New Trader Rich Trader || Trading Book || Learn Trading || Anish Singh Thakur || Booming Bulls - YouTube

Hello everyone.

My name is Anish Singh Thakur.

I welcome you to a very important learning video.

Today we will do the review of the book New Trader Rich Trader.

This is one of the most favorite books of my life, of my starting days.

So, today I suggest all Booming Bulls traders and suggest you as well to read it definitely.

Now what? Some people are not able to read.

Some people are lazy. Because of those reasons, I am giving you a booking report.

This book is written by Steve Burns.

If you follow him on Twitter, then you would know how great a personality he is.

So, I definitely follow him.

I wish you also follow him and let's learn together

New Trader Rich Trader.

This is a tale of a new person who is a beginner and of a rich trader who is a successful person.

The new trader writes an email saying, “Can you give me mentorship?"

So the rich trader says, "“Ok, come home at my place".

So this story is about the new reader going at his place and discussing, sharing his dreams, exchanging talks.

And then he says, “Teach me”.

So the rich trade says, “Tell me your plan”.

So he tells him the plan and like this it is a big story.

I want to deliver this video to you in a short and crisp way.

This book has 18 chapters.

So the video would be lengthy if we read all 18 chapters and learning would also be more.

Let's do one thing, we will make two videos of 9x2. So let's start part 1.

Chapter 1. New traders are greedy and unrealistic in their approach.

Right traders are realistic in their approach. Meaning, this new trader doesn't know

how much money he can earn

so it's not his mistake. See, everyone has greed but new traders don't have experience.

So, he doesn't know how many percent return he should expect.

So, he expects too many returns. Brother, I'll make my money double in 1 month

and then will make the money triple in next 2-3 months.

In 6 months, I will have 10 lakhs of 1 lakh and I will do this and this is the thing.

This is a very unrealistic approach because of a lack of experience.

You need to find what are the returns you are looking for and you have to design your management, risk management system and positioning according to it.

In today's time, I invested 8-9 lakhs rupees and made a profit of around 4 lakhs.

Now people will think it is 40%, 50% return. It is not.

so the amount that I made is only 4%. So you need to have realistic expectations of the

returns you are getting from the market. So this is chapter number 1.

Please find out how much is the CAPITAL, the POSITIONING SYSTEM. I have made videos on all these,

a video named risk management. In that you will get to learn all the things about POSITION SIZING.

Chapter number 2. New traders make a lot of mistakes because of stress.

Rich traders can handle the stress. I'll tell you one thing, you all can relate it very properly,

there is stress even when we do INTRADAY TRADING.

If you do swing trading and its position gets flipped, overnight there is war in Ukraine-Russia,

we get very tense and think what will happen now. So this stress,

we think we make wrong decisions when we are in over-stress situation like OVERTRADING, REVENGE TRADING,

FOMO TRADING, we took early entry

and the rich trader knows that this is part of the process.

So it is not like he is avoiding the stress, he has experienced, he knows why stress happens. Now I'll tell you why stress happens.

Stress usually comes when you put HEAVY POSITION SIZING

if you do CRYPTO, FOREX. Do a trade of 5 lot

If you are doing CRYPTOCURRENCY put 50x leverage,

taking option then put all your money. If you make a mistake in POSITION SIZING

then stress happens, this is number 1. Secondly, stress happens when you don’t accept your loss.

You have to learn to accept it. Accepting loss means closing the laptop.

Shut down the laptop and move on,

the rich trader does this only.

What the new trader does is, brother let’s recover a little bit. Brother, it is a loss of 5000, let’s recover 2000.

Let’s earn something and in that case REVENGE TRADING and OVER TRADING is done. So, this stressful situation makes the new trader make mistakes

whereas the rich trader has practiced it that you don’t have to do REVENGE TRADING and you don't have to keep big POSITION SIZING.

Chapter number 3. New trader is impatient and constantly looking for action.

The new trader is very impatient and is always looking for what to do now? Should I take the entry? Should I exit?

Should I do 4 trades a day or 3 trades in stock?

Rick traders wait patiently for their perfect entry and exit signals.

So what this happened, as you know there is a general behavior of a new trader

that every morning at 9:15, he has to sit down and press the buttons compulsorily.

A trader thinks if the CRYPTOCURRENCY market is open on Sunday at 3 AM at night then also I have to go in the trade.

It is not compulsory. You have to design a trading system where if the entry triggers then you should get an alert on mobile

or if you are a day trader and sitting in front of a laptop and you know if this line crosses then I have to do the entry.

You have to wait patiently. This is what a rich trader does, an experienced trader does.

They sit and take action when there is action.

If there is no invitation, it is like you know you went to a wedding without an invitation card, this is done by new traders

and rich traders go to eat there only whose card they get.

Meaning you wait patiently for your entry and exit.

Chapter number 4. New traders trade for their greed and fear.

Rich traders use a trading plan.

Meaning the new trader does, let's say I am sitting now, today is Wednesday and I am shooting this video and tomorrow is Thursday. So what the people are like

if they have gained the profit today than they are happy and if there is a loss then they will be sad.

They just think somehow the market should open on Thursday. It is the expiration day. Maybe if my big trade takes place

then I will get a huge profit.

They will constantly think from now on only. The motivation they have for trading is not a business plan.

It is their greed that I will earn the money or it is their fear that brother it will be a great loss if I don’t recover.

So, you get entangled in that Emotional Turbulence as a new trader whereas what a rich trader does is, he plans

everything and follows the trading plan only. So that is the most important difference between rich and a new trader.

Follow a trading plan not your greed and fear. A very important point,

Chapter number 5. New traders are unsuccessful when they stop learning.

Rich traders never stop learning.

what the meaning of this saying

New trader knows how to make the trend line, horizontal line now what is left? RSI divergence? I know.

Fibonacci? I know.

Random Walk Theory? I know.

Dow Theory? I know. I know, I know, I know

and he stops learning

and the rich trader never stops learning about the market, about the finance, about the industry.

About the industry he always Like this video that I am able to make

Why I am able to make

Because I have also learn to make this video?

I also read this book again

See this I have made proper full script I have written main points

So I also did learning from where I did from book Now see what ways do you have in market for learning

First stock is in front of you real experience

Earn real experience by paying money Second is journal

You do journal writing So you get important in points in journal

Third and the best way Why roam here and there

Focus on Genuine books written by successful author

From this from this point I tell you That there is an app banned KUKUFM

It is a very good concept

In which you can study books through audio For an example I am reading this hard cover book

THE RICHEST MAN IN BABYLON And I am so motivated by this book

I’ll say if haven’t read this book then Where did the financial journey start from?

I myself have read it more than half in 2 days

If you want to read this book definitely you can this book But now you’ll say

that sir can’t read book

Sir book is very tough to read how falls asleep My friend literally said bro Anish when I want to sleep

Then I take book and fell asleep after reading 2-3 pages

So this is the story because of you know

Less attention span because social media and all So I suggest you to install this app KUKUFM

You can listen its audio book summary

If you use my code link is in the description You’ll get the 50% discount as well

And it is only for first 500 people Definitely just install and see

If you feel for development

If to get financial education This is a good book

And not only this many books are there You can see how many books are there

And then you can use it

And yes you’ll get this in discount for Rs 199

Not for 1 month for 1 year means not even a Rs 1 for a day

If for your education you can spend Rs 1 for a day So it’s not a big deal rest it’s your decision it’s your life

You have to decision for yourself And there are many more books

Biography you know rich dad poor dad There are many books you yourself explore

You would have fun So it was point number 5

That a new trader stops learning And a rich trader continues to learn

Chapter number 6 New traders act like gamblers

Rich trader treats trading like a business What is the meaning

Means different gambling and business What is the different

Here a person in gambling don’t see position sizing Don’t see trading plan and don't any entry

But he feels Bro I think market will go up tomorrow

I post community post, who have profit who have loss profit or loss I saw someone

War happened

so war happened and market went down for 2 days Someone bought call by thinking what

That I think from 2 days market is going down so i feel it’ll go up

Is this a strategy? this is pure gambling

And he also writing from today I’ll not do option trading It is worst so see you do mistake

and blame market Where is this sense

You are acting like a gambler

People rich trader treat it like a business Business means he know how much to invest

How much to expense How much to loss

When to stop

When to invest more when day is going well You have to treat this as a business

Not like you felt a hunch and did whatever you feel

Chapter 8 For New traders making big profit is number 1 priority

For Rich trader managing risk is number 1 priority Means this is very good thing

I understand after spending 4- 4.5 years in market

First goal do pause and comment and tell me if I am saying right or not

Your first goal is to make money or not? Yes man, it is

It is it should be But this is the tricky part

This market grab like this in greed of money Because of that we forget the process

You see that if I do this I can warn Rs 10 thousand

Or earn Rs 1 lakh But for earning that if it turned upside down

and Risk management was poor

So 50 or 70 thousand can go as well

Here when rich trader trade so he see That if take this trade

I can have loss of 8 thousand

They don’t think about profit yes profit is 1:2 So Profit will be of 16000

So first if you think about the loss I always If you watch my live trading video

What I say always in my live trading video after taking trade

That now "I'll think negative and see how much I can loss I’ll first calculate how much loss can happen

If mind feels good, then I’ll continue

Otherwise I’ll reduce the position

This is the most important thing from today onward Do not think how much profit you want to make

Think about after taking trade how much loss can happen And think that it will

And if happen will I be able to accept

Because psychology problem grow I know

Psychology become bad

From tomorrow onwards you need to understand That I have to think about loss first then profit

Chapter number 9 and the last chapter of the day

New trader try to prove themselves that they are right

Rich trader accepts when they are wrong

What is this see

New trader aren't mad that they'll shout No, I am right

I am right Nobody shout like that

And they also don’t shout yeah I am wrong

New trader can’t accept emotionally Light is shut on that face

He will not tell someone That this is wrong then also I am holding

But he holds in the hope that No No, I am right

It will go up Ukraine war will end

Ukraine war will increase nuclear bomb will explode Anything keeps coming in mind

And when you are wrong And see how will you find that you are wrong

One level on technical chart and If the market have given the closing below that

15-minute time frame if you are an intraday trader

Or 1-hour time frame if you are short term swing trader On daily time frame if you are a regular swing trader

If closing happen, close it accept

That’s what rich trader see Technical signal has come to exit or to trail

He accepts it and admit that he was wrong And he leaves it and go

This mistake we all do

So guys I hope You had fun listening to these 9 points

Related something

So this book is very big I suggest read it also

Read it definately Message on Instagram to Steve bus that on you one more video i have made

That booming bulls literally sharing what wisdom you are giving to us

So Indian youth is becoming active for all this Growing toward education

So guys I hope you like the video If you enjoyed, you like my videos

I want like ion the video

Why I want like? no matter how many views

like to see likes I feel to sit more

Right now after this shoot 3 more video If likes come like this,

I’ll feel good Target is 10000 likes

If it come, I’ll release part 2 of this video

Ok

So guys I hope you all are doing good

I wish you all the best One more thing you all have subscribed

If haven’t so, do But haven’t clicked bell icon

Pause the video and Click it right now

What will happen after clicking? You'll get a notification on your phone whenever I’ll upload a video

And my message will go very fast to you

Because I said last week That see even though I didn’t trade much in February

Didn’t made video Starting from march to provide so much content

I’ll also start in my second channel Anish Singh Thakur

So a lot content is coming

So click that bell icon

You guys going to get very good content

Ok guys so let’s go talk in the comments

Did you relate to these points?

Did you relate

If you relate so what did you relate

Ok

Bye guys

see you soon in some other video