Video summary
The speaker opens by admitting a painful recent reality: after his last update, he blew multiple prop firm accounts and nearly wiped out his live trading account, leaving only $46 from an initial balance of roughly $2,000. He attributes this catastrophic loss to over-leveraging and a lack of patience, specifically describing how he rushed into a trade while the candles were moving up against him because he felt compelled to make money quickly. Although the market eventually moved in his favor initially, entering prematurely caused significant losses when the price swept liquidity at the top before reversing downward. This incident was not an isolated event but part of a recurring pattern where he repeatedly fights the trend and overestimates his ability to predict short-term movements without proper risk management.
The core issue identified is the psychological state often referred to as "the mind of a trader," which manifests when emotions override strategy during live market conditions. While reviewing charts after the fact, it is easy to see where one should have entered or exited, but in real-time, traders tend to click randomly, adding positions and hoping against hope that they will not get stopped out. This behavior stems from a lack of patience and an inability to wait for high-probability setups rather than forcing trades based on illusion or desperation. The speaker emphasizes that regardless of whether trading is viewed as gambling or a skill set, the fundamental requirement is self-mastery; if a trader does not possess the discipline to let the market dictate its own path, the market will inevitably take their money.
Despite having access to numerous mentors and trying various strategies with different indicators, the speaker finds himself returning to the same mistakes of overconfidence and fighting the trend. He notes that even after passing an evaluation once, he blew his account on the very first day due to these ingrained habits. The stakes are incredibly high in this profession; losing money is one thing, but giving up can lead to devastating consequences for a person's livelihood, home, or even their life, citing tragic examples of traders who lost everything and took their own lives. Consequently, he frames his current situation not as a failure that warrants quitting, but as the necessary beginning of a new journey focused on rebuilding discipline and respecting the market's unpredictability to survive long-term in this volatile industry.
Read the full video transcript
mind of a trader. Since my last video,
the honest truth is I blew multiple prop
firm accounts and I also blew my live
account
[crying]
a little bit around $2,000, like $1,988.
I only have $46 left in my live account.
It's because I overleveraged. Um, that
live account was only supposed to be for
swing trades, but I decided that I had
the perfect setup and I was going to go
ahead and hurry up and rush and get in
this trade to make all of this money. I
got in when the candles were going up. I
bought a put as the candles were going
up. Honestly, the trade ended up working
out, but I got in too prematurely. It
did the sweep of the top and then it
came back inside and then went down. But
all in all, I blew my live account and
also multiple props. I just blew another
proper yesterday, which was Friday. I've
been on this countless and countlesses
and countless of time overleveraging
going against the trend. I know all
these different strategies. I know all
of these different ways to trade after
the trade happens. I can see where it
could happen. Like when at the end of
the day and look at the charts, you can
see everything that happened. Oh, I
could have got in right here. I could
have got in right there. But at the end
of the day, when those candles are
moving and you're on that chart, you
just start randomly clicking, clicking,
clicking, clicking, adding to illusions
trade, clicking over here, clicking over
there. Oh, it did this. So maybe it's
about to do this. guessing, hoping,
wishing, praying that you do not get
stopped out. But yet again, you get
stopped out over and over and over. You
don't have any patience. You're not
waiting for the setup. You just want to
hurry up and jump in. This is the mind
of a trader. I know most people say it's
gambling. Some say it's gambling. Some
say it's a skill set. Whatever you may
want to call it, all it is, honestly, to
me personally, is self-mastery. The
candles are going to do what the candles
are going to do. The charts are going to
do what the charts are going to do. It's
up to you to extract money from the
chart. If you have patience, if you
don't have patience, no matter what you
may think or feel, the market is always
ready to take your money if you allow it
to. That's just a part of being a
trader. And I know most of you guys that
are traders, they you have went through
this process. You know, some people get
on the on the on the comments section
and they say different things like
you're gambling, you need to do this,
you need to do that. But we all have
been we've all been through this. No one
has started off for the most part. No
one has started off just a great trader
unless they've had a mentor to teach
them and guide them in the right
direction. But um I've had multiple
mentors. I have multiple people I
follow. I have tried a different
strategy. I put all these indicators on
there. I did all these different things
to end up in the same exact place yet
again going against the trend, fighting
the trend. I can see the imbalance. I
don't have the patience to wait for it.
I didn't use limit orders. I use market
orders. I've used all different types of
orders. But yet again, here we are with
blowing another account. Multiples. At
this point, as far as prop firm goes, I
have had literally nine prop firm
accounts on take profit trader and blew
all of them. Actually, one I passed the
eval. And the first day I get to the
chart, guess what I do? Blow up the
account. Overleveraging, overconfidence.
The market does not allow for any of
that. So, this is the start of a new
journey. Um, this is the first video of
Mind of a Trader. I hope this video
helps us all out because I've been
through this over and over again, guys.
Continuously over and over. But one
thing I will not do is quit or give up.
It's just not in me to do that. I just
can't do it. And I know that with
trading, you can lose it all. You can
lose everything. House, home, car, job,
you can lose it all. Some people even
lost their life. They they actually
committed suicide. Like uh my guy Jesse
Lemore, he was legendary. But it all
comes to the territory, guys. And it's
all a part of it. You're going to win
some, you're going to live some. But you
should try to stay in to trade another
day. So this is what I want to talk
about today. Traders mindset. I hope you
guys enjoyed the video. Make sure you
hit that subscribe button. Also, don't
forget to hit the thumbs up. Let's see
if we can get this video to over 1,000
likes. I'll see you guys on the next
one.