Dreadful Mistake Traders Make That Cost Big - Part 1

Hi, Brian McAvoy here with Inside Out Trading. And today we're going to talk about one of the ways the traders that we as traders often get in our own way and really make things a lot harder than they need to be. Before we get started, make sure that you subscribe to this channel, and if you're on YouTube, make sure you go ahead and click the notification bell. Okay, so let's just go ahead and jump right into it. I mean, there are several ways that you know, which we as traders get in our own way. And I'm going to cover each of them. There are five major ones, and I'm going to cover each of them each in a separate video. Today we're going to take a look at really one, and it's almost disheartening because this is one where we make things so much harder than it needs to be. And it really comes from our own insecurities and mistrust. I mean, they're not unfounded, but they're unnecessary and they really do cause us a lot of grief. And here's the one that I'm talking about today. Here's how it usually plays out. You'll hear about some webinar or maybe a friend tells you about some cool trading system that they ran across. Sounds really good. Or maybe you get a referral from somebody whose list that you're on. And so you go check it out and it just sounds really excellent. But you're sitting there going, oh, man. Yeah. You know, my grandpa said, you know, if it sounds too good to be true, it probably is. And there's merit to that. Don't get me wrong. What I've found in working with traders, hundreds of traders over the last 14 years, is there are quite a few systems that really just plain rock, and they're doing way better than paltry returns that a lot of people are talking about. I mean, if you think about it, part of it, it's relative. It really is. I mean, if you go talk to your standard Merrill lynch or 401k type investor or a financial planner, they'll say, oh, you know, if you make 8% a year, that's a pretty good year. 10%, oh, my gosh, we're just killing it. Well, as traders, we're like, God, that would suck if I only made 8% this year. No, trading is supposed to offer a whole lot better returns than that. And there are industries and businesses that offer way better than what traders see. Traders do pretty well. When you're doing it right now, here's what I'm talking about. There are a number of systems that I've used myself, the colleagues of mine, I've run the numbers on theirs, looked at their data, looked at their analysis, helped them tweak their system, that kind of stuff. Clients. I had this one guy come to me. He had this one system he'd been working with for several years. And it started off as, you know, pretty decent system, was okay, not real consistent. You know, he had a hard time sticking to it, did a lot of playing with it. And after six months, a year, it's just not making money. And he wrestled with that for a while until he found me. And then we got to take a look at his system. We cleaned it up and fixed it. And when we got it working the way it originally was designed, with very few other changes, it just crushed it. I mean, the guy was literally almost doubling his money every month. It was just killing it. It was a really good system. And I've seen lots of really good systems over the years. I mean, where you're talking about 25 to 50% returns every single month. Legit, straight up, just plain good systems. And they work amazingly well. But the thing is, if you hear about something like this, you're gonna go, oh, no. You know, must be BS and understandable. Yeah. If somebody stands there saying this is the best thing since sex, you're gonna go, yeah, right. Because you know that there's a whole lot of hype in this business. And a whole lot of businesses, of course the salespeople are hyping the crap out of things. They have to because everybody else is yelling. And if they stand there and they say, well, you know, it's actually kind of an average system, then it's probably not going to sell. Okay? So that's one kind of shyster that you got to watch out for is the guy who's just shouting and screaming and he is full of crap. But then you've got your really devious scammers. They know that you got your, you know, your BS meter, you know, pretty sensitive for the hypey stuff. So they come at you with a system that's pretty good. It's not great. Not the end all be all, but man, it sounds pretty good. Sounds pretty sensible. Only $10,000, you know, to just go three day weekend boot camp with us and you know, you're good to go. Those are the really the scary ones because they're coming at you all calm and collected like it's a real straight up business proposition. So regardless of the conversation, here's how you handle it. Understand there are going to be a lot of crap systems sold. Some of them are presented as just plain decent, solid systems, pretty reliable. They're kind of like the Volvo of trading systems. It's just playing a good solid car, good safety record and whole bit and there's still crap. That's not a real Volvo. It's a, you know, a knockoff. And then you got all the hyped up crap and yeah, it's hyped up crap. Okay, so how do you handle it? If you like it, if it sounds reasonable, here's some things that you can do to protect yourself and move forward. And I'm getting to the mistake that's made here. In just a moment. One of the first things you do is you look at, you know, you get online. Okay, are they on the scam sites? Maybe they are. If they've been around at all, you know, long at all, they're probably going to be some people who've said, yeah, this is a scam. You know, I looked at their system and it was garbage. Maybe, maybe not. I know some perfectly valid, very good systems that have complaints out there just because, you know, somebody looked at it and they didn't buy it. And so they go register a scam review. Okay? Anyway, that's one of the first places you can do, you know, look on Google, go to their site. Do they have a phone number where you can call and talk to somebody? Do they have a money back guarantee and is it reasonable? Does it look like a legitimate business? I mean, if they're sitting there and there's no name, there's no phone number to call, there's just a contact form that you fill out. They don't even have an email or it's just info at, you know, Jo blowtrader.com. okay, so again, you just kind of go through, you know, does this look like a real legitimate business here? You know, can I call them? If I do call them, does somebody answer the phone? Or if I have to leave a message, does somebody get back to me at a reasonable period of time? Do they sound legitimate? I mean, like I said, you just go through your normal paces and your due diligence with the business itself. And again, do they have money back guarantee if it doesn't work and is it a reasonable guarantee? Okay, if it sounds like a decent system, the premise is reasonable, the strategy, it makes sense and they've got some numbers to show. Yeah, they tested it. Here's some actual trade results. Over the last couple of years, whatever. They have some stuff to back it up. Cool. Go ahead and check it out and test it, put it to the test. That's always the truth, Sayer. Put it to the test, back test it, run it through the paces. Just like if you were driving a car. You don't just hop in a car. If you're buying a new car, especially if it's some brand new, never made before model or car company, you're not just going to drive it around the parking lot or go around the block. You're going to give it a thorough test drive. You're going to take it out on the highway, you're going to check out the brakes, you're going to power brake it all, you're going to give it a pretty decent little ride, right? Okay. Same thing with a trading system. You put it through its paces. If it pans out on the testing, cool. Then you go in your SIM account, still risking no money. Then you come over here and trade it in real time, track your measurables, does it perform, put it to the test, and if it does, great. Here's why I'm bringing all this up. The big mistake that so many traders make, that really put you in a rough spot. I mean, unless you know how to create your own system, you have to go get one from somebody else, from somewhere else, right? Well, if you're sitting looking at a really good system, but your BS meter is too high just because, you know, you don't know how to test it and you're thinking, oh, you know, it must be, you know, sounds good, you know, must not be true, we're gonna be leaving yourself with mediocre choices to start with and you know, you're just plain saying no to the good stuff right up front. Like I said, most of my clients, the systems that they're coming to me with, you know, saying, hey, I'm not making any money and you know, help me fix my system and stuff like that, we get their system squared away and it's just cleaning it up, usually making it a good system. Like you've heard me talk about my other videos, it actually works. And it works really well. And we're not talking about 1 or 2% a month. We're talking about 10, 20, 40% a month. And these are legitimate, just plain, good, plain system. I mean, they're just plain good systems that work and it's cool. And the thing is, if you're looking for a system, you want something that really produces, well, the high yield Investing. Isn't that one of the whole reasons that you got into trading? So that you can make really good money, not just a few pennies a month, but pretty nice money? So be open to it, but protect yourself. Don't make the mistake of just saying no just because it sounds good. And I'll just look at the mediocre crap, which has still got a whole lot of crap there. That's the thing. If you refuse to look at the good stuff, yes, there's a bunch of, there's a bunch of crap in there too. There's crap everywhere. You have to sort through it. No matter what level you're looking at, as far as, you know how good a system is, how you know how well it performs, how high the returns are, you're going to run across a certain number of actual legitimate good systems that actually do perform well. Very few are going to perform all the way up to, you know, what's presented just plain. You know, when you're selling something, you're going to put the best foot forward. So, okay, is it, but is it going to produce 90% of that? Cool. If it does, great. Be open to whatever sounds reasonable. If it's, if it's something, if it's something that's just killing it, great. Check it out, it might actually be good. Protect yourself, do your due diligence. Make sure that you have the chance to test it. Make sure it's going to work. If it works, great. If it doesn't, get your money back. Cool. Test it, find out. You might just find that hot rod, the 500 horse car that you've been looking for. So this is how you go about it. Don't make the mistake of just saying no just because it sounds good. You want good if you can have it, right? Especially going to be paying a little bit for it. All right. If you've ever bought a junk system, you know that sounded great, put a comment down below. Yeah, I bought one. Sounded great. Why not junk? If you've ever bought, you know, just kind of an average sounding system and it was still junk, put it down below. Yeah, it sounded average. Still junk. Anyway, comment down below and you know, if you like this video, give it a thumbs up and share it with your friends. Now, I hope this helps. Talk to you soon. Cheers.