Trading Mindset

[00:00:02.00] - Speaker 1
Good afternoon, everyone. Welcome back. Hi, Patrick.

[00:00:06.22] - Speaker 2
Welcome, everyone. Happy Monday.

[00:00:09.17] - Speaker 1
Monday, another crazy day. We're gonna go through that. But basically this session is focused on mindset. So please, any question you have. The goal of this session is really to help you understand the approach, especially in a day like today where we saw a lot of like, strong movement, but also a lot of like choppiness between those movements. So like, how do you approach a day like today? Because that, those are the days that could actually bring a lot of losses and a lot of like, you know, mental, obviously throwbacks. And so what, what we have today is we're gonna go through that. We're gonna go through how you can approach trading, especially if you're a beginner trader. But the first thing maybe like I will ask you, Patrick, is not everybody know you. So maybe like if you can give us like a very short introduction of who you are, your experience, how long have you been trading and what do you trade, that would be very helpful, I think.

[00:01:16.08] - Speaker 2
Yeah, yeah, yeah. So, but first things first before I'm going through this. So please remind. So everything what they say is only for educational only. So there's no financial advice. So maybe I say something about trading what you can understand as financial advice. So here's our risky claimer. This is important. Only educational, only my friends. Yeah, all right. Okay. So, yeah, so. So everybody who don't know me, my name is Patrick. I'm an old trader, but I'm 41 years old. So I'm trading since my twin, since I be 20. I left the school. I was not going to high school. Something like else. I was going directly to trading. I was all in and trading. Trading was my own patient. So I was paying a high price. So I was homeless. I'm losing my family. I have no more connection to my family. My only family is now Metaq, my kids, my wife and you as a community, of course. And yeah, so, but I was make it so at the end. I can say now after 20 years, I'm retired. I'm building enough cash flow to have enough income from other sources so that I have not to go into the market anymore.

[00:02:41.21] - Speaker 2
I. I was smart enough that I was taking all my profits, what I was making from trading, building into cash flow. So like properties like startups to invest in this and get cash flow back. So now I get monthly, every month some steady income. That's enough for. For life to pay the bills for everything. It's cool. And this is what pays me now. So everything's good. I can Say I'm retired and that that's the big goal from everyone. The big goal should for everyone as a trader, financially freedom.

[00:03:17.23] - Speaker 1
Yeah, absolutely. And maybe like you can walk us through kind of like your career, your experience and how long did it take to kind of become consistently profitable. Obviously that's a big, big challenge. But yeah, if you can walk us through kind of like the main steps that took you from basically obviously losing almost everything when you were 20 to to now become profitable.

[00:03:47.05] - Speaker 2
Yeah, I think I want, I will not tell about what I was doing because I will more saying what I was learning through my 20 years and what I can give you now as, as friendly advice. So what I was doing, if I would be a beginner trader and this is always what I'm telling everyone in the mentorships or in the zoom call what we have on mentor cube where everyone can join me. So I said I tell everyone, hey, before you start trading, if you be a beginner trader, you should invest minimum two years without to think about that. You take any profits out to enjoy the market, understand the market, understand how indicators working, understand how the correlations are working to learn the market. And of course you can invest some money. That's good. But don't think about that. You become now in two years consistently profitable. This could be possible, but most of the time it doesn't work. So the first things is learn the market, understand how everything is working, give your time, maybe two years without any pressure, without invest anything big money, without losing big money. So that's the ultimate goal to study the market.

[00:05:11.08] - Speaker 2
So think about if you go to the college, what you're doing. So you learn two years. If you go to the high school, you learn and then you become a professional. And it's the same in the market. So first start to learn before you earn. And I think that's something what I would give you. And if he's speaking about me, I was blind. So this is why I was losing the connection to my family. And this is why I was getting homeless. So I was starting going directly all in. I was using the money from my, the savings from my family, mother, father, everything what they have for me when I can go to university. But I don't, I stopped going to this, I was placing this into the stock market. I lose everything, shit. So I get in trouble. I become a gambler in the perspective of my family and then I go into the bank I asking for credit. They don't give me credit, but they're giving me the connection to investors. Who I can learn, who they're giving me mentors because they see what I was doing and that I have patience for this.

[00:06:21.01] - Speaker 2
So but this is the hard way. You have not to go and choose this. So this is why I will tell you if you study two years consistently, the market consistently, how things are working consistently, how economic is working consistently, the mathematics behind, then you become much smarter and then you can start to think about to make some profits.

[00:06:49.28] - Speaker 1
Yeah, yeah, that's great.

[00:06:52.20] - Speaker 2
And.

[00:06:55.14] - Speaker 1
If you. So obviously now we're talking when you begin, like if you're a beginner trader, what would be for example, your advice besides obviously learning the market, how should the beginners trade that approach and what should they be focusing on? Like do you have any like other tips for people that maybe are starting from the beginner beginning and what should they be spending their time on? Right. Because obviously finance is very broad so you could really go in different directions. Right?

[00:07:28.02] - Speaker 2
Yeah. So what I think is really important to understand is that 80% is mentally 20% of skills. So I would say learn about you learn about psychology. Don't look only to that. You understand how the market is working. Don't learn also the economic mathematics, everything behind. No, no, no, this is not so important. It's important. I can go to McDonald's and can teach any, anyone, maybe any cashier, maybe any guy how they should trade to give them all the strategies, there's no problem. But mentally they cannot do this because they have pressure. When they see how the P L is rising down, up and down, up and down. When the bars are going up and down, up and down, they get completely confused what they should do. The mental aspect is so important. I would say this is really important. So learn the mental aspect, Focus on the mental aspect also like what you're doing. Focus on, study the charts, what you back test everything like this. So the mental aspect, you should not, you should not forget this. There are so many good books outside people speaking about the trading psychology books. But I will say they are good books, but there are much better books.

[00:08:49.16] - Speaker 2
So I was personally looking into psychology books from, from, from teachers who was trading athletes like Michael Jordan, like Kobe Bryant, like the gold stars. Like everything else, I was looking always not into the trading space when it comes to psychology. I was always looking backwards. So I can give you a crazy story what helps me to become better in my inner game. So we're speaking about inner game. So there are some, some, some crazy guys outside. So they calling his pickup artists. So they're looking for women's how they approach women's and everything like this. But the guys who approach women's they're having crazy, crazy inner game because they become shy when. When they have to ask a woman about a date. Correct. So they have to work on a crazy inner game. And these guys were teaching the inner game. The guys who want approach women's they help you as a trader also how you can approach your inner game, your patience and that you become comfortable with yourself for the trade, for the trading business. Maybe this is a bad example, but give a shit about this. So what I want tell you is looking outside of the trading world when it comes to psychology, look inside the trading world when it comes to economics and look outside to the trading world when it comes to mathematics.

[00:10:19.19] - Speaker 2
So they are so crazy mathematics guys outside, so they have crazy formulas. Look also outside from the market, find other sources and then connect everything together that you can build a strong trader based on this. So this is what I was doing and I think this is something what I can give anyone.

[00:10:41.10] - Speaker 1
Great, thank you, Patrick. Then another question that we normally get is it's like could you maybe talk about how you build your profit factor, your profit target, your kind of like a risk management where.

[00:10:58.07] - Speaker 2
Yeah, I love this question. So. Okay, take the notes out my ladies and gentlemen. So this is the question what I get any time when it comes to this. So and I was really thinking about this the last few weeks, few months of what I can tell the people because it's so crazy. They have so much pressure sometimes. And I notice so. But the real answer is like look at this. Now I speak with you, Fabio. So you being an entrepreneur, you have mentor Q. But also you have a monthly salary what you pay yourself. Correct. We have not to speak about the numbers. And now I would say to you, you have the monthly salary. And now let's break this down to an salary for the hour. So to hourly salary. And maybe this could be US$100, US$50 depend on your job, depend what you're doing. And then this should be your target first as a trader to duplicate what you was doing doing in your daily job as a profit in the trading world. So for example, if you have a US$50 hourly salary, you should do also if you be one hour in the trade and looking to the shots, you should always making US$50 as a profit target per hour where you'll be in the market.

[00:12:28.05] - Speaker 2
All right, so why I should. Why I'd say this. If you don't do this, if you're not making 50 US dollars then better go to the fitness gym or something like this because then it make no sense because you can make more money if you're working working harder on your daily job. If you're working more hours then you can make more money. So this is why I was saying first study two years about market psychology, everything so that you can at the end duplicate your hourly salary. And then the target should be. So we were speaking about the 50 then the next target about if he was making consistently 50 as average, then the next one should be next month making 60 as average and for the next months. So what is this meaning if you're making consistently 60 average for the next month, this meaning you're making now more money. If you be trading as when you be in the job. And now we starting to working on our financial freedom, then we start to making 80, we make, we start to make 100, we start to make 120. So if you earn 120, we double now our income.

[00:13:45.27] - Speaker 2
What was in working hourly? And that's so important chumps. If you think like you're always making 50 US dollar hourly as a salary and you're thinking now you come in the trading market and can make US$200 per hour, that doesn't work because first you have to start as a trainee in the market before you came the vice president. And this is some simple approach. And we can looking into our community. There are some good skilled skills, skilled traders. They're making thousand every day, maybe 2,000, maybe 3,000 every day. But they have also problems and to make 10,000 each day, 30,000 each day. Maybe they can do this if they have more profit. But it's highly, highly like it that they blow up their accounts because they, they are not skilled in the in in the point and that they can handle the big amount of of trades. So what they taking in. So they have also the same. And we should also start as a beginner with only the hourly salary that you have a feeling for the money. You you must start to get the feeling for the money. So if you make 50 in in the market, this is something meaningful for you because this is your hourly salary you pay yourself.

[00:15:09.07] - Speaker 2
Yeah, and, and think about all the professional traders who share with you on social media or something like this trades where they're making thousand, two thousand. Think about how did they can really make 30k? Did they can trade really 1 million? What is their next step? So maybe they cannot do this because they're not skilled in the big money, but this Is the same with you. You have to start also small, that you become skilled to trade maybe the thousand, that you get skilled to trade, maybe the five thousand every day. That's your first step, get skilled.

[00:15:46.20] - Speaker 1
Yeah, absolutely. Another question that I have is with all the people that you met, what are the biggest mistakes that especially new traders tend to make when approaching the market?

[00:16:05.24] - Speaker 2
The biggest mistake is not when they're coming into the market. The biggest mistake is when they see when they have financial problems. So everyone will come into the market and, and I, I was seeing this very often. That's amazing. So think about Fabio, you in the depth, you're in the depth for like 20k. And now you see all the other crazy guys, how's I making profits? And they thinking, okay, if I be strong enough, if I be learned enough, if I get mentored from someone of them in two months, I can also do this. So Now I invest 5k for something so that someone can teach me this or something like this, that I can get this. I invest in everything, tools like this. And they think that they can bring back the step to 20k and three months. And then let's say that, that they can become now debt free. But this is not the case. They will lose everything. And this is something what I get the most out, people reaching out to me and because they having financial trouble and that's so hard. That's. I don't know, this is a mistake in the mind.

[00:17:16.10] - Speaker 2
So if you have financial trouble, the stock market is not for you, the futures market is not for you, the options market, something. Don't invest the last penny or the last amount or the last thousands. What you have into any mentorship in any trading. That's not just not the way. This is what I was learning from, from all the stuff because after a few months they say, patrick, I have to give up. I get so much pressure from family, I cannot do this anymore. Or something like this. That's crazy.

[00:17:45.25] - Speaker 1
Yeah.

[00:17:49.25] - Speaker 2
Nice.

[00:17:51.29] - Speaker 1
Let's see. If you, if you guys have any question, please send them in the comments. The other thing I think I want you to spend some time on is everybody comes to the market to make money, right? So that's the ultimate goal. But I think a lot of people miss the important concept of actually managing the risk because making money can happen very fast, but it also can go the other way. So I think I'd like you to spend a couple of minutes talking about.

[00:18:24.07] - Speaker 2
Yes, yes. So every time when you come into the market. So you should first target your risk. So Many people target first to profit. So how much money I can make on this trade. Wow, this is a nice opportunity. But I would say for first target your. Your risk. And then based on your risk look into this. If the. If the profit based on the risk. So we say it a risk reward if great enough. So maybe you have to risk. I don't know thousand US dollars to target 500 west dollar profit. This is not worthy and make no sense. And also if you be. If you're speaking about the risk. So think about first like. Like the ocean. I give always the example about the ocean. So when you're going into the ocean, if you be in the holidays depend on where you are. So first you take your foot in the water to see if the water is cold or warm. And second you're looking into the water if there are some sharks or not if there's something dangerous for you. And then if you feel really comfortable then you taking your full body under the water and you enjoy the ocean.

[00:19:35.06] - Speaker 2
And this is the same on the stock market. The stock market is full of sharks. So you have to. You have to risk your risk. So you have to expand your risk first. So look at first start with a small position to see if the trade goes in your favor. If the trade goes in your favor, you can manage the position and can maybe add to your winning position and then let it ride. But never taking the full position size and play the all in mode. So this doesn't work. I have. I have also three. Three types. So first my first type is observing the market. Second is building the positions. And only when there's a crazy market event, crazy six has happened. Then I go all in boom. Then I taking my full position. But if I take this, I know exactly where's my risk and I must be be based on my experience completely confident. So. And I think for everyone who will have trouble with managing the risk, think about the ocean taking the foods first, looking for the sharks. And after this everything is fine. You go in with your full body.

[00:20:48.05] - Speaker 2
That's the same with the position size. But I was telling you before.

[00:20:53.00] - Speaker 1
Yeah.

[00:20:55.17] - Speaker 2
And I can say something again. Oh, sorry, I forget this. I love to give them. So I will not name the company but I was managed also some. Some other community few years before. And there was also some traders they having a max loss per day what they can lose. And they was losing his max loss per day most of the time one hour after the market was open. So they're getting directly all in say losing his freaking freaking max Loss in the first hour. So. And then they was completely depressed. Why? Because I'm missing the completely move. The move is most of the time not happen directly in the market. So the first minutes or the first hour, the market have opened a long time. Think about this. Never risk your full risk amount in the first minutes or first hour. This makes no sense. Split your risk and never become the slave of the market.

[00:22:02.07] - Speaker 1
Yeah. And what happened to this guy? Did he succeed after or did he.

[00:22:12.02] - Speaker 2
So the, the good thing, Fabio, is you can give the traders the best advice ever, but they never follow this. So they're making the mistake twice. Twice. Twice, twice, twice. They're getting punched from the market. They are 90 who giving up. They're saying, I'm done. I'm. I'm good with trading, it's enough. But 10 only smart. They say, man, it's time to change my strategy. It's, it doesn't work anymore. I have to do something. I have to think about this. So, and this 10% going truth. But 90% say we're going the market will take it out to traders.

[00:22:51.26] - Speaker 1
Yeah. And I think it's also, as you mentioned, like, it's also good to analyze your history because, for example, if 90% of your losses happen during the first hour, maybe it's good to revisit your strategy and maybe it's good to maybe wait after that and you know, like, avoid those losses. I think again, it goes back to risk management.

[00:23:14.27] - Speaker 2
Yeah, yeah. They have good trading journals outside. I was doing the same same I was looking when I was making most of the time my, my most losses and when I was making my most profit and I was, I was seeing that I was taking my most losses and the first 30 minutes when the market is open because based on the volatility, the crazy moves. So, and then I have to work on that. I bring back the losses. So then I'm, I'm losing one hour, two hours because I have one hours, two hours where I'm working to bring back the losses from the first 30 minutes so before I break even and then I can make my profits on. And when I was saying, okay, I will never trade anymore to open or I never trade to open too much, only when it's reasonable, then I become a better trader. So I was making better decisions. So and this is something where you should be on, you should be the master of your numbers. And I can say something to you. It's a really good idea to, to put your track record into Chat GPT with an Excel file and ask ChatGPT any questions.

[00:24:25.29] - Speaker 2
Ask ChatGPT as, as your body. Hey, can we looking into my profit factor, how I can become a better trader. What do you see? And ChatGPT is so crazy that can help you really well. Yeah. So. And I was doing this on, on the same way I was asking ChatGPT every day some questions. I was, I was upload my, my track record and was asking ChatGPT any crazy questions.

[00:24:51.23] - Speaker 1
Yeah, that's a good point because a good way of analyzing data. So it all comes down to data. Right. So download.

[00:25:01.08] - Speaker 2
Yeah, this is exactly the same what we're doing here for you. So we bring the data as simple as possible to you and you have maybe X amount of trades and then think about how you can bring this back to basic simple routes that you can have the little tiny puzzle what you need to become a better trader. Bring this down to some little tiny point and maybe this is the missing puzzle also.

[00:25:29.15] - Speaker 1
Yeah. Okay, let's see. We have a question. Let me. From Michael Patrick. Let me know if I can.

[00:25:44.04] - Speaker 2
Yeah, let's go. What is tca?

[00:25:58.18] - Speaker 1
What is, what do you mean by dca Michael, if you can post the comment.

[00:26:05.26] - Speaker 2
Okay, but Michael, maybe I can give you an example. I get along well with it, but when it goes against me, profits of two, three days are lost. That's, that's, that's exactly the can I say the. Of the retail traders. Yeah. So let's, let's speak a little bit, a little bit harshly that you understand this. So what Most of the time not everyone, not the skilled traders, the beginners traders, what they doing is say having small wins, small wins, small wins and then taking a huge loss and boom, the huge loss wiped out everything. And if the pain is really big, say wipe out also capital. But what are the retail traders doing? They're having small losses, small losses, small losses. And then only one times a week or one times a month, huge profit. And they wiped out all losses and become profitable at the end of the month. But the retail trader doing completely the upper side, they're taking huge losses and wipe out everything. The same what you was doing, Michael. And the question is like you have also to think about the retail traders looking very often to the, to, to the win win trade 10%.

[00:27:32.07] - Speaker 2
So if you haven't, haven't win rate from I don't know, let's say 80%. I will say that's as an institutional. I would say man, you're doing a bullshit. What this meaning this means first maybe you have a Big capital that you can hold to trades or second you let the losers against you but then there's only a big chance that you blow up. But the institutionals what they doing, they're having a small win rate because they're taking out the trades. Boom. If they be in a losing position, out, out, out, out, out, out. But when they, when they be in a good position, they let it run for a few days, few months and they're making huge profit. That's the big difference. Bobby, you unmute.

[00:28:30.25] - Speaker 1
Sorry. Any other question guys?

[00:28:40.20] - Speaker 2
Yeah Michael. So this, this is, this is very often the problem what I haven't in the mentorships with the people. So to understand. They understand everything. They perform very well for a few days, maybe for a few weeks. But then the problem comes that say taking out everything then one big loss at taking out everything. So. And maybe your strategy is very good. There's no question your strategy will be good. Otherwise you will not making the profits. But you have to be work on a system that don't allow you to lose X amount. And how you can do this is working with the, with your average profit. If your average profit is for example say 200 west dollars then you should max loss. I would say maximum US$50 to be really honest. US$50 and then you will be good. But the hard thing is I know to follow the rule is something. What is really hard for most of the traders and why traders most of the time fail. So why trader giving up? Do you know it? Because they cannot follow the rule.

[00:30:01.04] - Speaker 1
Yeah.

[00:30:02.00] - Speaker 2
And if you want, if you, if you have a hard time to follow rules in your private life. If you be a rebel, if you're not following government rules or something like this. If you're not able to pay bills every, every month when, when, when it's time to pay pay the bills or something else. If you against the government and all this crazy what's happened.

[00:30:26.03] - Speaker 1
Yeah.

[00:30:26.22] - Speaker 2
How you should be follow any simple risk management rule in the trading. It's impossible for you.

[00:30:37.02] - Speaker 1
Yeah. I think the key, the key part is when trading becomes gambling. Right?

[00:30:42.15] - Speaker 2
Yeah.

[00:30:42.29] - Speaker 1
Which is then the. When the house has the advantage. So obviously then that's when you basically can blow up the account. So I think defining that line and maintaining like a strategy. I think that's the key for, for anyone who wants to approach this profession this you know, opportunity. So yeah. Defining the line.

[00:31:07.13] - Speaker 2
Any top tips for scalping? Holy. So the only top tips for scalping is. No, no. Your I've A plus setup. So look for look into your trading journal and find the setup where you say to yourself man, this was a really nice trade. I'm so proud of this. So this is your A plus setup. This is your best setup. And then duplicate this. Don't trade the other shitty trades where you sometimes taking losses, sometimes a little bit profit losses, little bit profit. There's something your A setup where you make really good money. You can use this also as scalping. It's depend on your strategy. I cannot say about what is a really top tip. The really top tip is looking for your A setup with the setups. A setups are most of the time where you're really proud of and everyone have this and, and then duplicate your A plus setups and reduce all the other shitty noises.

[00:32:10.13] - Speaker 1
Yeah.

[00:32:12.20] - Speaker 2
And if you know your A setup, Toby. So if you know your A plus set up, you can duplicate this. For example, if you're trading the nq, you can easily duplicate this in the es. You can easily duplicate this in the gc. You can easily duplicate this in the, in the, in the Cooper. You can easily duplicate this anywhere. So, and then looking only for the market where your setup is showing up and trade based on your April setup. Yeah, so that's, that's, that's a simple and easy rule. But now the hot point is coming. Toby, can you really follow this? Do you have enough patience to follow only your A plus setup? So the good thing is you, if you journal this and you see and, and you taking really quick the losses and you let the winners run based on your A plus setup, I will promise you earlier or later you will become a really nice, profitable trader. But it's based on your discipline, it's based on your patience and it's based on your diamond hands not taking any trade, only your A7.

[00:33:26.26] - Speaker 1
Yeah. Yeah. I think this one is a good point. Right. Where yes, you can learn a lot about macro, about finance, but I think the psychology part and the mentality part is also very key because again, trading is emotions. And if you cannot handle emotions, then you make decision that are not based on, on factual data, but they are based on a psychological aspect. So fear and greed, like when you lose too much, then you become anxious because you want to get your money back and then you trade more and then you lose everything. Right. So I think when you're trading like Patrick, you said 80% is mentally and 20 is, yes, the strategy, the skill, maybe more than 20%. But the mentality part is it's very important.

[00:34:20.23] - Speaker 2
Yeah. And for me this was the Game change. Game changer. And I was never saying this in any broadcast or something like this, but this was my real story. So when I was I think 25 or something like this. I think it was in this year's. So I was looking for. For the people who will be a pickup artist so who approach women's. So why I was doing this not because of the woman's or not be a part of this. So because for the inner game. Because I know this helps me too strong. So I was really shy to. To approach Romans to really nice womans. Yeah. So think about. You go into discotheque and that's the beautiest woman ever. And you have to approach them. So this is a psychology kick ass for you. But if you can handle this prediction pressure to be go forward without fear, without everything. Then you can handle the market. Thousand percent. Thousand percent. I will promise this. Go to Miami, go to. I don't know if there's Paris Hilton. There was sometimes Paris Hilton also. And think about how you can approach Paris Hilton you as a maybe the ugliest guy in the world approach Paris Hilton that she will go and swing something with you.

[00:35:40.17] - Speaker 2
And if you be lucky. I will not tell this but. But this is something. If you can approach something like this then you can handle any market pressure. If you be in the drawdown, no worries. You can handle this. It's amazing. Look outside for. For mentality stuff, for motivation stuff. Before I was going into the market, my daily routine was. I haven't podcast on YouTube. I will not name this. I will not make any advertising. But he was kickass me every freaking morning with motivation. And I needed that. People speak harshly with me because in my world everyone say hey Patrick, you're good man. You'll be a perfect trader. Everything is perfect. You know, if everyone say you perfect then I don't know. I hate this. I. I need. Sometimes people will say hey, you must go forward. Boom, boom, boom. Yeah. Like. Like the motivational people who NFL players or NBA players who the gurus came and they pushed him. They pushed him to limits and they speaking really harshly. Bomb, bomb, bomb. And this is something what I was also neat. And maybe you. You need also something like this. Think about trading as an athletic sport world Trading is professional world.

[00:36:57.26] - Speaker 2
We are also athletes. So we. We can make. Make income like professional athletes.

[00:37:05.12] - Speaker 1
Yeah.

[00:37:06.01] - Speaker 2
And we have to approach this as an athlete and think about only one minute an NBA player. I don't know. Call. Call whatever you want. They have so many coaches. They have a coach for Eating for mental, for. I don't know, for. For the game skills, for sleep, for everything they have for everything coaches, therefore everything experts. And look also for every freaking niche in trading. What can affect your trading? For an expert, maybe not a mentor, but for expert outside of trading who can help you. So someone who's really good in mathematics. Listen to his YouTube that when he teach mathematics become an expert in this. Someone who's economic crazy. Learn this, listen to them understand the different picture. Someone was speaking about sleep and healthy. This is really important also for us in. In trading sleep and healthy. Boom. And then the next thing is like how we handle pressure, how we handle patterns, technical analysis. Boom, boom, boom. We have so many things where we can be skilled. So we have to work in this and then build an action plan. So like an athlete. So they meet maybe two, two, two times each week.

[00:38:29.14] - Speaker 2
His guy will coach them how to eat. So you meet also two weeks each each week. So how. How to become better when it comes to healthy food, healthy sleep. Because you watch one hour some some podcast about food and sleep and then boom. What is most important for you mental and technical skills. So this is something where you listen in the morning mental and after the market close, you listen to technical analysis maybe 10 minutes each day build a plan like athletes. And most important have also and season plan. Fabio. Now look. Look to the NBA players what they have. They starting first with a pre season, then they starting with the season. Then they have time off. Then the playoff starting. They have time off. Then have say again time off, time off. Look at this. How much the professional athlete have time offs where they have break sessions. And what we're doing as. As athletes, as. As retail traders, as beginners. We approach the market every day. Boom, boom, boom. We look in 12 hours as the sinking. There's nothing else in the world. And this is a huge mistake. No professional athlete will stay 12 hours in the game.

[00:39:52.19] - Speaker 2
They were taking for sleep. They was meeting his mentors, he was meeting his teachers. They're working on skills, but they never showing up the full day on. On the court. They were not doing this. And this is the same what we should do. We should plan our year. So now, now we now the year is. It becomes near to the end. So that's a good part. So we can start now. Let's plan 2025 to start. How we can make 2025 as best. And then thinking like an NBA season. So in January I will take off. I will make it only holiday. I refresh my mind in February I start my preseason, I will start only trading once a week. Then in favor in March, what I should do in March. So I. In March is my, my season and in April is my season and may I take off and something like this. And think about how you can meet all your, your coaches, all your mentors. Will you have maybe the books, the YouTube videos, the podcast, me and Fabio here. So how you can bring this all together in big world time schedule is king.

[00:41:06.23] - Speaker 2
Treat us like an athlete.

[00:41:12.07] - Speaker 1
Yeah, yeah. This is, this is great, Patrick. Thank you. All right, let's see. I don't know if you want to add anything on Toby here. This goes back to managing emotions and treating kind of trading as a, as a business. Right. So obviously like you always say, like I think we were in a, in a live session a few months ago and you were saying that obviously the money that you use for trading is your capital to generate income. Right. So every trade that you do is either a bad deal or a good deal. Like if you were a bank or a, or a company and that if the deal is not good and you chose a bad deal, then you always going to have another deal that you, you can look for. But then again, don't use. You know, the emotional part is that the part that obviously can bring you more bad deals than good deals. Right. So being able to control that I think is the key.

[00:42:22.05] - Speaker 2
Yeah. And, and Toby. So sometimes I love all the books, I love all the YouTube videos, but you must always think about. If you listen to Mark Douglas, so Mark Douglas, so he was an amazing teacher. I let nothing come happen to him. So. But think about, say not teaching everything when you're not meeting in person. So if you meet him in person in seminar, you will get much, much more ideas from him. So if you get, can you bring this back again? So the question. So if you get set after one trade, you get excited. So why you not think about what 100 trades? So, so you have to think about the next 100 trades. If you make only one trade, man, this is only one trade. But we have to think about 100 trades or 50 trades. And after the series of loss, I become sad, man, if you're taking three losses or five losses, man, it's okay as long you, you manage your risk very well. We're thinking about the bigger picture, the next 100 trades. So if I lose now 30 trades, no worries. I have 70 other trades who I can manage very well.

[00:43:34.05] - Speaker 2
So. But I can now learn from the 30 trades where I was loose and after one trade is a good trade, man. I have to replicate this 99 times. Then I can be proud of me. So this is something where can really help, but this is something where you have to meet all the people in person. So not everyone is telling everything directly on YouTube or on books. So you must meet the person or you get mentored for them to get more and more ideas. But my idea about this, with one trade, you get excited, think about 100 trades. If you make a series of losses and you become Sad, think about 100 trades, my friend.

[00:44:20.14] - Speaker 1
Thank you. Nice. Yeah.

[00:44:27.20] - Speaker 2
And by the way, the 100 trades was not my idea. I get this from some other trader. I will not name this. I will not make advertising. But this is, this is when you listen. This is the crazy story behind what I was telling you. So why the professional athletes become professional like, like they are. Because they're getting great input from many, many coaches outside and they connecting the dots together and then they become crazy. And this is the same. So I'm listening to this trader, I'm listening to this, I'm listening to a business guy, I'm listening to some other guys and then I connect the dots. And the guy who was saying, hey, hey, maybe we have to think about the next 100 trades. I was thinking, man, that's amazing. I can work with this. This helps me very well. Thank for this tip. It's very nice. Thank you. So, and this is the same so for you, Toby. So always listen and, and educate yourself and then you'll be able to connect the dots and you will have. I will promise you, if you think about the next 100 trades and you have your risk management and your a set up in the mind.

[00:45:34.21] - Speaker 2
What I was telling you before, you can never set about one trade. Think about Michael Jordan. He's on the card. Boom. And he missed the shoot. Did he get sad? He said, no, man, give me the next 10 balls, I will make the next nine in the court and then I make my points. If we not make the next nine, man, he say, oh, crazy. What's happened to the end? He. Boom. Makes more and more and more because he think like, hey, man, this cannot bring me down. And, and we have to think like the professionals. Yeah. Do you think Cristiano Ronaldo have. When he, when he shoot, when he is in, in. In his football game and, and he missed the one. He missed the target with with one shoot, he get depressed? No. He comes back.

[00:46:22.19] - Speaker 1
Yeah.

[00:46:23.01] - Speaker 2
And we have the same, we must, we must have the same attitude.

[00:46:27.06] - Speaker 1
Yeah. I think that's a good point. Cristiano Ronaldo is an example of having skills but also having a great mindset. Because what he achieved was mostly because of his concentration, his motivation, his mindset.

[00:46:41.20] - Speaker 2
Right? Yeah. And about why he, why he's doing this. Because of the strong family, because of the strong background. What you have. He have strong coaches. He picked, he's really picky. He picks only the best coaches for him and he not looking only for the football guys. Looking for, for all the whole world.

[00:47:04.14] - Speaker 1
Yeah.

[00:47:05.01] - Speaker 2
Who's the best in the whole over the world? I have some, some people maybe from China, maybe from Dubai, maybe from the US Maybe from the Netherlands. I'm looking also on all over the world. Where's the guy who can help me the most? No matter which countries they are, no matter if black or white, no matter if Asia, Arab or US or European, no matter what the big goal is, they can help me to grow as a trader. And we have not looked only to. So I'm a German person. If I would only look to German. I get. I have to go, go back. I have to look to the US I have looked the whole Europe. I have to look to everything. Not only to my only little tiny country. And look where's the best teacher there?

[00:47:54.16] - Speaker 1
Yep. Thank you, Toby. Great feedback. All right, we have. Let's take a couple of minutes more and thank you guys for being with us again. We hope this was helpful to share some tips and tricks from especially from Patrick who has been basically trading professionally for about 20 years. So if you wanna learn more about us, please check our website, mentor Q.com and if you want to send us any questions [email protected] and then for those who join our community, you can actually come to our discord and you can actually book a session with Patrick right here. So again, I think this is a great opportunity. I would encourage you to do that.

[00:49:04.12] - Speaker 2
And maybe Fabio, go go to the mental risk. I post something today and you can read this. The mental risk indicator. Yes. So I think that's very. That's the point. Today I was giving you a kick ass. Maybe you can read this for the people.

[00:49:22.22] - Speaker 1
Yeah. Trading is about one thing, profit. It's not about fancy strategies, complex indicator or how perfect your charts look. Look, it's about putting money in your account. You can have the most sophisticated setup. But if you are not making profit, you're not really trading. You're just playing the game. And even somehow with the basic system pulling inconsistent gain is a more successful trader than someone with all the Tools but no return. So at the end of the day it's simple. You are making money, you're trading. If not, you're just watching.

[00:50:01.17] - Speaker 2
Are you a trader or not? So that's at the end the game of us. So are we a trader or if we're watching? If we are trader or if we be an analyst. So make the decisions, be and watcher. You're watching the television or the market or you play play games like EA Sports or something like this. Or are you a trader? Make the decisions for you. What do you really want? But if you know what you want, make the decisions and follow your plan.

[00:50:32.12] - Speaker 1
Yeah.

[00:50:33.21] - Speaker 2
And that's it.

[00:50:35.11] - Speaker 1
All right. I think this was a great session. Again guys, if you want to learn more, contact us. If you wanna set up a one on one with Patrick, you can do that very easily here. Any questions? We are gonna be live again tomorrow. We have actually a very good event. So we have FOMC week this week. So tomorrow we're gonna run a prep at 4pm with Patrick and with the team who is managing our macro channel. So it's going to be a very good one. So hope you can tune in to join us. You can find the details in our live session here on the YouTube or within our discord. You have all the links right here for all the session that we're gonna have this week.

[00:51:27.26] - Speaker 2
Yeah.

[00:51:28.15] - Speaker 1
So again Patrick, thank you again thank you guys for staying with us for this hour and see you guys tomorrow.

[00:51:35.28] - Speaker 2
Yeah, see you everyone. Thank you for your time and yeah, enjoy it. Bye Bye.