Out of the Ashes: Flight of the Phoenix

[playwiththegods]

To Make Myself

"Keeping a trading journal is actually a crucial task in any performance or goal-oriented endeavor. The key is to have some way to measure, track, and stay focused on improving your performance. World-class athletes do it to keep track of what helps them to be better, faster, and stronger on the field or court. Scientists do it in the process of finding their next greatest discovery."

"A disciplined trader is a profitable trader and keeping a trading journal is the first step to building your discipline."

"A trading journal isn’t just about writing in the prices of your entry and exit and the time you executed the trade. The trading journal is also about refining your methods and mastering your own psychology."

"It’s your trading journal. Just like your custom Dota 2 character, you should customize your trading journal as you see fit. Remember, you are the one who’s going to benefit from writing a forex trading journal. So write down what you think you would benefit most from."

I completed the 12 lessons from Keeping A Trading Journal and got a lot out of them, but it’s totally useless if I don’t consistently apply what I learned to my trading journal and my everyday life.

I got 100% on the quiz on the first try, but that doesn’t mean I mastered these lessons. I know I’ll come back to review these lessons a few more times throughout my trading career. It’s the most important section out of all the lessons so far for me.

I’m glad I started writing this journal to take that first step to building discipline even though I’m not yet trading.

I’ve been like a scientist studying myself and making new discoveries about myself with this journal. I’ve been like a world-class athlete using my journal to become better, faster, and stronger.

It’s helping me work on mastering my own psychology. I realized that there’s really no such thing as “trading psychology” or “trading discipline.”

It’s just psychology and discipline. My psychology and discipline are essentially who I am. Who I am 24/7 is who I’ll be when I sit down to trade. If I’m a fearful, insecure, impulsive, undisciplined man, there’s no magic switch that will turn off that man when I trade.

I have a lot of work to do on my psychology so I can be a confident, patient, disciplined man.

That means getting out of bed and going to sleep on time. It’s faithfully following my schedule and not wasting any time. It’s studying without getting distracted or just half-assing it. If I can’t stick to my daily plan or study plan, I won’t be able to stick to my trading plan.

One crucial epiphany I had from working on my journal is this: I want to trade to live and not live to trade. I don’t want to make trading my life. I don’t want to spend most of my waking hours each day on trading.

I’m using trading to make my life better like I’m using this journal to make myself a better man.

[dushimes]

@playwiththegods

I want to trade to live and not live to trade. I don’t want to make trading my life. I don’t want to spend most of my waking hours each day on trading.

I’m definitely with you on that one. I’d like to see what time frame you decide to trade…

[RedEyeRishMan]

I saved this.

Sir, you must be a poet.

Thank you for these words. I hope they not only ring loud for you but anyone who reads them.

When you achieve the success you will undoubtably reach, please do not forget these words my friend.

[playwiththegods]

Aw man! Thanks Tony! That means a lot. I’m overjoyed.

Thank you for your kind words and for being here. I wouldn’t have started this journal if you never joined babypips. You undoubtably play a significant role in whatever success I achieve.

[playwiththegods]

Let’s do this!

That’s a great pic. A real high five.

I would also like to see what time frame I decide to trade…

(You waiting for me to actually start trading.)

[playwiththegods]

Pressure, Pressure, Pressure

"I always felt Michael’s legendary trash talking wasn’t meant for the other guy; it was another way for him to heighten the pressure he put on himself, because once you’ve told others how bad you’re about to f#ck them up, you’re gonna have to deliver on that promise.

I tell my guys, ‘Pressure, pressure, pressure.’ Most people run from stress. Stress keeps you sharp, it challenges you in ways you never imagined and forces you to solve issues and manage situations that send weaker people running for cover. You can’t succeed without it.

Your level of success is defined by how well you embrace it and manage it. Because if you don’t manage it well, the other guy is waiting to find your weakness, and the moment you show it, he’ll attack. Exactly what you should do when someone shows weakness."

That’s Tim S. Grover talking about Michael Jordan and the necessity of pressure from the book Relentless. What I’ve been doing in my journal is like what Jordan did with trash talking. Posting in public puts pressure on me to deliver on the promises I made to myself about why I’m here and what I plan to do.

I finished all the lessons from Undergraduate Junior. As I start Undergraduate Senior, I have to do my best to set myself up for success because I’m someone who will put in a lot of work and time into something, but blow it all up near the end because I get bored and need more excitement.

I almost didn’t graduate from high school. I had a terrible senior slump. Throughout elementary, middle, and high school I was always in the A-B honor roll. In my senior year, I failed all my classses except art class. I had to take night school for the U.S. Governnment class because it was a required credit for graduation.

I was absent a lot. I would go to house parties of classmates, go to night clubs with my homies, drink wine coolers, smoke weed, bump n’ grind with hotties. It wasn’t frequent, but it was enough for me to stop keeping up with schoolwork.

I stopped caring about school. I didn’t apply to any colleges. I didn’t plan for the future. I just wanted to have fun. All the work I did for all those years got flushed down the toilet of fun and foolishness.

I would like to think those times were just the follies of youth, but I know myself well enough that I need to take some precautions with this part of me that can be reckless and ready to blow stuff up just because I get bored and want more excitement.

I have to make sure that working on the Undergraduate Senior lessons won’t be anything at all like my high school senior year. I have to work with my nature. It’s the savage beast. I can’t get rid of it, and I don’t have to. But I can’t let it mess up my life again.

I just need to give the savage beast something challenging to do. I made a grave mistake by taking it easy in my last year of high school. I should have put more pressure on myself to do something fulfilling and worthwhile.

Pressure, pressure, pressure. Recalling my past mistakes and failures is pressure. I pressure myself to be the best student for completing the School of Pipsology. I pressure myself to write the best journal for me. I pressure myself to live my best life now.

I’m still a baby learning to crawl when it comes to trading, but in time with all this pressure, I’m gonna fly.

[RedEyeRishMan]

Willpower at times cannot be enough to topple an obstacle. Have your why; That is to say understand WHY you want something, WHY you fight, WHY you drag yourself through things you don’t want to do.

You my friend seem to have your “why’s.”

All that is left to do is, well, do.

Cheers on your progress mate!

[playwiththegods]

@RedEyeRishMan

Have your why; That is to say understand WHY you want something,

“Those who have a ‘why’ to live, can bear with almost any ‘how.’” -Victor E. Frankl

Cheers!

[chesterjohn]

I appreciate your honesty in this thread. I’m not saying you can’t do it, but I would question if it’s right for you.

You claim to be broke. You are almost certain to lose money before you make any. Can you afford that? How will it affect your mental health?

Please don’t take this as criticism, I just think people in your situation often see this as a path to easy money and often put themselves in a bigger hole than they started in. If you can’t afford to lose money, you shouldn’t trade it. And don’t target big returns, it’s not going to happen. If you turn 100 into 150 in 12 months, that’s exceptional performance. But is that enough?

[dushimes]

@chesterjohn

I would question if it’s right for you.

That’s a fair question. No one can decide what’s best for you.

@chesterjohn

If you can’t afford to lose money, you shouldn’t trade it.

Right. Trade demo first.

@chesterjohn

And don’t target big returns, it’s not going to happen.

I did that haha. I was hoping for a big win to offset all my losses. It never came. Reality hurts.

I think @chesterjohn is trying to give you a heads up about the reality of trading. The path is different for everyone, because the market holds a mirror to you; it reflects your weaknesses back to you.

You can overcome them, but it’s not easy. Be prepared for persistence. once the excitement is long gone.

[playwiththegods]

@chesterjohn

Please don’t take this as criticism, I just think people in your situation often see this as a path to easy money and often put themselves in a bigger hole than they started in.

I don’t take it as criticism. It’s helpful feedback to me. Even if it was criticism, I welcome it. That’s why I post things on the forum. I’m not going to learn and improve if I can’t take criticism.

The nice thing about being broke is that I can’t trade at all. I’m not worried about losing money since I don’t have any.

I’m not someone who sees trading as a path to easy money. I admit that before I joined babypips, I was excited about trading because of the lambros making millions on YouTube. But after a few months into the School of Pipsology, I became more realistic and practical about what I can and cannot do in trading.

I’ve been in babypips for two years, and I’m still going through the School of Pipsology. I haven’t even started demo trading. I’ll finish the course by February 2024. I’ll start a demo account around that time. I might be on demo for a year or two.

That depends on whether or not I get a job in coding which will be my main source of income. I’m currently learning to code which will take longer than learning to trade.

If I get the job, I’ll save up money and start with a $100 account, but only if I’ve already done well in demo. I’ll add more money gradually if I’m getting better as a trader. Trading will just be a side hustle for a couple of years while I work full-time as a coder.

I really can’t know if trading is right for me until I’ve traded a good amount of money (10% of my annual income) for at least five years. I think that’s how long it will take for me to just become a decent trader who has significantly reduced my mistakes and my losses.

If I’m not able to make consistent profits after that, then I’ll know for sure that trading isn’t right for me. I’m in this for the long haul. It will probably take me ten years before trading ever becomes a main source of income, but I’m not expecting that it will.

I know that trading is a skill. It will take time and dedication to become a true professional. There are no guarantees that I’ll get there. All I can guarantee is how committed I am to master the craft day in and day out.

Thanks for looking out for a brother. Thank you for your thoughtful response. You brought up some important points. I appreciate your concern as well as your honesty.

[playwiththegods]

Gung-ho Student

"As long as you are disciplined and laser-focused on learning the markets, your chances of success increase exponentially. You have to be a gung-ho student. If not, you’ll end up in the poor house."

That quote was from the lesson How Much Trading Captial Do You Need For Forex Trading? It brought a smile to my face because what I’ve been doing here for the past two years is being a gung-ho student. It will increase my chances of success exponentially and keep me out of the poor house.

I see myself as someone who will always be a student in learning to trade as well as learning about myself. I have 56 lessons left. I’m on track to finish before February 2024. After I finish the course, I will still be a gung-ho student.

"In the end, forex trading is a numbers game, meaning you have to tilt every little factor in your favor as much as you can."

I’m focusing on mastering my psychology with this journal because it’s one way to tilt every little factor in my favor. It’s painful to admit my mistakes and failures because it makes me look stupid. It’s also painful because I have to take responsibility and make the necessary changes that are difficult to do.

I like what @dushimes said about making changes in yourself in one of his recent posts.

@dushimes

You don’t need a new strategy. You need a new you. There are layers of yourself that have to be peeled back in order to use a strategy successfully. But you only peel back those layers when you stick with the strategy long enough to see what you’re doing wrong and make changes in yourself. Constantly looking at other strategies will leave you at that shallow level of self-development. The new you lies in patience, study, and correct execution.

This is how I see it. I’m sure others will disagree, but this is my way.

This is the way. This is the way to change myself. This is the way to a new me. I will always be a gung-ho student learning to change myself.

"Everyone thinks of changing the world, but no one thinks of changing himself."
-Leo Tolstoy

[dushimes]

@playwiththegods

This is the way to change myself. This is the way to a new me. I will always be a gung-ho student learning to change myself.

[BrunsonFX]

Hey brother, I really dig this post, I’m 40 years old myself, been through hell and back like you, I don’t live with my Mom as she’s in CA and I live in Colorado with my wife and 3 kids, however, I’ve come to a place in my life where I DO WANT TO MAKE FOREX MY PRIMARY INCOME, I just can’t because I own another company that has multiple streams of income and I can’t stop it to start another, however, I plan to go through the entire training here and get started on Trading View afterward and see where I can get to with a $1000 to start on a broker like Forex or Interactive Brokers. Let’s walk the path together, okay?

[playwiththegods]

Thanks for reading my post and reaching out BrunsonFX. I’m happy to hear about your success in business and having a family in Colorado after you’ve been through hell and back. It gives me hope.

I’m thinking about moving to Pagosa Springs. I like being in nature and want to live close to the mountains, forests, rivers, and lakes of Colorado.

Your experience in business with multiple streams of income will puts you in a good position for building your trading business. We have a long path ahead of us to establish our trading businesses. I’m grateful to walk that path with you.

Let me know if you think I might be able to help you with your studies in the School of Pipsology. Welcome to the Babypips Community. Have a Happy Thanksgiving!

If you want to join an accountability group, follow me @playwiththegods and @RedEyeRishMan. We stay in touch with each other through our trading journals while holding each other accountable. We are Ildánach.

@playwiththegods

“If you want to go fast, go alone, if you want to go far, go together.”

That can be the motto for our team. The name of our team can be Ildánach which means the Skilled God. It’s one of the nicknames of Lugh who is my favorite god from Celtic Mythology. You can learn more about him here:

[RedEyeRishMan]

Hey BrunsonFX!

Awesome to see you’re interested in Forex, more specifically making it a primary source of income.

I’d most definitely encourage you to start a journal here in the forums to track your progress through learning. It’ll help keep you accountable and also provide opportunities for help in your studies!

Best of luck man!

Also, Happy Thanksgiving everyone!!!

[playwiththegods]

Looking Back

I’ve only been able to do two lessons in the past week. I finished 307 out of 361 lessons. I’ve been spending a lot of time with family while eating a lot of food during the Thanksgiving holiday and weekend. I’m getting back into the routine of studying today.

I did take some time to review my journal and think about how far I’ve come since my first post in the babypips forums:

@playwiththegods

I just finished preschool and kindergarten in the School of Pipsology.

It’s incredible that all this knowledge is available for free.

The babypips writers did a great job in creating the lessons. The lessons are fun and simple to understand with funny cartoons like this one:

Looking back at these posts in the forums is a great way to appreciate what I’ve accomplished so far and to celebrate these small wins that help me to keep going.

One important insight I got from this journal is that I need to keep my thrill-seeking nature in check, and make sure it doesn’t make me do crazy things in trading like risking 100% of my balance.

I’ll have to learn to be okay with the boredom of trading just like I’ve been learning to be okay with the boredom of studying.

[RedEyeRishMan]

Imagine, years from now you’re in your office after an incredible trading day. Maybe. Maybe in this moment you realize you’ve made it. You pour through your old progression posts and journals. You laugh at the mistakes you made and relish in the wins and losses that made you who you are now.

Anything is possible. Never forget that. We see around us all the time the death of ambition, dreams, and hope. But not you, not you friend.

See you at the top

Ildánach

[playwiththegods]

@RedEyeRishMan

You laugh at the mistakes you made and relish in the wins and losses that made you who you are now.

I look forward to that time when I can laugh at myself and all the mistakes I made.

Thank you, my friend!

See you at the top

Ildánach

[playwiththegods]

Now, I am become Death, the destroyer of worlds.

I’m done with 314 of 361 lessons. The lessons in The Number 1 Cause of Death of Forex Traders and Position Sizing were fun and I had some good takeaways.

I like that pic of leverage as death. It’s a good reminder of what will happen to my account if I don’t use proper leverage.

"Most brokers want you to trade with a short-term mindset. They want you to trade as much as possible as often as possible. It’s the only way they make money. One or two pips are important to them. The more you trade the more they make on the spread. It’s not in their best interest to tell you to let your trades run longer than the same day. If you want to give yourself the best chance to succeed, first learn to trade profitably without leverage."

I had a funny thought that if I really wanted to make money in forex trading, I should become a broker. They’re making a killing off traders who don’t know how to use leverage.

"Leverage is a very powerful tool but both old and new traders use it to destroy their trading capital simply because they take its destructive force too lightly or ignore it altogether. It’s a pity, but the more of them there are, the easier it is for us smart traders to make money. Sad but true."

If I blow my account because I used leverage wrong, I’ll have to call myself the worst trader of all time because the lessons were loud and clear about how not to kill your account with leverage. I have a better understanding of why over 90% of traders fail. I have to make sure I’m not one of them.

"Destroy traders taking the opposite side of your trade. Don’t destroy yourself."

I’ll have no mercy on any reckless traders taking the opposite side of my trade. My training is making me more powerful day by day. I will be Death, the destroyer of traders.