I use TradeZella to track, journal and backtest my trades. www.tradezella.com/?via=umar Follow my socials: Instagram - / umarashraf Twitter - / umarashraf #daytrading #tradingpsychology #trading
I have a 3 fund portfolio consisting of 33% S&P, 33% Total stock, and 33% international. I feel a need to focus on complete growth so I went 100% stocks, but does the SP500 and TSM overlap too much to make sense holding both? However I’ve been in the red for a month now. I work hard for my money, so investing is making me a nervous sad wreck. I don’t know if I should sell everything, sit and just wait but watching my portfolio dwindle away is such an eye -sore.
There are many other interesting stocks in many industries that you might follow. You don't have to act on every forecast, so I'll suggest that you work with a financial advisor who can help you choose the best times to purchase and sell the shares or ETFs you want to acquire.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
Finding financial advisors like Marisa Breton Dollard who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Marisa has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
Yes Umar, correct. 1) Psychology is the hyped logic to sell their courses. 2) You can take bad decisions when you don’t have your setup defined 3) As long as your setup is defined exits and entries must be refined through that 4) Your psychology helps you in different vantage points and approaches 5) Rule book helps you in Overtrading too. 6) Your psychology comes in play when you can’t let your winners run and let your losers run
I've been sayin this since it dawned on me too, a rock solid strategy trumps "psychology" and to develop that takes time, but once you have it down you just follow your strategy to the T and a true strategy has many nuances and subtleties because it needs to adapt to any environment, volatility, seasonality, different types of market etc, and that requires a lot of repetition, experience, screen time so on and so forth once you've completed all these stagies you're just a robot, executing the program, this is the final level, and we know robots don't have emotions therefore no need for "psychology"
"Facts: It's hard to be patient when you don't know what you're supposed to be waiting for. Work on that playbook, then work on your discipline and patience to stick to it."
Trading psychology is important, BUT... it only comes ONCE you have a profitable strategy tested! I use www.TradeZella.com --> to backtest and build my strategies and also track my trades.
*Excellent! I really do have a question. For someone with less than $1000 to trade or above. How would you recommend we enter into trading as a newbie? I would greatly appreciate any suggestions*
Am new to this channel. I suggest to reach out to Mavis. What impresses me most about Mavis is how well she accumulate profit for client's and explains basic concept of winning before actually trading for you. And letting you use her trade signals. And she will also teach you how to trade as she trade for you, and let you know when to enter and exit trade for maximum profit as she trade for you. This goes a long way to ensure winning trades.
I'm not shocked that Mavis name was mentioned. My weekly returns are mind-blowing From $27K that's the minimum range of my profit return every week I think it's not bad one for me, now I have enough to pay bills and take care of my family.
Not true at all... Companies are making record profits... Believe it or not, the market isn't as bad as some people have made it look... In all honesty, as a beginner investor who knows next to nothing, I have made over $15k net profit in a few months of day trading ... I'm a retiree, and I am using these extra resources to keep body and soul together that I want.
I have never drawn up a spreadsheet... It's of no relevance to me... I do practically everything through an investment expert, Kelly Marie Matwick... You can look her up she's registered.
Nice info and tips, I do have an edge, worked on it in isolation for 2 years straight. The only problem I have now, that I need to figure out is when I draw my levels and take no action when it gets hit, its a perfect level, perfect entry. When I do the exact same and I go in, its a totally wrong entry, as many can imagine, thats absolutely annoying, but nothing else to do than to go back to the lab again for the final touches. Good luck to everyone!
Futures trader here - When you backtest, do you have a program that inputs all the parameters and just like...highlights them? Like ctrl F. Or do you manually scroll and find each setup 1 by 1? Trying to get my shit togethet and thats one backtesting question im working through
simple video but sometimes the simple ones are best. Important to judge where you are at with your edge. Define where you have an edge and make sure it is real through testing and practice. I have really very few tools that give me an edge, but I have found ways to combine those tools and use them to trade different scenarios/setups. I still need to work on improving those setups to know the best ways to trade them through back and forward testing. I am sometimes too anxious to trade setups when I have not clearly defined how I SHOULD trade them based on an analysis of data I have collected. I have to start with clearly defining my setups and having a framework for how I should trade each setup. Only after that happens can I focus on improving the execution and controlling emotions. I definitely had this backwards for a long time and I still sometimes let myself think my problem is emotion when it is more about not having a clearly defined strategy and method for trading that strategy.
Thank you for your videos. A quick question, is there any reason to be worried about liquidity trading SPY's 1 day expiration options in a normal market if you are trading 100 contract a a time?
How do you check if your edge is working ? It’s not possible until you do real trade which means emotion would come by default. So both work together not first and second.
That's why the late Mark Douglas always said that he expected people already had an edge before he could start his psychology lectures...coz his work was not to teach edge.
I wonder how it gonna looks like when a new trader without experience in trading decide to learn trading by reading trading in the zone at the first place... Cuz, i dont think they gonna absorb or understand the information what is going on if they never experience the trading process itself.
This is absolutely correct… yes you need both but I’d say learn your way around the markets first by understanding how to trade and having a process and when when your able to execute then psychology comes in.
I was just thinking of developing an edge by watching your interview with first thing thrust .......and how can i do that .....what is the proper way ....and this video uploaded ....thank you universe ......thank you sir ....this videos means alot to me
Great information in the video but also really divisive. We all have different backgrounds and this “edge is more important than psychology” idea really undermines where we individually come from. Some people’s psychology is preventing them from even being able to consistently identify or craft an edge and caps their growth potential (I’m a prime example of that lol)
How to catch or understand the imbalance in buyers and sellers . Some days its obvious like sun and moon but on other days its hard to understand the imbalance.
Sir , if I am using a multi timeframe strategy to trade , and my edge is observing a 15 min bullish candle for entering at 1 min swing low, can you please tell me what should be the exact stop..1)the 15M candle low(that I am using for entering) or 2) The 1 hr structure point on the basis of which I am considering the 15M candle as my entry?
It's my request bro, I'm a day trader and i have 4h as my higher time frame, 15min a structure time frame, and 1min as entries. Is it important to watch weekly, dailly, monthly chart and mark poi's from all the time frame? or just 4h's Poi's is enough for day trading?
rofl There's actually a video on this guy's landing page about "7 things he learnt in 10yrs trading" and the last section is "trading psychology" in which he explains that "trading is 90% emotion, there's so much psychology involved, I can't stress this enough." Clearly a very serious person.
SO glad you posted this! I noticed this with myself. Since I’ve become profitable over the last year I’ve seen how strategy/edge is truly the first thing to get down and THEN the psychology follows because mentally you must adapt to your style of trading based on your edge whether it be certain timeframe, risk appetite, etc. but that all formed from having a edge and system! Thanks so much brother confirmation right here for sure
Could you please make a video about strategies/paterns that you look for when trading something like crypto. Like what kind of patterns you look for besids the footprint chart/dom. Like, what triggers you into something like 'OH! We git someting here... Could you make a real in depth widow about that? And what kind of books could you recommend to people who whats to start daytrading? THANKS!! you're helping me a lot understanding daytrading🙏🏽
Bro I’m in Dubai and I want to learn trading I work here as a graphic designer but I want to work as a full time trader. Tell me what are the essential things I need to do ??
Umar, mad respect for you, both your trading and your Tradzella venture (the Ferrari of trading journals). Your Vids are intelligent & to the point, your success without question, and I never leave with the feeling that you have an ulterior motive or don't give a dam about helping others. Thank you. Without a measurable system (or Edge), we can't know if it's our system or our psychology or both causing PNL losses. Trading a sim account without real money is how to safely develop the edge & remove the psychological variable, then with real $$$ we can test our psychology. If I could ask 2 wishes - 1) some real time examples of watching order flow in the tape or level II, you've teased more detail, but I can't find any vids with it. (i.e. showing a live tape and calling out what you look for and what you infer from the activity happening) and maybe 2.) unpacking at least few basic rudimentary playbooks you use often instead of the quick peeks we've seen that are of great interest to many! Thank you sir! You are appreciated.
Great video. I also think, the only time emotions/psychology plays a role, is if a trader is not confident in their setups/strategy. A professional trader doesn't have that problem, he/she will always be confident in their setup/strategy, win or loss, because they have back tested their strategy and they know that over a series of trades, they will be profitable, so they don't care if they lose 3 trades in a row, if thats a part of their playbook/strategy.
It doesnt though because you never know whats gonna happen next lol ("making sure?" there is no certainty... ZERO) you never know if you have a winning strategy because any strategy can make money, intuition is the "holy grail". Eliminating emotion is a by product of taking conscious control of the emotions themselves and changing the beliefs that trigger the emotions so theres no longer any potential to feel those negative emotions. YOU DONT NEED TECHNICAL ANALYSIS PEOPLE, ANY FORM OF IT, ZERO, ZIP, SQUAT! No offense to Umar, great trader, but Mark douglas has this dude beat by a mile. Trading Psychology is the only thing that matters. "Edge" is literally everywhere.
I understand your point but i have been doing this for 3 years now and what i feel is from these two things your peychology is most important and then your risk management if you have these two even if u trade with the coin toss everytime u can make profit but its not and shouldn’t be the end goal
My Helpline are as follows! ... First, plus 1281 ... secondly 317 ... lastly 5140 Reminder: In order to view the whole comment completely, yiu need to switch from the Top comment to the Newest comment button. I'd be expecting your W.A messa!!!!
100 % correct!! the point of this video is if you don’t have a good strategy, you’re not be able to trade, yes having an edge is difficult but you follow your rules of your strategy, the psychology doesn’t affect your trades…
I totally agree with you, why because before an edge I can't even control or i doesn't have a plan in the market to enter, exit and all after I found my edge, set up i figured all then i can control my lose emotions all stuff❤❤
I've always wondered... the only way I can manage my emotions successfully is when I have a proven edge with rules. If I operate within my rules and my system I am not emotionally connected to the trades since I've followed my playbook. It's only when I break my rules my psychology becomes wrecked.
