Losing Motivation with Your Trading

[@OneTwo-v4j]

It's amazing how this video caught me, right in the moment, when I abandoned any chart interactions for about week and a half... And I am only just a begginer... But, Nicholas seriously does an amazing job! This video for me is like "kick in the back" to move forward to my dream. Dear Nicholas, thank you for what you do! This video came just in the right time! Please do not abandon us for another month!

[@Duomoinitiative]

Thank you :)

[@MahSomething]

How things are going now?

[@raoulaoun1905]

Hello where you at today ? Going well?

[@DonFronShow]

Wow this came at just the right time. I literally was just wondering where it was going and losing motivation

[@Duomoinitiative]

My spidey senses were tingling.

[@satg5733]

Lost $550 just because I was greedy and kept making bad trades but it taught me a lot like you said. This video just motivated me to push further. Thanks Nicolas !!!

[@Duomoinitiative]

Use the data from your trades to improve and keep learning! Good luck.

[@arjunrajesh8697]

Just the sort of video I wanted.It's been ages see I heard your voice.Appreciate the effort you take to help people especially those who struggle with trading such as myself.Thank you

[@abrahamv.7714]

Thanks for the encouraging words, I've been trading for year and a half now with no results, but I'm not giving up.

[@Duomoinitiative]

You're just getting started!

[@drleo6409]

I have been trading off and on for a couple of years but since the virus I have a lot of time. What I have learned is start with paper then move to real $ when I hit a wall I go back to paper. #2. Keep trades small. You loose $ slower that way. You gain it slower but it is a learning time. Not a profit time. As Niclas says in one video.. Keep a record of your trades and analyze what you did right and wrong and LEARN FROM IT..... I use TDAmritrade Think or Swim platform... I spent about 3 weeks a few hours a day just learning how to operate the thing and still learning.

[@abrahamv.7714]

@@drleo6409 after a couple of years i already gave up, did a lot of backtesting but never found a progitable strat

[@tshiamosetshedi5081]

Really fantastic video Mr Puri. I love the analogy you used with the whole university thing. It's a bit unrealistic to feel like we're ready to be a professional economist after only one exam we passed exceptionally and that's exactly how it feels after a decent winning streak. The biggest lesson I learnt from this video is MANAGE EXPECTATIONS!! Then hopefully everything else will fall into place.

[@kylemcpherson7183]

Thank you so much for this video. I have exactly that. Gnarly winning streaks. Then a loof of loosing trades. I know im learning. And sometimes its hard to identify exactly what needs to be worked on. usually i feel its psychology. anyway. thanks alot! this is what i needed to hear.

[@Duomoinitiative]

The answers should be in the data from your trades! It's the best clue we have about how to improve our performance.

[@os2841]

I turned a 10K account into 20K in 2 months on demo (had a bet going) as well as a 3K demo account into 10K in 4 months and I feel like I have a fairly good solid strategy with proper risk management in place. The problem now is that I don't have any capital to start live trades. Like many I am sure, I started trading forex about 1 year ago and have initially put in increments of $1000 into a live account here and there but because I was just learning and didn't have enough experience (or a strategy) that money dwindled away. I have to now slowly and painstakingly save again at my job (not high paying) as well as sell anything of value (electronics mainly) that I can. Definitely not lacking motivation and I know I will get there, but starting out and the waiting process are hard because you just want to get in there and start doing what I'm good at. Wish me luck!

[@jakerebel7566]

How is it going ?

[@dinheirocommusica2024]

Excellent.... This subject fit exactly how I feel now a days.

[@Rufeorufeo]

Nicholas much gratitude for all your videos especially this one, ive been trading on the side for a few months now and it can really hit you when you make a losing trade. This is the motivation i needed to not give up. Thanks again and i look forward to your next video!

[@workthentravel]

True! Everyone is different.

[@luvtolearn4249]

Nicolas I think you should do a live stream once in week or 2 and take questions from them

[@Duomoinitiative]

Thanks for the suggestion. I want to do more live stuff next year - the only issue is time constraints!

[@sorsorsor11]

Fiiiiiiinally, keep going thank you! It means more than you would think. Maybe you just think you are talking about some general stuff, but sometimes I learn some new invaluable things. Your educational videos about oil and the rest was also amazing, seriously I think you should deserve more credit.

[@Duomoinitiative]

Thank you :)

[@truevegas]

Thanks heaps for this video. Still relevant today 👍

[@edgarbrincat272]

Hey Nic, thanks for the video. A very interesting discussion which sorts of answers some of the emails I sent you. However, this does raise a number of interesting questions for me, such as: 1) if it’s going to take that much time, how much money am I expected to loose before I get there? Or should I stay on demos till I get to that stage? 2) secondly, a slightly cheeky yet needed question, do you expect the time to be quicker if one uses the duomo method? On a slightly different note, I registered to the forum about a month ago but was sent someone else’s confirmation email. I contacted them but never heard back. Would be good to join the forum and maybe have others to speak to. Thanks again. Looking forward for more

[@Duomoinitiative]

1) if you do things the right way, you don't necessarily need to lose money other than the usual drawdowns/fluctuations in your P&L that you would have in a profitable year. If you see my reply to Pmars comment on this video, you'll see what I mean. I think it's safe to say that most people get carried away and lose money when they first start though, but it doesn't need to happen. 2) yes, I would. Obviously I'm meant to say that, but I wholeheartedly believe it too. I don't want to sound like a salesman, so I'll keep this brief. Once I started learning in a structured way, my progress accelerated, even though my 'structured' way was still trial and error to a certain extent. I didn't have a specific method I was following. But the Duomo Method is so focused on having clear ways to monitor what you're doing right and wrong and being able to optimise (as well as getting feedback, which is super important), it means if you make use of these things in the right way, you will continue to improve. There are other reasons too, but I don't want to go OTT. 3) Sorry about that! If you send an email to [e-mail] the team should be able to sort that out straight away tomorrow.

[@강상구-t5v]

hi! long time no see! this video made me clarify my obstacles more exactly. very thank you Nick:). with long time, now I can make so many profitable trades, but still I don't know when to exit precisely. then I cannot grab more potential profits. More profit is on the table but I cannot grab. and rarely some trades go loss while I am waiting to grab more profits. I think I have been more sharpened consistently by your videos than one year ago. but I need some tips to kick the obstacles. can I heard some tips at this step?

[@buttmonkey1]

Hey, We have a few videos you may be interested in on the subject of exiting trades, I recommend going over these - kzbin.info/www/bejne/g52VoqmMnL6FeNU kzbin.info/www/bejne/p4XXf31veZlsb5Y kzbin.info/www/bejne/eIe5oYh4pNemiqs kzbin.info/www/bejne/fovSZWWXmp2sjbs - Harley

[@swarnaramakrishna]

Thank you so much for most useful and needed motivational words in the journey of trading

[@ippbrescia]

Thanks for the speech, it actually makes sense taking everything into consideration, time to learn too. I keep rewatching your training videos, I still need a long time to be considering myself "good". Ps:welcome back and have a nice Xmas break :)) ciao

[@Duomoinitiative]

Thanks! :)

[@bamitsbobbytj]

Welcome back man, notifications on forever

[@Ekaxas]

nice one mate.... a much needed advise

[@dinheirocommusica2024]

Question: how can I identify that I am losing but learning or I am losing but just trading (without learning)?

[@ob6164]

Do you have a routine based process in your approach to the market?

[@dinheirocommusica2024]

Oliver Bell not really. But in the last 3 month, after a several loss trades I started to review them! That is the process that you are talking about?

[@ob6164]

Any new trader, for the first 6 months to 1 year, goes through a process of cycles. There are definite winning streaks and losing streaks that usually for overtraders trying to catch the wave again will wipe out their accounts, demo or live, and have to start all over again. Folllowing a signal service or trading strategy from another trader never really gives you insight to the ups and downs that may creep into a traders profit and loss ratio. In the of year of trading you will have decided if byou want to stick with it or not. Start to define your process, you rules and your discipline. Create a planning journal for you trading analysis and trade those plans. Write down why you chose those trades. What you were thinking, what the market was doing and your results. Track everything so you can become more efficient and yiur analysis become more accurate.

[@Duomoinitiative]

Oliver's advice is good. Make sure you are collecting data about your trades, both quantitative and qualitative from as many relevant points in the strategy as possible. You want to be able to break things down as much as possible to be able to see where there may be common errors taking place, without having to revise the entire system. But to answer your question in very basic terms. Are you actually learning from your mistakes and taking time to practice areas you need to improve on? Some traders claim they're reviewing their trades and learning from mistakes or what they've done correctly, but in reality they're just looking at their old trades and not doing anything about it. It's not enough just to look, you need to act upon it and spend time learning and practising.

[@karimkarimous357]

You're Back!

[@Mr.Tech237]

1 step forward, 6 steps back

[@susannaho2069]

Thanks for this video.....

[@philip4948]

After how much time of consistent profitable trading should we put a considerable amount of money into a live trading account ?

[@Duomoinitiative]

It depends on how comfortable you are and what you are counting as consistent. I have a general guide, but that doesn't necessarily mean it's right for everyone: 1) learn using a demo account and don't worry about results. It's just a way to practice all the tools and concepts you're learning. Once you know all the tools and concepts and can use them together, move to step 2. 2) trade with a demo account and focus on achieving results (but use the data to inform yourself about how to improve your trading and what areas to practice on/keep learning). After 6 months of consistent results (positive results!) move onto step 3. 3) trade with a small live account. As you feel comfortable, increase the capital a bit more and a bit more until you're at your full capital amount that you want to use. When we talk about consistency, we need to decide what that actually means for us. Making a profit overall is not enough. I like to think of it in a similar way to how we measure risk in an investment i.e. looking at/calculating the variance. In basic terms, this is the distribution of your returns. So we want to know, are the distributions wide (i.e. large variance between the numbers) or is it narrow (small variance between the numbers). Ideally we want to see a profit being made, with a relatively small variance and a moderate overall drawdown %.

[@philip4948]

Amazing, that definitely seems like a very sensible guide. I was wondering if it was better to increase capital in increments or to put in a lump sum so that definitely clears that up. I'm now going to pay close attention to the quality of my returns rather than just the overall percentage return that I am generating. Doing it this way will also help me optimize my trading a lot more efficiently. Thanks for the detailed reply !

[@Duomoinitiative]

It may only be one increment. The important thing at that stage (going live) is making sure you can replicate the same actions you were taking on your demo account. It's not about replicating the results necessarily, but just the consistency of the actions and decisions.

[@philip4948]

Perfect, so I will increase my equity as long as I am able to stay relaxed. Theres a tone of studies relating stress to the decrease of prefrontal cortex abilities, so as long as I stay relaxed there should be no change in the consistency of my actions and decisions (the reason why meditation helped me so much). Thanks !

[@kromatyc]

Thank You !!!

[@Jordan27G]

thank you Nicholas !!

[@michaelthomas1614]

Good video as always

[@iliovecaRS]

Absolutely amazing

[@nonshatter7]

This is a good video.

[@Duomoinitiative]

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[@mesutozil3967]

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