This is a YouTube video titled "Trading Psychology | How To Make The Coronavirus Impact Constructive" created in March 2020. It features a monologue by Brian McAvoy from Inside Out Trading, discussing the coronavirus pandemic's impact on trading and markets. Brian offers a perspective on the situation, emphasizing that despite the challenges and panic, there are opportunities for traders to improve their systems and prepare for when markets stabilize. The content is motivational and educational, focusing on trading psychology and practical advice during a period of market instability.
Hi, Brian McAvoy with Inside Out Trading here. And I just want to take just a brief moment to let you know that, you know, while this whole coronavirus scare and of course the big panic and in my opinion, massive overreaction, you know, it's shutting the entire country down, you know, well, it's a big, it looks like a big scary, you know, problem. Just like any other problem there, there's always an opportunity for it. And that's why my understanding is in the Chinese language, the, you know, it's the same word for, you know, problem and opportunity. It's same word. You know, we have this huge problem, you know, and it's throwing everything, you know, for a tailspin, you know, the markets, maybe your job, maybe your, you know, local community, maybe, you know, you know, people in your, you know, in your local sphere, you know, are getting scared and stuff like that. And I'm not saying that the, you know, the germ of the virus isn't real and that, you know, some people aren't at risk, but, you know, it's not like this was a germ free planet before the coronavirus arrived. You know, there's tons of stuff out there and of course, you know, if you're at risk, if you, you know, you have an immune system that's compromised, your health is otherwise, you know, somewhat compromised, of course you're going to be at greater risk than somebody who's young and healthy and all that kind of stuff. And these are all just natural, normal things. So if you're already at risk, yes, you have to be extra careful. Like I said, shutting down a whole country, I think is massive overreaction. Now, where's the opportunity in all this? Well, if you're trading, you know, if it's, you know, this whole situation has got you on the sidelines because, you know, you're, you're nervous about trading your system. You know, you can't just go about your normal day to day trading. Well, that's fine. This is a good opportunity to step back and say, okay, fine, instead of getting freaked out, let's take a look and see what we can do to make tomorrow, tomorrow being, you know, when things restabilize. Because anytime, anytime that there is a period of instability like we have now, things will return to stability. It's never happened in human history. I mean, sometimes it happens for extended periods, but it's never happened that, you know, a period of instability lasted forever. Things always do stabilize. This one will too. And actually, and I've got a link in the description down below. Down in Australia, they supposedly have actually found a cure for the coronavirus. Already proven drug. Actually they've got two where they tried them on coronavirus people who were actually already, you know, sick with the stuff and it absolutely cured them, as in totally eradicated the virus. And they're already existing drugs. So it's not like the whole approval cycle and everything has to be in place. One of them was a drug for HIV and another one, I don't remember what it was for. Anyway, it's in the article with the link posted down below. But like I said, when there's a problem like this, it's going to be a whole lot of people looking to solve the problem as quickly as possible. So that means it's going to happen and things will restabilize. Anyway, back to the opportunity. Okay, so if you're not able to trade right now, you're on the sidelines like, cool, okay. What can I do to make sure that when things do re stabilize, I'm in a position to really be better than I was going into this. So take a look at your trading. Have you been doing the things that you're supposed to do as a trader? Do you track your metrics on a regular basis, as in actually sitting down once a month or once a week? And take a look at your trading metrics and see how you're doing as far as your winning percentage and your profit to loss ratio and your average return per trade and your other metrics that are critical, just business metrics for trading. Are you monitoring yourself as far as your execution? Are you actually sticking to your system? Do you have your system written down? Is it documented? How well does it perform? I mean, you know, just kind of take a look at the whole thing and identify your areas of, you know, your opportunities for improvement. If you find that maybe your system hasn't been working so well, you know, maybe you're in it, maybe you're in the position. Like a lot of people, when they come to me, you know, they're in a position, it's like, cap, right? You know, I kind of like my system, but man, I got a lot of doubts about it. You know, I just have a hard time having the confidence that I want in it. And then I got others, you know, they come up to me. It's like, Brian, I just, I've lost total faith in what I've got. I'm standing here, I really, I need it. I need to find a new system. I'm looking for a good system. All I need is a good system. That's all I want. Maybe you know, you're thinking that your situation is, you know, you've been beaten down enough that you know, you just want to get your confidence back. Okay? So these are some opportunities where if you pay attention to them, especially if you're taking a little break from trading right now, you, you can devote more attention to them in a different state of mind than under normal circumstances, which is cool. So this is a little break where you can take some time to really take a closer look at things. Like I said, go down to the checklist. Matter of fact, I'll even post a link for it down in the description below as well. Where you can get. A few years ago I made a trader success checklist. You can download that as well. But you know, go through it, make sure you're doing the things that you need to do and if not cool, you can attend to them right now so that again, when things re stabilize and you know, kind of return to quote unquote normal, well, you're in a better position to, you know, do well in it and to trade with more security and more confidence. So you know, really that's the main thing. Understand this is temporary, this will not last forever. We are going to come out of it. There's people already working real hard on it. There's solutions already like right around the corner. I mean the Australians think they've got a couple answers. There's a vaccine or a medical company in Israel, they're working on a vaccine for a different disease, but they were using the coronavirus as one of their developmental germs and it's been effective. So they were already like three months into the program of developing a vaccine based on the coronavirus before the whole coronavirus thing even started. So they already had a three month head start on all this. This was a few weeks ago. So there are already things in the works that are going to get this well in hand. And this is certainly not the worst of the epidemics. I mean if you think about it, H1N1 huge, it's like 10 times the impact that this one's had. And the world did not crap itself like now. So things are going to settle down, they will return to normal. Take this as an opportunity. Say, alright, I'm taking a break. So long as I'm safe, I don't have to be freaked out now I can put my better judgment to use. How can I make use of my time to make sure that when I come back to Normal trading, I'm solid. Maybe you go looking for another system. If you're not happy with the one you got, you look to fix the one that you've got. Like I said, just take a look at what you've been working with already and look for the opportunities for improvement or how to make things better when you come back to it. And really we'll wind up in retrospect when it's all done and said six months or a year from now and you're looking back on this, it'll be like, yeah, you know, I was just kind of cruising along and things were, you know, they were kind of, you know, they're okay. And then the coronavirus thing hit and wow, you know, that actually turned out to be a good thing for me because, you know, I was able to attend to this, this and this that I probably wouldn't have otherwise. And that's cool. So anyway, be of good cheer, be of heart. Things will work out. You'll get through this. Everyone will. And you know, if you, if you know anybody that's, that's gotten sick from it or heaven forbid, you know, you know anybody that's died from it, My heart goes out to you. I'm not trying to belittle anything. It just letting you know panic is not the sensible thing. You got a situation to deal with. You do what you can. You don't worry about the rest if it's out of your control. And then you attend to what you can attend to. Make the best of it. Anyway, Brian from inside out trading hope. This has been helpful. Thanks for watching. Bye. Bye.
