Trading psychology is just as important to master as your chosen strategies. Learning to have the discipline and mental fortitude it takes to stick to your strategy is paramount to your success—AKA your ability to make money. In this episode of How To Trade It, Scott Shubert joins me to share his story, to talk trading psychology, and how he uses the Elliott Wave Strategy to trade.
Scott Shubert started his career working in real estate and a series of events led him to become fascinated by trading. He vowed to learn everything he could. After paying for some useless courses, he found he was learning more from the people in the training groups. He soon realized everyone was doing MORE work and getting less reliable results. So he found a way to change the game—listen to the episode to hear more of his story!
You’ll want to hear this episode if you are interested in...
- [0:26] Learn about Scott Shubert of Trading Mastermind
- [9:35] How Scott became a proficient trader
- [12:26] The importance of trading psychology
- [16:12] Trading isn’t only technical—but psychological
- [25:16] Why Scott embraces the Elliott Wave Trading Strategy
Learn to see from a different perspective
Scott attended the Art Institute in Seattle to study computer animation. So he was accustomed to looking at a computer screen for hours on end. He was able to pick up on shapes and see things from a larger perspective, which he believes set him up for success in trading. He saw things in the market that other people couldn’t pick up on because of his high-level view.
The reigning theory of the market is that it can do anything at any time and you never know how it’s going to react. But Scott disagrees—he’s learned to see repeating patterns and trends that happen at nearly the same time of day, every day. The market moves in a repeating pattern. It isn’t just a chaotic mess that we can’t learn to decipher. Read more in this guide to market psychology.
The psychological power of mindset
Most people have no idea what they’re getting into when they start trading. Scott points out that if they knew how long it would take to master trading, they would give up before even starting. Trading takes a lot of time and practice. You can’t learn how to trade over the weekend and instantly become a millionaire.
Being a successful trader means embracing psychology and mastering your trading mindset. Trading isn’t just technical. It isn’t just reading charts, following formulas, and delving into cold hard math. You have to learn how to persevere through challenges. Scott states, “The truth is, we are doing the highest level of entrepreneurial business activity.”
Scott sees engineers enter the trading field often because they think it’s all about following a simple formula. But you have to change the way you think. You have to let go of the subconscious beliefs you have about making money. Scott believes until you unencumber your mind, success will escape you. Learn more about this topic—keep listening!In this episode of How To Trade It, learn about the psychological power of mindset special guest @scottshubert! #stocks #trading #StockMarket #Investing #DayTrading #StockPicks #Forex #ElliottWave Click To Tweet
Trading psychology is powerful
Scott points out that anyone who studies psychology comes to the conclusion that human beings are largely affected by their subconscious mind. He spent years studying Neuro-linguistic Programming (NLP), Cognitive Behavior Therapy (CBT), hypnosis, tapping, and more to overcome and reprogram his childhood memories.
Most of us have been conditioned from a young age to believe that money is the root of all evil, right? Many will also deny it. But if you don’t overcome this belief, you are setting yourself up to fail. The belief systems that our families ingrain in us impact the rest of our lives. Instead, you must create a new pathway for your brain to follow. You must reinforce positive thinking.
To learn more about trading psychology, the obstacle I had to overcome to find success, and techniques to embrace, continue listening!
Scott’s trading strategy: Elliott Wave Trading
Scott doesn’t prefer to label what he does because of how people react: “Oh, I already know that” or “That strategy doesn’t work.” But when he originally learned about Elliott Wave Trading, he knew it was the methodology he would embrace. He saw the patterns in the market. He learned to see when there were distortions.
Elliott Wave is about following trends and corrections. If you learn to identify the end of trends and end of corrections, you see the pattern in the market. If you buy and sell following those trends, you’ll begin to see consistent results. Scott points out that no matter what time-frame you use, you’ll be able to see those trends. It’s a simple matter of looking at the charts and reading them correctly—no software or special indicators required.
To hear more of Scott’s trading strategy, his trading psychology, and what he believes makes a successful trader, listen to the whole episode of How To Trade It!@scottshubert talks about his #ElliottWave trading strategy in this episode of How To Trade It. Check it out! #stocks #trading #StockMarket #Investing #DayTrading #StockPicks #Forex Click To Tweet
Resources & People Mentioned
- Book: Trading in the Zone
- Book: Secrets of the Millionaire Mind
- Book: Reprogram Your Subconscious Mind for Business Success
- Robert Meiner
- Ray Dalio
- Tony Robbins
- Napoleon Hill
Connect with Scott Shubert
- Scott on Twitter
- Scott on LinkedIn
- Trading Mastermind Website
- Trading Mastermind YouTube
- Trading Mastermind Facebook Page
Connect With Casey Stubbs
- Website: https://caseystubbs.com
- Subscribe! https://www.youtube.com/caseystubbs
- Twitter: https://www.twitter.com/caseystubbs
- Facebook: https://www.facebook.com/caseystubbs
- LinkedIn: https://linkedin.com/in/caseystubbs
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