The Formula for Becoming a Successful Trader (Part 3)
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- Опубліковано 26 сер 2024
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Trading psychology is also about having the right mindset to learn. We take a look at what psychologists think are the traits and qualities you need to succeed.
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Part 1: • The Formula for Becomi...
Part 2: • The Formula for Becomi...
If we want to work at developing into a successful trader, what specific mindset traits do we need to adopt? Is there any way that we can work at building the qualities that will help us to become a talented and profitable trader?
In this video we will talk about growth mindset vs. fixed mindset, grit, cognitive dissonance and more. Don't forget to take part in the grit scale test at the end of the video (taken from the book 'Grit' by Angela Duckworth).
📃 We like to share evidence-based information as much as possible, so we can avoid the false and misleading information that’s far too common in the world of trading and investing.
Here are some of the sources used for this video (this list is not exhaustive):
Here are some of the sources used for this video (this list is not exhaustive):
Grit - Angela Duckworth
Bounce - Matthew Syed
The Talent Code - Daniel Coyle
Mindset - Carol Dweck
Peak - Anders Ericsson
Outliers - Malcolm Gladwell
Deep Work - Cal Newport
Black Box Thinking - Matthew Syed
The Talent Myth (article) - Malcolm Gladwell, The New Yorker
#Trading #TradingPsychology #TradingTips
DELIBRATE PRACTICE and GRIT concept was amazing and last thing is you guys are selflessly working really hard on making your community on being a GREAT TRADERS......... LOVE AND SUPPORT FROM INDIA
Thanks for your videos, I'll do the test tomorrow as it is very late - don't want to rush. Lastly, I also got interested in mind set, not for trading as to help my daughter, she has dyslexia and slow processing. But she is funny, has a deep understanding of people emotions, very creative and sport oriented. I have to play on her strength and develop her mindset, her grit as with her disadvantage the world can turn against her and she will have to push thru. Thanks for everything , will continue with your videos. I am amaized that in this world so selfcentered and especialy the world of finances there are people who want to share their experience, their thoughts.
My gritty score is 4.4.. As far as the mindset in trading I've displayed both. My biggest mistake EVER has been that after a period of steady gains I seem to gradually slip into the 1 mindset where I'm way too "certain" about the setups I take to the point that start getting pissed at any sign of adversity. The psychology of it seems to be "I'm too good to lose" and get fixed on having to prove it by waiting for the market to turn in my direction. I hate to see the great winning record I've managed to achieve tarnished by this one trade kind of mentality... It's funny because even when it has happened I know I'm doing it and yet I've always waited too long to cut losses when they were still small. One of the contributing factors to this flaw in my trading has been that I have INDEED seen the market turn around so many times in the past !! ;-)
But don't despair... I think I'm finally cured... I wrote a sign in HUGE LETTERS that now hangs on my wall... it's very matter of fact and it reads : "LOSSES WILL GET MUCH BIGGER THAN THEY APPEAR IN THE MIRROR OF YOUR GALACTIC EGO"
LOL!
Thanks a ton Music & FX Master. Those lines will help me as well.
True Grit. The secret is embracing your "mistakes" and fixing them thereby growing. You live you learn.Excellent video again. Thank you sir.
Thanks Frans! Interested to hear what your score is?
Hahaha. 4.3 But I feel that 10 years ago i would have scored lower so I'm evolving. I do think one should expect different results from your 18 year old self than your 40 year old self. Do you agree?
Absolutely. In fact, that's part of Angela Duckworth's thesis about grit. As we get older, we start to realise which tasks are more important and understand the importance of patience, so we increase our grit level
I liked this series, all of the 1, 2 and 3 parts. The examples and the researches are thought provoking. Integrating the mindset, science, biology along with the examples and researches make this series a great place to start and keep ourselves reminding what can be achieved and how we should approach our life goals (including trading) from deep inside our mind. I have scored 3.3 in grit. While doing the grit test, I found that I grit for a few things whereas I don't grit for many of the things I aim or start. It made me aware that I need to keep the things I can grit for and I should let go the things I can't grit for. Thanks a lot for your hard work and thoughtful presentation.
My grit score was 2.6 - not much to write home about. However, I, too, had three teeth drilled without anesthetics, two of which was next thing to a root canal filling. And I'm still here watching this channel trying to get my head around trading. So take heart my fellow "weenies" there is hope for us all. Oh, and thank you Nicholas for yet an excellent video.
Thanks for commenting Ove. We'll be releasing a video next week about how to improve your 'grit'. Just look after those teeth!!
Frankly, I am new in trading and watching your videos continuously to learn something. I took 4 years to learn Price Action. My score 95%.
Videos are very informative and helpful for beginners in trading.
It seems to me that the grit quiz is actually measuring 2 things that are fairly different: grit and focus. Grit is often
"sticking to it" during adversity in a physical sense, but focus is mental like concentration.
interesting content. Like the part about the grid and looking more at the mistakes and failures instead of the wins. Beautiful man keep it up!
40%. Sounds bout right. First let me start by thanking you for all the videos. I first came across them a couple month ago and i must say i've enjoyed every one. I'm roughly 13 months into my trading journey and struggling right now with sticking to my trading plan (revenge trading). On those bad days, I always go back and watch your motivation videos. They always help me look forward to the next day. Keep up the good work. Cheers!
4.1, I’ve started and stopped learning to trade for around 2 years but I haven’t stopped for about 3 months now! I’ve been following duomo for about 1 month! Very helpful
4.0 70% for me and have been trading for about 2 years. Finally starting to see the light.
5 years later than this vid was produced, and guess what? --- This subject isn't ephemeral, it's enduring.
GRIT. Love it, because it's true!
haha we read the same books. I think a great understanding of psychology and sociology is important in trading - and you've definitely succeeded! A Mind For Numbers is where I read about the growth mindset. In Outliers, I liked how Malcolm Gladwell talked about completely exploiting our natural tendencies/talents -- and that's what I like to tell people.
Scored a 75% and had my wife help to add a little objectivity and I tried to be conservative and err on the side of the lower number. Decent score. I really love your videos. Very interesting content. I plan to join your course very soon! Working through the free videos now. :)
The 'Grit test' is most revealing. Having gone through the coursework once, I now realize I need to go through it again with a stronger commitment.
These videos are fantastic, thanks for creating them.
Great video series. I really Loved it. Your Are AMAZING, putting points across, research, teaching and sharing knowledge !!! real gem !
Grit score: 3.8.This is lovely because through this test, I can see exactly which traits I can adopt to maintain and improve my levels of Grit. Thank you.
Very nice. These series are very informative, educational and well put together with great effort as in Angela Duckworth's formula: (TALENT x EFFORT) & (SKILL X EFFORT).
The biggest failures in in life are successful people. They allow themselves to fail and learn. I have been saying this for years, but did not have the perspective you brought in this video. Thank you!
Definitely true. From all the people I've met, I find that the ones who didn't reach their potential is usually down to them not being willing to fail - so they never really commit to something! Failure is an inevitable part of learning and improving.
- Nicholas
2.9, looks like I got some work to do! The building talent series has been so encouraging and helpful in outlining the difference between a successful and non-successful trader. I plan to be the former ;)
I can,t expect much in my jobs career, so i ,ve start trading to fullfill for the lost passion. Thanks for educational motivation.
My grit score is 3.2. And it makes me feel ashamed actually. But the video has been greatly inspiring and I will change that score. Thanks a lot Nicolas, your videos and the Duomo method course is changing me in ways I never expected when I first tought about trading.
Thanks Nicholas apparently I am more gritty than 60% of people, however I did the test with a broad overview throughout my life and I think that if I based it on a more recent time in my life for example perhaps the last year then my grit score would be much higher 😁👍
Grit score 1,8
Thanks for raising my awareness:)
Thankfully I have the Growth mindset
Excelent content Nicolas. The information, structure and delivery was outstanding, I can see that trading its not the only skill you have mastered. Every thing was well research and the concepts were put in the right context. I will definitely be watching your next videos. Thanks for the hard work and for sharing this.
Thank you Luis! Glad you found the information helpful.
that video series is GOLD
4.1.
Great series. Look forward to the playbooks.
Thanks Spencer! Not a bad score there too.
2.9 is my grid score. something I need work on. thanks for making this video!
Loved this series. Helped me see trading from a new perspective. Made me look over my trades and analyze what works and what doesn't. All 3 parts were gold!
90% :) And this year is showing results in Forex.
Thanks for the motivational videos they always inspire me to keep going ✊🏻
Glad they're helping Tristan. I hope the results keep improving!
Tristan Velz congrats!
4,6
My grit score is 34. Good video, learn something new today. Refresh my mindset and know the existence of growth mindset. Thanks for the videos. Love it
My grit score is 3.9. This was a fantastic video. Thank you for putting it together. Very few people talk about "Stick-to-it-ness" when it comes to trading. The closest I've seen is Dez from Grock Trade saying that once you find a way to be profitable in the market, just keep cranking that handle, no matter how tired my arm gets.
Thank you for all that you do!
4.3 (80%) This is my grit score. Thank you
Ever since I was young, I have not had the grit to stick with anything. As a boy, trying to learn hobbies, I would try it once, maybe twice, then quit if I was not immediately successful (talk about your fixed mind set). So I was hesitant to give myself any credit in the test and alas scored 2.5. I might be the type of person that can't learn grit. Or in other words, if I can become gritty, then anyone can. As I am getting older and racking up failures and things I have quit trying, I really feel a need to change this aspect of my life. And I feel an intense gratitude that I have not quit my marriage even though I have wanted to many times. But double the intensity of gratitude I feel that my wife has not quit my marriage. She seems really gritty to me.
It's really amazing content, I never seen something like this. Thanks
I have a low grit score (2.8) mainly because of too many distraction. I'm prone to getting sidetracked. I want to do things all at once. And I got an idea where I picked this up. Mainly from playing too much RPG's. In games, you can get back to your checklist or quests even after a few days or even years without playing it. But, irl its hard and unrealistic.
And when I got into trading/investing, my priorities and behaviours changed. I know how to take things slowly and being patient is the key to reap decent profits. I'm glad that I stumbled upon this channel and it really helped me a lot on how I see myself in general. I hope you can reach many more struggling traders out there and help them not to give up on their journey to be financially free.
after being truthful and conscious while answering 10 questions I found out that my level of grit is 3.0 This result is not what I’ll accept easily! Going to watch all the videos of Duomo to find out how to improve myself. Many thanks Nicholas for such a great content!
4,1 - I was thinking in my whole life.
If i was doing the test think in trading alone (last 2 years) it was much much higher .
Really good content videos Nicholas, looking forward to the next ones!!
Grit is something that can develop more with age. I can definitely see that trading has consumed your attention completely!
Good Job , Loved the video. Great work ..Keep doing such videos and also interview big traders and make videos on their achievement.
score 3.9. i found the video series so informative, gonna watch it again , and make notes this time :)
I just started watching your videos but I appreciate tf out of your hard work and dedication!
This is so good. Fixed mindset.... GUILTY. I think your advice could be used in many aspects of life. Love this video and whole series. Thank you for sharing your experience. Really taking this on board.
I enjoy watching your videos. I believe Trading is an intelligent game. You do not need to be a genius but you need to be an intelligent enough though plus a dedication, a passion and the love of looking at the market movement in front of you. Lastly, you must have a resilient pain threshold because the rides are extremely bumpy before you see the entrance of your destination...
4.1 (70%). This was a fantastic series! These types of videos are truly inspiring and extremely encouraging. Keep up the hard work it really helps and makes a difference! My trading has improved exponentially since I've started following you guys. Can't wait to become a full course member! I believe intelligence only influences the rate at which a person can learn something, however, anyone can become masterful at whatever they choose to do through grit, deliberate practice and simple effort and determination. Hope to see more of these videos in the future.
Its really great after years a got a person who have taken trading as a subject to learn. Basically a Skill, which can be created. So, your videos will be very helpful for me..
Thanks for the honest and the knowlwdge you shared with us I am going to start the trading business but before I start i wanted to understand the concept and the things you are talking about thanks again your information was helpful.
85% i am satisfied with that for the moment despite knowing my tenacity is very strong. I am not trading yet this is very much the beginning of a new venture. I have read until I have gone cross eyed and watched so many videos about their way is the right way to trade, you soon get to sift through the BS get rich quick idiots.
I like this set of three video with its focus on mindset and psychology it fits with my mindset that when you turn up to work you work and look at how you could do better every day. I have no intention for trading to be my source of income it does not need to be, I would however prefer not to lose money. That said I am fascinated by the forces of the market and our distant but still tangible connection to the large financial institutions.
Back to part 4 of the ten part series, keep up the excellent work and thanking you
I often wonder why traders start up 'institutions/methods/systems' that they are willing to share with the general populace (maybe you cover this in a video somewhere that I haven't yet seen). I mean why not just go off and make loads of money as a great trader and have a happy life? I came to the conclusion that perhaps it is to create a consistent income via social media advertising/subscriptions as well as course fees and perhaps this is a good trade in itself in conjunction with a profession that must be pretty uncertain at times.I like to think there is an altruistic motive too but perhaps I am a deluded optimist. Perhaps they are just lonely :). I am a part time sports trader and there is a need to get more liquidity into the markets generally which is another motive for some of the guru's who share their trading systems I guess. Some have software of their own that UA-cam generates custom for as well of course. Either way, I have enjoyed your candid presentation and engaging manner(I am pretty sure you could sell ice to Eskimos :) as well lol ).Your message is consistent with what I have learned elsewhere and teaches more..e.g. overload and grit..good stuff. I find your videos beneficial. So, in short..thank you for the helpful advice and good luck in your ventures
You answered yourself with the same predisposed bias of the question. Your question suggests "money being the reward" and then answered with the same confirmation. If he were truly a great trader, he wouldn't need social media crumbs. His rewards is most likely gratification for knowing the amount of people he is helping. The peanuts they pay him here is a mere confirmation of that.
I thought about it for a long time and after working on my trading skills for quite a bit I understood that it really does not matter much how many "secrets" of trading you will find out. Ultimately, you will have to live them to discover them. Not that my reply would make much difference, but this trader puts out very good material. Not many might understand it. Those who trade and strive to become better will get it.
Thanks, Nicholas so much for this video series and all of the amazing content you have put out so far. Your 'Patience' and 'Small Steps' videos are game changes and i now have them in a folder on my desktop marked 'every day' to watch them as a reminder that this is a skill based career and to be mindful when every day is not perfect!
not watched the video yet but this is what i needeed! a mindset video. been frustrated with 161.8 reversals not reversing much :(
If you've got some screenshots, put them on the forum and I'll give you some feedback this weekend. There have been some great setups using the 161.8 this past week.
The Duomo Initiative - Learn to Trade okay thanks. il post some trades that went against me tonight
Very informative and encouraging videos. You have made me realized what my problems are and encouraged me to believe that I can conquer these shortcomings. Love your channel. Thank you for all these great videos.
My grit = 3.9 .... I have worked months on end non stop hundreds of not thousands of hours to learn to trade and develop properly... And have made sacrifices.. seems like a good number to me
I love your videos and really appreciate all of the time and effort that you are putting into helping others. My grit score was 30.
Thanks Nicolas. Saw all the three videos. My score was 3.2
Seriously a brilliant series!! Thank you for all the work you put into it.
Loves those videos well done again! 4,8 and I see it in many areas in my life. Very happy to hear about upcoming videos focusing on any particular parts of trading in detail as it will definitely help out too. Thank you so much for being a such an inspiration in teaching.
Thanks for the kind words Katerina. I'm really glad you enjoyed the video - I hadn't heard from you for a while!
I was a bit paranoid to take the test, and it turns out I am actually between 90% and 95%. So much Grit mate. Score is 4.4. Know ThySelf is the Key to Success.
Great score! Time to put that grit to good use.
you are a great trading psychologist
This was a fucking cool series of videos on trading. Time well spent. Thanks a million...
Great Content thank you so much... Am luck I came across your channel, your vedios are so helpful, been struggling so much with the phycology part and am learning alot through vedios.. and am never giving up at all until I become a great trader.... My score was 41
Really great video my grit score is 4.4 made alot of sense. If I've set my mind to something I will achieve it no matter what
i forgot about grit and i love angie ,your aweso,e to take your time drop knowledge and wanting to help out your amazing and i will continue taking tips and knowledge and i will let u know how it s going thanks
my grit score is at 4.1.
really appreciate what you are doing. keep it up.
This is SO important! Thank you for the reminder!
simply magnanimous professor
Thank you 😀
3.8 love the series and the channel great content👍🏾
Ok, so this is where a coach can point this out, fixed, or growth group. VERY interesting!
I found the grit part to be the most interesting, I have been trading for almost 2 years now and I have experienced major upswings and downfalls but here I am, still surviving :) I do believe at the end of my 2 years of "initial" training period, I can become a long-term consistent world class trader because i do believe i have a lot of grit in trading and never giving up :D
This was sooo freaking good Nick!!
Thank you for your videos! This is gold!
You're welcome! Thanks for watching.
- Nicholas
This series was an amazing. Grit score 3.6
2.9 here so probably 18% or so. Fun test to see, looking forward to exercising some serious grit as I explore and grow as a trader.
Glad to have found this video…
Thanks Einnor!
~Nicholas
Really appreciate your effort.you cover all small details about trading.Keep it up.
3.5, I was completely honest. I think I have used my chances before by being resilient. In my case is not about grit.
new subscriber, really appreciate all your effort matey
70%, you're a world class motivator!
Woow.. just great, nothing else I can say.
Thanks for this!
3.8 grit, a lot of work ahead💪
Everything was interesting and value to me ...thanks
Thank you!
this video was interesting and informative about one self, that is true, my grit result is 2.8.
My score is 3.9 which is 60%. Epic video series i wish someone told me this long tome ago!
Grit score of 3.8 which puts me at 50%. Its a start. Its about time I start improving
We'll be talking about how to improve that in a video next week.
3.6 ~ 45% So not very gritty it seems. Although looking at the questions I'd assume peoples grit scores would throw a range depending on if they were answering specifically on a single aspect on their lives they are passionate about or whether they answer based on all aspects of their lives.
Thanks really learnt a lot from the series.Great videos.Now understand the difference between deliberate practice and just ordinary screen time.thanks a lot. MY GRIT SCORE WAS 4.8.
them pipes look legit bruh
I've always been fascinated by the old nature vs. nurture in terms of talents and abilities. To be frank, I am of a different and somewhat less popular "limited growth mindset" - that there are certain tasks for which we have an innate "talent" or "natural advantage" and which, if we are fortunate enough to discover this task to which we are well-suited, will enable us to achieve world class status. Further, I think we have to be intellectually honest in acknowledging that there are certain people who could never learn to play chess well (let alone master it); we all have some level of "cognitive cap" broadly speaking and, though anecdotal and strictly observationally examined, certain innate gifts. This notion of natural advantages/disadvantages upsets our ideals of justice and merit, but it can't be wished away lest we find our minds troubled by the cognitive dissonance of what we'd like to be true versus what is true. Regardless, I always close with these two words, which apply to everyone regardless of vocation:
Be legendary...
Mark
I think for some people there needs to be a third equation before the other two
Interest x effort = talent
Great stuff thanks
3.1 grit need to improve a lot on the longer term aspects of my trading amazing video series i have lots of work to do
i appreciate your videos
I got 60-70 percent, as my score was 4. Its a very good score, but im going to make myself get more grittier, which will obviously take time. its hard but no impossible :)
Started watching your videos. Thank you for some very good content. My score came out 4.9.
I got 70%. Been trading for 4 months now. I have recently been making a lot more losses so I decided to go back to to the practice account and refine my skills before going back to to the live account.
Incredible information. Thank you so much.
Outstanding video mate. Thanks very much!
Man you have a great knowledge and amazing Character Thank you for share it with us