251: BEST Morning Routine for Traders, Discover Your “Trader Type” & Making Bank After 4yrs w/ Ibby Ansari
Nov 1, 2023
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Trader and entrepreneur Ibby Ansari shares his journey to profitability in trading, emphasizing the role of mindset. They discuss personal struggles, changing mindset, and the importance of tracking metrics. They also delve into the process of creating a watch list, the significance of psychology in trading, and the importance of mastering one trading system and building a supportive trader network.
Focus on the process and consistency in trading, detaching from the emotional attachment to profits.
Precise trade entries based on specific criteria, considering factors like charts, instruments, timeframe, and market session.
Develop the willpower to say no to setups that do not align with the trading plan, recognizing thought patterns and maintaining discipline.
Deep dives
Desensitizing Towards Monetary Results
The speaker emphasizes the importance of desensitizing oneself towards monetary results in trading. They talk about how they personally shifted their mindset to focus on the process and consistency rather than the outcome. By detaching from the emotional attachment to profits, they were able to trade more effectively and make better decisions.
Pinpoint Accuracy in Trade Entries
The speaker discusses their approach to trade entries, highlighting the importance of precision and specific criteria. They explain how they set up their charts, analyze multiple instruments, and identify potential trade setups. Once a setup meets their criteria, they use pinpoint accuracy to enter the trade, either through a stop order or limit order, depending on the circumstances. They also mention the consideration of factors like timeframe and market session.
Daily Routine and Mindset
The speaker shares insights into their daily routine and mindset as a trader. They emphasize the importance of following what the mind and body desire. They mention engaging in activities like walks, cold showers, and journaling to stimulate their mind and prepare themselves for trading. They also discuss the significance of having a clear mental framework and state of mind, which allows them to make better trading decisions and maintain discipline.
Importance of Saying No in Trading
One of the main ideas discussed in this podcast episode is the significance of developing the willpower to say no in trading. The speaker explains that just like someone who struggles with compulsive eating must say no to a chocolate bar, traders also need to have the ability to say no to certain setups that do not align with their trading plan. By being able to assess thought patterns, recognize setups that should be avoided, and stick to their trading rules, traders can improve their ability to say no and increase their overall trading results. It is emphasized that this is a challenging task, but crucial for traders to avoid taking unnecessary risks and stay disciplined.
Differentiating Between High and Low Risk Trades
An important aspect discussed in the podcast episode is how to differentiate between high risk and low risk trades. The speaker highlights that determining the risk levels of trades is highly dependent on each individual's trading strategy. To effectively categorize trades, traders need to consider various factors, such as price action patterns, liquidity points, timeframe usage, and the overall market position. By considering these elements and assessing if they align with their trading plan, traders can determine whether a trade carries a high or low risk of not playing out. It is emphasized that most traders aim to take trades with a lower chance of not playing out, and that risk management should go beyond financial considerations to include overall risk exposure and portfolio management.
Ibby's Links: https://tradingnut.com/ibby-ansari/?r=pod
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