A key aspect of trading success is realizing that it is a business. Because of this, you better be ready to step in as the CEO and operate it as such. Community member Joe (“JBH” in the chat room) gives us all a shining example of exactly what this looks like. He has built businesses before, and now he’s in the business of trading and he’s doing exactly what needs to be done. He’s a great reason why I love doing these podcasts… he had me fired up and inspired by just how serious he treats all of this. There are way too many jokers out there that don’t take trading seriously enough, only to complain “it’s all rigged”… this is NOT the case with Joe!
Notes:
Joe had taken a long road trip to clear his head and when he arrived back home he realized that he did not want to start another company so the stock market would be his new income source.
An EXTREMELY rare thing happened with Joe. He falls into one of the rarest categories because he did not do any live trading until he got educated first (which we usually never see).
Since Joe has started multiple businesses from scratch he understands that any successful company requires lots of preparation, research, and overall hard work. He gave up the chase for quick riches a long time ago and recognizes anything of worth requires serious concentrated effort.
Joe also realizes the importance of not lingering on previous losses and gains. After each trade it is important to learn as much as you can but remember, there are more trades to be made the next day and if you carry those previous trades with you they will certainly impact your performance.
A strong trait to master is the ability to recognize your own strengths and weaknesses. Joe has identified those pesky voices that generally cause a trader to lose money and with that recognition he can see what is to be ignored and what is to be acted upon.
Quotes:
“I was googling, I was hash tagging. I’m kind of a nut when it comes to research. I was an investor, not a trader.” tweet this quote
“Robotic Trading says it is not an emotional thing. That’s BS. If you’re a sore loser like me that’s an emotion. It’s hard to take that away.” tweet this quote
“If I keep adding all these other indicators then I just cloud my judgement with more opportunities to screw up.” tweet this quote
“You don’t need to risk a lot of capital to make a bit of money. The pendulum is swinging closer to gambling when you risk a lot.” tweet this quote
“You have to have an exit strategy and not get too greedy with a loss or with a profit. Don’t ever think it’s going to bounce back.” tweet this quote
