Trading Psychology Podcast Ep62: Validation

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What a great feeling it is to finally be validated for your efforts, your creativity, your ideas, whatever it may be. But depending on WHEN this happens in your trading journey, and how you choose to handle it can make all the difference in the world. VP and Robb discuss their own encounters with this phenomenon, and come up with the best ways to deal with something that should be a great thing all the time.....but may not always be.
#TradingPsychology
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The hosts of this podcast are not licensed financial advisors, and nothing heard on this podcast should be taken as financial advice. Do your own research and understand all financial decisions and the results therein are yours and yours alone. The host is not responsible for the actions of their sponsors and/or affiliates. Conversely, views expressed on this podcast are that of the host only and may not reflect the views of any companies mentioned. Trading anything involves risk. Losses can exceed deposits.

Опубликовано:

25 мар 2024

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Комментарии : 22

@NoNonsenseForex 3 месяца назад

Let's hear it boys -- money or respect? Which is more important to you at this point in your life and why?

@philnewpower 3 месяца назад

It really depends on your life circumstances, respect gives you a selfish ego boost, but money can help you achieve stability for not only yourself, but others too. But respect trumps money at the end of the day for me personally.

@primat6970 2 месяца назад

money. it can buy anything

@nathanbutcher7720 3 месяца назад

I think the real validation comes in finding the indicators. I just stumbled upon one confirmation indicator that is just so good that it simply leaves every other indicator I tested in the dust. It's taken a year to find through extensive backtesting and optimization testing across a large pile of financial instruments. A real needle in a needlestack. I wouldn't have found it or even appreciated it unless I did all the work sifting through the thousands of other indicators. I'm really looking forward to building the rest of the algo now, so thank you VP for being the inspiration that gave me confidence to keep going - and I hope you never review this indicator in the indicator profile series!

@KyleBaran90 3 месяца назад

Robb suggests focusing on things you can control; I don't think you can control your profit factor, since it is derived from how much money you earned or lost. Statistically, you will have a bad month that underperforms with muted gains or several losses (and you've said to break it into chunks of trades anyways). I agree with pretty much everything else though... Applying numbers to certain things can be good or bad depending on how you approach it. I like the idea of previous episodes with regard to "falling in love with the process".

@KostasYoutube 3 месяца назад

Love listening to you both! Great experience sharing here. I am one of the "excited followers" of VP's system, guilty on that. Made mistakes, got my feedback, and I learned to tone it down now. To my surprise, trades are getting better! Changing validation to nonmonetary events is a brilliant advice Rob! Also one of the most unique advices from Rob @20:11 "when trading gets boring, you're finally doing it right"? Extraordinary accurate! I'm definitely joining Maverick trading when I get my capital ready. My answer to the post's question will be: Respect (also to myself).

@philnewpower 3 месяца назад

I have to say after 5 years following this channel i have not become rich, and i have failed many times... Those failures are noted down, and i just keep going. Ive always looked at NNFX as a long term thing, and i trust it because it just makes sense to me. To follow a concrete method that can be measured and just steam roll through the ups and downs. Forward testing has been PAINFULLY slow, but it pays off over time. I have a stack of results validating the possibility to become successful. Now, trading has the feeling of doing exercise, i cant be bothered to do it, but i know if i dont do it, i can't grow as a person. If i give up, i will gain nothing and just become a fat ass.

@niteshade2271 2 месяца назад

Oh god how did i know to come here? I'm coming down from cloud 9 on my life account right now. I let a few good wins for a few months excite me too much. Lost them back a few days ago. But at 0.01 lots so it's okay i guess. Good thing i didn't go for that prop account yet anyway. I'm gonna recover and as soon as I do, ohhh boyyy! I'll monitor a bit more...? 😑yeahh..i needed this episode. i just knew.

@alanrice7410 3 месяца назад

I have been noticing that other currencies like Eur/jpy and Gbp/Jpy have been hitting new multi year highs but Usd/Jpy has been lagging behind. Usd/Jpy barely broke above the 2022 high by less than 3 pips. There are large blocks of stop orders above the 2022 high near 152 so I have been expecting the big banks to push it above 152 to trigger the stops but it has failed to reach 152 after several attempts. I read an article that said that the government has been intervening to try to keep Usd/Jpy below 152. Why is the government trying to keep Usd/Jpy from hitting 152?

@ab_i1 3 месяца назад

As always great psychology episode🙏 .... i would love to know your opinions to wards Psychology's role on CORRELATION cause i use it for trading crypto ( some alts move ahead back in the day it used to be bch n ltc ) ...

@Jackeebee 3 месяца назад

can i download the indicators using mac

@alanrice7410 3 месяца назад

In one of your videos, you recommend trading 27 currency pairs. If you have a small account like $500, there is no way that you would be able to afford 27 pairs. With a small account like that, 5 pairs is a lot of pairs to trade, let alone 27. Pairs have different correlations with each other. Eur/Usd and Usd/Gbp trade together at least 90 % of the time because of how positively correlated they are. Eur/gbp is not a pair I like because it does not move as much as most of the other pairs due to the strong positive correlation. If trade Eur/Usd or Gbp/Usd, it doesn’t make sense to trade both of them because they move the same direction more than 90% of the time. Gbp:usd is substantially more volatile than Eur/usd but has a much higher margin requirement of 5% versus 2%. Usd/jpy and Gbp/usd have close to a 0 correlation even though they are both dollars pairs. So Gbp/jpy moves aggressively, so if trade pair, usd/jpy and Gbp/usd are essentially unnecessary. Plus when you trade so many pairs, you are much more likely to get confused and make mistakes.

@NoNonsenseForex 3 месяца назад

Hey Alan, it's a lot more helpful to others if you put the comment/question on the corresponding video instead of here. I can see all of them on my back-end as they come in, regardless of which video. And to answer your question, no, $500 would not be enough to trade 27 pairs, you would either need to pick about 4 or 5, or wait until you have more money to comfortably trade with. Even with micro-lots I think you would run into issues.

@zoltanbalogh6520 3 месяца назад

Hi guys, thanks for the video. I have a strange question, are you guys running a trading program for randomly selected subscribers? I got a few messages from VP regarding this on twitter? Just wanted to check whether it was legit. Thanks

@g2010oogle 3 месяца назад

Episode 6620 of trading pschology videos and what has been learned here? The best pschology book everyone needs to read is trading in the zone by mark douglas, which ive read several times. Theres little point in regurgitating old content VP. But you enjoy talking about these videos a bit like a crack cocaine addict needing his next fix...

@mrezrachidozie 2 месяца назад

Thank You so much for These Podcasts!! I want to ask a Question, I hope to get Answers .... What is it Like to Marry a Fellow Trader.. what do you think will be the Psychological Effect?

@NoNonsenseForex 2 месяца назад

Ha, I couldn't imagine. You'd probably have a lot of money, but I can't imagine marrying myself, or anything close to myself.