I just had to release this monologue from past guest, Nathan Jester, who has summed up his 5 years in the Forex market, trading his take on Smart Money Concepts. The ups and downs will inspire, motivate, educate and eradicate everything to do with your trading… and perhaps your life.
Sit back, close your eyes and just let it sink in.
And dropping later this week, Nathan’s colleague at Ariel Fx Trading, Charlie Jones walks you through their take on a Smart Money Concepts EA.
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[06:59] Not everything in this world is meant to play out perfectly.
[07:37] Trading is not for everyone.
[08:33] Don’t put in work when you see others succeed. Do it because it’s what you want to do.
[09:22] There needs to be a reason why you are trading.
[11:09] If you’re lazy, you don’t have the right mindset, you like instant gratification, you probably shouldn’t be in trading.
[11:21] There’s no such thing as the golden strategy.
[11:44] It’s not what you’re doing that makes you good. It’s how you work at it that makes you good.
[12:31] You make your own golden strategy.
[12:52] Psychology is more important than your trading strategy.
[15:16] It takes months to years to gain the proper experience.
[16:47] No matter how much knowledge you had about the concept, your strategy, nothing truly beats experience.
[18:11] You may lose friends… not family.
[20:37] About 5% of traders have a trading plan. Are you one of them?
[21:35] You need a mentor.
[22:13] There are so many scammers in the industry.
[23:22] It is impossible to sustainably “FLIP” your account.
[24:42] Without risk management you’re setting yourself up for failure.
[28:29] Don’t quit your day job.
[29:31] Most traders set unrealistic monthly return goals.
[32:12] Most traders try going full-time too early.
[35:49] Low Barriers to entry; great even for beginners.
[37:27] Trading is immensely rewarding (monetary).
[38:52] Trading is immensely rewarding (non-monetary).
[40:54] You are able to give back to others.
[42:51] With the right guidance, the process becomes so much easier.
[42:54] With the right education coupled with the right mentorship and guidance, you set yourself up to have the best chance to succeed.