FOMO, in case you have been in an underground shelter for the last 20 years, stands for “Fear of Missing Out” and it is a saying that certainly started somewhere else besides the trading world. But it probably applies to the trading world more than anywhere else. There are several very key topics in trading that are all very related. FOMO, patience, discipline. They are the top demons, not only for new traders, but for quasi-experienced traders as well. And they all live under one bigger umbrella topic in trading, which I will get into in this podcast.

Here's a chart to follow:

Chart 1:
https://drive.google.com/file/d/1ssKaz-e04yUCJ6JuwYTMCsR_Ecrcum0J/view?usp=drive_link

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The full title is simply too long to be an actual title, but it should be “ should you spend more time on self-analysis and less on technical analysis”. In trading there are SO many things that you hear as advice that seem to be the professional’s answer, but they are not. It is kind of like the doctor saying “go home and rest”, no matter what your ailment is. The advice is safe, it is not bad, and it comes from a doctor. It must be right. But is it best?

Even more so in the market, lots of common-sense answers are NOT the true professional answer. They are numerous and simple to spot. There is a level of understanding that has not been achieved by people who give these answers. They are not always bad answers, but they are not the correct answer.   I am a huge proponent of self-analysis and self-improvement, but there is a big Catch-22 that has to be understood or all efforts will be futile.

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This is a great topic to me. Of course, what I think is a great topic does not necessarily line up with what new or struggling traders think is a great topic. The way odds work in trading is generally not even close to how most people picture the concept. And it is very important to understand this topic or you will struggle to make money even with good chart knowledge. Many traders learn to read a chart at an adequate level but they never put the money in the bank. Sometimes traders are close to making money but they don’t realize it, and this topic will help.

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When I say “My Story”, I am referring to how I got involved in trading/investing. I feel that my story may help the average person because it brings out a lot of issues that I discuss frequently. I was never on Wall Street or involved with any financial institution. I started off learning on my own. And it leads to several discussions that involve questions I frequently hear from many new and experienced traders about learning how to trade and invest properly.

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Warning! Part of this may be kind of boring to some of you. However, I will get into some discussions that will enlighten even the most sophisticated trader. I’m going to start off with a basic discussion about the popular time frames that traders can trade. Anything from a monthly chart to a “tick” chart. I will discuss the appropriate charts that go with each of these time frames, but I also want to get into some of the pitfalls traders run into. Especially the misconceptions about “swing trading” and about “scalping”.   Also, the most important part about trading involves how these timeframes interact. 

Here are the Charts to follow along:

Chart 1:
https://drive.google.com/file/d/12OI4cpWEr6hYyoHUf-XXXy-H1Bhw-s57/view?usp=drive_link

Chart 2:
https://drive.google.com/file/d/1QbMvdHLSKQU3fbcK9ZPIbmDk-PQdENoT/view?usp=drive_link

Chart 3:
https://drive.google.com/file/d/1OwXIPeyzirR3SYleTucMRll-ClQUze4F/view?usp=drive_link

Chart 4:
https://drive.google.com/file/d/1GkwFHSkD54jpeKSGE_7RBpUCqcN0Vgy1/view?usp=drive_link

Set up a free coaching session with Paul:
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Proper mindset may seem like a fuzzy topic, but it will get clear once I get into the topic. It encompasses a lot of issues that I truly believe become the most important part of trading. The truth of it is that learning technical analysis is not a terribly complex procedure. As a matter of fact, I certainly don’t mean to offend anyone who is struggling, but the intelligence required to trade properly is no greater than that of any fifth-grader. But following rules and having discipline is often a problem and that usually stems from the proper mindset. As I review some of these topics, it will become much clearer.

Here's a chart to follow along:
https://drive.google.com/file/d/1w3z9TpvagTDeI8bumtdWWYZXzBmeDPBp/view?usp=drive_link

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One of the bigger issues I always face in training somebody new to the market (or someone struggling) is getting them to understand that trading involves structure. It’s fairly easy for me to spot this issue in a trader (very easy), all I need to do is see three or four of their trades. It doesn’t even matter if they are winning or losing trades. Good traders may have several strategies they know, but typically 90 to 95% of their trades come from two or three concepts. I’ll pick up this discussion from here during the podcast as he gets a little tricky.

Here's a chart to follow along:

Chart 1
https://drive.google.com/file/d/1sLZah_HlktHpob1AQ1yKPK0RgB-bdqVW/view?usp=drive_link

Set up a free coaching session with Paul:
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The DTS Free Stuff Page:
https://disciplinedtradingstrategies.com/free-stuff/

To learn more, visit:
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Listen to more episodes on Mission Matters:
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If you are very new, you may not even understand what the question is regarding “what to trade”. And if you have some experience, you may think this is a boring topic. I’m going to discuss the pros and cons of trading stocks, futures, Forex, Options, Crypto, or commodities. They all in the trade long-term, and they all can be good for daytrading. If you’ve been around a while this may sound boring because on the surface you probably know some of the pros and cons. But I want to take some time during this podcast and go into the single most important difference between them and why I have a huge preference.

Here are the charts to follow along:

Chart 1:
https://drive.google.com/file/d/1xxJheClWxYwJfSpOR17xosmby1dxB06f/view?usp=drive_link

Chart 2:
https://drive.google.com/file/d/1Qkauzoldq2L-IbLVGCa3AS4vIjg5J_WX/view?usp=drive_link

Chart 3:
https://drive.google.com/file/d/1OrZQuGcIkp7KF_USl3d4-xbW55S3l3fh/view?usp=drive_link

Set up a free coaching session with Paul:
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The DTS Free Stuff Page:
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To learn more, visit:
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Listen to more episodes on Mission Matters:
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I know the “Three-Legged Stool'' concept has a lot of uses as a metaphor. For a long time however, I’ve used it to describe what people need in order to be successful in trading/investing. I have spent some of my prior podcasts discussing what you do not need, what you should never be looking at. I always make that a focus because so many people fail by looking at all the wrong things. You can glance at the slide notes to see a quick title of each of the three legs. I know it to be true that traders will only succeed when they have mastered each of these legs. It is not hard to do at all, it is simply a matter of knowing what to focus on.

Here's the chart to follow along:

Chart 1:
https://drive.google.com/file/d/1rgRxZkhw-rR0Muo_EzzBtOKqQAgaT3JK/view?usp=drive_link

Set up a free coaching session with Paul:
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The DTS Free Stuff Page:
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Without a question, the biggest disadvantage we have as traders is being human. Along with all the good things come some really bad things for traders. We come with emotions that do nothing but confuse us. We have hidden demons that we do not even know are operating. In addition, whether you realize it or not, as you develop as a human, you develop ‘biases’. A predetermined view of how something will act. Webster defines bias as “a personal and sometimes unreasoned judgment”.

Here are the charts to follow along:

Chart 1:
https://drive.google.com/file/d/1bbWfvPjnq0ZRXupDlxCqgoYxmb2KarHl/view?usp=drive_link

Chart 2:
https://drive.google.com/file/d/1sr3kol8rUyFjv99Cu_WH72hqMCnCUbL-/view?usp=drive_link

Chart 3:
https://drive.google.com/file/d/1hYlERxLkz8AgjnDUSTD5VUIH_CJ-nceH/view?usp=drive_link

Set up a free coaching session with Paul:
https://calendly.com/dts-paul/coaching-session-w-paul

The DTS Free Stuff Page:
https://disciplinedtradingstrategies.com/free-stuff/

To learn more, visit:
http://disciplinedtradingstrategies.com

Listen to more episodes on Mission Matters:
https://missionmatters.com/author/paul-lange/