How To Define “Getting Started”

How To Define “Getting Started”

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Welcome to a Friday fireside chat, not in front of the fire, but in front of the blackboard here. And I wanna go over
something that I’ve talked about before, but I had
another example of it. And I’m really just using the example as more so a framework so that I have a real-world example of
what I’m talkin’ about. And this is also me just talking to myself and reminding myself of things because I’m always
learnin’ about new things. I’m always pursuing
pathways that I really have no idea how it all works. So again, this is not me proclaiming or preaching down on anybody. I’m reminding myself of
these very same things because when you go about situations in a certain manner, well
they really don’t many sense, but worse yet, they’re not gonna get you to where you wanna go
because if you approach it with this sort of mentality, well you’re not settin’
yourself up to succeed. Now of course as it comes to this channel, this would all be around trading and the markets and all that good stuff, but again, this general
concept can be applied to anything when you’re trying to learn. Or in other words, this is
just a really bad learning attitude to have and it’s
a really dangerous one because you’re gonna hold yourself back and you’re going to
essentially kinda almost make yourself unteachable. Now of course I’m not
gonna say it’s impossible, but you’re making things
a whole lot more difficult than what it needs to be. So to kind of set this up, I wanted to go through a little scenario here. So let’s say we have two people. We have somebody that is
new and we have somebody that has experience. And there is some sort
of concept out there. There is, so we’ll just
put, there is a concept between the two of ’em
and the question becomes. So the question is all right well, for this concept, who
are you gonna listen to? Are you gonna listen to the new person or are you gonna listen
to the experienced person? No I realize hopefully, this
is kinda stupid right now and you’re thinkin’ well
Clay, why would I listen to the new person about a concept when there’s an experienced person that has, well, experience
with that concept? Exactly, right? It would make sense to wanna listen to the person that has experience rather than somebody that is new. Why? Well think about it. When you’re new, do you
really know anything about the concept? Of course not. You don’t know anything about the concept. You don’t know what you don’t know. You don’t know what you need to know. I mean you are new. And again, there is nothing
wrong with being new. We all start out as new. So that’s why you wanna
listen to a new person right? So then we have, I’m
gonna get to an exchange and I wanna show you exactly kinda where the pitfalls exist when it comes to, you have kind of a choice. New or an experience, and then you have this interaction here so let me grab my phone. So this comes from a YouTube video and the video is a how
to get started trading? And the idea is literally the first thing you need to do when
you get started trading is get your mindset
right, that is step one. Because if you don’t
have your mindset right in terms of expectations that are aligned with reality, then it doesn’t matter what software you use, it doesn’t matter what broker you use, it
doesn’t matter what strategy. It doesn’t, nothing matters because if you are thinking trading is something other than what it actually is or you have some sort of false impression or if you have some sort of goal that doesn’t really make sense, then everything else is
gonna crumble around it. So that is why literally the first thing is, how do I get started trading? You get your mindset right, you set your expectations in line with reality. So that’s what I talked
about in the video here was, hey how do you get started trading? And I talk about all, about the mindset and just pretty much saying you better have a realistic attitude about what goes into all this. So then this person replies back, “So where in this video do you tell people “how to start trading? “Boring video and complete click bait.” And I reply back, I did tell ya how. You start by getting the proper mindset and aligning your
expectations with reality. So I’m well aware here of what’s going on. We have an issue here
of get started, right? I know what you’re thinking, ’cause you’re an intelligent person. Well Clay, they had a different definition of how to get started, so
that’s what they were talking about ’cause if your video was titled How to Get Started
Trading, well they expected something else going in. And that’s fine, that’s a fair point. My point is it goes back to this. It is okay well, who do you think has the actual understanding? Who do you think would have the reasoning of how to actually define get started? Would it be the new person or would it be somebody with experience? And of course if you have experience, you’re gonna know how to better define. You’re gonna be better qualified to define how things are. I’m not refuting the fact
yeah, getting started in the world of trading. I mean, you could be like well no, getting started means what
broker did I sign up for? But even that, I get why
you would think that, but getting a broker or
having that being defined as how do you get started, that’s one of the last things you
should is get a broker. Why? Well because you first need
to figure out your goal, strategies, what you wanna trade. Let’s just say that you’re wow, I really like Forex trading,
the trading of currencies. And you know what, through my practicing, through my date or for my paper trading, I’m actually really good at it so I wanna do Forex trading. Awesome, so then would it make sense to go and have some sort of broker that specializes in options? Of course not. But if you go and you
think that getting started is well, what broker do I need? I don’t know what broker you need, what do you wanna do? But and I get it, a
lot of people do define getting started in trading as well, the first thing you
need to do is a broker. But again in all actuality, that’s one of the last things you need because you’re not gonna know what broker you need until you know what you’re trading, what your strategy is. If you decide that you wanna be some sort of more so broader swing trader where you hold a few days,
then you would not need to go and you would not wanna go and sign up for a broker that specializes in micro day trading. Like Lightspeed for example, the broker I use, that is definitely a direct access, it’s for high volume day traders. They’re not a swing trading broker. So that’s why getting started, I get it. There are many ways to look at it. But my point is and what I’m talking to myself is when you
are new to a situation, you need to step back and be able to say to yourself you know what, maybe I don’t know how to
properly define a concept. I get it you may think and I may think as I go into something that I know how a concept is or how a
concept should be defined. But I’m new right? So I’ve gotta realize that I need to take the backseat and say my definition very well could be wrong
or it could be misplaced. Once again, I’m not sayin’
my definition is illogical, just like if you’re saying wait, getting started, the first
thing you would wanna do is get a broker. That is very logical, but
just because something’s logical and that’s the cruel part about the markets, it doesn’t mean that it’s necessarily right. So I’m not calling anybody stupid, I’m not calling, I’m just saying you need to be aware and you need to be willing to admit to yourself that just because your thought process
is logical doesn’t mean that it’s right and why, how do you know if well, I mean if you’re new
then how do you actually know? Now I do assume, and well I assume, and I assume this because I know most people that get it, they show up and for that video are saying oh wow yeah, that’s really good, I
appreciate that because I was kinda skippin’ over that
and so that does make sense. But there’s always some people who are, well no no, this video was stupid because it didn’t tell me
anything about getting started. Well yeah, maybe it didn’t tell you to go and get a broker and go and do all your, what you thought, but the ironic part is that’s exactly why because if you go in with false misunderstandings or you go in with not understanding things the right way, then you’re already putting yourself behind the eight-ball. So if you go into the market saying hey, getting started means you need a broker, that’s got headaches written all over it. And I see it all the time. I see people, hey I’m using Robinhood and then they tell me
more about their strategy and I’m thinkin’ listen, I understand why you are using
Robinhood but that’s I mean no wonder why you’re struggling, no wonder why you’re losing money. Because you’re going totally
backwards, backwards. The strategy that you’re
doing, that’s fine, but Robinhood is not the broker
to execute that strategy. But because that person probably thought getting started meant well the first thing you need to do is find a broker and I’m using Robinhood. Now he’s, they’re fittin’
square pegs through round holes. So that’s all I would remind you of and I’m reminding myself of is when you are new, for the same reason
why in this situation, that’s why I wanna start
off, would you listen to the new person or
the experienced person? Well of course you’d listen
to the experienced person. So when you are new, why are
you listening to yourself? Why are you saying no no no, I know how to define the concept. Or in our situation, no no no, I know how to define get started. But you’re new, so why are you listening to yourself when you’re new? That doesn’t make any sense. So keep that in mind and like I said, I still struggle with this every now and then when I’m pursuing uptake. Well that wasn’t right, but
then I have to wait a second, who am I to say how this
should actually be defined? It’s kinda like me if I was starting to lecture Nate in IT stuff. It’s, wait, what do I actually
know what that should mean? Sure maybe I think I
might know but I don’t. And like I said, I’m not perfect at it, but just keep in mind when
you’re out there learning is that you are new. Accept the fact that you’re
new, and that’s okay. There’s nothing wrong with that. It becomes wrong though when you start to tell people that are experienced what things actually mean
and how things should actually be defined. That right there is borderline
becoming un-coachable, and that’s what you want to avoid. So hopefully like I said this
is obvious to most of you. But just wanna get it out there ’cause it’s something that can
make a very big difference in your learning journey. First off, thanks so much for
watchin’ the entire video. Real quick before you
go, I wanna invite you to a live webinar, web class, training, workshop, online event,
whatever you wanna call it. But it will be me live revealing to you what I have discovered that has allowed me to transform myself from being an employee to being my own boss, including how I had only one losing day out
of 73 days in total. I’m going to cover three keys
that have helped me unlock profitable consistency within the markets. The first key is super weird but in a productive type of way. The second key is super awesome because it quite literally is wired
into our DNA as humans, makin’ it very easy to use. But in a cruel way,
this becomes the pitfall for many traders. I’ll explain it all though, including how to avoid the pitfall
that it creates for some. And yeah, the third key when you hear it sounds way too good
to be true, but it’s not and I’ll show you how it all works. Then at the end, I open
it up for a question and answer session that
is again, totally live. Even if you can’t make the live session, please still sign up
as it will be recorded and you can go back and watch the replay that I will send you. Click the image on the screen or click the link down in the description box so you can get the date and time and claim your spot, which I should note is limited due to the fact that this truly is a live event. If you have any questions, let me know. If not, I’ll be seeing you soon.

8 thoughts on “How To Define “Getting Started””

  1. Clay
    Please follow-up and do a video comparing brokers which fit different trading strategies. For example, platforms designed for high speed traders v platforms for swing traders etc. Thanks.

  2. Regrettably, American trading rules are not favorable to traders. Silly restrictions like PTD for stock trading and FIFO and no CFD trading (Forex) are pushing business to European or offshore brokers based in Caribbean or Cyprus etc.

  3. Some trading platform are user-friendly and provide convenient one-click trading right from the charts. Others are cumbersome and trader has to press many different keys to get his trade executed. Still other platforms like Metatrader4 & 5 are stupid antiques and, in my opinion, should be outlawed. Thinkorswim is good but, for some mysterious reason, Mr. Sosnoff didn't provide maneuvering of charts from the mouse wheel.

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