17 Trading Mindset Tips — Full Breakdown & Transcript

[00:03] girls today i have a good one for you guys all right we're going to talk about 17 trading tips that's going to help you master this game now today i'm not going to talk about trading strategies right

[00:17] i'm going to talk about things that's going to help you mentally okay because if your mind is not right you would never get to that high level okay so that's what we're going to talk about right so if you're new to this channel

[00:30] my name is ben aka day training addict i've been training for 14 years so you definitely want to follow this channel now let's go over these 17 tips that let's go okay so the main theme on the main topic

[00:44] for today is mental capital right i'm quite sure some of you guys probably heard of mental capital before all right but today i'm going to just go over build up your mental capital because when you come to trading we have trading

[01:00] capital and we have mental capital right so you want your mental capital to go up the same way you want your trading capital to go up so before we even dive capital to go up so before we even dive deep what is mental capital well to me

[01:13] mental capital is all about keeping your stress levels as low as possible so you can be able to trade the right way when you open up your laptop you look at your charts you want to be alert you want to be focused right and you can't do that

[01:27] if your mind is not right and the reason why you want to keep your stress level as low as possible is because if you don't it's going to hurt your mental capital okay so let's look at this white board real quick so let's say that you

[01:40] build confidence whatever and you know this is your mental capital right here your mental capital is going up so next thing you know you may be getting on a losing streak and then doubts start to

[01:53] come in and then you know you get scared you don't want to take any more trades and then you start to lose confidence right and let's say you know you're scared to trade okay this is why it's very important to protect your mental

[02:07] capital because if you don't your confidence is going to be really really level because you're never ever going to trade the right way right so let's go over the first tip stop hanging around negative people right i know you

[02:21] probably heard this before right but stop hanging around negative people that talk bad about your trading okay so if and you know you're talking about trading and they're like oh you're doing

[02:36] as well just you know stop doing that you're going to waste all your money or those are the people i'm talking about right stop hanging around those people or stop talking about trading when you are

[02:49] because what's gonna happen is you're gonna start to trade and next thing you know maybe you are on a losing streak and then guess what their voices are going to pop up inside your head and you're gonna start to hear things like

[03:03] told you you're gonna waste your money yeah i told you this is gambling right know what man you know they probably are right maybe trading is gambling maybe i am gonna lose all my money right so

[03:16] a lot of doubt a lot of fear is going to creep in subconsciously okay you can't thoughts are going to come up automatically so that's why you have to break away from those negative people so those negative thoughts won't hang

[03:30] around inside your subconscious okay so that's why it's very good to hang around positive people and hanging around positive traders okay so let's go to the next one number two you have to believe in your strategy okay this is a

[03:42] big one guys belief because if you don't believe in your strategy i don't care how good the strategy is you're not going to trade it right you're always going to second guess it right every time you have a loser oh yeah see man i

[03:55] knew it man this strategy is garbage meanwhile the strategy does work okay and you have to do the necessary work to collect data make sure you understand that you have the numbers in front of

[04:08] telling you that the strategy is working because you already did your homework and you know for a fact that the strategy works so you have to make sure you do that because if you don't that's going to

[04:22] you're not going to trade the right way because you're always going to have some really doesn't work i think it works but i'm not too sure right you can't trade like that here's a good example you have traders out here that swear up and down

[04:38] you know trend lines doesn't work or whatever it doesn't work right but me personally i know seven figure traders eight figure traders that actually use support and resistance trend line breaks and more right and also i would show

[04:52] resistance trade i made two grand on that i made four grand on that i made have people that would say it doesn't work i'll trade live in front of people right if you go to my channel go to my early

[05:05] videos you will see i have at least maybe six live streams i pressed live on youtube i was trading in front of my subscribers right and they see me using support resistance trend lines trading live

[05:20] doesn't work believing in your strategy is very very important because if you don't believe it doesn't work guess what it's not going to work right just like these other guys that would say oh that doesn't work they would see example

[05:33] oh it doesn't work right it doesn't matter how much proof you show them want to be in that boat because it's going to be very hard for you to trade mental capital because you're always going to doubt yourself all right so

[05:48] let's go to number three number three get enough sleep guys and girls please get enough rest because if you don't you're going to wake up you know you're to focus you're not going to be you know at your best okay and it's going to rob

[06:02] and mentally you're not going to be able to perform at a high level okay so make sure that you get enough sleep stop watching these motivational videos that say man you don't need to sleep forget about sleep

[06:15] you don't have time to be sleeping forget about that guys this is real life want to day trade please get your sleep number four have a clear mind before you trade okay and this is very important even if you get enough sleep if you get

[06:28] enough sleep that's good but when you wake up you know before you get to your desk you want to have a clear mind so try not to you know go crazy and look at social media and you know look at things that are going to distract you so while

[06:43] my gosh i can't believe that person post that so you're not you know 100 thinking about all those little clips that you just watched right on social you're not really thinking about your trading so you want to be you know

[06:57] just you know maybe take a walk around the block or do some cardio or work out get your blood pumping so your mind can be clear so you can focus on your trading right number five eat a light breakfast

[07:12] because as soon as you get to the chart right you're going to be a sluggish happens when you eat a lot right you get tired sluggish you don't want that guys you want to be focused you don't want to be tired at all so eat

[07:25] a light breakfast sometimes i skip breakfast i just drink water and eat can just eat a light breakfast maybe some fruit or something light and then trade all right so let's go to number six stop making the same mistake over

[07:38] and over and over guys stop it i can guarantee you 85 percent of you guys if you're not making the same mistake every day you're probably making the same mistake every week right if it's not every day it's every week so

[07:52] i want you to stop it because you're never gonna get nowhere right that's gonna hurt your mental capital if you keep on making the same mistakes right if you keep on blowing up your account because you're revenge trading or

[08:04] because you're breaking your rules right guys that's gonna hurt your mental capital it's gonna you know make you mad make you pissed off so guys and girls make sure you stop making the same mistakes over and over and over right

[08:17] number seven after a mistake get back on track okay so what does that mean so if you make a mistake don't think about that mistake you know all week guys if you made a mistake yesterday and you come to the trading desk today

[08:32] today is a new day forget about that mistake trade like it's a new day and look for your setups and that's it okay because once you focus on the past it's going to hurt you mentally your mental capital is going to go down a lot

[08:45] yourself you're going to you know doubt like oh my god should i take this trade my gosh i don't know if i should take this trade stop it guys right if you make a mistake boom get right back on track so you can actually trade the

[08:59] right way right number eight keep reminding yourself that trading is going to take time this is a big one guys because some of you guys coming here right and then maybe you have a losing

[09:11] week or maybe you're not where you want to be at right now but you are not realizing that trading takes time right like anything else so chill out stop getting mad about you know a situation just because

[09:25] you've seen that other trader okay um you know posting their profits you don't traded okay so keep reminding yourself if you're down and you had a losing day or you're not where you want to be at right now

[09:39] remind yourself chill out it's going to take some time going to get there okay so let's go to number nine number nine having too much confidence on one trade idea okay i see it all the time i see it

[09:53] a lot of times with new traders they get too cocky they think you know they know it all and they would say things like i know the market's gonna go down i know the market is gonna go up like roll relax you don't know anything okay if

[10:05] you think that you know the market's going to go up why not take all your trade because you don't know that's why you're not doing it right so stop that nonsense you don't know

[10:18] okay try not to get caught up with one trade it's just one trade because if you take a big loss on that one trade guess what mentally it's gonna hurt you so we want to protect our mental capital right number ten trade a strategy that works

[10:33] because a lot of new traders will come and look at youtube and someone will show them maybe you know one strategy but that strategy might not be a complete strategy right so you want to trade a strategy that works because if

[10:48] you don't guess what you're going to be mad all the time because you're losing right now i want you guys to understand that you know you are going to lose in the beginning even if you have a strategy that works right because you

[11:00] are in the learning phase and a lot of new traders mix this up is a learning stage right where you are trying to get used to the strategy so if strategy yeah you are going to lose right that's how it is that's how life

[11:14] is right you're going to lose so a lot of new traders will look at losing right even if they have a good strategy they will look at their losers and say oh man this strategy doesn't work right and then we'll hop to another strategy they

[11:28] get used to the strategy so get used to the strategy first but you first have to create a strategy that works right and the way you do that is by back testing and collect data right make sure that your strategy works and go from there

[11:42] all right so let's go to number 11. number 11. have a deadly loss limit guys please have a daily loss limit because if you don't you might blow up your account in one day right so let's say that your max loss for the day you only

[11:56] dollars good to have that because you don't want to just keep on trading and losing that guys have a deadly loss limit and as soon as you are at your deadly loss limit close your laptop go out the house or whatever

[12:11] trading you're gonna dig your hole even bigger and it's gonna mess up your mental capital trust me i've been there where i blew up my account in one day and it's gonna hurt you mentally it's hard to come back from that okay when

[12:25] especially if you know it wasn't a trading strategy it was you doing revenge trading breaking your rules right doing all these unnecessary things right so please guys have a daily loss limit

[12:40] number 12 don't trade too much and this is a big one because this can actually drain you mentally i've been there guys where i'm just trading all day and mentally i'm draining i'm like i'm just making trades just because right i'm

[12:53] like oh man i don't know if that trade i don't think that's part of my strategy but i'm gonna take it anyway right guys you don't have to trade all day like today i only took one trade sometimes i have like a one trade idea and i take

[13:05] that one trade and i'm done for the day sometimes i trade a little bit more but for the most part i'm taking maybe one two three trades and i'm done you don't have to trade all day guys trust me it's gonna drain you mentally guys

[13:17] trust me on this one maybe when you build up some more experience maybe you can trade all day but even then you probably don't want to do that but guys trading all day doesn't equal more money

[13:29] it does it it equals more mistakes it equals you know draining your mind you keep on trading you don't have to do that right number 13 risk less yes this is a big one especially if you want to

[13:43] protect your mental capital because right if you take a trade and you're risking too much man your stress levels are going to be high i know probably 80 percent of you guys that's watching this right now

[13:56] trade so as soon as you take the trade you like oh my gosh i'm nervous you know you're having a lot of doubts you don't know if it's gonna work out okay a lot of times that's because you're risking

[14:09] guys risk small okay gain your confidence you can start to add more size okay number 14 it's okay to not trade at all

[14:22] this is a great way to protect your mental capital okay because you don't have to be stressed out if you don't see no clear setup or a high quality setup why are you going to stress yourself out trade in a low quality setup just

[14:36] because you want to trade no guys some days i'm looking at the market i'm like and that will protect your mental capital okay because if you start to take low quality trades and you start to lose money guess what you're going to be

[14:50] mad and your confidence is going to be really really low so protect your capital by not trading if you don't see a high quality setup on your charts okay number 15 be very specific with your trading strategy okay

[15:03] guys you have to be very specific you can't just say okay um every time i see a pin bar in the market i'm going to trade you can't do to know the time of the day that you want to trade you have to know your time

[15:17] you know the setups that you're going to use you have to know you know where enter you have to know you know your levels ahead of time you have to know a whole bunch of things and you have to be very specific about it you can't just

[15:32] say okay uh yeah let me just trade that because it looks good no be very your mental capital because if you're not specific guess what because you're not sure like i don't know i think i think this trade is good

[15:46] you think come on guys don't do that let's be better than that okay number 16 don't do it all by yourself so what does this mean guys and girls please do not yourself right you have a lot of good traders out

[16:02] traders stop trying to do it by yourself you can't be a doctor by learning by yourself just by looking at youtube videos you can't be a lawyer just by looking at youtube videos learn from

[16:14] someone that's doing this stop being cheap stop trying to go to free route going to help you in the long run and it's going to help you build up your mental capital because you know now you are trading strategies that work

[16:27] so please make sure you understand that okay so let's go to the last one number 17 avoid beating up yourself man this is a big one okay some of you guys have a bad day

[16:39] right and you're like man i'm a loser man i can't do this man nothing never works out for me man why me i can't believe this guys relax there's a learning curve it's okay

[16:53] right yes you can get mad you know here and there but don't beat yourself up because if you beat yourself up you're going to be very insecure your confidence is going to be very low right you can never ever trade the right

[17:09] way like that okay especially become a master trader you can't your confidence got to be high right your mental capital has to be high guys so stop beating yourself up it's okay

[17:22] curve and once you keep on doing the right things over and over trust me on this one i'm talking from experience guys keep doing the right things that's gonna build up your confidence right so guys

[17:35] stop beating yourself up it's okay you have to understand it's a process and you will get there if you keep on doing the right things all right so that's all this video make sure you hit that like button make sure you hit that subscribe

[17:48] button and also join my free telegram group where i post motivational videos and exclusive discounts for my trade program if you don't have my trade out because it can take your trading to the next level all the information is

[18:01] below in the description and if you have a question please comment below because i try to answer all your guys questions thanks a lot for your time and please thanks a lot for your time and please have a great day