Speaker A
What's up guys, welcome to episode 2 of ICT for Dummies. This is going to be a psychology episode, so please watch this video all the way through. It's really important.
Episode 2 of ICT for Dummies stresses that trading psychology matters most: surrender your ego, stay humble, journal every trade, and take full accountability for mistakes.
Key Takeaways
- Trading psychology and self-discipline are central to long-term profitability.
- Journal every trade, including confluences, emotions before, and emotions after.
- Avoid complacency after early wins; keep practicing the same habits.
- Take full personal accountability for every trading outcome.
- There are no shortcuts; consistent daily effort and humility are required.
What the video covers
- Opens as episode 2 of the ICT for Dummies series, framed as a psychology-focused lesson.
- Argues that no trader is special or exempt from hard work; everyone starts knowing nothing and must put in consistent effort.
- Claims trading psychology is among the most important, if not the most important, factor in trading success.
- Warns against overconfidence after early success, such as stopping journaling or technical analysis once a first payout or account pass occurs.
- Recommends backtesting and journaling as foundational habits, including logging confluences and emotional state before and after each trade.
- Urges traders to take full accountability for outcomes and not blame the market or other external factors.
- Advises checking emotional state each morning and staying levelheaded, including avoiding trading half-awake.
- Emphasizes building discipline through small daily habits, linking personal character to trading performance.
- Stresses that bad trades are inevitable and that progress comes from reviewing and learning from them rather than forgetting them.
- Concludes there are no shortcuts in trading or life, and that vulnerability and consistent effort drive results.
Chapters
- 00:00Introduction and Importance of Psychology
- 00:28No Shortcuts and the Value of Effort
- 00:59You Are Not Special: Learning Trading Takes Time
- 01:30Vulnerability and Following Mentor Guidance
- 02:05Complacency After Early Success
- 02:39Accountability and Emotional Awareness
- 03:11Journaling Bad Trades and Building Discipline
- 03:45The Market Doesn't Care and Final Warning
Full Transcript — Download SRT & Markdown
Speaker A
that you don't need to watch this video because you're better or smarter than other people I'll have you know that psychology is one of the most important things on the planet and you are no better than anyone else watching this
Speaker A
The topic for today is going to be "Surrender Your Ego." If you think that you don't need to watch this video because you're better or smarter than other people, I'll have you know that psychology is one of the most important things on the planet, and you are no better than anyone else watching this video. You guys want to become better traders and better people, so watch this [ __ ] all the way through.
Speaker A
to put their head down lock in if they want to learn something don't think that there's shortcuts to things in life don't think that not trying is cool people who give a [ __ ] actually care to learn and enjoy the process are those
Speaker A
Don't think that you're at an advantage when you start something. Everyone starts off not knowing anything, and everyone needs to put their head down and lock in if they want to learn something. Don't think that there are shortcuts to things in life. Don't think that not trying is cool. People who give a [ __ ] actually care to learn and enjoy the process are the ones who see results.
Speaker A
learn other things fast like you're not special when it comes to trading I'm going to tell you straight up psychology is undeniably one of the most important factors if not the most important factor of all of trading but you cannot have a
Speaker A
I've heard it from people before, like, "Hey, can you teach me how to trade? I bet you I can learn faster than other people. I can learn it in two weeks. It doesn't seem hard at all. I learn other things fast." You're not special when it comes to trading. I'm going to tell you straight up: psychology is undeniably one of the most important factors, if not the most important factor, of all of trading. But you cannot have good psychology if you don't work day in and day out, on and off the charts, to make yourself a better person.
Speaker A
day and then magically expect different results guys I want you to know that we've been in your exact shoes and when I'm going to be telling you guys we're going to give you homework right for example we're going to tell you soon to
Speaker A
Guys, to make any sort of progression in your life, you must surrender your ego. You cannot do the same thing every single day and then magically expect different results.
Speaker A
to completely be vulnerable with yourself and let us help you we've seen it a million times before where someone will pass their first account start making money and the second they see a bit of results they stop practicing all
Speaker A
I want you to know that we've been in your exact shoes. When I tell you guys we're going to give you homework, for example, we're going to tell you soon to start backtesting and we're going to tell you soon to start journaling. We're going to tell you these things because we've been there, because we know these are the steps that need to be taken to become profitable. You need to be completely vulnerable with yourself and let us help you.
Speaker A
it so many times they'll get their first payout they'll stop journaling they'll stop doing the technical analysis they need to they'll start waking up 1 minute before Market opens and think that they know everything and that they can take
Speaker A
We've seen it a million times before. Someone will pass their first account, start making money, and the second they see a bit of results, they stop practicing all the good habits they had when they actually wanted it. You've got to remember that feeling 24/7. You've got to put your head down and treat it just like when you started, even when you're making money. Like I've said, we've seen it so many times: they'll get their first payout, they'll stop journaling, they'll stop doing the technical analysis they need to, they'll start waking up one minute before market open and think they know everything and that they can take trades half awake.
Speaker A
need to be taking accountability for every single thing that happens you cannot blame it on the market you cannot blame it on any other Factor other than yourself because at the end of the day you are the person that is pushing the
Speaker A
Listen, everyone has a different journey and different timing, but everyone who sees success does the same thing: they put their head down every single day and treat it like it's the first. And again, guys, you need to be taking accountability for every single thing that happens. You cannot blame it on the market. You cannot blame it on any other factor other than yourself, because at the end of the day, you are the person pushing the button. You are the person making the same mistakes over and over again. You are not going to see any sort of progression if you're just making the same mistakes and you're not writing them down, not journaling them.
Speaker A
them the better you understand your emotions the better you're going to be able to manage them become in tune with yourself talk with yourself journal in the morning how you feel before you trade make sure you're levelheaded after
Speaker A
The better you understand your emotions, the better you're going to be able to manage them. Become in tune with yourself. Talk with yourself. Journal in the morning: how you feel before you trade. Make sure you're levelheaded after you trade, and journal the trade. These are good habits you need to practice every day. Make your [ __ ] bed. Do the little things. Build that discipline, become an actual good person, and it's going to equate to you being a good trader.
Speaker A
you start trading you are going to be taking bad trades it's inevitable it's going to happen but what you have to do after taking those bad trades is Journal it you have to write down your confluences you write down your emotions
Speaker A
When you start trading, you are going to be taking bad trades. It's inevitable. But what you have to do after taking those bad trades is journal it. Write down your confluences. Write down your emotions: how you're feeling before your trade, and how you're feeling after your trade. That is how you are going to progress the fastest. The people who don't progress are the people who make those mistakes, and then they forget about it. They don't journal it. They don't do anything. How the [ __ ] do you think you're going to see any progress if you're not journaling, if you're not surrendering your ego, if you're not being vulnerable with yourself?
Speaker A
forget about it they don't Journal it they don't do anything how the [ __ ] do you think you're going to see any sort of progress if you're not journaling if you're not surrendering your ego if you're not being vulnerable with
Speaker A
And then there are people who make progress and then take a hundred steps backwards because they got comfortable. Don't become comfortable. Listen, you guys are all watching this video because you share the same purpose: you want to become profitable, you want to live out your dream life. And I'll have you know that the market does not give a [ __ ] about you. It doesn't care if you got straight A's in high school. It doesn't care if you've gotten all the girls in the world. It doesn't give a [ __ ] if you're the biggest person at the gym. You're still not a good trader until you can put your head down like everyone else who has seen success in the markets.
Speaker A
your dream life and I'll have you know that the market does not give a [ __ ] about you it doesn't care if you got straight A in high school it doesn't care if you've gotten all the girls in
Speaker A
To save you some time in your journey to profitability: if you don't want to take this seriously and you think you're the [ __ ], just wait. One day you'll get so sick of breaking your rules because you couldn't practice good habits that you're either going to quit, or you're going to have to actually start giving a [ __ ] and learning everything you need to. There are no shortcuts in life. Surrender your ego, guys.
Speaker A
the markets and to save you some time in your journey to profitability if you don't want to take this seriously and you think you're the [ __ ] just wait till one day you get so sick of breaking your
Speaker A
rules because you couldn't practice any good habits that you're either going to quit or you're going to have to actually start giving a [ __ ] and learning everything that you need to there are no shortcuts in life Surrender Your Ego
Speaker A
guys
Topics:trading psychologyICTtrading journaldisciplineegobacktestingaccountabilityemotional controlprop firmday trading
