Ep 136: Anmol Singh ~ Risk, Integrity & Emotional Discipline

Transcript

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Truth and Transcendence, brought to you by being Space with Katherine Llewellyn.

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Truth and Transcendence, episode 136, with special guest Ann Mull.

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Sing If you haven't come across Ann Mull.

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He is actually considered the leading expert in the trading psychology space, having helped thousands of traders all over the world, dealing with psychological and behavioral issues that arise when high stakes are on the line.

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Ann Mull brings a unique view on success and shows how the same concepts that he's used to help million-dollar traders are applicable to our day-to-day lives, irrespective of the industry or career we may be in An Ann Mull's book, prepping for Success is now available on Audible on Amazon, and there'll be a link below through which you can find that.

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So that's exciting as well.

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So why did I invite Ann Mull onto Truth and Transcendence?

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Well, for many of us and I, to be honest, include myself working with risk can be a bit of a mystery and potentially can be terrifying, and I believe that our lack of understanding in this area causes us all sorts of problems and also interferes with our creativity and expansion.

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So I was really interested in what Ann Mull has to say, because he's taken a deep dive into these issues and now teaches others to engage with them effectively.

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So, in my opinion, ann Mull's understanding, coming from personal experience, is extremely valuable to any of us who wish to continue our own expansion, and I'm not just talking about people in the trading space, just anyone in their own lives.

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So, ann Mull, I'm just delighted you were able to come onto the show today.

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Thank you for coming.

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Thanks for inviting me and looking forward to chatting with you.

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Cool.

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So when we spoke before, we came up with a theme of integrity, because Ann Mull told me that integrity was a really core theme in relation to a lot of the work that he does and it's also a favorite theme of mine.

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I think we all know that integrity is very important.

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I think we all know in our gut when we compromise our own integrity.

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We can try and hide from that, but we know it deep down and we all know how great it feels when we actually follow and are congruent with our own integrity.

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So just in our own lives we have a direct experience of this already.

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So I was really interested, ann Mull, in you coming on and talking about this more deeply from your perspective.

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So let me just kick off with my favorite first question that I ask everybody, which is when you look back, can you remember when you first realized that integrity was particularly significant, out of interest to you?

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Yeah, for me I think it started off in college.

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Growing up I was a really chubby kid and not really working out, not doing any of that.

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So for me it was more so a thing off.

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I kept telling myself, oh, I'm going to get back in shape, or I'm going to start working out, or I'm going to start eating healthy.

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And it was like two years later I'm still saying the same thing.

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And now it's Friday, so I'll just start from Monday.

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And then comes Monday, but it's the 28th of the month, so let's start from the first of the month.

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And then we're like well, it's the first of the month, but it's December, we'll just start from New Year's and you just keep delaying that progress.

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And then I realized it's just like a lack of integrity, like I'm basically, you know, causing my own self to not reach my goals with my lack of action, lack of inaction, and that was showing up with integrity and, as you were talking about earlier, you know you can try to hide from it, but integrity will find you.

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It knows deep down and you know it too deep down.

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So I think, and that doesn't sit well with anybody, right when we say we're going to do something and we don't.

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So I think that's when I first realized it in college, and that was just one little instance of that.

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And as your life progresses, more and more instances happen and they give you more for understanding of.

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Okay, this is something I really need to be paying attention to.

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And that was exacerbated when I started trading the stock market, because you know you're trading millions of dollars and you realize if you're not falling through on your own word, things can not be that fun.

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You know, yeah, how interesting.

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So I want to hear more about when you, when you, got involved with the stock market.

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But I'd also like to go back to that first realization that you had.

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When you got that realization, did something happen that triggered you realizing that?

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Or was it just you were fed up with looking in the mirror and realizing that you weren't doing what you said you were going to do?

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Can you, can you remember the circumstances where you kind of woke up to that?

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Yeah, for me I think it was making a move.

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So I was born and raised in India and I moved to London and, just you know, get my college degree and everything.

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So when I moved for college, I was I almost used the moving to London as like a milestone.

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Okay, from this point onward I got to do something different.

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Right, like I'm going to start fresh.

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So almost like you know, when you're in the same place all the time, it's easy to get into your comfort zone.

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But as you step out and now you move to a new country, now you're like okay, I really have to start fresh.

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You know, and that was kind of the marker for me to say, okay, I better start paying attention and let's use this as a new life, to live the life that I actually want to live and be the person I want to be.

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And integrity is always going to be constant battle, right, I mean, it's never going to be.

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You get into a point where you're just like okay, I've got everything, I do, every single thing.

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There's always going to be these little breaks and you just have to sort of catch yourself in the midst of that.

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Yes, I know exactly what you mean.

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I've experienced that myself.

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But that thing of making it when you, when you move and you've got fresh start, that is an interesting point Because, of course, when you're in the place that you were in, you're surrounded by people who know you as you were, then aren't you?

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You go to a new place, you've got a new chance to make a first impression or to kind of impact your life in a new way.

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So when you started making that fresh start and you've made a decision to follow your own integrity, what was that like?

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I think it was a really good feeling Because that gave me a sense of self confidence that I didn't have growing up.

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That seeing that, okay, I can do it, right, like I put my mind to it, I said I'm going to do this and I did it, and that definitely feeds yourself confidence and your self esteem.

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And then also it feeds into other aspects of your life because you're like, if I can do this, I can do this.

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And then you know, it starts to really feed your confidence.

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It's just snowballs from there.

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And I mean growing up I was really shy, introvert.

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I think I still am introvert for the most part, but you know, really shy, introvert and not knowing what I wanted to do.

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And, sort of to your point, I use this as a way of saying, okay, nobody knows me here in this new country.

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I can make a first impression.

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So what kind of impression do I really want to make?

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And I think that kind of got me to take a little bit action on that area.

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I understand right.

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So you had kind of a conversation with yourself.

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Over here we call that having a word with yourself.

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Yeah, about, about something you got to give yourself a, an instruction and get yourself moving.

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You make it sound very smooth, and so it was very straightforward.

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Was it straightforward, or was it?

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Absolutely not, definitely not smooth.

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You know there's many days, you know you fall off, then you get back on it, then you think about quitting, then you get back on it.

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It's a lot of back and forth, just like anything in life.

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Right, it's like a roller coaster.

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You just have to get comfortable riding the roller coaster.

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There's two types of people.

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One person can get on the roller coaster, scream and shout as we're through it, and one person can just let go and enjoy the ride.

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So I think it's always going to be the roller coaster.

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You just have to learn to enjoy the ride and not be that you know, screaming person on the roller coaster.

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Absolutely, it just reminded me of.

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We had an office in Knightsbridge in London.

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Do you know Knightsbridge?

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Yes, so you know, it's a.

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It's a quite an expensive area, and between the tube station and our office we had to walk past all these shops with fabulous clothes in them, and so we were always tempted to just go and just buy a jacket on the way into the office, you know, for three grand.

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And we would all have this rule with ourselves If we popped out to get something for lunch.

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Not to take our credit cards with us, just take enough cash to buy the lunch, because otherwise in Knightsbridge we were going to be in serious trouble.

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And from a point of view integrity, you know that sometimes we have to do things, put things in place, don't we?

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To kind of keep ourselves in line.

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Absolutely.

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There's always going to be breaks of integrity.

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You just have to coach yourself through, as you said, putting things in place to ensure that doesn't happen again, because there's always going to be temptations.

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There's always going to be things coming at our way or distractions trying to take us away from our eventual goal.

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But the key is not to eliminate the distractions.

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You can never eliminate everything because you know we can only control our environment, but not the external forces.

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So there's always going to be external forces coming.

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What you got to do is just put things in place to ensure it doesn't happen, and you know so.

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Put barriers put.

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You know having limits, you know learning how to say no.

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I think all those things in life are very handy skills to learn.

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Yeah, and did you have because you were quite young when you came to London.

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How old were you?

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Early twenties maybe.

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No, I was about 18.

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Oh, you were 18.

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Oh right.

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So you were just starting a degree, were you?

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Or were you going to a second degree?

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Right, I did an undergrad at Brunel in Uxbridge.

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Yeah, okay.

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So did you know anybody in London?

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Did you have any guidance there?

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Did you have any mentors in London helping you?

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Oh, no, nobody, I didn't know anybody, and that was for me.

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That was the exciting part.

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Nobody knows me, you know.

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So, whatever my you know whatever.

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I guess growing up in high school you're like, well, I'm not the most popular kid, I'm like nobody knows me.

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Here I could be whoever I want to be.

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Yeah, you know.

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So I think that.

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So, yeah, nobody knowed me there and I just.

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But I made friends pretty quickly, you know, it helps when you're living in on the campus.

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It helps me, you know, make good friends over there that are still lifelong friends to date.

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Yeah, that's interesting, because some I think some people find it easier to work with something like integrity by themselves, and some people find it easier to do in a group or with a mentor.

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Do you think that's true?

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Have you observed that?

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Yeah, I think there's many different types of people.

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I think it helps to have you know somebody like an accountability partner or somebody who can bounce ideas off or can just check in with you real quick.

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So that definitely helps.

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But in the end you still have to keep your word to ourselves, because you know it's easy to have an accountability partner and tell them one thing, but then behind closed doors you're doing a different thing.

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So I think you know it's important to keep it to yourself first.

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But it does help if somebody's checking in, somebody you trust, somebody you like, somebody you respect, to check in with you and you know, hold you accountable.

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Yeah, yeah, so how?

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So after that, tell me a bit about your journey from there to starting to work with the stock market.

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Yeah, actually started in dorm room.

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I remember I was in college and you know there's a couple of friends of mine and we were all really interested in the stock market, but we didn't know anything about it.

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We were brand new.

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We just knew that, okay, there's money in, there is possible to make money.

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It goes up and down and that's all the knowledge we had.

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But we decided, okay, why don't we?

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You know, there's a entrepreneurship society in college.

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There's a football you know society.

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There's a rugby society, there's a this is society for every little sport or interest that you have.

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And we were like there's no such thing as a trading or investing society.

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I mean, you would think that's pretty important.

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Yeah, and we and a couple of friends you know, we teamed up and we said why don't we start our own club?

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So we filed the application with college.

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We got approved, we started the thing called the trading and investing society, where there's just a bunch of people we'd meet once a week and just talk about what we saw on CNBC or what a book we read about trading or investing.

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We just share ideas on what we've learned in our own little time.

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And you know, it started off just with three or four people, then it grew to 10, 1520, 30 and then it.

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I mean, the best part now for me to know is that that society is still running to date in college and the university campus, and we started that, so that's where the spark was ignited for trading and investing.

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And I just got really curious about it, started just spending a lot of time in my dorm, being the typical intro work, you know, reading a lot of books, watching a lot of courses, talking to people about it, and that's where the interest was sparked.

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And then I wrote a blog.

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I used to just write my research articles on different stocks and things that I've learned and that got pretty popular.

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You know, websites like Yau Finance and stuff said hey, do you want to write for us?

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You know, and then they started paying me for the articles.

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That's how I collected the initial money to actually be able to trade the stock market by writing articles for Yau Finance researching.

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That's why I tell people don't trust anything you read online.

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Is probably a college student like me writing those articles, you know.

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But I collected the money from writing those articles open to trading account myself and then just basically never look back.

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Fantastic.

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You know, I think I think a lot of people don't realize that if you're going to start getting involved with something like the stock market, doing that kind of grounding, that you're talking about all that research, talking in your peer group, writing articles because I imagine to write articles you've got to get very clear about what you want to say and you've got to make sure it holds up, don't you?

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I remember the first time I tried to write an article, I just stalled because I just didn't know what I was trying to say or how to reinforce it.

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So it's a very, very educational thing to do, isn't it?

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Writing articles?

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100%.

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It gets your.

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You will get your thoughts out, you know, on paper or other people to realize, and as you're writing, your thoughts become more clear because you might have a little idea in your head.

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But now, as you start writing and making more specific, then that idea becomes more real.

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And the same thing applies to our goals, to our business life and personal life is just, you know, writing through our goals and our vision statements and then, as you write it down, it becomes more clear in our mind and our heart.

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Yeah, more clarified.

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And what was it you were actually supposed to be studying at college?

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Yeah, I studied business management.

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Okay, so there is a you weren't sort of studying I don't know geography and then doing something.

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Yeah, I was always into commerce business and you know learning a lot of that.

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I just grew up with my family as an entrepreneurial family, so growing up that was there's no other option.

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You know that's the only thing we're going to learn and I was really curious about it.

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I always loved you know dealing with people and you know figuring out how things move and what gets people to.

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You know take action, purchase and the whole commerce business.

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I'm really fascinated about that even now.

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And how interesting, because you said earlier that you can, that you consider yourself to be an introvert, and then you just said you're really interested in dealing with people and understanding.

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You know all of that in relation to commerce.

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How do you put those?

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two things together.

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Yeah.

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So I would say introvert, more so in a social aspect.

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You know, if you put me in a you know networking event or a party, you know probably going to be more introverted.

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But when it comes to business, I'm in my element, you know, and.

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But then again I find the right people to delegate tasks to, so then they could go out and actually do the talking and the deals and the closing and the sales and I can just direct them on how to do it and the strategy to do it with and that's kind of where my element lies is even my sales team.

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I'd let them know okay, here's how we need to do this, and then they will be the ones actually going out and doing it.

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Yeah, but you must have been quite good with peers as well in order to get that society going in the first place, because that's not a situation or the boss, is it?

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That's where some of you are building that together.

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Definitely and I think my friends definitely brought a lot to the table from the recruiting and getting people standpoint.

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I was more so involved in forming the club, the strategy, what we're going to talk about and what we're going to learn.

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And then a couple of my friends.

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They were more social and outgoing, so they would talk to people on campus and invite them to our university.

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Yeah, I'm going to tell you something which I think not many people actually admit this.

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I think a lot of people find parties and networking really tedious, not very much fun and a bit awkward, and I think most people are easier when they're in a situation where they have a purpose for what they're doing and they're actually genuinely interested in it.

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Yeah, that's a really good point.

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I've spoken to so many people who say, look, I'm fine in these circumstances, etc.

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But if it's a party or networking, I feel really awkward and I thought about it.

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Actually, most networking events I've been to I'd really just like to not be there because nobody really wants to be there.

00:16:59.054 --> 00:17:01.721
They're all there because they think it's the only way they're going to get business or something.

00:17:01.721 --> 00:17:03.163
They're not there because they really want to be there.

00:17:03.163 --> 00:17:07.459
Often and often, it's the same with parties.

00:17:07.479 --> 00:17:13.429
They're there because they think they ought to go, because otherwise people would think that they're cold, you know whatever.

00:17:14.455 --> 00:17:15.336
Yeah, 100%.

00:17:15.336 --> 00:17:16.337
I think that's a great point.

00:17:16.337 --> 00:17:17.900
You know, would you talk about purpose?

00:17:17.900 --> 00:17:26.076
That's, I think the right way to put it is if there's a purpose behind going somewhere, then I know, okay, that's the purpose I want to accomplish, and I can accomplish that.

00:17:26.076 --> 00:17:35.710
But if there's no purpose, we're just hanging out, then after a while, I mean, for a certain point it's fun if it's close friends, but if it's people I don't know, I'm like what's the point?

00:17:37.195 --> 00:17:40.619
Yeah, unless you've got a purpose, which is you want to meet some new people.

00:17:40.619 --> 00:17:45.826
You know if you genuinely want to meet some new people, then maybe that's what you're going to do.

00:17:45.826 --> 00:17:49.931
But then you have a purpose, don't you, to do it, right, true yeah.

00:17:50.555 --> 00:17:51.435
So I can understand.

00:17:51.435 --> 00:18:04.911
You know, it sounds like your background was quite instrumental as well in you having the right kind of mindset, because I think a lot of people, when they think about something like trading or anything to do with risk, you know, and there's risk.

00:18:04.911 --> 00:18:11.442
There's an obvious kind of set of risks around trading, but in all areas of our lives there are risks.

00:18:11.442 --> 00:18:15.468
You know, I had a conversation with a beloved friend earlier today.

00:18:15.468 --> 00:18:25.842
That was a very risky conversation but it was just risky emotionally in the relationship, you know, and so for both of us we're managing risk in that conversation.

00:18:25.842 --> 00:18:40.777
There's nothing to do with money or trading or anything you know, and the sort of the feelings around dealing with risk I think are common in all these situations Because you know you're doing trading psychology.

00:18:40.777 --> 00:18:42.578
Where did the psychology part come in?

00:18:44.560 --> 00:18:54.276
Psychology part came in when I started trading and I realized that, oh, it's not really about the strategy or the tactic or my research.

00:18:54.276 --> 00:18:58.751
It's about my ability to actually follow my own research or follow my own instinct.

00:18:58.751 --> 00:19:01.763
And that's when psychology aspect come in, because we're trading.

00:19:01.763 --> 00:19:03.266
Research has already been done.

00:19:03.266 --> 00:19:10.674
Trading releases the same hormones of dopamine and serotonin that you get when you gamble, when you have sex, when you do any illicit drugs.

00:19:10.674 --> 00:19:15.711
Now that, as traders, we're getting that every single day in real time.

00:19:16.019 --> 00:19:20.066
So if you're not emotionally stable, and those hormone spikes can really cause you to do disaster.

00:19:20.066 --> 00:19:28.804
That's why you see in the financial crisis, the Wall Street, what happened, and people you know really not taking their losses well, and that could cause people to do all sorts of things.

00:19:28.804 --> 00:19:33.029
You know they can go on tilt, which means, let's say, a position is going against them.

00:19:33.029 --> 00:19:53.625
Rather than just getting out and taking a small loss and moving on to the next one, they keep holding, maybe it'll come back up, they buy more, they sell their car, they take the money, buy more and hoping it'll come back up, and then the brewing their whole financial future right by just doubling down on a bad debt rather than just getting out and taking a loss, or sometimes you see the perfect opportunity.

00:19:53.625 --> 00:19:54.847
You're like, yes, I know this.

00:19:54.847 --> 00:19:57.634
You know, like five years ago, if I asked somebody, what do you think about Amazon?

00:19:57.634 --> 00:19:58.803
Is it going to do well as a company?

00:19:58.803 --> 00:20:02.491
Well, we all would have said, yeah, amazon's going to be more relevant in the next five years.

00:20:03.000 --> 00:20:04.546
But how many of us actually invested in it?

00:20:04.546 --> 00:20:05.228
Not many.

00:20:05.228 --> 00:20:07.885
So, even though we knew it, we didn't do it right.

00:20:07.885 --> 00:20:14.691
So that's one of those things we don't take advantage of opportunities, we get gun shy and all those things are psychology, scarcity, mindset based.

00:20:15.299 --> 00:20:28.547
And that's what it dawned on me that okay, my trading results are actually not much to do with the strategy itself, but my actual ability to stick to it and follow it consistently too, and not letting my emotions take control when I say I'm going to get out of a stock.

00:20:28.547 --> 00:20:33.982
If it goes down to this level or goes up to this level, I better be getting out, I better not hold it right.

00:20:33.982 --> 00:20:40.694
In the same way, let's say, if you buy a stock and you say, okay, if it goes, if I buy, that example, $100, it goes to $200, I'll sell it.

00:20:40.694 --> 00:20:44.169
Now it's at $200, you're like, ooh, maybe it'll go to $250 and you keep holding.

00:20:44.169 --> 00:20:45.070
Greed takes over.

00:20:45.070 --> 00:20:48.509
So those two primary emotions of fear and greed is what moves the market.

00:20:48.509 --> 00:20:53.471
In Learning how to control, that is the most important part about trading psychology.

00:20:54.119 --> 00:20:54.560
Amazing.

00:20:54.560 --> 00:20:55.021
I love it.

00:20:55.021 --> 00:21:08.107
It reminds me of in 2020, a lot of people were buying precious metals you know, gold and silver and I said I can't do that.

00:21:08.107 --> 00:21:10.673
I just can't cope with the stress of the.

00:21:10.673 --> 00:21:11.882
I can't do it.

00:21:11.882 --> 00:21:17.380
They said buy 10 pounds worth and just play with it and just watch.

00:21:17.380 --> 00:21:26.171
And I did and I couldn't believe the emotional experience in my body as I was watching what was happening to this 10 pounds worth.

00:21:26.171 --> 00:21:30.417
Yeah right, oh my God, it's going up.

00:21:30.417 --> 00:21:31.239
Oh, no, it's going down.

00:21:31.239 --> 00:21:31.799
Oh my God, it's going up.

00:21:33.163 --> 00:21:38.839
And people were always saying, oh no, silver's down at the moment, as if that was it forever.

00:21:38.839 --> 00:21:54.352
You know, gold is up at the moment and a friend of mine was at my house and I got a bit more comfortable with it over time and I showed my friend this chart you know, one of these live charts that updates itself and she sat there and she said, oh, it's gone up.

00:21:54.352 --> 00:21:56.238
Oh, it's gone down.

00:21:56.238 --> 00:21:57.964
Oh, it's gone up, it's gone down.

00:21:57.964 --> 00:22:01.640
And then she went oh, she said, I get it, it goes up and down all the time.

00:22:01.640 --> 00:22:03.538
I said that's exactly right.

00:22:04.865 --> 00:22:05.909
Yeah, 100%.

00:22:05.909 --> 00:22:07.555
It's the roller coaster we talked about.

00:22:07.555 --> 00:22:08.839
You know just like it's going to go up and down.

00:22:08.839 --> 00:22:10.039
That's what the prices do.

00:22:11.201 --> 00:22:14.929
You got to get comfortable in your own plan.

00:22:14.929 --> 00:22:17.913
You know, if you think it's going to go higher, then you should stick it through.

00:22:17.913 --> 00:22:20.428
And I think that's the beauty about risk.

00:22:20.428 --> 00:22:24.039
You know all the good things you want in life lie on the other side of that risk.

00:22:24.039 --> 00:22:26.290
When you take the risk, you get the reward.

00:22:26.290 --> 00:22:28.039
When there's no risk, well, there's also no reward.

00:22:28.039 --> 00:22:29.502
So it's all about.

00:22:29.563 --> 00:22:33.752
You know, some people's fear of loss is stronger than their hope for gain.

00:22:33.752 --> 00:22:35.587
So I piece them to the opposite.

00:22:35.587 --> 00:22:38.019
Your hope for gain should be stronger than your fear of loss.

00:22:38.019 --> 00:22:39.507
That's how you'll get the gain.

00:22:39.507 --> 00:22:44.039
If your fear of loss is stronger, then well, you're never going to have a loss, but you're also never going to have a gain, so you're going to be stagnant.

00:22:44.039 --> 00:22:50.039
So your hope for gain needs to be stronger, and I think anything good in life comes from taking risk.

00:22:50.039 --> 00:22:52.907
I mean, there's risks and I think that's one thing you know.

00:22:52.907 --> 00:22:55.884
Not to go off topic, that's one thing wrong with the society these days.

00:22:55.884 --> 00:22:57.529
They're trying to eliminate risk in anything.

00:22:57.529 --> 00:23:03.019
Nobody should get offended, you know, let there's no risk there, and that's actually causing more harm than good.

00:23:03.019 --> 00:23:04.625
I mean, you could cross the street.

00:23:04.625 --> 00:23:08.204
There's risk, right, you could get hit by a car across the street.

00:23:08.204 --> 00:23:09.228
Should we ban streets?

00:23:09.228 --> 00:23:10.270
Should we ban cars?

00:23:10.270 --> 00:23:11.962
No Right, so the same way.

00:23:11.962 --> 00:23:13.046
Anyway.

00:23:13.046 --> 00:23:14.851
I don't want to go off topic, but that's the point.

00:23:15.540 --> 00:23:16.603
I don't think it's a tough topic.

00:23:16.603 --> 00:23:30.511
I know you might think I don't think that's off topic at all, because I think you know one extreme is to try to live a life with no risk whatsoever and the other extreme is to be completely unaware of risk.

00:23:30.511 --> 00:23:33.039
You know reckless is the other end, isn't it?

00:23:33.039 --> 00:23:34.426
Well, you're just reckless.

00:23:34.426 --> 00:23:42.838
You know you're at the gaming table, it's three o'clock in the morning, you've got one and a half bottles of vodka inside you and this is not me I'm talking about.

00:23:42.838 --> 00:23:47.039
I promise I've never done that, but you know this is what you see in the movies, right?

00:23:47.039 --> 00:23:54.019
And you go all in and here's the keys of my house and the Porsche and everything else, because I'm a winning hand.

00:23:54.884 --> 00:23:58.039
Then you lose everything you know, and then your wife leaves you and then it's all over.

00:23:58.039 --> 00:24:16.039
You know what you're talking about is participating somewhere in the middle, but following your own integrity of your own plan and not letting the emotional ups and downs and the greed and the fear control you and throw you off balance.

00:24:16.039 --> 00:24:18.039
It sounds like that's what you're saying.

00:24:19.105 --> 00:24:20.593
Yeah, there's a great song right.

00:24:20.593 --> 00:24:22.039
No one to hold them, no one to fold them.

00:24:22.039 --> 00:24:25.019
So, like no one to take the risk, no one not to take the risk.

00:24:25.019 --> 00:24:32.396
And just like a roller coaster, sometimes you'll take the risk, sometimes you'll choose not to, and that's just the good you know analogy for life in general.

00:24:32.396 --> 00:24:33.039
That's what a heartbeat is.

00:24:33.039 --> 00:24:35.628
Heartbeat is up and down, it's never a straight line.

00:24:35.628 --> 00:24:40.631
So the same way, you know, applies to this concept no one to take the risk, no one not to take it.

00:24:40.631 --> 00:24:43.573
And that discernment is very important.

00:24:43.573 --> 00:24:45.039
And most people have that discernment.

00:24:45.039 --> 00:24:48.039
They just don't act on it, they don't trust themselves enough to do that.

00:24:48.039 --> 00:24:54.834
I think that's where building that self confidence, self esteem, through a series of smaller actions that build your integrity is the way to do it.

00:24:55.340 --> 00:24:59.391
Right, like I did with the gold and silver, you know, 10 pounds.

00:24:59.391 --> 00:25:06.851
Right, and then once you've gone to over the, you know the sweats and the cold sweat down the back of your neck and the hot flow.

00:25:06.851 --> 00:25:12.019
You know, for 10 pounds, then you can move on to 15 pounds.

00:25:13.151 --> 00:25:14.863
Yeah, absolutely Absolutely.

00:25:14.863 --> 00:25:20.039
And that's exactly what I teach my traders to is that, hey, you don't need to risk all the money right now.

00:25:20.039 --> 00:25:24.872
Let's start first on even a demo account, a simulated account, where the money is not real.

00:25:24.872 --> 00:25:27.928
The prices are real Silver, gold, everything is real Because the money is not real.

00:25:27.928 --> 00:25:37.013
Start there and then, as you said, go to 10 pounds, then maybe 15, 20, keep getting to a point, you know, slowly inching your way up because you never want to go from 10 to 1000.

00:25:37.013 --> 00:25:42.367
That's a pretty big jump, right, and then you'll have a different set of emotions to slowly progress.

00:25:42.367 --> 00:25:43.811
Your emotions 10, 15.

00:25:43.811 --> 00:25:50.022
So your brain never actually feels it because we just keep adjusting slowly and slowly to bigger numbers, and I think that's the right way to do it.

00:25:50.022 --> 00:25:51.669
So, yeah, I agree with you.

00:25:52.160 --> 00:25:53.362
Fantastic, I love that.

00:25:53.362 --> 00:25:56.526
So you're taking out the panic.

00:25:56.526 --> 00:26:04.275
Really, you know the panic buying the panic, selling your kind of evening it out.

00:26:04.275 --> 00:26:11.086
It sounds like yeah.

00:26:11.086 --> 00:26:12.167
So how do you constantly?

00:26:13.190 --> 00:26:22.140
train your brain to be okay with these numbers, because if you can't, you know, hold and be emotionally stable with 10 pounds, you're not going to be stable with 100 pounds, right?

00:26:22.140 --> 00:26:36.288
So you slowly build yourself up and our human mind is very adaptive, right, like I mean any anything in life that happens, like, for example, if somebody told us you know 10 years ago, this thing is going to be like a virus coming, everybody's going to be locked in their home, wear a mask.

00:26:36.288 --> 00:26:37.694
You'd be like no way.

00:26:37.694 --> 00:26:39.039
But then it happened and guess what?

00:26:39.039 --> 00:26:39.800
We adapted to it.

00:26:39.800 --> 00:26:40.864
So humans are very adaptable.

00:26:40.864 --> 00:26:45.532
So you just constantly give yourself 10 pounds, 15 pounds, 20 pounds, slowly keep adapting.

00:26:45.532 --> 00:26:48.464
But the problems happen when you big, big leaps.

00:26:48.464 --> 00:26:50.388
Now, with big leaps come big reward.

00:26:50.388 --> 00:26:52.593
But it's also a possibility you're going to fall right back down.

00:26:52.593 --> 00:26:56.019
So I think slowly stair, step your way up is the best way.

00:26:56.541 --> 00:26:58.227
Yeah, yeah, that makes perfect sense.

00:26:58.227 --> 00:27:05.772
So how did you come to develop this understanding and also the emotional capacity?

00:27:05.772 --> 00:27:22.375
Because there's that's that word around, emotional capacity which is sort of elastic and it's like you've got to be able to feel the intensity of what you're experiencing, but you've also got to be able to detach and take the action you've chosen to take.

00:27:22.375 --> 00:27:25.163
That's a certain emotional capacity, isn't it?

00:27:25.163 --> 00:27:26.846
To be able to do that?

00:27:26.846 --> 00:27:29.692
How do you think you developed that in yourself?

00:27:31.656 --> 00:27:32.719
I think, just by doing it.

00:27:32.719 --> 00:27:41.382
I think a lot of people try to learn a lot of things before they actually do anything, but the best learning happens when you're while you're doing it right.

00:27:41.382 --> 00:27:49.199
So when you do it, you know, take action, you fail, or you know you struggle and you feel those actual emotions that we're trying to overcome and then you can overcome it.

00:27:49.199 --> 00:27:54.082
Like reading a book is great, you know, listening to audiobook is great, but that's just information.

00:27:54.082 --> 00:27:56.654
Unless you're actually in that situation, you're not going to fully ingrain that.

00:27:56.654 --> 00:28:04.388
So I think I constantly try to put myself in those situations where I was uncomfortable, because I know that that's where it's showing me where to grow.

00:28:04.388 --> 00:28:06.840
So I constantly put myself in those situations.

00:28:06.840 --> 00:28:11.654
And in trading in my first couple of years I mean first year I didn't make any money in my first year trading any money at all.

00:28:11.654 --> 00:28:20.654
So it was just me battling with my own emotions, battling with myself or, you know, almost borderline gambling at some points, because I was just like I got to make this back.

00:28:20.654 --> 00:28:22.779
Maybe you have a bad trade, you lose some money on it.

00:28:22.779 --> 00:28:24.644
You're like this next one I'm going to make it back on.

00:28:24.644 --> 00:28:25.406
You double down.

00:28:25.406 --> 00:28:28.634
And then you realize, you know by trial and error, that that's not the way to do it.

00:28:29.336 --> 00:28:34.654
And I think I was also surrounded fortunate to be surrounded by great mentors who were, you know, guiding me through that process.

00:28:34.654 --> 00:28:40.663
They were letting me know the pitfalls ahead of time, because anytime I meet somebody successful, I only ask them one question.

00:28:40.663 --> 00:28:45.036
You know that, okay, if you were to do something different, what would it be Right?

00:28:45.036 --> 00:28:48.224
And then the other thing is what is some pitfalls I need to look out for?

00:28:48.224 --> 00:28:51.555
And then they would just tell me and I would make sure to avoid those pitfalls.

00:28:51.555 --> 00:28:58.273
So I think anytime people, somebody, meet anybody successful, they always ask them the strategy part how do I do this?

00:28:58.273 --> 00:28:58.654
How do I do that?

00:28:58.654 --> 00:29:02.021
I just ask them what should I look out for at this level of success?

00:29:02.021 --> 00:29:03.364
What is the main pitfalls?

00:29:03.364 --> 00:29:04.306
And then they would just tell me.

00:29:04.686 --> 00:29:08.615
So a lot of traders I met who were really successful told me to keep and check on your emotions.

00:29:08.615 --> 00:29:12.425
Just focus on that, don't focus too much on the stock market or any of that.

00:29:12.425 --> 00:29:15.634
Just try to be robotic, almost robotic indifference.

00:29:15.634 --> 00:29:22.428
And I think that is something I took too hard and I really practiced, and you know I'm a big avid reader.

00:29:22.428 --> 00:29:24.573
I read a lot of psychology books.

00:29:24.573 --> 00:29:25.654
I read a lot of spiritual books.

00:29:25.654 --> 00:29:28.300
So I don't read any fiction.

00:29:28.300 --> 00:29:29.262
It's all nonfiction.

00:29:29.262 --> 00:29:36.617
My library so I think growing up I think that's where I picked up a lot of these habits and concepts- Right, Okay.

00:29:36.657 --> 00:29:51.642
So my next question that kind of springs out of that is if you are watching your emotions and being careful not to let them run away with you when you're doing all that work, how do you do that without becoming overly unemotional as a person?

00:29:51.642 --> 00:29:59.851
How do you do that without losing your sensitivity, empathy and all of the other beautiful emotional capacities that we have?

00:30:01.316 --> 00:30:05.201
That is definitely a challenge, I would say, for a lot of people.

00:30:05.201 --> 00:30:06.162
You know, I tell people that.

00:30:06.162 --> 00:30:16.181
You know what got me the business success and the trading success might not be the best thing in relationships because I've learned to be very robotic indifference, looking at logical things logically.

00:30:16.181 --> 00:30:25.281
And you know, having being objective rather than subjective, so emotions and all of that is kind of subjective, right, whereas objective is actual hard facts.

00:30:25.281 --> 00:30:26.805
So I've learned to train myself to do that.

00:30:26.805 --> 00:30:30.654
So incertainators is going to help you in business and markets and all of that.

00:30:30.694 --> 00:30:38.535
Incertainators it might not, but the way to not completely let go of your empathy and all of that is to have habits like gratitude exercises.

00:30:38.535 --> 00:30:43.634
Right, I write down in my journal every night what am I grateful for, what was the best three things about today?

00:30:43.634 --> 00:30:45.421
Or you know things of that nature.

00:30:45.421 --> 00:30:48.510
I try to make a conscious effort to you know reach out to people.

00:30:48.510 --> 00:30:49.654
How you're doing, you know checking on people.

00:30:49.654 --> 00:30:53.866
So you have to be conscious about that so you don't completely go to the other side.

00:30:53.866 --> 00:30:56.654
And that comes with having practices in place.

00:30:56.654 --> 00:30:58.682
You know, I have a girl.

00:30:58.682 --> 00:30:59.565
That's like.

00:30:59.565 --> 00:31:00.949

Ep 136: Anmol Singh ~ Risk, Integrity & Emotional Discipline

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