Why People Suck at Trading - Ross Williams
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- เผยแพร่เมื่อ 28 พ.ค. 2024
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In this presentation, ITPM Senior Trading Mentor Ross Williams discusses why so many people are unsuccessful in their trading accounts (and in life!) and drills home the important steps you need to take become both profitable and successful.
|| Filmed at the ITPM New York Super Conference, September 2018 ||
My most frequent ways of losing money: (1) Impulsive trading (2) Over-trading.
Fomo is number one
@Rehabeam Angula Nothing wrong with taking profits, you can never guess the top.
What you could do is not sell everything in one go, but slowly sell..
over trading was my first lesson.
All of these comments are true and super simple but what governs this is doing the work to maintain a clear mental state.
over trading for me
4:25 copy 4:45 treat as business 8:10 manage risk 11:10 Stan 18:25 funni 22:50 attention to detail 25:00 spreadsheets numbers 30:30 critical thinking 33:45 where to start - process 38:00 risk management 39:25 no paper trading 40:25 emotional subjective trader 43:25 what is a market 46:10 skin in the game 4
👏🏻👍
I use the zodiac astrological cycle to come up with my trading ideas.
lol, but it might be a better and safer method than 90% of traders have
That’s why your name is clown
Most people wouldn't even understand what you mean by that huh? Im trying to learn it
that's exactly why you're here =D
Sense of humor is a sign of intelligence! Thx
I: "I am going to high school."
He: "Do something else."
😂😂
hahahhahahha
unbelievable putting out content like this for free is crazy...Guys, you are bringing this game to another level. I appreciate what you are doing and what has been built by Anton. Thanks a lot for such a joy watching Ross at best.
Some recognition is a nice upside for what we do. Thank-you.
@@InstituteofTrading i totally 2ns that opinion ... cheers for the content mate
Unbelievably valuable content, but it also has an ROI for ITPM. Critical thinking.
@@InstituteofTrading I also appreciate your videos. I am in the blew up my capital club. Can I tell you just how badly I fucked up. 50% of capital in daily bull 2X oil ETF. Realized I fucked up as its dropping, so tried to hedge, 50% into 2x daily inverse ETFs. On the day I bought the inverses I bought at market instead of putting a limit on the trade. Both ETF doubled in half a day, then dropped at open the next day. I'm the stupid fucker who bought it at the top of that very nasty spike, one that wedged squarely up my ass. Fast forward a few weeks. Guess what? all of the ETFs are liquidated, bulls and bears. Then I borrowed $37,000 from a line of credit and pumped it into decent sounding stuff at a COVID discount. If my idea works out, I will be back where I started in 6 months. If not bankruptcy might be my next stop. I don't know if you could use my stupid mistake but you should use it for your students if you can.
What you're saying is true, yet what % of the population takes advantage of this pure gold even at no cost to them? What does that tell you about those who consume all of it and still want more? They are living on-purpose. Those are the winners.
He is Anton without water
😂😂
🤣🤣🤣🤣
LOL I thought it was some inside joke until I clicked a video with Anton holding his bottle with drink the whole presentation!
The sound of Anton’s gulps
this guy speaks exactly like anton.
they been programmed to WIN
there are ALL the same tone in speech mate :)
and maybe of the same mindset too. Hence they come as a bunch.
Lots to learn from them none the less!!!!
Anton doesn't pepper his narrative with "Fuckin" every half minute. Not cool because it portrays himself as an entertainer not a serious lecturer
@@robertbrawley5048 One has to make allowances for Aussies
Because they're both real professionals and been through the bullshit. I respect them for that
Moving average crossovers were developed by the market makers to facilitate their approach of STOP LOSS HUNTING.
I've noticed that even if I take a trade in the opposite direction every time a moving average crosses over, my success rate is still about 50%.
“The conscientious trader will always outperform the lazy genius.”
yes he will
I love the way these guys talk..they're a bit like special forces guys I know. No BS, suffer no fools, accept reality and do what needs to be done.
this man said bubbles like bitcoin, meanwhile bitcoin is at $72,500 at the time of this comment. he gave good advice to not be cynical.
"All the procrastinators please leave now". That was my favourite bit.
all procrastinators be like .....later..... ;D
I'll do it tomorrow.... still hasn't left 😄
The ultimate skill: Learn to trade live account like a demo account instead of trading the demo account as if it's a live account
Easier said then done for alot of ppl
That actually just created a small shift in my mind, hadn’t looked at it that way, thanks man!
I gotta say that this presentation is actually one of the best "self-improvement" type of presentation I have ever seen, and I have, unfortunately, seen a lot. And this isn't a self-improvement! I got no business with trading, but principles and advices layed out in this video are easily applied in any field. Mad respect for the institute, you guys are doing broather good than just teaching proper trading
The ability to recognize one’s personal shortcomings is the first step to change! I bet you’re doing better now than you were 5 mos ago when this comment was originally posted
@@ic_sharp you bet my man
Definition of market: The money weighted sum of peoples expectations.
I’m a freelancer and was on a gig. Called in sick- flew to New York overnight. Attended this conference, went to the bar tab, hopped back on the last flight out of JFK. Back in time for work the next morning. Macdonald caught me yawning during his talk and gave me a pretty big death stare haha. I was so tired. No hotel just a backpack with a change of clothes and a notebook. Only food I ate was at the event itself and the airport. I thought for sure I had traveled the farthest and was putting the most effort into being at this place. I was wrong. Met lot of very interesting people. Hope to go again one day, this day really opened my eyes and made me take it all more serious. No motive. Just want to encourage everyone. Thanks guys.
Wow, that's drive right there!! You'll be successful no doubt about it, sounds like you already are anyways. Cheers and GL in life 🍻
40:17 Well I made a short story to answer that question : Lucas wanted to be a successful stock trader. He knew it was a risky and challenging activity, like crossing a wooden plank between two skyscrapers. That’s why he decided to use a demo account first, as a simulator that allowed him to practice and learn without risking his real money. He could experiment with different scenarios, develop and evaluate his strategies, and face the market risks. Using a demo account was like training in a less dangerous environment, like a virtual reality or a room with mattresses.
Lucas spent several months using his demo account. He learned a lot and improved his skills and results. He felt more confident and ready to enter the real market. However, he also knew that the real market was different from the simulated one, and that he would have to adapt constantly. He knew that crossing the plank between two skyscrapers in the real world was harder and more dangerous than in a simulation. He knew he needed more than knowledge and practice. He also needed discipline, self-control and responsibility.
He took a deep breath and opened his real account. He looked at the screen and saw the market move. He placed his first order and waited. He felt his heart beat faster. He was about to cross the plank. He hoped to reach the other side.
Thank you ITPM and Ross Williams! 🙏 Thank you TH-cam-algorithm.
Even if you don‘t want to become a professional trader, there‘s so much thoughts and insights to be gained from these lectures.
Patient with winners, impatient with your losses. Cut them and find the next setup.
Successful people don't become that way overnight. What most people see at a glance-wealth, a great career, purpose is the result of hard work and hustle over time. I pray that anyone reading this will be successful in life.
Thank you :)
Social media is there to be used.
Don't let it use you.
I feel like his humour wasn't appreciated in the room. He had some great jokes inbetween the truth bombs.
Aussie humours unmatched
This is good and solid theory. But implementing and living it is the key. Thank you for this!
Very good topics on trader's psychology. One remarks here:
(35:55) having an edge by programming - yes, sure! But it’s more about handling numbers and testing ideas than be a genius at programming (a basic skill is still enough to be able to verify ideas - but you need the trading context to know what you’re looking for…). The analogy of having any programming skills is like the ability to read and write but you don’t have to be a poet to have an advantage.
Setting realistic goals is an essential part of keeping trading in perspective.
Beginners needs to understand reasonable return should be earned in a reasonable amount of time.
Would love to hear more about this, any starting places to learn?
A mesmerising performance. This guy knows how to hold the listener's attention.
Yep tells it as it is
The part on confirmation bias and investing was so spot on.
This probably the best breakdown of trading i have ever seen , thanks Ross
"Decide whether you really Wanna Do it. And if you're gonna Do it ? Fuckin Do it Properly." Love the whole prezz but thats easily my favorite quote. Valuable for all walks of life
Great content 👍🏼 but the title of the video shoulda been “Do Something Else”
hahaha yes reapeting this 100 times
Got a problem with the video title? Do something else.
I am seriously considering doing something else
Yes
I realize this is an old video but, it saved my life (not in the physical sense but in a spiritual wellbeing) and I just wanted to say thank you for posting it. In a weird way, while I was struggling trying to figure out my trading mistakes, I came across this video (posted as a link in a chat room). I told myself to pay attention with an open mind and open heart and maybe I could figure something out that will help me with my trading, suddenly a light came on and immediately I realized what I've been doing wrong most of my life. The correlation between life's strategy and trading strategy is absurdly clear. Once again thank you!
Really? Elaborate on that correlation please.
Ross, thank you for making me wiser throughout my trading journey! We shall meet one day...
Ross is "Da Boss". Tells it to you straight, the man is brutally honest, refreshing actually. Can't believe they gave away this amazing content for free. Wow ! I wrote it all down and now it's part of my trading discipline. Trying to apply it to life as well. You can learn something from this if you're willing. Grateful I found it. Thank you Ross and Anton. Can't emphasize the gratitude enough.
That was one of the most amazing presentations I've ever seen on the subject. I'm gonna send to this everyone who asks me about dipping into trading. Massive respect and appreciation to the guys.
yeah, no bs, solid lecture
Excellent stuff. All very true. From a fellow Goldman's alumnus. Well done Anton. 8 years after passing the ITPM exam my K% is back to my Goldman days...Thank you
This is more information than you'll find in any book on this subject, and for free. Priceless content! thank you, the true value of this is not lost on me
It’s 100% true when it comes to ppl coming from engineering background being successful at trading. Engineers think differently than others, they’re used to problem solving and being quite meticulous when doing analysis.
One of the best lectures on trading realities that I have ever seen
I don’t necessarily agree with the demo account take. They can be very useful to build a strategy and go through trial and error without losing capital
It also helps to learn the ropes, like getting used to the software you use, what do different order types really do, etc. It would be a shame to blow up your small account, just because you got stressed and pushed the wrong button. It‘s like driving school. But of course to actually get somewhere you have to go out and do it in the real world as soon as possible.
Without skin in the game, you are depriving yourself a valuable lesson. That lesson can not be taught. It must be learned. Put some skin in the game. Something. Even $50. The amount doesn’t really matter, but has to be real. As long as you don’t risk what you need in chase of something you want, all is well.
Agreed. Demo accounts are the only thing I had after blowing accounts with real money. A demo account helps you learn not that everyone needs to do them, but I cant imagine any other industry where someone would tell you to just do without practice. Surgery on a patient without some simulated practice is not going to go well.
I need the demo and to trade past data. I’m still learning, having skin in the game is real though, why not do it all until I get good? I currently suck.
Exactly. He is spot on. A consistent and repeatable process based in facts.
Definitely going to rewatch this on at least a monthly basis.
Man. The institute are awesome. Amazing content and even better for free....no need for University when you have all these lectures and seminars from highly knowledgeable and experienced traders. 5 star to the channel and if you ever come to Australia I'll be booking my seat
I think the demo account advise is 1/2 true. It's good to get used to trading with real money, but a demo account will at least help you find a working strategy without having to lose your house before you find it. With futures, you can use a demo account to get tons of experience in a pretty short time because you can just keep betting and losing until you find something that works and learn some risk management. I guess if you already have 100k and just want to trade micros that could work, but not everyone is starting with that much money to be forgiving for a bunch of bad trades.
Yep. Trading in demo account definitely helps.
It would be stupid the jump the gun without any sort of real time experience.
I recently started the first in the series of ITPM educational videos and I still come back here to top up on even more great content.
Thank you so much, wise informative, when ever I stick to similar I make steady small gains. Getting greasy will only stress you out and possibly end badly. Good luck to all in this run up!
Great speaker! I love the concept of diversification. Can't wait to apply your basic principles to my trading strategy.
What you should know is that whatever strategy you apply, such strategy is never going to be flawless. Every trading strategy would have a losing streak, and it’s crucial you learn how to deal with it. Basically, you can deal with this through backtesting.
as a virgo, my tarot card reader advised naked puts $AMD... i shall ask the universe.
One of the most valuable trading video I have ever seen in youtube. Watched more than twice.
I truly appreciate you guys putting this content up for everyone to see
I hope one day I be like these men of substance... Am working hard
Coz I Can’t click the “LIKE “button multiple times, So I Give my multiple Thumbs UP!!!👍👍👍👍👍👍👍👍👍👍👍
Cool! I see my big head in the audience!
Thx for giving us the heads up.
How was the experience at ITPM?
What I like about these seminars is there’s no fucking bullshit, no idiot trying to tell you how easy life is. But telling us how hard life is, and therefore how tough we must be.
This is quite cool and informative but most trader's fail because they give up quick, it take lots of time and experience to become a profitable trader, An alternative is just to seek guidance from some pro traders and more to avoid loses of funds this season then see how happy you will be.
Thanks for this. This has been a career I’ve been considering and raw, honest content like this is helping me to make an educated decision. Thank you.
I like this mans style. straight to the point and no gimmicky marketing pitch.
This is awesome 👏. Brutal honesty will save you money and time
Well informative video, The reason why a lot of people suck so much at trading and investing is due to the lack of adequate experience before venturing into the financial market. That is why i do advice people especially beginners to first of all start trading with the help of a professional(Trade manager).
The easiest way to keep earning much more in the stock market during this recession is investing with the guidance and help of a Financial Analyst.
no, its not.
...and where do I get hold of a Professional Trader??
Louis Faasen honestly like I have a professional trader on speed dial
I like your presentation and comments on CNBC etc. So true! I don't watch CNBC or any other network because it is a waste of time and also affects my own judgement and analysis. These networks have the large brokerage houses and fund companies as clients and their agenda is to keep people in "the game" no matter what. They collect billions in fees etc for doing absolutely nothing while investors lose their life savings. Also risk management is VERY important. I try to keep losses to 1% of my account on any given day. It has taken me years to develop my models I use and also learn to manage risk. Thank you for a great presentation!
I like to watch CNBC see whatever the suits are pumping. like Jim talked about NETFLIX buy i went long 2 put options that gave me 5000%. my biggest win % wise ever.
Superb scepticism, excellent examples, concise critiques of cat videos & CNBC, Ross! Cheers!
39:50 Bruh, not that i'm anyone in this world, but paper accounts help you for at least a month to know how to place orders and learn the basic indicators and whatnot. You'll make functional mistakes here and there. buy long instead of short cuz you missclicked or you forgot to swap your active or something here and there, or betting with the standarized lot from our broker without you wanting that amount. Use paper to begin, at least LEAST a month.
I love the way you speak.❤️ It makes so much sense
Someone watched this...and dropped their 401k on short term puts around. March 17-23.
looking forward to this!!
Love the straight forward talk! Thank you! :-)
This was a sublime way to cap off the conference. Watching it now and also thinking back to when I was lucky enough to have been there, it's still hard-hitting and rewarding. Chatting to Chris Quill at break was cool too. Brilliant experience.
Love all the philosophy he was willing to give. Great contents for people who didn't know and great repetition for the ones who already know.
I've really enjoyed this seminar. He's down to earth and practical with his advice. But for newbies like me .... shockingly ... it's really really good advice.
Surprisingly one of the most motivating videos
He is the most Anton like guy for sure 😎
Got off a little slow but amazing content. Thank you so much for putting this up!
30:56 Anyone here with a maths or engineering background?
I could swear he was about to say do something else 🤣
I mean, isn't math, engineering and stuff like computer science really valuable for trading?
A couple of firms in Sydney are paying first-year grads of computer science, mathematics, physics, engineering etc $170k AUD. I'm unaware of any similar opportunities for finance grads - if you know of any, link them though lol.
@@KiedisHaze yes indeed it does help, since you're used to manipulate softwares, read charts and using spreadsheets quite easily and fast
@@KiedisHaze lol, what uni
I'd be down for that.
Ross would make a good stand up and he talks total sense
Great, man ! I'll probably follow his example.
15:01 - ROBERT EBERT! This is easy.
Not all critiques are cynics, some do become famous for their works.
Same!
*Roger
my guy in the back row has the corona special fade haircut
since when did corona turn into a joke 😂🤣
He's sharing his water with his friend
I would like to know what these guy would make of the following: 1. Bonds and bond mutual funds. 2. Mutual funds and ETFs . 3. Buy and hold. 4. A 60/40 equity/fixed inc portfolio which is the optimal point on the efficient frontier.5. the saying " time in the market is better than market timing".
hard part of trading is emotion and being patient based on my experience.
Had to take some serious reflections from this, that almost hurt to realize.
With respect to his comment about gold being in a bear market for six years, four words: obvious horizontal trading range.
Thank you very much for this content
This no nonsense approach is refreshing.
It's what you need to hear without any flashing light
Great Video Thank You!!
So basically, people suck at trading because they don't treat it as a business. Therefore the question would be How to treat it as a business? As far as I've seen and understood, he gave the basic concepts for the answer.
Demos are for refining and creating strategies. Many people learn better hands on or visually. You can get used to the ui, execution, and how different products (shares, different options) and how different markets move. Like you said, you learn a lot when you lose. Trading isn't very competitive either, you just need to make money. You're definitely competing against yourself yesterday though. And technical tools are just tools, not oracles. Everything else is spot on, but jumping in head first invites disaster. Planning is essential.
The money weighted sum of peoples expectations..
That presentation isn't about trading per se. It's about achieving literally anything worthwhile in life
Thomas Edison said Genius is 2% inspiration and 98% perspiration!
You just blurted out an aphorism. You should already be doing something else
wow, cool educational video. thx!
Cynicism really needs to have its definition consolidated. I learned it as being a belief that self-interest is in everything but this guy is clearly using the more broad definition of a negative outlook on life, which a completely different thing.
information laid here in the video is gold. simply superb
I never understand why many traders act like they are high and mighty. In reality trading really doesn’t contribute anything to society. What do we provide other than liquidity. At least investors give money to an entrepreneur to hopefully produce something that people need or want. They don’t pull their money out the next day and change their minds. I enjoy trading because short term it’s just a game. Listening to these people talk like they are gods is ridiculous.
You aren't getting into trading for the good of society, you are doing it for yourself.
“Eradicate it”
“Do something else”
Love it.
I love how frequent he said "do something else"
brutal truth but very informative and educational. props to the speaker
this guy has been working since 1994 amazing curriculum and career.
Exceptional talk, thanks Ross.
Great information!
16:52 bless your heart. Uncertainty and edges Ross.
Great video, but buying gold is wrong? maybe 8 years ago but now I think its the right play
With the printing presses further devaluing most currencies, gold is at or near all time highs in most currencies, coming soon to USD, physical is almost impossible to buy at the moment! Last time this happened gold went up 3x, so yeah being short gold mid-tong term from here is dumb imo.
I’m not personally invested in Gold at the moment, but I’d believe Peter Schiff on this one. The FED announcing Infinite QE will bring about hyperinflation of the USD in the near future. Investors will need a safe haven to move their money out from USD. If a digital currency like bitcoin dosent become the alternative, an actual asset like Gold will likely rise up exponentially in value.
👍
Jonathan Rullman upside down pyramid with silver at the very tip and derivatives at the top.