Trading Crypto With a Full Time
Job
Module 1: The Focus on you
@Mindset_BTC
Disclaimer
Please note that any trades shown in the following content are for educational purposes only;
Any risk taken in following trades or setups that are shown for educational purposes is entirely borne by you, with
no assignment of responsibility placed on me, MindsetBTC;
I am not a financial adviser, and as such, will not provide advice that could be construed as specific in nature.
Rather, this advice is intended to be general in nature as an education and entertainment resource;
I do not recommend the purchase of any trading pair, investment, ticker, or any other financial instrument that could
appreciated or depreciate, and as such, will not be held liable for users investments, good or bad;
Do not blindly follow trading calls by anyone. Instead, do your own research;
Past performance is not a guarantee of future results;
and;
This content is strictly provided for educational & entertainement purposes (in case I didn't mention this already)
The Reason For This Course
The Reasoning For, & Goal of This Course (1 of 2)
It only feels natural after my first course, "Price Action Principles - How to Trade a Range", to then by extension
develop something further that is no doubt the number one question on all new, growing, or somewhat established
traders minds:
"How the hell do I trade when I've got a full time job, family, commitments etc?"
or "What the hell does this guy know about any of this BS he's spruiking?"
Well, I'll be completely honest here in tellling you that I do actually have a full time job, a few kids, & commitments.
I'm nothing special - we're probably not far in terms of age from each other - I'm in my 30's, and have all the fruit
that goes with anyone in, or close to this age group. There's no pretending on my end that I'm any different from
anyone who is reading this.
Why am I telling you this? Well, it's to frame the common ground that we're in the same boat and on the same ride
together, and to be fair, I'm writing from the heart in trying to develop something that simply wasn't around for me
when I started.
The Reasoning For, & Goal of This Course (2 of 2)
It's tough, there's no doubt about it - you work your arse off, then you have to juggle family time, put the kids to
bed, maintain relationships with friends, spend quality time with your girlfriend, boyfriend, wife, or husband; all while
trying to put food on the table and paying the bills.
But at the back of your mind, you know that there's this thing that's in reach, that you're so passionate and intrigued
about, that it just sits there on your shoulder asking why you haven't succeeded yet, or why that last trade sucked,
or how good that last trade was, all while you absorb the latest from ICT, Crypto Cred, Trader Mayne, Tradingriot,
Trader SZ, & Emperor (and anyone in between) just trying to make it, all the while frustrated as f**k, knowing that
you should be putting more time in to get ahead.
Sound familiar? It's easy to say, but don't stress - I have been, and am still there to some extents.
So the goal?
Well, It's to arm you the approaches, confidence, and understanding needed to give you the flexibility to trade
while you have a full time job, where we cover scalping, day trading, & swing trading using one overarching
approach, and all purely price action, with one supplementary approach as well to get you moving in the early
stages of the course.
Sound good? Alright, enough from me then - let's get into it...
Agenda:
Module 1 - The Big Questions
All About You
First Things First
What Are You Worth?
How Much Time Do You Have?
Do You Have a Defined Scope?
Self Learning / Conclusion
The Big Questions
All About You (1 of 2)
I genuinely mean this when I say it, but this
course is all about you. I wanted to delve into the
inner workings of who you are as an existing,
aspiring, or brand new trader in order to give you
the functional baseline of not how to initially
trade, but how to manage you (don't worry, we
get to the trading part in this course).
First things first though, we collectively shine the
spotlight on ourselves to really get a glimpse in
the mirror to understand ourselves to then help
us in trading.
When I first started learning how to trade, it
would be ignorant to say that there wasn't much
to go off (that was free anyway), so I wanted to
package something up that, before you know it,
has given the framework to utilise in the trading
world, whilst holding down a full time, part time,
casual, or no job at all.
All About You (2 of 2)
What we're going to do here is ask a series of
genuine questions:
What Are You Worth?
How Much Time Do you Have?
Have you Defined Your Scope of Learning?
For those project management buffs, notice how the
three questions above relate to:
Cost
Schedule
Scope
Which then leads into:
Quality of learning, which then becomes
practicing, and planning our trades - (notice,
this relates to past, present, and future)
https://asana.com/resources/project-management-triangle
First Things First (1 of 2)
As part of the this module, there is a spreadsheet that is intended to accompany it;
It's just a google doc, you can download it and keep it, but this will be step one of us building your trading
framework together;
You'll need to fill this form in for each relevant section - don't stress though, you'll be prompted as we go.
FIRST THINGS FIRST THOUGH
We need to do an excercise on the spreadsheet to kick things off to work out your baseline costs / outgoings per
month / what it costs you to run you.
Don't worry - if you download the spreadsheet, then this is of course completely private;
Refer to the second tab, "First Things First";
Follow the prompts in Table 1, and Table 2;
Enter your hourly rate, or salary, then start adding up all of your bills. I mean everything. Food per week,
mortage or rent, car repayments, subscriptions, entertainment, going out...;
What we're doing here is working out what your baseline costs are, which we'll then use in a few slides time;
You need to check your bank account for all your transactions and then group them up into categories (I've kick
started this for you already on the spreadsheet with examples)
First Things First (2 of 2)
Filling the sheet out:
Step 1: Table 1 - enter in your hourly rate, or your
salary in the respective tables (one only though)
Step 2: Table 2 - Complete the sheet by entering in
your costs per month
So What Are You Worth?
So What Are You Worth? (1 of 5)
By now you would have filled out the spreadsheet to work out your monthly outgoings - this is key to the next portion
of the course. (The details from here are auto calculated and carried across to the tab we'll work on here)
Using the information that you've built around your outgoings per month, it makes sense to ask "What Are You Worth"?
And by asking this, I don't care about your net worth. What we're framing here is simple:
If we treat trading like a business, then we need to know what we cost ourselves per hour;
Once we've worked this out, then we'll pro-rata this against how many hours of study and learning it will take
based on an (assumed) average before you really pick things up with trading;
;
Remember: this course is about trading with a full time job - it's not fool proof, and it does expect that you have
somewhat of a decent level of understanding of trading;
This course REQUIRES YOU to put in the hours, I'm just showing you an expedited way based on what I've learnt
myself over the last few years.
So What Are You Worth? (2 of 5)
As per Tab 3 "What Are You Worth", your outgoings have
already been calculated in Table 3;
What you need to do now though in Table 1 or Table 2 is
add in your tailored working hours or situation by filling in
the yellow cells (only one of Table 1 or Table 2 though);
Once you've done this, you'll see that Table 3 is auto
populated, which will give you the results of the minimum
that you cost you per month (ie breakeven, no profit)
Eg: If you have outgoings of $5,000, your minimum hourly
rate at a place of work needs to be $31.25/hr, which is
$5k/ 160hrs in a month
Additional Eg: If you have outgoings of $2,500, then your
minimum hourly rate needs to be $15.63/hr, same formula
as above
Outgoings ($) /
160 hrs a month
=
You, Incorporated
So What Are You Worth? (3 of 5)
But what if you are on a salary, not an hourly rate?
In order to change up your hourly rate to a salary rate, the formula is
7.6hrs a day x 260 working days in a year (250 work days, 10 public holidays)
(where 7.6 is used to denote an unpaid lunch break each day, but you can use 8 instead, and change it on the
spreadsheet to suit your country / area)
Note though that when treating yourself like a business, this is your minimum revenue you need to BREAK EVEN.
There is no room for savings here based on what you're showing (unless you've included it in the sheet already)
See below examples:
So What Are You Worth? (4 of 5)
Now you have to observe what's going on in Table 4 at the bottom of the "What Are You Worth" tab (examples in the
images below, but please note that these are figures I've used as examples on the "First Things First" tab
The cells are autoformatted to show in green if you're in surplus each year from your outgoings vs income
If your cells are in red, well this means that you have a defecit in your income vs outgoings
For both of these scenarios, please read the next slide
So What Are You Worth? (5 of 5)
So you're probably wondering why we covering these items
above to work out your baseline costs to run you, then
comparing this to your expenditures to ensure that you are
meeting the bare minimum to survive
If you're finding that your monthly costs outweigh The Cost to
Run You, then you're going to need to change a few things
up. If this isn't in hand, it's going to cause so much more
psychological pressure on your trading where you're literally
going to be trading for your livelihood
So my advice here is to STOP if you're in defecit where your
outgoings are greater than your incomings. Go and seek
some financial help, change a few things up, hell, even go and
read The Barefoot Investor's book to sort your finances out (I
did this a few years ago, and it worked wonders for me)
For those of you stopping now, this course will always be
here for you when you're able to return to it. I'm not qualified
to provide financial advice to help you, but know that I will be
here to assist in future though these Modules.
If your outgoings are less than your income, then great, let's
keep going and focused on task...
If Outgoings
are greater
than income....
STOP HERE
How Much Time Do you Have?
How Much Time Do You Have? (1 of 4)
With a full time, part time, casual job, studying, or no
job at all, it's difficult to allocate time to trading - it's
just a given right?
So how much time do you have?
It's a fact in saying that Netflix users spend about
2 hours a day watching Netflix, and scrolling on
your phone or tablet....well, we're all guilty of this.
If this is the case, how the hell do you have time
to fit learning how to trade into the mix?
There's also the daunting 10,000 hour rule before we
can expect before we see greatness (Malcom
Gladwell's book "Outliers" covers this)...or do we? (See
"Do You Have a Defined Scope" further down.
The Average Netflix
User Watches 2
Hours of Netflix a
Day
How Much Time Do You Have? (2 of 4)
Now we've worked out what it costs you to either
just get by at breakeven in life, or to live with a
little, here's the dilemma you need to face:
It will take hundreds of hours (if not thousands) of
hours before you train yourself up to get to a
standard that sees you being profitable, let alone
able to take trading on as a full time gig;
We'll get to the trading side soon, but let's ask how
many hours can you spare a day learning? 1, 2, 4?
Let's say that you can afford 1 hour a day, and let's
say that it takes you 200 hours of charting before
you do feel comfortable with taking trades and
becoming profitable, this is approx 26 weeks per
the below chart;
So there is a bit of time and cost needed to invest
back into yourself to get you going, but check out
the next slide where we'll input some data on the
spreadsheet shared.
See tab "How Much Time Do You Have" to input your
details as a comparison of hours accrued learning vs
time. The chart above shows how 1 hour a day
accrues over 26 weeks to give 182 hours earned
How Much Time Do You Have? (3 of 4)
Referencing our minimum hourly rate that you have worked
out that you need to get by in life due to current
circumstances (taken from the spreadsheet), multiplied by
say, 200 hours of study to even get anywhere with trading,
then:
$31.25 x 200 = $6,250
(per example based on $5k outgoings)
or
$15.63 x 200 = $3,126
(per example based on $2.5k outgoings)
So by the example given in the above, not only is 200 hours
quite a light figure in terms of study vs results in trading,
but you can also see that it can be quite an opportunity cost
/ outlay to get your head truly into trading (plus take a long
time);
Note that the above isn't meant to be discouraging in any
way, I just want to be brutally transparent in saying that
you've got a lot to sacrifice to even start to get anywhere in
this game, but that's why you're here right?
Cost vs Time
How Much Time Do You Have? (4 of 4)
It's not all doom and gloom though - go and check out the
"How Much Time Do You Have" tab on the spreadsheet, and
do the below as shown here in the screengrab.
When you enter in the hours per week you
can spare, you'll get an auto generated
table and chart;
Not only that though, but the data that
you've shared in the first tab will be taken
across to Table 2 of this tab you're
working on, to then give you the
opportunity cost of you learning to trade.
Do You Have A Defined Scope?
Do You Have a Defined Scope? (1 of 7)
So what is Scope?
For me with a background in project management, this
is the crucial element of what you've agreed with your
client to build or deliver;
If there's no scope, how do you define what you're
doing?
So what are you doing or what are you trying to achieve
in trading? Have you ever stopped to ask yourself that
question?
Think about it. You know where you want to end up, but
have you thought about how you're getting there, or did
you skip this part and find yourself running around like
a blue arsed blow fly?
So many questions, but it's not a witch hunt. I never
asked myself these questions, but I'm trying to solve
them here for you now; it's what the course is all about;
Let's focus now on building up a scope to help you
develop a framework of approach that can get you
going.
Don't Run Around
Like a
Blue Arsed
Blow Fly
Do You Have a Defined Scope? (2 of 7)
The mounting research out there shows that there's a series of tricks that can help with enhancing your learning in
a short period of time;
1. Deliberate Practice;
2. Surrounding yourself with others who are also learning, with a good teacher (which, hopefully I guess you can
find in this course);
Let's look at both of these points separately, but first, take a look at the fishbone diagram on the next page, which is
a segway into Deliberate Practice.
Deliberate Practice
+
Being Surrounded By Likeminded People
=
Success
Do You Have a Defined Scope? (3 of 7)
SUPPLY & DEMAND
SETTING UP A CHART
CANDLESTICKS
DIRECTIONAL BIAS
LIQUIDITY CLUES
TRADE EXIT
SETTING ALERTS
EXECUTING
A TRADE
RISK MANAGEMENT
CHOCH / BOS /MSB
MARKET STRUCTURE
ONE SETUP
PLANNING
YOUR TRADE
BACKTESTING
TRADE
CONFIDENCE
TRADE ENTRY
THE FRAMEWORK OF YOU
Before you can execute a trade (well, at least with a bit of
confidence anyway), you're going to have to have an understanding
of all of these concepts.
It might seem like a lot, but don't worry, we'll cover every one of
these items in this course together
Do You Have a Defined Scope? (4 of 7)
Deliberate Practice:
Deliberate Practice was originally defined by the psychologist Anders Ericsson, and is seen by some as one of the
most efficient way to learn. That is, to focus very deliberately on the narrow sub-skills needed to make up an
overall skill;
As you can see in the above fishbone chart that I made, I've tried to tailor a program that focuses on very deliberately
on the narrow sub-skills needed to make up and overall skill, (where the overall skill is executing a trade with an
understanding of the logic and process behind it all);
Each one of these topics will be covered in this course, but, as I'm extremely concious of your time, considering that
this course is all about you, trading, and your time; I want to present it to you all in a shorter version than my first
course;
This format will then look and feel easier to access and practice with in the form of shorter, but more concise PDF's
and also within a Youtube playlist for you (trying to avoid the hour plus long videos to avoid a) boring you, and b) to
get you on the charts learning sooner;
Please remember though that I'm not a teacher by any means, I'm just trying to focus on an adult learning piece that
will give you the best bang for buck with your limited time.
Do You Have a Defined Scope? (5 of 7)
Surrounding yourself with others:
Before we jump into the next slide, I'd like for you
to please take a look at the image to the right with
regard to the methods of learning;
You'll note hopefully (that although not
immediately apparent) the previous course, both
written and video portions, coupled with the group
discussion and practice in the form of the Discord
channel was not unintentional. It was a tailored
move to genuinley get the most for you, out of
what has and will be shared in order to expedite
your trading learning experience;
So the intent of the previous course and what was
then put in place was to in fact surround you with
other likeminded people who can then help you
excel so much more than on your own.
Do You Have a Defined Scope? (6 of 7)
With reference to the table above & retention of learning, let's take a look at how we'll tackle this in the course to
build you up and get you moving. The focus here is on Participatory Methods, rather than Passive (as you'll get
the PDF's and vids anyway)
Practice
Group Discussions
Teaching Others
& Psychology
Practice tests to get you over the line, where
we can discuss outcomes in Group Discussions
This will be in the form of Spaces on
Twitter, Live Chat in the Discord, & Youtube
Opportunity to share and run internal
modules in the Discord for willing
participants
Do You Have a Defined Scope? (7 of 7)
After reading the above (this part is completley optional), feel free to head to the 5th tab of
the spreadsheet, titled "Defined Scope";
Here, you can build your own scope or framework for what you want to achieve by defining a
goal and then working your way back;
Use this for anything you want, it doesn't have to be trading related.
Self Learning & Conclusion
Although half the length of the first module of my previous course, this module is much shorter in immediate length
(trying to be concious of your time), but there is some homework to do if you haven't already:
Fill in your current income (don't worry this is private when you download the spreadsheet);
Work out your outgoings;
Work out your minimum cost to survive;
Work out how much time you have to trade, and pro-rata this over 26 weeks;
You'll also work out your minimum cost to learn over these 6 months;
Define the scope of what you want to learn.
When you look at the above (and you actually do it), you're going to realise where you stand with yourself for a few things.
I know that this first module hasn't even talked about trading, we'll start to cover this in the next Module.
If we treat trading like a business, then we need to have reliable revenue streams coming in, so, we'll do just that in the
next module coming up:
Module 2 - Treat Trading Like a Business.
See you there.
Contact
Twitter
@MINDSET_BTC
Telegram
T.ME/MINDSET_BTC
Discord
HTTP://DISCORD.GG/YFDCMBD8YT
Youtube
https://www.youtube.com/c/MindJacked