their prof. Their journey to profitability, I don't think anybody does that or anybody will know. And truth be told, we that we have experienced strategy open, and then we are now relaying it back to you guys that don't do this. So this is our hands. Me personally, our strategy helped. And it was out of curiosity, I mean, I don't know what breaker block is. I don't know what are these calling it? I don't know what liquidity sweep was.

Exploration of Trading Knowledge

I didn't know what breaker block was. I didn't know what Bos was. I didn't know what all of these terminologies, they were new. I basically traded, fake outs, fake out, double top and doji, double bottom and doji. Basic price actions. That's what I still trade right now. Right. I'm just saying that at that point, I was so curious. What is breaker block? How is it different from break and retest? I was very curious. I think I tweeted about them before I started searching and, you know, searching for the knowledge. Like, I want to know what this thing was. And trust me, it was not a palatable experience. I actually did see shake all because I was trying to learn what I did not know. And you, I'm telling you today that you don't need to know everything before you can be profitable.

Understanding the Nature of Trading Strategies

It's so unnecessary. If you find something that actually works for you, something that makes you money more than 50% of the time that you actually executed. And at the end of the day, you can, you can create edge around this. Now, knowing a strategy is different from creating an edge from the strategy. There are two different things. You can know something and not still be able to create an edge out of it. It now boils down to you saying that, you know what? This is how I can trade this thing. Profitably, maybe. Okay, so at the end of the day, seven out of ten times, this thing will give me minimum of 20 pips profit. You know what? If that is it, I'm just going to target 20 pips profit for every time this thing, for every time I execute this particular strategy.

Establishing Consistency in Trading

There are some people like that. I've heard it from a mentor here who said, oh, you know what, me. I like to hold my trades for longer, for most of the people I give my signals to, they holding for 20 pips and I, they make more money. It actually happens. So now you, it's left to you to create an edge out of it. That's why a mentor can teach everybody. That's why a mentor can teach everybody a strategy or his age. And still there's not everybody that will make money out of it. A mentor can't search and then everybody will still find different ways to execute their own. So strategy hopping is not a profitable business. Excuse me? Strategy open is not a profitable business. I don't think there's anybody that will come out and say, I've been strategy open all my career and it's been the most profitable thing I've done.

Consequences of Failure to Create an Edge

No, creating an edge from a particular strategy that has proven to work is a profitable way to go about it. So the risk reward ratio, zero return on investments, ROI for strategy open is negative. And you can find out from other traders what strategy helped. Let them tell you what their experience is like. Because first off, you have to stop trading while you're trading just because you want, you're learning something new and you have to finally learn that thing. Give yourself time, practice it and start education. So you've wasted even time. There's also a chance of you having paralysis analysis at the end somewhere in the middle of all of these things. So, yeah, one of the unprofitable habits you can find yourself interested in and guilty of strategy shopping.

Concluding Thoughts on Accountability

If you find something that works, just stick with it. Another thing is avoiding accountability. It's so easy to avoid accountability in this life. Oh my God, it's so easy to avoid accountability. Okay, let me see. There are some times, there are some times that I myself can just overlook the importance of accountability, maybe out of laziness of, let's say, just for that particular day or something. And at the end of the day, I just realized that this thing you did not do. So you know that you have just lost record for this. Or maybe after postponing at the end of the week. Now I want to like journal everything and now it's now quimbas on for me. Avoiding accountability. Okay. No, using me as an example did not work.

Understanding Accountability and Its Importance

Let me see. Avoiding accountability in the sense that you took a loss and you don't want to take accountability for that loss, particularly. You don't want to, you don't want to like say, okay, the reason why I took this loss is not because my edge did not play out, is because I foment avoiding accountability because you're trying to push the particular blame to something else aside from you, that kind of avoidance of accountability would affect you. Because instead of it, now say, this is my problem, impatience is my problem. Now let me find a way to work on it. You are now treating a different thing. Say you are using the drug for stomach pain, for headache. You're not going to fix the problem at the end of the day.

Final Thoughts on Responsibility in Trading

So avoiding accountability and allocating blames to something else is not a profitable habit. Mm. If you are, if you are doing that, if you are found doing that, if you are guilty of that, just know you are not doing anybody. The only person you are doing is yourself. Because at the end of the day, if you're supposed to have fixed a particular problem today and you did not fix it today, you pushed it till tomorrow. At the end of the day, now, you are the one making your journey longer. You are not doing anybody. It's just yourself. You're wasting your own time and spending more time being an unprofitable trader. Another unprofitable habit is not having a routine or thinking.

Understanding Over Trading

Over trading is basically impatience. Yes. It can be associated with impatience. It can and may. And if you are not disciplined, actually, and you see revenge trading is something that I was also doing revenge trading because I just have this loss now. I want to recover it ASAP. I don't want to even take my time to process why the loss happened. And if there was a shift of sentiment in the market, I just want to make the money back ASAP. And all these things boils down. You see, over trading prevents trading, ignoring your risk management, chasing the market. All these things, it boils down to lack of having a plan. Lack of having a trading plan. All these things boils down to that. So now you being probably an unprofitable, you having some habits is because you don't have a plan as to how you trade. You just wake up in the morning and you just do anything your mind tells you to do.

Emotional Trading

You don't do it because, okay, because a particular reason. Because there's a particular reason for you to do it. You just do it because you just feel like doing it. So, emotional trading is one thing. Also emotional. You are trading with emotions. Like, you know, you are scared or you are greedy. It can be possible to be. To be scared of the market, or probably you are greedy and you cloud your judgment and it leads to irrational decisions. And still all this boils down to not having a plan. So the very important thing is, if you want to stop some habits, if you want to actually become a proper and a profitable trader, you have to have that theme. You can go back to and follow. So it has to align with a particular. You have to have something that aligns together before you jump into the market.

The Importance of Discipline

You can't be a trader and you're not patient. You can be a trader and you just want to chase the market. You are, you are. You, you are chasing trades. The market, they will say allow the market to come to you. Don't run after the market. So you have to be sure they are not chasing the market. And how can, how, what will you do not to chase the market still boils down to you studying and having an edge. Because you can't even have an edge if you don't study. I am sorry, plan. I mean, if you don't study, you can't have a plan if you don't study. You see, overconfidence is something that I also talk about. Being confident is important. Yes, but when you become overconfident, it becomes a problem. And I hope you know that the past result does not guarantee future. How do they say it again? But yes, you should be confident.

Taking Responsibility

But overconfidence, you see in the market like you are a God of the market. No. Understand that is the probability game. No problem. You have an edge, good. But you should not be too confident in a way that will make you want to risk all your account. Because you feel like this position was whole. This position was sold. You are pressing 25 lot size. What if it does not hold? Your account is gone now. So these are the major demand, some of the mistakes that we make as traders. And this particular one, you see, there are times where you make losses. I don't want to take responsibility. Responsibility. You want to blame the market for your loss. Was the market I told you to press sale or buy? You're not taking responsibility of your losses. How then can you correct yourself?

Learning From Mistakes

You are blaming external factors instead of accessing personal mistakes. That can, that can, that can give you. That can make you improve. You are blaming the market. No. So each time you have a loss, you take responsibility. Go back and see why. What happened? Why did I take this loss? Learn from it. Because if you have a character, the character of blaming the market, it will take you time to go for it. To take you time. Because anytime you have stop loss, is the market there? After my stop loss, anytime you have loss, it is a trap. No, there are people that are making money even inside our trap that so called trap you are seeing. So learn from it. Improve. And with all this being said and done, if you want to stop all these habits, now I've named some habits that some unprofitable habits here.

Continuous Improvement

So now the question is how then can I stop all these habits? And what habits am I talking about? Over trading, revenge trading, lack of impatience, emotional trading, all these things. If you want to actually stop them, then you have to study in a way that you have a strategy that gives you consistent profit. It can, it can. And you have to have a plan you want to follow so that you won't want to make all these mistakes. So once you follow that plan, one, it will make you to be disciplined. Because all these habits, it boils down to you not being disciplined. You are just, you are just doing this. You are doing things roughly. You are not trying to put things together first before you take a decision.

Implementing a Plan

You are just, you are just doing things. Anyhow, you just open the chart. What was happening? Oh, let me buy, let me say no. If you have a plan, you know that. Look, if I wake up in the morning, the first thing I'll do is this. I'll go to the higher time frame. I'll look for the overall trend. Now I want to trade in the direction of that trend. Okay, we are in an uptrend. Fine, I'll drop down to a lower time frame and look for a change of character, for instance, in the direction of my overall trend so I can enter. If you have a plan, you have, like you have, you have like an approach towards the market. So it's going, it's always going to be like a guide to avoid you from doing all these habits I just listed.

The Role of Journaling

So having a plan will do you good. Basically I think the answer to the question how can I stop some habits that leads, that makes me not to be profitable in the market. Have a plan and ensure to stick to that plan. I and continuous learning is something I always like to speak about as well. You have to stay updated about the whole. You have to adapt the new information. I'm not saying you should be jumping from start. No, just learn continuously. You should not be lazy. Okay. You made profit last week then. let me sleep. Let. No, you still have to learn.

The Challenge of Learning

Yes. Yeah, I think there's. I saw. Was it Hunter that posted something that he backtest for 40 something hours? That guy has been training for four years. I must say should back test for the whole day. You know what? Learn continuously. It sharpens. It helps to sharpen your knowledge. Well. So I won't waste much time. I sincerely appreciate you, Momota, your big time. David, all of you, thank you so much for giving me the floor. I think I'll drop the mic here. Wow. Thank you so much, Vito. He said a lot. Having a plan is one thing that is going to help you face your unprofitable habits.

Accepting Unprofitable Habits

Now I think in summary here, not accepting your unprofitable habit is an unprofitable habit. I mean, why did people run away? If you have unprofitable habits or you are guilty of unprofitable habits, right. And you refuse to actually accept that this thing is not going to make me profitable, that habits in itself is an unprofitable habit. I saw somebody on this space and because of the person I saw on this space, I remember something. So I'm going to add it real quick. Wanting to give up at the every slide of failure or losses is an unprofitable habit. Yes.

The Importance of Journaling

So because you had losing streak, you want to give up and because of that you refuse to journal again. You lost your wits to study to do this one. I hope you can hear me. It is an unprofitable habit. If you continue like that, it will be profitable. I just hope that the person I'm talking to anyway, I know there is more than one person now that is guilty. Well, somebody inspired that particular one. It's losses. Not accepting your losses is also an unprofitable habit. Yes, it's difficult, but I think accepting that it is an unprofitable habit will make it easier for you to deal with.

Confronting Losses

Because now you know that, okay, this thing is actually not going to help me become profitable. So that next time, so the next time you find yourself contemplating it, you just tell yourself, I know if I continue like this, I'll not be profitable. That in itself is going to help you to fasting, you know, to is going to help fasting the process of overcoming that unprofitable habit. You can, you can challenge yourself. Do like couple of days challenge for yourself. Hundred days of something, you know, all those kind of challenge. It's going to help you. But having self awareness enough to be able to accept that this thing you are doing is unprofitable for this thing you are doing will not help your journey. It's going to help you know, overcome them faster.

The Consequences of Avoidance

It's one thing to know. It's one thing to know. It's another thing to accept it. There are some people that they would never review their losses. Why? Because they don't like to see it. They don't. They don't even care if reviewing their losses is going to help them become more profitable. What they just know is they don't want to go back and take their P and L. They are missing the parts we are going back to review. Their pneumonia would actually help them identify their losses, the causes of their losses or what they need to do better or what is actually working and they need to do more of. They don't want to know.

The Importance of Reflection

They just don't want to go back to review. They just want to go back to review the PNL because they don't want to face their losses. That in itself is an unprofitable habit, too. It's not for you to go back. And, you know, every time you want to give up, every time you don't want to study again. You've lost the. You've lost the motivation or. How do I put it? You've lost the. Is it inspiration or what's it called to keep going? You suddenly don't want to do anything again. That in itself is not going to help you go check. Accept your losses.

The Habit of Reviewing

Closing trade, partial losses, partial profit, not holding tcp. All of these little things, right? But if you never review your education, if you never review your PNL, if you never review how you actually traded, you wouldn't know. You just keep. You don't know. You just keep doing these things and, you know, realize that you're not helping yourself. Right? who you want to feed? I don't know. But you. You requested the mic either. Hello? You know, I think this is the second time you actually requested mic on my space.

Reflections on Mentoring

And when I call you refuse to speak something in his background. I don't know why it's cracking like that. Omotaya, is this how I sound when I'm rugby? No, you used to sound worse. Wow. I don't mean it like that. You don't break dance like this. You. Yours is shy. Yours is worse. I don't know how to explain yours, but it's worse. Don't feel bad. This is what you are using to welcome me. I don't mean it like that. I'm supposed to heal your network so that your network provider will do well. You cannot miss your mic now.

Embracing the Conversation

Me, Omotayo, is it me? Yes. You are scared. Yes, I'm scared. I feel so shy. But that aside, once again, good evening. Everyone. It's nice to be here again. I've shall missed. I've missed victimy, I've mixed victims dragging Omotaya, not so much. But I've missed victimy and Og. But once again, it's another wonderful topic, right? Another wonderful topic. As usual. Unprofitable habits in trading or what are your quick question, have you mentioned your favorite already?

Reflecting on Unprofitable Habits

Your favorite unprofitable habits? Not journey, not journaling. Right? Yeah, you mentioned it. That should have been the first. You said, of course I didn't exponentiate on it, but yeah, I did. But when we talk about unprofitable habits, right? In trading, it's not enough. It's not enough for us to just come on spaces and talk about it. Because if you think about it, the truth is this. We keep saying things like a lot of traders are not profitable, that I check statistics, 90% of traders are not profitable, only 10% are profitable.

The Statistics of Profitability

And we keep mentioning these things over and over again. And I've been hearing things like that since I got into trading years back. Right? And then again, many people say it's because there's no access to knowledge, no access to information, people. But then again, I began to see something. Is it really that there is no knowledge available? Right. Then it was the case, let's say 20, 1516 and the rest. Ok? We didn't have so many people who were teaching trading the way we have now, right? We didn't have so many sources of you to learn.

Gaining Knowledge

But then again, we still had some, right? If you were willing to learn, we still have some good sources out there then ICT had already started his mentorship programs and there were a lot of telegram channels that you would see videos. Those of you that have a problem with ICT, that's for you. But you would also agree that his strategies work for people that use them or people that have studied them over time, right? And then we also had different other trading strategies, especially on Telegram.

Availability of Knowledge

You go on telegram and you see different groups, compilation of videos, tutorials in depth. This was as far back as 2015, right? And today we have far more educational resources, we have far more mentors, far more traders, right? But the question is this, has that statistics of people who are profitable and those who are unprofitable, has it changed over the years? Because trading has been in existence for hundreds of years now, has that statistics changed? The answer is it's no, right?

Understanding the Trading Environment

We still have a very large amount of unprofitable traders in the ecosystem, both forex and crypto and the number of unprofitable traders far outweigh those that are profitable. So the question is this, is there a problem with the availability of knowledge? Is there a problem with the market, or is there a problem or a difference between what these profitable traders are doing and what those that are unprofitable are doing? A. The answer is simple. There's definitely a difference.

The Distinction in Trading

And so when you answer this question, it first removes the blame game. The last speaker that was talking mentioned something about not blaming the market, taking responsibility. Right. It. It just throws more light on the fact that the market has been the same. Right. Strategies. Yes. Although you may have different names, but all they try to do is help you get familiar with the market, see the repeatable patterns, and then profit off these repeatable patterns.

Psychological and Strategic Factors

Or identify these repeatable patterns before they happen again. Right. And profit off them. That's all every single strategy is trying to do. Just get you familiar with the market and open your eyes. But still, you could learn these strategies. You could watch videos, have a mentor, and still be unprofitable. And that is where this topic comes into full effect. Unprofitable habits in trading. Because there is definitely something that the unprofitable trader is doing that sets him apart from the one that is profitable.

Acknowledging Bad Habits

And these things are on different levels. Right. But one of the most important, right. Is the psychological level. And this is where a lot of what Omotayo and every other person that has shared has talked on, or they've talked partly about some of the things that affect you psychologically or some of the bad habits you have psychologically. And then some of the things that you may do that are based off of strategy. Right? So something like not journaling.

The Role of Journaling in Trading

Right. A habit of not journaling. It's not psychological. Right. It's part of your strategy. But how is that an unprofitable habit? Right. Even the Bible says the shortest. Is it? The shortest pen is better than the longest memory. Is it the Bible that says that? Or it's a quote somewhere? I'm not sure. But the shortest pen, right? We keep saying it. Omata, you leave me alone. Even. Right. The shortest pain is better than the longest memory.

The Necessity of Documentation

And so it's not a joke when we say that you need to study, you need to document whatever you do and you need to review it, right? You, you. You're not Superman. And even Superman never claims to have a photographic memory. And even those right now, the few people in the world that they claim to have a photographic memory and remember everything is more on memorization right. Not necessarily. On using that knowledge repeatedly.

Reflecting on Performance

And so you see that it is very important for you to put down your steps why understanding or seeing where you went wrong from, especially when it's on paper, especially when it's down. And being able to look at the bigger picture on where you went wrong and why you went wrong. And also putting down the steps or going back to the drawing board and getting the steps on how you can avoid these mistakes you've made and remedy them is very, very crucial and vital. So when people talk about journaling, when Mottayo keeps hammering on journaling, right, she's not just saying write it down.

The Comprehensive Process of Journaling

She's not just saying, say, okay, fine, I took this trade. This was what I did, right, or this is, what I saw in the markets today. Journaling goes beyond just what you do, right. It's a whole complete process that also involves things like reviewing your trades. Right. Reviewing your strategies, reviewing how they worked, how they played out during the week. Right. Reviewing what went wrong with those trading setups. Right.

Identifying Successes and Failures

And what went right. Okay, fine. This trade went my way. What happened? Why did it go my way? Because a lot of people are so focused on it didn't work out, why did I have the loss? And they forget that. To develop your edge, right? To develop what makes you profitable, it's about what consistently works. Right? And so many people tend to just look at this was a winning trade and they forget about it and they never go back to study, okay, why did this trade play out in the first place? But when you do things like that, you begin to notice that, okay, fine, this is what I noticed.

Inquisitiveness in Trading

This is what happened during this time frame. And this trade played out. And so that now, and that is why every single trader is inquisitive. That's a very important habit, a very important characteristic of good and profitable traders. The ability to see something, the ability to acknowledge what has happened in the market. And then I go back and want to find out more. And so you see a trade, I say, okay, fine, this trade played out. This trade worked out.

Understanding Market Dynamics

Right? Why did it happen? It worked out on this time frame, right. Will it happen again on this timeframe over time? Right? And so they keep checking, they go back and they back test, okay, fine. Has this been working on this time frame over time? Will this work on another pair on the same time frame? Right. All this is part of the journaling experience. All this is part of the review experience, right. You can't have one and leave the other right?

The Importance of Completeness

And so many people may think that it's just about journaling, and then they go into journaling and they don't get the complete process, right. They just write things down, they just document. Okay, fine. I had five losses today. I had six losses today. See, if you decide to take shortcuts, right. If you skip it, right. You're never going to get the desired result. The desired result is not in starting the process. The desired result is in doing everything wholesomely, right?

Initial Thoughts and Observations

I didn't even see it. I got a beg. I actually thought OJ would not be able to make it to the space. And there was no big thing. Like, there was no big thing, there was no OJ and I needed somebody. You don't need to go into that part. The good part is that I have added Oji as a speaker today. See, better don't look for this trouble. That's energy will come and remind you. Now about network. Like I was saying, I was talking about the topic back to the psychological aspects of things traders do, right.

Engaging the Speakers

And so, of course, without two k followers. Sorry, sir, welcome. As a speaker, I've added you today, right? Just hold on, let me speak Finnish. Let me finish. Then you can have the flow. when did David get to Tsuki? I need to see that. OJ was even. Will you allow me to a little. Bit higher victimi, will you allow me talk? Thank you.

Trading Psychology

Like I was saying, there are things that every single one of us, we've heard about, we know about them, it's not new, right. We talk about things like greed, right. Not allowing your greed overshadow you, right? Taking trades that you are not meant to take. You are scared of missing out on this opportunity, and then you enter trades you are not supposed to. Right. There are so many things that we can talk about, and I believe most of the people on this space, especially if you're not a complete newbie, you would understand some of these things I'm talking about.

Understanding Fear and Emotions

But let's just touch a few of them. Like I mentioned already, the fear of missing out. Right. It's very vital because as traders, we have to learn something. Trading is majorly patience, right. But there's also something that we don't talk about. Right. That is the pain of being patient. Right. And still missing out on an opportunity that you clearly saw. Right. Or an opportunity that you felt you should have seen. Right. And so what do I mean by this?

The Struggles of Waiting

It is imagine a scenario where you've been waiting for a setup for some minutes or for some hours, and then the setup plays out. And then your broker didn't trigger your entry, right. Or let's say aside your broker not triggering your entry. Let's say you were caught up with something, right. You couldn't enter that time. You couldn't set. You forgot to set the buy limit or sell limits, right. And then you miss that entry. Right. And it's your ideal setup. It's your perfect setup, right.

Recurring Challenges

Or let's say you're a crypto trader, right. You. You missed out on the opportunity to buy a token at a particular level. Right. These are normal things that happen to every single trader. No matter the level you're at, no matter how professional you get, these are still thoughts that come to our mind. This is my setup. It's profitable. This thing will still go, right? Okay. It has only moved by a few peeps, right? Let me just enter now or. Don't worry, it will still. It will still go up.

Consequences of Impulsiveness

Is still there. Still. There's this space, right? Or as a crypto trader is just that. It's just a 500k market cap. No, this thing was hit 1 million markets. Captain. Let me see. Enter. Even though you know that you've missed your ideal entry. And so what happens out of fear, many times out of greed, you keep breaking your plans. You keep breaking your entry plans. You break what you know deep down that you shouldn't.

The Danger of Complacency

And so what happens after a while, it's. I want to stress something. It's not necessarily about that habit at that point in time, right? And please, I would like you to listen, I would like everyone to listen carefully to this. It's not necessarily about the habit at that point in time. Because true, you may get away with it. The trade may still go your way. Right? It's your perfect setup. This trade may still go up. Right.

Profitability and Emotional Intelligence

And you would still make profits off that trade. What is very bad about that is the habit. It forms in you that it is okay to break your plans. And so many people don't realize that, right? But over time, what happens? You be, you begin to become complacent and you begin to say things like, don't worry. Don't worry. You, he will still enter, he will still work out.

Acknowledging Personal Shortcomings

Let me just gamble this one. Let me just try this one. No, don't worry. Why? Because over time, you've had the experience of breaking this, your plans, little by little, because everything that becomes big later on started off somewhere. Everything that becomes a problem to you as a trader started off from little traits that you allowed, right? Things like greed and the rest.

Dangers of Procrastination

Every single problem you have comes from something that you refuse to address while it was a little problem, right, or something that you refuse to work on as well, starting out as a trader. And so you left it with you and you grew with that as a trader. And now it's affecting your profitability, right? And so that habits of entering later, right, after your setup has played out, everything has gone up, it begins to form that, how will I put it now?

The Unconscious Mindset of Failure

That unconscious mindset in you that it is okay to break your plants once in a while, right? And so you begin to grow with that and you begin to do that overdose over time, and you never notice until one day you are breaking your plan, right. And then it's leading you to more losses than you would have bargained for, right. That. That is just one thing that we do, right.

Habits of a Successful Trader

Because when we talk about unprofitable habits, it's easy for us to talk about every single thing that we think is big, right. And forget that the little things that we do keeps us more unprofitable. Right. That little, that little, laziness you have of not waking up at the right time, being disciplined, to wake up at the right time to scout for your setups and leaving it later in the day to check for them.

Consistency in Effort

It's also another reason why you're not profitable. Right. The laziness you have refused to deal with. Profitable traders are very hard working. I was, I was talking to Omotayo, I think, some weeks back, and I said, I really envy you. It's not easy to wake up every Sunday and have this space, right? It's not easy because even the people that are speakers, even the people that are co hosts, even the people that you see regularly on this space, right.

Commitment and Dedication

Many of them get tired. And then you imagine the host herself, right? But that is the consistency, and that is the thing. Discipline showing up every single Sunday, right? And it would be funny to believe that they are not days that she has very important things to do, right. Or there are no days that she's indisposed or there are no days that she's not tired and she's not feeling up to it, but then she still comes up to have this space every Sunday, right.

Challenges in Trading

It's the same thing with profitable and successful traders, right. There are days, right, that they are genuinely tired of, right. They are genuinely fat out. They can't, they can't, they don't feel like they can wake up at that time or stay up all through the night to check for setups or to trade or do whatever. But you know what happens in the end? They still do it, right.

Prioritizing Trading

They still push themselves to maintain that level of discipline. And so you say, as a crypto trader, if I say, okay, fine, some of my best setups happen at night, I am going to stay up, right. No matter how tired I feel, right. Or I'm just going to take out time to rest or put away some of the other activities I need to do during the day so that I can rest and feel better at night when I need to trade, right.

Preparation for Opportunity

Even as a forex traders, right. Many forex traders I know sometimes wake up earlier in the morning, right? Get their setups right for to trade during the day before the sessions open, right. These are some of the things that keeps them profitable. The discipline, right. To their practice time, the discipline to their, the discipline to always show up, right.

Trade Planning and Success

And always search for their setups ahead of time, right. They are not, they don't come up, right. When the sessions have opened and they just come up. Let's say they wake up 10:00 a.m. or they get busy with different things and they just come up and there is fine, the session has opened, our mental trade London session. And they just wake up and you just say, okay, fine, let's open the charts.

Establishing a Routine

Let's start finding, let's start finding the next setup, right. You will notice that many times when you do things like this like that, if you've ever tried to do something like that, you will notice that it is very different from when you are, you wake up ahead of time when you sit down purposely to plan out your day or plan out your trading time throughout the day and you have your setups marked out or you have what you are looking for or you're already monitoring the market from the go.

The Importance of Preparation

For those of you that are forex traders, you would agree with me that it's very different. If I'm wrong, you guys should correct me, right? Omotayo, big Tamiya, the rest. Right? Correct me if I'm wrong, but it's always a very different experience from both, right? In the end, discipline. The discipline to show up, right? And be consistent, right?

Endurance and Consistency

Because the truth is this, you are going to feel worn out by a lot of things. And when you are tired, and when you are worn out, that is where shortcuts usually happen. That is where shortcuts usually happen. When you feel tired, that is when you don't. You don't even look at what you are doing on the charts properly anymore.

Adhering to a Strategy

That's when you're saying, does this. Does this really need to retest? Right? Does. Do I need to see this? First, the thing we play out, right? But then again, the discipline to stick to what you know works for you. The discipline to stick to your plan, irrespective of how you feel, irrespective of how tired you may be, or irrespective of whatever it is that is going on with you at that point in time, it's very important.

Self-Assessment and Accountability

It's very vital. Right? In the end, we can say a lot of things, right? We can say a lot of things about being unprofitable and being profitable, right? But all of these things boil down to you as a trader, right? Sitting down by yourself and picking out these things for yourself. I don't think at this point in time we still need to be talking about get your strategy right, develop your edge, find your age.

Taking Action

We've been talking about that for, I think almost, I joined this space, let's say, a couple of months back. But I know these are some of the things that Omotayo and her other speakers have been stressing since episode one of this series, right? And even for those that are just joining the series, right. Later on, like me, I believe these are still things that you would have heard repeatedly over and over again here on these spaces, right?

Trading Plans and Strategy

Have your trading plan, right. Have your edge, develop what works for you and stick to it, right. Test and the rest, right. I don't think these are things we need to still stress over time. So if at this point in time, you've been listening to us, right, you've listened for the first week, the second week, the third week, the fourth week, right? One month, two months, right?

The Need for Self-Reflection

And you have never sat down upon how we've been stressing it to say, let me. Let me actually get an edge. Let me actually go study the market, right? And develop something for myself. Let me get familiar with this thing, familiar with the strategy I want to use and stick to this trading plan.

Assessing Trading Practices

Let me practice proper risk management and portfolio management, right? If at this point, after listening for a couple of weeks, you have still not done that, and you, let's say you don't have it, right, you don't have this trading plan, this trading edge, you've still not done that.

Confronting Personal Barriers

After listening, then, sorry to say, you are your own problem, right? Because this is another trait of profitable traders and unprofitable traders. Profitable traders take actions, right. As fast as possible to achieve their goals, right. While unprofitable traders keep procrastinating, they keep putting it off.

Behavioral Patterns

They keep putting off that time they are meant to back test. They keep putting off that time that they are meant to spend with the market. They keep putting off that time that they are meant to sit down to get their setups right. They keep putting off that time that they are meant to try and learn a new concept, let's say risk management or whatever that is going to be of benefits to them, right?

Understanding the Trader's Journey

But profitable traders, they understand that the faster they learn it, the better it is for their trading journey, right? And so you see them that they are so fast, they are so quick, they see this thing can help me, this thing can improve me. This thing can make me a better trader.

Adaptation and Action

They are fast and they are quick, right, to learn about it. They are fast and they are quick to adapt. They are fast and they are quick to put into action whatever they've learned, because they understand something. It's not about what you hear. It's not about what you think you know, it's about what you practice, right?

Call to Action

So it's very important for you right now, for everyone that is listening to understand that. Is there anything, any speaker on this space has talked about that you are not currently doing right? Don't let it pass today. If you can start from this night, take your notepad and your pen, write them down.

Making Changes

These are some of the things the speakers mentioned that I am not doing right now that is making me unprofitable and start addressing them as fast as possible. Don't start your new trading, the new trading week from Monday, doing the same thing over and over again after listening to this space on Sunday, right. And keep putting it off.

Recap and Conclusion

It was a wonderful space. Omotayo talked a lot, all the speakers shared a lot. And you're so happy and then you drop comments in the chat box. And then you're like, wow, amazing space. You drop fire emojis. Fire, fire immediately. Any speaker finishes, you drop your emojis and the reactions, but then you do nothing about it and you begin the new trading week doing the same thing over again.

Breaking the Cycle

Right. That is one way to keep yourself in that unprofitable cycle, right. It is one way to keep yourself down, right? So it's very important for you to note these are some of the things that they've talked about, right? The psychological things that affect me, the grid that I need to work on, right. My trading plan and the rest, right?

Self-Awareness

And it's also very important, let me also add this. It's also very important, right, for you to know yourself. I keep mentioning this over and over and over again, right. No matter how good, right, your mentor is, no matter how good the strategy, you, right, nothing is going to prepare you for the market or nothing is going to make you profitable.

Awareness of Personal Challenges

Sorry, motor, you. Are you saying something? I did say you're rogging, but fine. Am I still rocking? Not anymore. All right, thank you. Right. Nothing is going to make you profitable, right. If you do not sit down to address these little things that I have mentioned, right? And sometime back one of the spaces I remember, I mentioned things like the fact that you're not confident in your trading setup.

Building Confidence in Trading

You're not confident in your trading strategy and your trading plan. And whatever you need to do is because you are not familiar enough with the market, you're not, you've not tested enough, you don't have enough knowledge or you don't think you have enough knowledge or the knowledge you have, you've not put it into practice, right? And so that is why you, when you want to trade, when you need to trade, right, it's like you are shaking.

Self-Reflection

It's like you are not confident in what you need to do, right? It's the same thing I want to stress again. See, nobody can help you like yourself. Nobody knows the problems and faults that you have like yourself, right? Nobody knows the bad habits you have like you, right?

Personal Accountability

No, you're the only one that's going to know. You are the only one that can tell, right? That. Okay, fine. This is what I do. I over leverage. Fine. I don't apply proper risk management. I'm entering soon, I enter too many positions, right. When I think this is a winning trade or I don't spend enough time looking for my setup or no, I am fond of breaking my trading plan, right.

Recognizing Personal Weaknesses

I'm fond of not completing the things that I have kept out my checklist, right? Things that I must see before I enter a trade. I'm fond of not completing it, right, or I, I am fond of, let's say I'm just lazy in this regard, I, right. Or I'm full of procrastinating, right.

Overcoming Challenges in Trading

Or I will have a bad network while trading. I just need to change my network, right, because right now there are networks that I don't use to trade, right? Anytime I have different, because I travel a lot, right? I have different, I have different SIM cards for trading, right, based on the location I'm in.

Adapting to Different Environments

Because what glow, what glue did to me in the early days of trading years back. I do not wish it upon my greatest enemy, right. I don't wish it upon my greatest enemy. I don't wish it at all. So I have different siM cards, right, depending on the location I'm at, right, what works best, right, just to help me stay profitable or just to help ensure that I eliminate that network issue that may happen, that may put me at a disadvantage when trading those that are crypto traders, this is more understandable, relatable to them, right, forex guys, you can just set your limit and the rest you may not understand.

Financial Technology in Trading

But when you're a crypto trader, you understand what I mean? When your bots, when you are clicking buy or when you are forwarded the c and is loading because your messages are not entering well on telegram, right, or when you are trying to sell, it's not working well, right? So little things like this, you are the one that knows. Only you can tell yourself these things, right?

Navigating Personal Obstacles

And only you can put in place plans or steps, rights to mitigate them, steps to grow, right? Steps to ensure that these things that are making you unprofitable are no longer a challenge, right? And like the last speaker said, never believe that you are above learning. Never believe that you've gotten to the point where you know it all. You can, you have what works for you, right?

Growth and Learning

You have your setup, you have your strategy, right? And there, you no longer back test you no longer journal you no longer try to improve, right? Maybe it's not as tough as for you guys in forex, right? But if you attempt that in crypto, right, people like Omotayo and big timing and the rest that have, that are into crypto now understand better, right, if you try that in crypto, right, to say that you know this, that this is working right now, this is what is happening in the market and you say you are not going to improve.

Adjusting to Market Changes

Then in the next couple of months, it may just take one month, two months, three months, and the next thing you see, you start having consistent losses back to back. Why? Because things change, right. The market has evolved, right. New tools have come into play.

The Evolving Trading Landscape

Those that were trading, those that were trading before, some months back, let's say three months back, right. The challenges were facing in the crypto space now is very different from what we're facing three months back. Right. Now, the number of people that are bonding transactions, if you are, if you are trading on Solana BSc and number of bundle transactions is crazy.

Adapting Strategies to Market Needs

So imagine you as a trader not trying to learn or not trying to take things like that into account and you keep trading, right. Without taking into account that the market has changed. Devs are now getting more wicked, right. Because you see volume coming in, because you are seeing different buys, different transaction necessarily doesn't mean that people are buying in.

Analyzing Market Behavior

And that is why, you know, it's not important for you to now say, people are born in transactions. How can I find out if they are bonding transactions? How can I, how can I not get caught up in this web? This, that's just an, a typical example of what it means for you to be improving yourself regularly and daily.

Continuous Learning in Trading

Right. It doesn't necessarily mean that you are learning something completely different. Right. But it's improving on what you currently do based on the market demand. And if you're not willing to do that, trust me, at some point you're going to become outdated and you're going to become unprofitable.

Avoiding Complacency

Right. So consistent learning, never let it get to the point where you get outdated. Never let it get to the point where you do not know what's happening in the market where you are confused, where you are lost simply because you refuse to take out time to consistently stay updated.

Understanding Market Dynamics

Right. Even forex traders. Right. I know a lot of forex traders that pay attention to the news, right? They have channels that they follow. They have Twitter handles that they follow. They have, they have different platforms that they look at from time to time, websites that they look at to say, okay, fine, okay, this is what's happening for those that trade gold a lot.

Global Influences on Trading

Right. They don't. This is what's happening in the Middle east. Right, in relation to good. Right. And the rest. Right. And so they stay updated with it. And then there's you, the trader who just thinks that is just any pay and then you decide to just trade without paying attention to the other for the mental factors that may come into play, right?

Identifying Pitfalls

And what happens because of the volatility of gold, one day you may enter a trade and it goes bad and then where you are just hitting bad trades over time. Why? Because you are not paying attention to the full picture, the bigger picture, right. And staying updated when necessary.

Concluding Thoughts

Right? So those are just some of the things I wanted to add concerning the topic, right. Being unprofitable. Right. Is not necessarily a thing about knowledge anymore, because knowledge is easily available to every single person right now. It is solely now based on you as a trader, what you decide to allow, the little habits you have not broken free of, or the little things that are still happening in your trading journey that you are allowing to become bigger problems because you refuse to address them and you are still procrastinating.

Encouragement to Reflect and Adapt

So every single trade I am now on the space, if you know there are things that are unprofitable for you, if you know their traits, right? Habits that you are practicing or things that you did not even know you were doing, right? That some of the speakers have mentioned or some of the other speakers will also mention later on, right.

Taking Responsibility for Actions

While they talk. Right. Don't leave it a chance. Like I said earlier, don't enter this new trading week with the same problems you have. Right. Start addressing them as fast as possible. Because that's the only way you can become profitable in the long run. Not by listening to us, not by dropping emojis, not by getting so much knowledge, right, but by doing your actionable steps, right.

Paving the Way to Profitability

Doing what needs to be done. Right, to become profitable. Right. Hopefully I've not rocked motor. You could hear me, but hello, can you guys hear me? You rock. Somewhere in between Sharbo, we can hear you. The question now is, can you hear us? I can hear you. We will reach your network seven over ten today.

Conclusion of Session

Thank you very much for delivering a teacher. If you know, if you know that you have some habits that are injuring you from becoming profitable, it's honestly left for you to do a review and figure them out and make a plan to change, just like David said. That's like one of the important things you need to do for yourself. Very important. All right, so welcome OJ.

Welcoming New Participants

Welcome penciler Youngly. Hola. Welcome guys. I don't know if victimi is back victim either. I guess not. I heard my name also. I don't even know what to say to you. I need to speak yet. No, no, let someone else just take it. I mean, David said we don't talk.

Introduction and Greetings

Almost everything. I. Oh, before you joined, I think David actually said he missed you. I'm coming. You want to go and cry? Okay. You missed me. I hope it's no. It's no, Didi. Shit. Yeah. I said I miss you. And Uji, I hope you're not thinking the Dewey. No, no. Don't worry. All right. I see Yari Mindy an episode Yerema. All right, OJ, you can unmute your mic if you can speak now. Can you? I guess nothing? Okay. Yeah, I can. All right, pastor. I was busy with something good, even everybody.

Discussion on Trading and Teaching

If you. So weird having David beside me. I beg, just leave that one and two k for larger. Anyways, start from now. I think I ate that. I'm giving this two k followers by compliments, but I feel David is one of the few people I actually listen to. Like, somebody's talking for too long either. Always quick. I would like. I quickly get tired, especially. We were saying the same thing over and over again. I don't know. I see that thing very, common in forex and crypto spaces. Like, having to repeat same thing over. And that's why most of the time say, I don't join spaces. But I don't know. David seems to be a very good teacher, and I'm. If you don't, I think it's something you should consider, like having to go into. I feel like it's easy for people to, give calls, give results, give alphas or trades, but it's not everybody that knows how to teach most of the time.

Understanding Crypto Trading

And it's very difficult for you to get teachers that could actually put you through the way you would want to be put through. So really nice take. Good evening, everybody. Good evening, host. Good evening, coast. And every other person on the space. So I'm far from my phone. I can't see everybody, so please forgive me. I'm not mentioning it. unprofitable habits in trading. I think the number one for a crypto trader to measure, because I'll say if it's trading, there's a lot of similar things when it comes to forex trading and different crypto trading, because I feel trading itself, there needs to be a, lies the word structure depending on. On, the type of personality that you have. You know, are you patient? Are you. Are you the type of person that is in your, you know, you want to make quick profit, so you want to be a DJ person, you want to be a, you know, investor, you want to trade for a long time, don't be a scalper, don't be a swing, all those types of things.

Key Traits of a Successful Trader

So, but the main thing that's like an unprofitable habits that you might have or most, or that is very common in crypto traders, like, and if you're not careful, it's usually very difficult, is having to be a, what will I put it, a stereotype or a stubborn, let me say, stubborn person, because crypto is the most funny space ever. I don't think any space has made me laugh. Like, I've done a lot of things. Let me just be like that. I've been into different spaces and I mean, different career paths. At some point in time for more crypto, this, like, make me laugh almost everything. So if you are somebody that at no point in time as a crypto that, if you ever come to a point where you feel like you have hacked it, like, oh, you know, you have figured it out, you know, you've conquered the space, you know, you've gotten your strategy.

The Nature of Crypto Trends

I don't know if I mean strategy or, you know, like strategy can work forex traders, but I don't think I work because, I mean, David was even saying the next three months, I'm telling you, the next week or tomorrow, safe, that is Monday, because I've been talking about something the previous week, on the previous day, identity, all, entire thing that we're talking about the next day. That's how, I would say crypto, the crypto space has a very short attention span. Yeah. Like women. So I try to use that, example. You have a very short attention span, like something that could have been doing very well three days back, and then suddenly, like, it's no longer doing well, everybody has forgotten about it. So you need to put yourself in a position where you are constantly learning and you're constantly gathering information, like, because it is very easy to leave you behind in the crypto space.

Continuous Learning in Trading

So at no point in time should you ever get to a point where you feel like, okay, you have, except you are trading futures, you're a leverage trader, sports trader. Then you can say, okay, yes, there's a particular hack or structure. Because I always say this, I feel like the reason why it's easier forex traders or leverage traders is the fact that you already know, like, you can wake up the next one. I know the peer that you want to treat. I mean, the players that everything I trade today, I didn't know. Like, I bought some very funny coins. You and, I mean, I've made profit and I've made losses from someone. Trust me. I don't remember the name of Facebook. That's how crazy it is in, like, in.

Navigating the Crypto Landscape

In crypto, like, or in them saying defi. So at no point in time should get to a point where you feel like, you know, you've hacked it, because the space is constantly moving. I mean, just within the last one week, let's say one week or two, we moved from. No, two weeks, we moved from Tron. Then from Tron, we saw cats memes, you know, pop up again, moved to TikTok memes. Like, this space is just, like I said, it's something else. And then now everybody's, like, looking for the next TikTok ticker. Like, I mean, we're getting our. Our alphas now from TikTok, who would have won't talk. Like, I didn't see that coming if I want to be sincere. But, I mean, that's the current alpha now.

Importance of Flexibility

That's where I. Everybody's attention is at this point in time. So, I mean, you have to put yourself in a position where you are ready to constantly learn, and you. I would like to use the word. I have a mentor that likes to be a prostitute. I would say you have to be flexible. You have to be very. As a crypto trader, as a defi trader, you have to be very flexible. Like, you never get to a point where we have what they call maggies, and I have nothing against Maxis. Like, you know, Solana magazine, I respect. If you decide I want to be a magazine, that's. That's good, but I'm a narrative magazine.

Adaptation and Versatility

Let me just be like that. Like, let me know if I'm a narrative max. I'm a liquidity market. Where the money is. Is where I want to because it's easier to make money that way, where there is money, than where there's no money. So. And, I mean, liquidity follows attention. I'm just like that. Especially in crypto, liquidity follows attention. So the money is where everybody is. So don't get to a point where you feel like you've gotten to your place. You know, you've got into your. Your space, you feel comfortable, but, no, don't get. Don't get comfortable.

Fluid Nature of Trading Trends

So even to narratives, like, general narratives, at one point in time, we had Defi coins doing very well, and then at one point, we had just nfts, and at that point, we're doing Defi looked very stupid at the time that nfts were popping. And I mean, right now, I mean, for the past one year plus now, like, nobody even remembers what nfts are anymore. I mean, only few people are still trading nfts at this point, very few. So you have to be permissible. You have to get to a point where it's easy for you to learn. Adopt a new blockchain is trendy. You know, what is the exchange? What, what both are these to trade it.

Tools and Resources for Trading

What are the tools that you need for analysis and analytics? You know, you know, what tools can use to track on chain, like, you need to get. You put yourself in a position where the minute something pops up, you are. You are ready to gather information, you are ready to analyze, and you're ready. To go with the flow. Yeah. Crypto is a go with the flow. I think that's the best expression, is they go with the flow space. So I would say that's like, the most important thing. Like, that's the most important habits. So if you want to be unprofitable is when you decide that, okay, everybody's moving somewhere and decide that you want to be, stop one and, stay in one place and trust.

Navigating the Challenges of Trading

My only advice that if you have got into, how will I put the apex of this space? Like, you know, you're part of the 1%, not even the 1%. They are part of the 1% of the 1%. Then you can say you want to stay in one place, but as long as, I mean, you are still trying to get into that 1%. I mean, even me safe. I mean, if tomorrow you tell me that is, I'm on you now, that is the trend, and everybody should meet me there. You meet me there like I'm there ASap. Like nobody. It's not even about money. It's about you having to capitalize on and making the most of the narrative.

The Role of Community in Trading

Devs do the same to your developers, do the same thing. I said that thing. And, I mean, I've experienced it first. And where devs have worked it on previous chains. There's a dev I know now that I think was on. We worked together on Seoul in December, and then he suddenly buzzed me in. I think that was in July that, oh, he has a couple of trade I want to launch on Tron. That's. That's just it, like, so from the top to the bottom, everybody's moving. Everybody's been versatile. So at no point in time should you get to a point where you feel like, you want to stay in one place.

Future-Proofing Your Trading Strategy

Oh, I'm a community moderator now, you know, or I'm a community manager, you know, I love doing jobs with NFT projects. What happens when NFT is not, is no longer the trend. What happens to you at a point in time? So learn to be the exterior, learn to be versatile, learns to go with the flow. I think that's the best, advice. And then another thing, I feel like it's, there's an, I think that's the second one I'll just mention, I think, because it's very important, is discipline. I think as a trader, if you cannot be disciplined, I think that's like the biggest, one of the biggest issues that you can have as a trader, discipline and consistency.

The Importance of Discipline

I mean, even for, I'll keep saying it's even for defi traders or even for DJN traders. I feel like discipline is important. I mean, I would say the most, like, the time I made the most profit or the time I did crazy. I did, I did crazy numbers with little money was when I was disciplined the most. Yeah, I made a lot of money this, this year. But say when I made like an amount, I think I flipped like $12 to over 10,000, $15,000. Trust me, it was disciplined. It wasn't because, oh, like, you know. Yes, I know my onions. Let me spill it above.

Maintaining a Trading Discipline

I would say the most. The major thing I take from that whole experience is the fact that I was disciplined. Something happened today. Now, I go into a call. I was on a call with one of my friends. So, so he sent me. We're analyzing three contract addresses. So he sent me the first one we analyzed. We bought together, sent me the second one, we bought together. And then the third one, I was distracted. I think I was in church then. So I just ignored, ignored it, and I left it. The two, the first two that we bought, I mean, they went down by 50% in the next three to 4 hours, so.

Learning from Mistakes

And that's like me personally, I have a trading discipline around that. Once any coin I buy is below 50%, like, I just, I move on to the next. I just caught my losses from there. Move on. So when I just saw that, I just, I cut my losses and moved. And then that poor one that I did not, I decided not to buy is not the one I ended up doing, like, I think, 30 x or 40 x. Surprisingly, like I mean from, I think from thirty k to almost 1 million in Mc crazy. And to not even make, to not have any sort of an injury. The one that decides to cut loss at 50% one ended up being 150% for my entry and the second one did like I think 50% for my entry.

Reflecting on Trading Decisions

So they went back to my entry and they still won't pump past my entry. But do I have any regrets? no, I don't. Everybody has different rates tomorrow. Come, I told you guys, the time I face my grind tomorrow I'll make that money back. That's how I just see it. But it now becomes bad. If as a trader now you now see that I now feel like okay, the next day, now you want to apply a different strategy. Instead of doing that, now you want to like, you know, compromise. And then you come the next day and say okay, let me decide to, let me decide to wait.

Trading Strategy Hypotheticals

And then you end up doing yourself more harm than good. So you haven't, I always explain this to traders. You haven't. To have a trading strategy does not mean your trading strategy is going to be 100% like it's going to work 100% of the time. I would say that's a no. That's a big no. So you have to be contented. Let me use that word even when it goes the wrong way, even when I look like, okay, if you have done something else or you have thought of doing something else, which you could have done and probably will have gone in your way, but you having to compromise at that point in time, it's not you compromising.

Long-Term Strategy and Discipline

Yes, you might make profit on that trade, but you might end up compromising your ethics and mind up making losses in the future. So, and then, I mean, imagine having to compromise $1,000 for, I mean, a couple of months. You haven't supposed to make more than that. If you follow. And you know, you're a disciplined trader. So sometimes it's not easy. Sometimes it's very difficult. So apply discipline to follow your strategy or, yeah, to follow your strategy, your plan by the book. It's very crazy at times.

The Challenges of Consistency

Like, it's crazy. And when, I mean you are a discipline trader. And then you see an, on this undisciplined trader somebody has never financed, I'm making money, more money than you like, I mean, you feel very stupid every now and then, but the truth is it pays on the long run. Having to be disciplined, having to be consistent, like I said, I mean, I still don't have any place because the kind of numbers I've done, crazy numbers I've done, being a disciplined trader, I don't think I've ever made those types of numbers in an trader. So I'll say, yeah, those are my main two ticks.

The Takeaways from Discussion

The flexible go with the flow. Crypto would shock you. I don't know about FX, boy. Me, crypto is very crisp. Like tomorrow. Now, like I said, I don't. The next set of peers I'll be trading tomorrow. I'm going to train something tomorrow, and tomorrow can come and it's something that I'm talking about. I means tomorrow can come. And then it's Instagram memes that we are trading at this point in time and, you know, we've moved to another social media network or something else suddenly pops up out of nowhere and then everybody's talking about it.

Managing Expectations in Crypto Trading

Like I said, crypto is a space where everybody has a very short attention span. I mean, if I ask David now that can I remember anything that I traded from March or April, we'll probably be the ones that probably took a lot of money for them. Probably. You know, normally when you put $5,000 into a coin now and then, you only bring 1000 out of that one. Definitely stick. But I told you, okay, the one you lost $20 on, $50 on, or you didn't lose much on, or you didn't make much profit on, you probably not remember, like majority of what you traded three or four months back or even a month back, OJ immediately.

Reflections on Past Trades

You said this. I just remember some bed on Tron where I lost money immediately. That was the first thing that came to my mind, son, bed on Tron. God. Like, I mean, it seems to me now, like if I go back to probably much of April things, I can remember now, the coins that made me some coins make like crazy money then. I mean, I think I made like 20 or thirty k of my, those ones I can't remember. But when I just made probably 200 or 500, I probably can't remember the names anymore. Except if I probably check my wallet now, I check history.

The Continuous Learning Curve

So it's like that, like, it's constantly like that for, crypto traders. So you have to learn to be permissionless, you have to learn to be flexible, like go with the flow. Because, if at any point in that even to, I mean, even to like, you know, what you do in this space, I thought, oh, my. Like, I started as purely being a trader. Like, I don't. That's why every time market gets harder, you know, when things start, when it looks like, okay, everywhere is quiet, what I still feel comfortable doing the most, I see people go back to jobs. People go back to, you know, airdrops and test nets and etc.

Reflections on Jobbing and Trading

So I'm gonna go back to, like, you know, sorting out me, like, why I feel most comfortable is to treat. So that's where I'll first go back to, like, so anyway, anytime I see one trading popping up and everybody's like, you know, I feel happy because I feel like that's still my space. But, I mean, I want points down, like, trading to jobbing. Like, I was doing defi jobs, like, back to back. And at one point in time, again, it was like, I mean, everybody would. I was doing, airdrops too. I think it was Solana Airdrops then, early 2023.

The Current Landscape of Crypto

So you have to learn to be flexible, because sometimes that is going to, that is what is going to help you make the most at that point in time. Like I said, I mean, even today now, I don't want to mention anybody. I can see a lot of airdrop influencers now dropping meme coins. There was somebody else on a drop cards, drop list of meme points. I said, I said, from where to where? So, but that's just to show you that you can't be, strong headed in this space. You have to learn to be flexible because the space can shock you at any point. I thought somebody, this person that I was talking about now that is posting memes, I told him in March, I said, it has gotten to a point where no utility token is holding anymore.

Adapting Trading Strategies

Like, I feel comfortable investing crazy amounts or large money into memes than utility projects, that I would advise him to keep his money more in memes, more in solid memes than he was like, no, this one down, utility, always utility, blah, blah. And I mean, I know discussion we had officers now telling me how much money has lost in that part. So you can't even learn to be stronger. They want me to. Well, I won't. Time I was a utility activist, I think I tweeted that a couple of days back that, you know, if you tell me Dodge or Shibara time, like, I mean, affitable your matter, I will give you in depth reasons as to why what you are doing is very stupid.

Lessons Learned

But, I mean, see me today catching the next meme. So you have to learn to be flexible. You have to learn to always go with the flow. Because that's what is going to help you make the most. And then if you know that you cannot do, you cannot be by yourself. That's why communities are very important. Networks, groups, you know, people around you, type of player around you are very important. So I mean, what you don't even know how to do, trying to find your ground or find your bearing, you can easily have people around you that can put you through and show you the right way to go.

Discipline and strategy

Like I said, discipline, like having to follow through on your trading plan or trading strategy can be crazy at times. Like you can say, okay, anytime, my, anytime I take a trader in those x to two x, I'm going to take my capital immediately and then leave the profits to run. And then the first two that you do, you take the, you take your capital out once you did 100% and then from that hundred percent, nine up in 1000 or 10,000, and you're like, I wish I could have held.

The Pitfalls of Emotional Trading

And then the next one, you know, decide to hold another one, now that will not dump on your edge. That's how funny this case, this, space can be a time. So it's better to just follow by the book. Yes. It might not always look like what you're doing is right. What's it again? I mean, look at my own experience today. Like, it might not always look like what you're doing is right. But trust me, eventually, if you stick to it, you end up making the most.

Conclusion and Final Thoughts

Some people are okay by Gordon. I know people. I know somebody now that out of ten or 20 bags, you bargold all of them too, so too, so. And out of nowhere one would just from Tucson, I was like probably like 50, so 100 and then we'll make all the money. I was lost on all the others from just one play, but I mean, he has the money to throw away. Can you afford to do the same thing? So everybody knows how to just learn how to cut your quote according to your, is it cut a color now cut your quotes, cut your quote according to whatever I put. Sorry, I've forgotten the adage.

Final Recommendations

So it's best just was do what works for you and follow it by the book. And trust me, eventually, as long as you are disciplined and you're consistent with it, eventually you make the most. So those are my takes. Thank you very much. Thank you very much. OJ. After OJ, don't talk now. Is that we will share the grace though because I don't think there's anything more for us to learn. thank you, Jay, for that. Once again.

Wrap-up of the Session

Okay, what's not spoken? I think Penciler. All right, Pencil. I'll be our last speaker for tonight. Pencil. Happy Sunday. mother, you see, when you said. When you said, it seems you're just going to say. You're just going to share the. After which it. I was like, that's just it. Cause honestly, while speaking, like, I was like, what? What I've left to see. What I. What do I have left to talk about? Considering everyone, I've said everything. And as for me, I know, like, I did.

Closing Remarks and Final Thoughts

See, I just have to remove the. Chicken in my mouth right now because I can't speak very well, honestly. I'm eating. So I was like, what do I have left to see? Everybody. Everybody has dropped the alpha. My stomach is kind of too full, so he won't think straight. At the moment, I just want to relax my back. Your stomach is too full in this, okay, please. I don't think this guy's in Nigeria, because what is all this that you are saying? David said he's not shaking his head where he is in this corner country.

Session Closure

All right, so let's share the grace. Oh, wait, you want to sweep under the carpet? The fact I removed me for Og. No problem, sir. No problem. Is the fact that you already project him at key. Oh. I mean, I, like, I'm giving him hope. Now, let me see. Let me see what I say. It's not 1.7. Wow. All right, so thank you very much to my co host. Thank you, Og fast, before Og on mute is Mike again. Thank you, David. And to all the listeners, I hope you got to learn tonight.

Good Wishes for the Next Week

Anyway, chest a profitable week. Oh, this place was sponsored by funding babes. And once again, for a lot of things we have said another important space. Now, what are the cash out. Is to trade with our name pips. Make sure you trade your funding, please, not a beg. Okay, so one of the most reputable firms you can trade with is funding pips. They've been consistent with their payout.

Conclusion of the Session

They have zero denier record. So when. When were sharing gems, you refused to sharing James. Refuse to accept Mike. Now I'm talking about fun Mike. Dice to you. Since. Wait, first I'm coming. If you look up, you see them. The host of the space. All right, so for the pips is a good profile to trade with. And if you want to give yourself more rooms for failure anyway, because flipping is also flipping when you don't have where it takes to flip is an unprofitable habit.

Cautions and Warnings

Yeah, borrowing money to trade with is also unprofitable habits. What else? A lot of things that puts you under pressure to make profit fast. You know, those are unprofitable habits. So if you do not want to put yourself under the pressure of borrowing money, investment funds and all of those things, just throw the profit, a reputable profit as that, so that you don't get to come on the timeline to cry about how your profit shuts down while they denied you payout. So for discounts, you can use the link on my degrees.