How this book transformed my forex trading to the next level

winners and losers have the same goals every Traders want that Lambo it's all about the lambo lifestyle baby every Trader want that big big mansions and every Traders want to make millions of dollars every country wants to win the World Cup but it can't be the goals that actually differentiate people right School grows and build a system instead hey friends I just finished reading this book by James clear and in today's video I'm going to show you guys the key insights and ideas that you can learn from this book and you can apply it to your trading this book is a must read for any Traders at any levels because this is such a good book that will bring and transform your trading to the next level I will leave a link in the description make sure to check it out trading is a complete reflection of your personal life and if your personal life is a mess and if you feel like your life is [ __ ] make sure you watch this video until the very end because I'll be giving away a Christmas present to make your life better if I'm losing [ __ ] tons of money in the market and still not profitable I'm the one who is responsible for it it is not the trading system or the trading strategy for I'm the one who click and sit in front of the screen sit in front of my computer and taking all the actions sitting in front of the chart and analyzing the chart it is literally no one to blame for my mistakes I take full ownership of my trading of my everything that's why trading is a very lonely road and it is not going to be easy but you can be profitable by understanding the power of habits and the process of building good trading habits and breaking the bad ones good trading habits or routines can make you millions or break you as a Trader we all have the tendency to overestimate the importance of a single action while underestimating the power of making small little improvements repeatedly over time real change comes from the compound effects of hundreds of small decisions or small habits over time accumulate to produce remarkable results changing their Lifestyles behaviors and I our identities I understand some of you have schools universities family parents kids financial and personal problems all these problems will reflect in your trading if you let it be and that's okay let's acknowledge it and let's start building a happier healthier and more productive life through that one percent Improvement every day why does one percent matters well it's all about the power of compounding and compounding can be very amazing powerful to both positively and negatively if we leave it to develop over a period of time if we get one percent better each day for a year and will end up 37 times better by the time we are done but if we get one percent worse each day for one year and we will go down nearly to zero the effect doesn't seem to make much difference on any given day but the impact over months or years can be absolutely enormous habits often don't seem to make a difference until we cross a critical threshold and we often don't think about these small changes just because it takes so long to see results and this is something that I really struggle with and I think this is the probably applies to everyone like we are so into in modern society to try and seek instant gratification and that's actually really hard to focus on things that have long-term benefits the rate of transformation also means that it is very easy to let bad habit creepins like breaking the trading rules and gambling in the market when we learn new trading strategies we feel like we don't really make any progress as the results don't follow a linear trajectory that we expect and so we just give up because we are not getting the results and the outcome that we wanted as you can see from the graph it does take time to build a habit to allow the compound interest of self-improvement to give amazing results over time now you might be asking well what are some of the good habits in trading while studying journaling your trades managing your risk a bad trade will end up in profit it's called luck a good trade that ends up losing money is a statistically expected drawdown remain calm and no Revenge trading immediately taking a loss sticking to your trading plan especially after taking consecutive losses these all sound logical and easily manageable in theory but when real money comes in play when real money is on the line the discipline will take a hit personally one of my plans going into the new year is to build a system of good habits where I read more books really get to improve my personal life my goal is not to read a book but to become a better reader with brings me to my second Point identity change we have got outcomes on the outside concerned with changing the results and the process related to our habits and the systems and finally our identity which is related to our beliefs most of us work from outcome to Identity rather than identity to outcome your goal is not to take a trade using ABC patterns or using smart money Concepts ICT Concepts whatever Concepts but to become a profitable concept assistant Trader when we solve problems in terms of outcomes and results we only solve them temporarily but to solve problems in the longer term at the system level we need to change our identity true Behavior change is identity change you might start a habit because of motivation but the only reason you stick to the Habit is that it becomes part of your identity the behavior are usually a reflection of your identity research have shown that once a person believes in a particular aspect of their identity they are more likely to add in alignment with their belief the more you repeat a behavior the more you reinforce the identity associated with the behavior when you practice analyzing the chart back testing for testing studying price action every single day you embody the identity of a profitable and consistent Trader when you wait patiently for the setup to come to you instead of changing prices you embody the identity of a disciplined Trader before I used to have this outcome based way of looking at trading I have to make certain amount of money or certain amount of percentage in order to prove that I'm a profitable Trader after reading this book I now have more of an identity based approach to trading as a profitable Trader I will follow my trading plans stick to my trading rules and stick to my risk management with discipline every single day eventually my advantage Edge in the market will take care of the money over a period of time therefore Stop Believing in yourself that you can actually achieve these things and shift your focus from making the one million dollars and buying a Lamborghini to focus on building the habits of a profitable and consistent Trader you eventually achieve all the results and outcome that you ever dream of there isn't a precise answer to how long would it take to become a profitable Trader because it is always the process and making that one million dollar is never the Finishing Line the cross but an ongoing game that we continue to play the key part to remember is that small habit compound and giving enough time they will have remarkable results in our lives and in our trading check out this video if you are new to Smart money Concepts and download my Christmas present in the description I've shared a screenshot of the market maker series volume one to five Merry Christmas to all of you and always remember that you are a lot closer than you think

As found on YouTube

Learn From the Best at G.O.B.E. Tradehouse