I didn’t really learn how to trade the first year and a half in the business..
We were doing nothing but adding liquidity on the ECN. That style really wasn’t trading. There wasn’t a need for profitable trading beliefs because we weren’t trading.
After that I was in the proprietary trading world for 14 years. That was my entire career. It’s also when I got started managing traders.
The experience managing new traders, and seeing the struggles, is why I’m so passionate about what it takes to succeed. I know I can help you because I’ve done it for probably, over 1000 traders over the years.
If you listen, there’s a clear path to trading success.
It’s just that the problem traders have… and again, I will not be shy about what I went through, I went through this when I first started trading too, is you feel as if you put everything you have into being a trader, yet you had this mental time-frame to succeed. That conversation in our head goes something like this…
“I need to learn trading in three months, or I need to learn before my money runs out because I don’t want to get a real job.”
That’s putting yourself in a tough position, and it is a desperate position, Desperate situations filled with pressure to perform, without the skills, are really hard to trade.
You’re starting in a really tough position if you need to make money. You force each trade to make money, you expect it. But at the same time, you’re admitting that the way to make money, is to allow probabilities to play themselves out over time.
Those two concepts are fighting each other from the beginning. You understand that you need to make “x” amount of trades, but you think, “I need to make money on each trade,” so you’re your literally fighting all the time. You are fighting what you need, against what you know works.
Profitable Trading Beliefs Needed to Make Money
The way for a new/struggling trader to get around this dilemma, is to believe, “Okay, I need to earn money, but I don’t need to make money on every trade.”
I need to make money this month, not every day. This mindset, takes the pressure off of needing, wanting and expecting, every trade to make money.
Your thought process shifts to… “If I make four trade per day, I’m going to make 80 trades this month, so out of the 80 trades, I need the probabilities to play out over the 80.”
So now, you don’t put as much pressure on trade-by-trade results. We don’t know which of the 80 trades will pay us or which will be losers. But if we manage risk, and follow our plan, we should be in good shape after the 80.
I found that when I teach traders this concept, it helps talented, but frustrated traders turn the corner. Now they’re thinking for the month, and not judging their edge by individual trades.
This mindset shift makes it easier to do what we’re supposed to do, in order to earn a consistent six-figures and beyond.
Enjoy today’s podcast which is a short window into our live trading room.
Please leave your comments and questions below.
Have a great day.